Document:

Exhibit

SECOND SUPPLEMENTAL INDENTURE
Second Supplemental Indenture, dated as of May 7, 2018 (this “Second Supplemental Indenture”), among HC2 Holdings, Inc., a Delaware corporation (the “Issuer”), the Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee (the “Trustee”).
W I T N E S S E T H:
WHEREAS, the Issuer and the Guarantors have heretofore executed and delivered to the Trustee an indenture, dated as of November 20, 2014 (the “Indenture”), that governs the Issuer’s existing outstanding 11.000% Senior Secured Notes due 2019 (the “Notes”);
WHEREAS, Section 9.01(8) of the Indenture provides that the Indenture may be amended or supplemented without the consent of any Holder to make any change that does not materially and adversely affect the rights of any Holder;

WHEREAS, the execution and delivery of this Second Supplemental Indenture has been duly authorized and all conditions and requirements necessary to make this Second Supplemental Indenture a valid and binding agreement of the Issuer and the Guarantors have been duly performed and complied with;

WHEREAS, pursuant to Section 9.05 and Section 13.03 of the Indenture, the Issuer has delivered an Officer’s Certificate and an Opinion of Counsel to the Trustee stating, in the opinion of the respective signers, that all conditions precedent and covenants, if any, provided for in the Indenture relating the execution of this Second Supplemental Indenture have been satisfied, and that the execution of this Second Supplemental Indenture is authorized by the Indenture;

WHEREAS, all actions necessary to make this Second Supplemental Indenture a valid, binding and legal agreement of the Issuer and the Guarantors, have been done;

WHEREAS, the Issuer and the Guarantors, pursuant to the foregoing authority, propose in and by this Second Supplemental Indenture to amend the Indenture, and request that the Trustee join in the execution of this Second Supplemental Indenture; and

WHEREAS, pursuant to Section 9.05 of the Indenture, the Trustee is authorized to execute and deliver this Second Supplemental Indenture.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Guarantors and the Trustee mutually covenant and agree for the benefit of each other and the equal and ratable benefit of the Holders as follows:
1.Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

2.Amendments to the Indenture. 

(a)The following definition is hereby added to Section 1.01 of the Indenture in proper alphabetical sequence:
“Fugro Acquisition Agreement” shall mean that certain Business Purchase Agreement relating to the Fugro Trenching Business, dated October 11, 2017, between Fugro N.V. (as the Seller), Global Marine Systems Limited (as the Purchaser) and Global Marine Holdings (as the Purchaser Parent), including all schedules, exhibits and annexes thereto, as in effect on May 7, 2018.
(b)     Section 4.19 of the Indenture is hereby supplemented by adding language at the end of the second paragraph thereof as follows:

Furthermore, notwithstanding anything to the contrary in the foregoing or elsewhere in this Indenture, at all times on or after May 7, 2018, (A) no Subsidiary may be designated as an Unrestricted Subsidiary if, at the time of such designation, or as a result of such designation, and (B) no Investments may be made by the Company or any of its Restricted Subsidiaries in any Unrestricted Subsidiary if, at the time of, or as a result of, such designation or Investments: (i) the aggregate amount of consolidated total assets (defined in accordance with GAAP) of all Unrestricted Subsidiaries as of the last day of the most recent 

fiscal quarter for which internal consolidated financial statements of the Company are available shall not exceed 10.0% of the consolidated total assets of the Company as of such date, (ii) the aggregate consolidated enterprise value of all Unrestricted Subsidiaries as of the last day of the most recent fiscal quarter for which internal consolidated financial statements of the Company are available shall not exceed 10.0% of the sum of (x) the Loan Collateral and (y) to the extent not already included in the calculation of the Loan Collateral, such enterprise value of all Unrestricted Subsidiaries as of such date and (iii) the aggregate consolidated total revenues of all Unrestricted Subsidiaries for the twelve-month period ending on the last day of the most recent fiscal quarter for which internal consolidated financial statements of the Company are available shall not exceed 10.0% of the consolidated total revenues of the Company for such twelve-month period; provided that, for absence of doubt, each entity in the GMHL Group (as defined below) shall be an Unrestricted Subsidiary (unless and until such entity of the GMHL Group has been redesignated as a Restricted Subsidiary under this Indenture) for purposes of the provisions set forth in this sentence.

