Document:

Purchase Agreement dated as of January 28, 2004

 EXHIBIT 10.33 
  
 WILLIAM LYON HOMES, INC. 
  
 $150,000,000 7 1/2% Senior Notes due 2014 
  
 PURCHASE
AGREEMENT 
  
 January 28, 2004 
 New York, New York 
  
 UBS Securities LLC 
 299 Park Avenue 
 New York, New York 10171 
  
 Ladies and Gentlemen: 
  
 William
Lyon Homes, Inc., a California corporation (the “Company”), and each of the Guarantors (as defined herein) (together with the Company, the “Issuers”) agree with you as follows: 
  
 1. Issuance of Notes. The Company proposes to issue and sell to UBS
Securities LLC (the “Initial Purchaser”) $150,000,000 aggregate principal amount of 7 1/2%
Senior Notes due 2014 (the “Original Notes”). The Company’s obligations under the Original Notes and the Indenture (as defined below) will be, jointly and severally, unconditionally guaranteed (the
“Guarantees”), on an unsecured senior basis, by William Lyon Homes, a Delaware corporation (“Parent”); and each of the Subsidiaries (as defined below) listed on Schedule I hereto (collectively, the
“Guarantors,” and, together with the Company, the “Issuers”). The Original Notes and the Guarantees are referred to herein as the “Securities.” The Securities will be issued pursuant to an indenture
(the “Indenture”), to be dated the Closing Date (as defined herein), by and among the Issuers, the Guarantors and U.S. Bank National Association, as trustee (the “Trustee”). Capitalized terms used but not otherwise
defined herein shall have the meanings given to such terms in the Indenture. 
  
 The Securities will be offered and sold to the Initial Purchaser pursuant to an exemption from the registration requirements under the Securities Act of 1933, as amended (the “Act”). The Issuers have
prepared a final offering memorandum dated as of the date hereof (as amended or supplemented at the date hereof, including any and all exhibits thereto and any information incorporated by reference therein, the “Offering
Memorandum”) relating to the Issuers and the Securities. Unless stated to the contrary, any references herein to the terms “amend”, “amendment” or “supplement” with respect to the Offering Memorandum shall be
deemed to refer to and include any information filed under the Securities Exchange Act of 1934, as amended ( the “Exchange Act”) subsequent to the date hereof that is incorporated by reference therein. All references in this
Agreement to financial statements and schedules and other information which is “contained,” “included” or “stated” in the Offering Memorandum (or other references of like import) shall be deemed to mean and include all
such financial statements and schedules and other information which are incorporated by reference in the Offering Memorandum. 

 The Initial Purchaser has advised the Issuers that the Initial Purchaser intends, as soon as it deems
practicable after this Purchase Agreement (this “Agreement”) has been executed and delivered, to resell (the “Exempt Resales”) the Securities in private sales exempt from registration under the Act on the terms set
forth in the Offering Memorandum, as amended or supplemented, solely to (i) persons whom the Initial Purchaser reasonably believes to be “qualified institutional buyers” (“QIBs”), as defined in Rule 144A under the Act
(“Rule 144A”), and (ii) other eligible purchasers pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Act (“Regulation S”) (the persons specified in clauses
(i) and (ii), the “Eligible Purchasers”). 
  
 Holders (including subsequent transferees) of the Securities will have the registration rights under the registration rights agreement (the “Registration Rights Agreement”), among the Issuers and the Initial Purchaser, to
be dated the Closing Date. Under the Registration Rights Agreement, the Issuers will agree to (i) file with the Securities and Exchange Commission (the “Commission”) (a) a registration statement under the Act (the “Exchange
Offer Registration Statement”) relating to a new issue of debt securities (collectively with the Private Exchange Notes (as defined in the Registration Rights Agreement), the “Exchange Notes” and, together with the Original
Notes, the “Notes”), guaranteed by the guarantors under the Indenture, to be offered in exchange for the Original Notes (the “Exchange Offer”) and issued under the Indenture or an indenture substantially identical
to the Indenture and/or (b) under certain circumstances set forth in the Registration Rights Agreement, a shelf registration statement pursuant to Rule 415 under the Act (the “Shelf Registration Statement”) relating to the resale by
certain holders of the Original Notes, (ii) to use its reasonable best efforts to cause the Exchange Offer Registration Statement and, if applicable, the Shelf Registration Statement to be declared effective and (iii) to consummate the Exchange
Offer, all within the time periods specified in the Registration Rights Agreement. 
  
 This Agreement, the Notes, the Guarantees, the Indenture and the Registration Rights Agreement are hereinafter sometimes referred to collectively as the “Note Documents.” 
  
 2. Agreements to Sell and Purchase. On the basis of the
representations, warranties and covenants contained in this Agreement, the Issuers agree to issue and sell to the Initial Purchaser, and on the basis of the representations, warranties and covenants contained in this Agreement, and subject to the
terms and conditions contained in this Agreement, the Initial Purchaser agrees to purchase from the Issuers, the entire aggregate principal amount of the Securities. The purchase price for the Securities shall be 98.375% of their principal amount,
plus accrued interest, if any, from February 6, 2004 to the Closing Date (as hereinafter defined). 
  
 3. Delivery and Payment. Delivery of, and payment of the purchase price for, the Securities shall be made at 10:00 a.m., New York time, on
February 6, 2004 (such date and time, the “Closing Date”) at the offices of Cahill Gordon & Reindel LLP, 80 Pine Street, New York, New York 10005. The Closing Date and the location of delivery of and the form of payment for the
Securities may be varied by mutual agreement between the Initial Purchaser and the Company. 
  

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 The Securities shall be delivered by the Issuers to the Initial Purchaser (or as the Initial Purchaser
directs) through the facilities of The Depository Trust Company against payment by the Initial Purchaser of the purchase price therefor by means of wire transfer of immediately available funds to such account or accounts specified by the Company in
accordance with Section 6(i) on or prior to the Closing Date, or by such means as the parties hereto shall agree prior to the Closing Date. The Securities shall be evidenced by one or more certificates in global form registered in such names as the
Initial Purchaser may request upon at least one business day’s notice prior to the Closing Date and having an aggregate principal amount corresponding to the aggregate principal amount of the Securities. 
  
 4. Agreements of the Issuers. The Issuers, jointly and severally,
covenant and agree with the Initial Purchaser as follows: 
  
 (a) To furnish the Initial Purchaser and those persons identified by the Initial Purchaser, without charge, with as many copies of the Offering Memorandum, and any amendments or supplements thereto, as the Initial
Purchaser may reasonably request. The Issuers consent to the use of the Offering Memorandum, and any amendments and supplements thereto, by the Initial Purchaser in connection with Exempt Resales. 
  
 (b) Not to amend or supplement the Offering Memorandum prior
to the Closing Date unless the Initial Purchaser shall previously have been advised of such proposed amendment or supplement at least two business days prior to the proposed use (or such shorter time as may be necessary under the circumstances), and
shall not have reasonably objected to such amendment or supplement. 
  
 (c) If, prior to the time that the Initial Purchaser has completed its distribution of the Securities, any event shall occur that, in the judgment of the Issuers or in the judgment of counsel to the Initial Purchaser,
makes any statement of a material fact in the Offering Memorandum, as then amended or supplemented, untrue or that requires the making of any additions to or changes in the Offering Memorandum in order to make the statements in the Offering
Memorandum, as then amended or supplemented, in the light of the circumstances under which they are made, not misleading, or if it is necessary to amend or supplement the Offering Memorandum to comply with all applicable laws, the Issuers shall
promptly notify the Initial Purchaser of such event and (subject to Section 4(b)) prepare an appropriate amendment or supplement to the Offering Memorandum so that (i) the statements in the Offering Memorandum, as amended or supplemented, will not
contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances at the time that the Offering Memorandum is delivered to prospective Eligible
Purchasers, not misleading and (ii) the Offering Memorandum will comply with applicable law. 
  