Additionally, beginning on May 7, 2018, notwithstanding the designation of Global Marine Holdings  and any of its Subsidiaries that are, in each case, at such time designated as “Unrestricted Subsidiaries” under this Indenture (all such Unrestricted Subsidiaries, if and for so long as they continue to be designated as Unrestricted Subsidiaries under this Indenture, collectively, the “GMHL Group”), all of the covenants set forth in this Indenture will apply to the GMHL Group as if such entities were “Restricted Subsidiaries” under this Indenture; provided, however that, notwithstanding the covenant in Section 4.10 of this Indenture, the restrictions and conditions described in Section 3.1(j)(v) of Schedule 10 to the Fugro Acquisition Agreement (the “GMSL Restrictions”) will be permitted to be included in the limited liability company agreement of GMHL or the governing documents of Global Marine Systems Limited; provided further that at any time while the GMSL Restrictions exist, the GMHL Group shall also be prohibited from incurring any indebtedness that would cause the “Leverage Ratio” (as defined in Schedule 10 to the Fugro Acquisition Agreement), pro forma for such incurrence, to exceed 2.50:1.00 at the time of incurrence; provided further that (x) for purposes of the calculation of “Consolidated Net Income”, the GMHL Group shall not be treated as “Restricted Subsidiaries”, (y) in connection with any transaction involving the Company and/or any of its Restricted Subsidiaries (without giving effect to this paragraph) and the GMHL Group, the GMHL Group shall continue to be, and be treated as, Unrestricted Subsidiaries and (z) any member of the GMHL Group may make Investments in or engage in transactions with any other member of the GMHL Group as if they were all non-guarantor Restricted Subsidiaries under this Indenture (without giving effect to this paragraph).

3.Ratification of Indenture; Second Supplemental Indenture Part of Indenture.  Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Second Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered shall be bound hereby.

4.No Personal Liability of Directors, Officers, Employees and Stockholders.  No director, officer, employee, incorporator, member or stockholder of the Issuer or any Guarantor, as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes, this Supplemental Indenture, the Indenture, the Note Guarantees, the Security Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.

5.Severability.  In case any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

6.Governing Law; Waiver of Trial by Jury. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SECOND SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

7.No Adverse Interpretation of Other Agreements.  This Second Supplemental Indenture and the Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or any other Person.  Any such indenture, loan or debt agreement may not be used to interpret this Second Supplemental Indenture or the Indenture.

8.Counterparts.  The parties hereto may sign any number of copies of this Second Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

9.Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.

10.The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Issuer and the Guarantors.  This Second Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. In entering into this Second Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided.

11.Successors.  This Second Supplemental Indenture shall be binding on the Issuer, the Guarantors, the Trustee and the Holders and their respective successors and assigns, and shall inure to the benefit of such parties and their respective successors and assigns.

[Remainder of Page Intentionally Blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed, all as of the date first above written.

HC2 HOLDINGS, INC. 

By        
Name: Michael J. Sena
Title: Chief Financial Officer

HC2 BROADCASTING HOLDINGS INC. 
    
By        
Name: Michael J. Sena
Title: Vice President

HC2 HOLDINGS 2, INC. 

By        
Name: Michael J. Sena
Title: Chief Financial Officer

ARBINET CORPORATION 
    
By        
Name: Michael J. Sena
Title: Chief Financial Officer

HC2 INTERNATIONAL HOLDING, INC. 

By        
Name: Michael J. Sena
Title: Chief Financial Officer

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

By:                        
Name: 
Title:Exhibit

Exhibit 4.3
EXECUTION VERSION
THIRD SUPPLEMENTAL INDENTURE 
This Third Supplemental Indenture (this “Third Supplemental Indenture”), dated as of March 19, 2018, among William Lyon Homes, Inc., a California corporation (the “Company”), each of the subsidiaries of William Lyon Homes, a Delaware corporation (“Parent”), listed on Schedule I attached hereto (each, a “New Guarantor” and collectively, the “New Guarantors”), and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”). 
W I T N E S S E T H 
WHEREAS, WLH PNW Finance Corp. (the “Escrow Issuer”) initially issued $300,000,000 aggregate principal amount of 7.00% Senior Notes due 2022 (the “Securities”) under an indenture, dated as of August 11, 2014 (the “Indenture”), among the Escrow Issuer, the guarantors party thereto and the Trustee; 
WHEREAS, the Company, Parent, certain subsidiaries of Parent (with Parent, the “Original Guarantors”) and the Trustee executed a supplemental indenture to the Indenture, dated as of August 12, 2014 (the “First Supplemental Indenture”), whereby the Company agreed to become a party to the Indenture as the “Company” and each of the Original Guarantors agreed to become a party to the Indenture and to irrevocably Guarantee the Guaranteed Obligations pursuant to Article 10 under the Indenture;
WHEREAS, the Company, certain subsidiaries of Parent and the Trustee executed and delivered a second supplemental indenture to the Indenture, dated as of August 12, 2014 (the “Second Supplemental Indenture”), adding certain guarantors for the Securities;
WHEREAS, the Indenture provides that under certain circumstances the New Guarantors shall execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantors shall unconditionally guarantee all of the Guaranteed Obligations on the terms and conditions set forth herein and in the Indenture; and 
WHEREAS, pursuant to Sections 4.13 and 9.01 of the Indenture, the Company, the New Guarantors and the Trustee are authorized to execute and deliver this Third Supplemental Indenture. 
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, the New Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 
1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
2. AGREEMENT TO BE BOUND. As of the date hereof, each New Guarantor, by its execution of this Third Supplemental Indenture, hereby becomes a party to the Indenture as a Subsidiary Guarantor and as such will have all of the rights and be subject to all the obligations and agreements of a Subsidiary Guarantor under the Indenture. The New Guarantors agree to be bound by the terms and provisions of the Indenture applicable to a Subsidiary Guarantor, including but not limited to Article 10 thereof, and to perform all of the obligations and agreements of a Subsidiary Guarantor under the Indenture, as if a party to the Indenture on the date of its execution. 
3. AGREEMENT TO GUARANTEE. The New Guarantors hereby agree, jointly and severally, with all other Guarantors, to unconditionally guarantee to each Holder and to the Trustee the Obligations, to the extent set forth in the Indenture and subject to the provisions in the Indenture. The obligations of the Guarantors to the Holders of Securities and to the Trustee pursuant to the guarantees and the Indenture are expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the guarantees. 
4. REAFFIRMATION AND RATIFICATION OF INDENTURE, GUARANTEES AND SECURITIES; THIRD SUPPLEMENTAL INDENTURE PART OF INDENTURE. Except as expressly set forth herein, this Third Supplemental Indenture shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of, the Holders under the Indenture, the Securities or the Security Guarantees and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Indenture, the Securities and the 