 (d) To furnish such information as may be required and otherwise to cooperate in qualifying the Securities for offering and sale under the
securities or blue sky laws of such states as the Initial Purchaser may designate and to maintain such qualifications in effect so long as required for the Exempt Resales; provided that no Issuer shall be required to qualify as a foreign
corporation or to consent to the service of process under the laws of any such state 
  

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 (except service of process with respect to the offering and sale of the Securities); and to promptly
advise you of the receipt by any Issuer of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 
  
 (e) To advise the Initial Purchaser promptly, and if
requested by the Initial Purchaser, to confirm such advice in writing, of the issuance by any securities commission of any stop order suspending the qualification or exemption from qualification of any of the Securities for offering or sale in any
jurisdiction, or the initiation of any proceeding for such purpose by any securities commission or other regulatory authority. The Issuers shall use their reasonable best efforts to prevent the issuance of any stop order or order suspending the
qualification or exemption of any of the Securities under any securities laws, and if at any time any securities commission or other regulatory authority shall issue an order suspending the qualification or exemption of any of the Securities under
any securities laws, the Issuers shall use their reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time. 
  
 (f) Whether or not the transactions contemplated by this Agreement are consummated, to pay all reasonable costs, expenses, fees and
disbursements (including reasonable fees and disbursements of counsel and accountants for the Issuers) incurred and stamp, documentary or similar taxes incident to and in connection with: (i) the preparation, printing and distribution of the the
Offering Memorandum and any amendments and supplements thereto, (ii) all expenses (including travel expenses) of the Issuers and the Initial Purchaser in connection with any meetings with prospective investors in the Securities, (iii) the
preparation, notarization (if necessary) and delivery of the Note Documents and all other agreements, memoranda, correspondence and documents prepared and delivered in connection with this Agreement and with the Exempt Resales, (iv) the issuance,
transfer and delivery of the Securities by the Issuers to the Initial Purchaser, (v) the qualification or registration of the Securities for offer and sale under the securities laws of the several states of the United States or provinces of Canada
(including, without limitation, the cost of printing and mailing preliminary and final Blue Sky or legal investment memoranda and reasonable fees and disbursements of counsel (including local counsel) to the Initial Purchaser relating thereto), (vi)
the application for quotation of the Securities in The PORTAL Market (“PORTAL”) of the National Association of Securities Dealers, Inc. (“NASD”), (vii) the inclusion of the Securities in the book-entry system of The
Depository Trust Company (“DTC”), (viii) the rating of the Securities by rating agencies, (ix) the fees and expenses of the Trustee and its counsel and (x) the performance by the Issuers of their other obligations under the Note
Documents. Except as provided in this Section 4(f) and Section 9(d), the Issuers shall not be responsible for your expenses, including expenses of your counsel. 
  
 (g) To use the proceeds from the sale of the Securities in the manner described in the Offering Memorandum
under the caption “Use of proceeds.” 
  
 (h) To do and perform all things required to be done and performed under this Agreement by them prior to or after the Closing Date and to satisfy all conditions precedent on their part to the delivery of the Securities. 
  

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 (i) Not to, and not to permit any Subsidiary to, sell, offer for sale or solicit offers
to buy any security (as defined in the Act) that would be integrated with the sale of the Securities in a manner that would require the registration under the Act of the sale of the Securities to the Initial Purchaser or any Eligible Purchasers.

  
 (j) Not to, and to cause their affiliates (as
defined in Rule 144 under the Act) not to, resell any of the Securities that have been reacquired by any of them. 
  
 (k) Not to engage, not to allow any Subsidiary to engage, and to cause their other affiliates and any person acting on their behalf (other
than, in any case, the Initial Purchaser and any of its affiliates, as to whom the Issuers make no covenant) not to engage, in any form of general solicitation or general advertising (within the meaning of Regulation D under the Act) in connection
with any offer or sale of the Securities in the United States. 
  
 (l) Not to engage, not to allow any Subsidiary to engage, and to cause their other affiliates and any person acting on their behalf (other than, in any case, the Initial Purchaser and any of its affiliates, as to whom
the Issuers make no covenant) not to engage, in any directed selling effort with respect to the Securities, and to comply with the offering restrictions requirement of Regulation S. Terms used in this paragraph have the meanings given to them by
Regulation S. 
  
 (m) From and after the Closing
Date, for so long as any of the Securities remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Act and during any period in which the Company is not subject to Section 13 or 15(d) of the
Exchange Act, to make available upon request the information required by Rule 144A(d)(4) under the Act to (i) any holder or beneficial owner of Securities in connection with any sale of such Securities and (ii) any prospective purchaser of such
Securities from any such holder or beneficial owner designated by the holder or beneficial owner. The Issuers will pay the expenses of preparing, printing and distributing such documents. 
  
 (n) To comply with their obligations under the Registration
Rights Agreement. 
  
 (o) To comply with their
obligations under the letter of representations to DTC relating to the approval of the Securities by DTC for “book-entry” transfer and to use their best efforts to obtain approval of the Securities by DTC for “book-entry”
transfer. 
  
 (p) Prior to the Closing Date, to
furnish without charge to the Initial Purchaser, (i) as soon as they have been prepared by the Company, a copy of any regularly prepared internal financial statements of Parent and the Subsidiaries for any period subsequent to the period covered by
the financial statements appearing in the Offering Memorandum, (ii) all reports and other communications (financial or otherwise) that the Company mails or otherwise makes available to its security holders generally and (iii) such other information
as the Initial Purchaser shall reasonably request. 
  
 (q) Not to, and not to permit any of their affiliates or anyone acting on their or their affiliates’ behalf to (other than the Initial Purchaser, its agents and its affiliates), distribute 
  

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 prior to the Closing Date any offering material in connection with the offer and sale of the Securities
other than the Offering Memorandum, it being understood that filing documents incorporated by reference into the Offering Memorandum with the Securities and Exchange Commission (the “Commission”) shall not be considered a
distribution for purposes of this clause so long as all other provisions of this Agreement applicable to such filing are complied with. 
  
 (r) During the period of two years after the Closing Date or, if earlier, until such time as the Securities are no longer restricted
securities (as defined in Rule 144 under the Act), not to be or become a closed-end investment company required to be registered, but not registered, under the Investment Company Act of 1940. 
  
 (s) In connection with the offering, until the Initial
Purchaser shall have notified the Company of the completion of the distribution of the Securities, not to, and not to permit any of their affiliates (as such term is defined in Rule 501(b) of Regulation D under the Act) to, either alone or with one
or more other persons, bid for or purchase for any account in which they or any of their affiliates has a beneficial interest, for the purpose of creating actual or apparent active trading in, or of raising the price of, the Securities. 

 
 (t) To use their reasonable best efforts to effect the
inclusion of the Securities in PORTAL. 
  
 (u)
Except as provided in the Registration Rights Agreement, during the period from the date hereof through and including the date that is 90 days after the date hereof, without the prior written consent of the Initial Purchaser, offer, sell or contract
to sell any debt securities issued or guaranteed by any Issuer and having a tenor of more than one year; it being understood that term loans and revolving credit facilities with financial institutions and institutional lenders and construction loans
in the ordinary course of business shall not constitute “debt securities” for purposes of this clause. 
  
 (v) To furnish to you promptly for a period of three years from the date of this Agreement (i) copies of any reports or other
communications required to be furnished to holders of the Notes pursuant to the Indenture, (ii) copies of documents or reports filed with any national securities exchange on which any class of securities of any Issuer is listed, without exhibits
unless requested, and (iii) such other information as you may reasonably request regarding any Issuer, it being understood that the filing of any materials on EDGAR or any similar electronic delivery service of the Commission shall constitute
furnishing such material for purposes of this clause. 
  
 5.
Representations and Warranties. (a) The Issuers represent and warrant to the Initial Purchaser that: 
  
 (i) The Offering Memorandum, and each amendment or supplement thereto, if any, have been prepared for use in connection with the Exempt
Resales. None of the Offering Memorandum or any supplement or amendment thereto contains any untrue statement of a material fact or omits to state any material fact necessary in order to make the statements 
  

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 therein, in the light of the circumstances under which they were made, not misleading; provided,
however, that the Issuers make no representation or warranty with respect to information relating to the Initial Purchaser contained in or omitted from the Offering Memorandum or any supplement or amendment thereto in reliance upon and in
conformity with information furnished in writing by the Initial Purchaser expressly for inclusion in the Offering Memorandum or any supplement or amendment thereto. No order preventing the use of the Offering Memorandum, or any amendment or
supplement thereto, or any order asserting that any of the transactions contemplated by this Agreement are subject to the registration requirements of the Act, has been issued or, to the knowledge of the Issuers, has been threatened. 
  