Security Guarantees, all of which are ratified and affirmed in all respects and shall continue in full force and effect. This Third Supplemental Indenture shall apply to and be effective only with respect to the provisions of the Indenture or the Securities specifically referred to herein. Each and every term, condition, obligation, covenant and agreement contained in the Indenture, the Security Guarantees, and the Securities is hereby ratified and re-affirmed in all respects and shall continue in full force and effect. 
5. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator, member, manager or stockholder of the Company, Parent or any Restricted Subsidiary shall have any liability for any obligations of the Company or any Guarantor under the Securities, the Indenture, this Third Supplemental Indenture or any Guarantor under its Security Guarantee for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Securities and the Security Guarantees. 
6. GOVERNING LAW. This Third Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
7. MULTIPLE ORIGINALS. The parties hereto may sign any number of copies of this Third Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Third Supplemental Indenture.
8. EFFECT OF HEADINGS. The section headings herein have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
9. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Third Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the other parties hereto.  
10. SUCCESSORS. All covenants and agreements in this Third Supplemental Indenture by the parties hereto shall bind their successors. 
[Signature Pages Follow] 

IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed and attested, all as of the date first above written. 

WILLIAM LYON HOMES, INC.

By:     /s/ Matthew R. Zaist    
Name:     Matthew R. Zaist
Title:     President and Chief Executive Officer 

RSI Communities LLC
RSI Jurupa Valley LLC
RSI Communities - California LLC 
RSI Communities - Texas LLC
RSI Communities Realty Inc.
RSI Construction Services LLC
RSI Communities - Alderwood LLC
RSI Stillwater LLC
RSI Stonewall LLC
WLH Prado LLC
WLH Trails at Leander LLC
WLH Onion Creek LLC

By:     /s/ Matthew R. Zaist    
Name:     Matthew R. Zaist
Title:     Vice President 

 

 
[Signature Page - Third Supplemental Indenture - 7.00% Notes due 2022]

U.S. Bank National Association,
as Trustee

By:    /s/ Donald T. Hurrelbrink        
Name: Donald T. Hurrelbrink    
Title:   Vice President    

 
[Signature Page - Third Supplemental Indenture - 7.00% Notes due 2022] 

Schedule I 
New Guarantors 

		
	1.
	RSI Communities LLC, a Delaware limited liability company 

		
	2.
	RSI Jurupa Valley LLC, a Delaware limited liability company 

		
	3.
	RSI Communities - California LLC, a Delaware limited liability company 

		
	4.
	RSI Communities - Texas LLC, a Delaware limited liability company 

		
	5.
	RSI Communities Realty Inc., a Delaware corporation 

		
	6.
	RSI Construction Services LLC, a Delaware limited liability company 

		
	7.
	RSI Communities - Alderwood LLC, a Delaware limited liability company 

		
	8.
	RSI Stillwater LLC, a Delaware limited liability company 

		
	9.
	RSI Stonewall LLC, a Delaware limited liability company 

		
	10.
	WLH Prado LLC, a Delaware limited liability company 

		
	11.
	WLH Trails at Leander LLC, a Delaware limited liability company 

		
	12.
	WLH Onion Creek LLC, a Delaware limited liability company

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