 The documents incorporated or deemed to be incorporated by
reference in the Offering Memorandum at the time they were or hereafter are filed with the Commission complied and will comply in all material respects with the requirements of the Exchange Act and the rules and regulations of the Commission
thereunder (the “Exchange Act Regulations”), and, when read together with the other information in the Offering Memorandum, do not contain an untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (ii) There are no securities of the Issuers that are listed on a national securities exchange registered under Section 6 of the Exchange
Act or that are quoted in a United States automated interdealer quotation system of the same class within the meaning of Rule 144A as the Securities. 
  
 (iii) Parent’s capitalization as of September 30, 2003 is as set forth under the heading “Actual” in the section of the
Offering Memorandum entitled “Capitalization” and Parent’s adjusted capitalization at such date, as adjusted to give effect to the sale of the Securities and the application of the proceeds therefrom is as set forth under the heading,
“As Adjusted” in the section of the Offering Memorandum entitled “Capitalization.” All of the issued and outstanding equity interests of each Issuer have been duly and validly authorized and issued, have been issued in compliance
with all federal and state securities laws and were not issued in violation of any preemptive right, right of first refusal or similar right. All of the issued and outstanding equity interests of each Issuer that is a corporation are fully paid and
non-assessable. 
  
 (iv) Each of the Issuers has
been duly incorporated or formed, as the case may be, and is validly existing in good standing under the laws of its state of organization or formation (except that The Ranch Gulf Club Co. in not in good standing in California solely due to the fact
that the concept of good standing is not applicable to general partnerships under the laws of the State of California, and HSP, Inc. is not in good standing as of the date hereof), with full corporate, limited liability company or partnership power
and authority to own, lease and operate its properties and conduct its business as described in the Offering Memorandum. 
  
 (v) Each Issuer is duly qualified to do business as a foreign corporation, limited liability company or partnership in good standing in
each jurisdiction where the ownership or leasing of its properties or the conduct of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on the business, 
  

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 properties, financial condition, results of operation or prospects of Parent and the Subsidiaries (as
defined below) taken as a whole (a “Material Adverse Effect”), and each Issuer is in compliance in all material respects with the laws, orders, rules, regulations and directives issued or administered by such jurisdictions. Parent
has no subsidiaries (as defined in the Offering Memorandum in the section entitled “Description of Notes”) other than those entities listed on Schedule II (collectively, the “Subsidiaries”), which is a true and
complete list of each Subsidiary’s jurisdiction of incorporation or formation, its stockholders and the percentage of its equity owned by Parent (directly or indirectly); other than the Subsidiaries, Parent does not own, directly or indirectly,
any shares of stock or any other equity or long-term debt securities of any corporation or have any equity interest in any firm, partnership, joint venture, association or other entity other than those listed on Schedule III (collectively,
the “Joint Ventures”); complete and correct copies of the certificates of incorporation and of the bylaws of the Issuers and all amendments thereto have been made available to you or your counsel, and no changes therein will be made
subsequent to the date hereof and prior to the Closing Date; all of the outstanding equity interests of each of the Subsidiaries have been duly authorized and validly issued and (except as otherwise described in this Section 5(a)(v) or Schedule
II) are owned directly or indirectly by Parent subject to no security interest, other encumbrance or adverse claims; all of the issued and outstanding equity interests of each Subsidiary that is a corporation are fully paid and non-assessable;
no options, warrants or other rights to purchase, agreements or other obligations to issue or other rights to convert any obligation into shares of capital stock or ownership interests in the Subsidiaries are outstanding, except for rights to
purchase pursuant to the operating agreements or other organizational documents of the entities identified as “Consolidated Joint Ventures” on Schedule II hereto. 
  
 (vi) Each of the Issuers has all requisite corporate power and authority to execute, deliver and perform all
of its obligations under the Note Documents to which it is a party and to consummate the transactions contemplated by the Note Documents to be consummated by such party and, without limitation, the Company has all requisite corporate power and
authority to issue, sell and deliver the Original Notes and each Guarantor has all requisite power and authority to execute, deliver and perform all its obligations under its Guarantee. Each of the Issuers has duly authorized the execution, delivery
and performance of each of the Note Documents to which it is a party. The descriptions of the Original Notes, the Guarantees and the Indenture in the Offering Memorandum fairly summarize in all material respects the provisions thereof. 

 
 (vii) This Agreement has been duly and validly
authorized, executed and delivered by each Issuer. 
  
 (viii) The Indenture, when duly executed and delivered by each Issuer (assuming the due authorization, execution and delivery thereof by the Trustee), will be a legally binding and valid obligation of each Issuer, enforceable against each
of them in accordance with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by
general principles of equity and the discretion of the court before which any proceedings therefor may be brought, whether in a court of equity or law (collectively, the “Enforceability Exceptions”). 
  

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 (ix) The Original Notes, when issued, authenticated by the Trustee and delivered by the
Company against payment by the Initial Purchaser in accordance with the terms of this Agreement and the Indenture, will be legally binding and valid obligations of the Company, entitled to the benefits of the Indenture and enforceable against the
Company in accordance with its terms, except that enforceability thereof may be limited by the Enforceability Exceptions. The Exchange Notes have been duly and validly authorized for issuance by the Company, and when issued, authenticated by the
Trustee and delivered by the Company in accordance with the terms of the Registration Rights Agreement, the Exchange Offer and the Indenture, the Exchange Notes will be legally binding and valid obligations of the Company, entitled to the benefits
of the Indenture and enforceable against the Company in accordance with their terms, except as the enforcement thereof may be limited by the Enforceability Exceptions. 
  
 (x) The Guarantees, when the Guarantees are executed in accordance with the terms of the Indenture and
delivered by the Guarantors and the Original Notes are executed, issued, authenticated and delivered by the Company against payment by the Initial Purchaser in accordance with the terms of the Indenture, will be legally binding and valid obligations
of the Guarantors, enforceable against each of them in accordance with their terms, except that enforceability thereof may be limited by the Enforceability Exceptions. The guarantees of the Exchange Notes have been duly and validly authorized by
each of the Guarantors and, when the Exchange Notes are issued, authenticated by the Trustee and delivered in accordance with the terms of the Registration Rights Agreement, the Exchange Offer and the Indenture, will be legally binding and valid
obligations of the Guarantors, enforceable against each of them in accordance with their terms, except that enforceability thereof may be limited by the Enforceability Exceptions. 
  
 (xi) The Registration Rights Agreement has been duly and validly authorized by each Issuer and, when duly
executed and delivered by the Issuers (assuming the due authorization, execution and delivery thereof by the Initial Purchaser), will constitute a valid and legally binding obligation of each such Issuer, enforceable against it in accordance with
its terms, except that (A) the enforcement thereof may be limited by the Enforceability Exceptions and (B) any rights to indemnity or contribution thereunder may be limited by federal and state securities laws and public policy considerations. The
Registration Rights Agreement, when executed and delivered, will conform in all material respects to the description thereof in the Offering Memorandum. 
  
 (xii) None of Parent or any Subsidiary is (A) in violation of its charter, bylaws or other constitutive documents, (B) in default (or,
with notice or lapse of time or both, would be in default) in the performance or observance of any obligation, agreement, covenant or condition contained in any bond, debenture, note, indenture, mortgage, deed of trust, loan or credit agreement,
lease, license, franchise agreement, authorization, permit, certificate or other agreement or instrument to which any of them is a party or by which any of them is bound or to which any of their assets or properties is subject (collectively,
“Agreements and 
  

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 Instruments”), (C) in violation of any law, statute, rule or regulation applicable to Parent
or any Subsidiary or their respective assets or properties, including applicable provisions of the Sarbanes-Oxley Act of 2002, or (D) in violation of any judgment, order or decree of any domestic or foreign court or governmental agency or authority
having jurisdiction over Parent or any Subsidiary or their respective assets or properties, which in the case of clauses (B), (C) and (D) herein, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

  
 (xiii) The execution, delivery and
performance by each of the Issuers of the Note Documents to which it is a party, including the consummation of the offer and sale of the Original Notes, does not and will not violate, conflict with or constitute a breach of any of the terms or
provisions of or a default (or an event that with notice or lapse of time or both, would constitute a default) under, or require consent under (that has, if required, not been obtained), or result in the creation or imposition of a lien, charge or
encumbrance on any property or assets of the Company or any Guarantor pursuant to (A) the charter, bylaws or other constitutive documents of any of the Company or any Guarantor, (B) any of the Agreements and Instruments or any of the existing
agreements of the Joint Ventures, except as would not reasonably be expected to have a Material Adverse Effect, (C) any law, statute, rule or regulation applicable to the Company or any Guarantor or their respective assets or properties or (D) any
judgment, order or decree of any domestic or foreign court or governmental agency or authority having jurisdiction over the Company or any Guarantor or their respective assets or properties. 
  
 (xiv) Assuming the accuracy of the representations and
warranties of the Initial Purchaser in Section 5(b) of this Agreement, no consent, approval, authorization or order of, or filing, registration, qualification, license or permit of or with, any Governmental Authority is required to be obtained or
made by Parent or any Subsidiary for the execution, delivery and performance by Parent or any Subsidiary of the Note Documents, including the consummation of the offer and sale of the Original Notes, except (A) such as have been or will be obtained
or made on or prior to the Closing Date and (B) registration of the Exchange Offer or resale of the Original Notes under the Act pursuant to the Registration Rights Agreement, and qualification of the Indenture under the Trust Indenture Act of 1939,
as amended (the “Trust Indenture Act”), in connection with the performance of the Registration Rights Agreement and the issuance of the Exchange Notes. No consents or waivers from any other person or entity are required for the
execution, delivery and performance of the Note Documents and the consummation of the Transactions, other than such consents and waivers as have been obtained or will be obtained prior to the Closing Date and will be in full force and effect.

  
 (xv) Ernst & Young LLP, whose report on
the consolidated financial statements of the Parent is part of the Offering Memorandum, are independent public accountants as required by the Act. 
  
 (xvi) The audited financial statements included in the Offering Memorandum present fairly the consolidated financial position of Parent as
of the dates indicated and the consolidated results of operations and cash flows of Parent and the Subsidiaries for the periods specified and have been prepared in compliance with the requirements of the Act and in conformity 
  

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 with generally accepted accounting principles applied on a consistent basis during the periods involved
(except as disclosed therein); the other financial and statistical data with respect to the Parent and the Subsidiaries set forth in the Offering Memorandum are accurately presented in all material respects and prepared on a basis consistent with
the financial statements and books and records of the Parent and the Subsidiaries. 
  
 (xvii) Each of the Issuers has all necessary licenses, authorizations, consents and approvals and has made all necessary filings required
under any federal, state or local law, regulation or rule, and has obtained all necessary authorizations, consents and approvals from other persons, in order to conduct its respective business except in each case to the extent that the failure to
hold, file or obtain would not have a Material Adverse Effect. None of the Issuers is in violation of, or in default under, any such license, authorization, consent or approval or any federal, state or local law, regulation or rule or any decree,
order or judgment applicable to such Issuer the effect of which could reasonably be expected to have a Material Adverse Effect. 
  
 (xviii) Subsequent to the dates as of which information is given in the Offering Memorandum, there has not been (i) any material adverse
change, or any development involving a prospective material adverse change, in the business, properties, management, financial condition, results of operation or prospects of Parent and the Subsidiaries taken as a whole, (ii) any transaction not in
the ordinary course of business which is material to Parent and the Subsidiaries taken as a whole that has not been disclosed in the Offering Memorandum, (iii) any obligation, direct or contingent, which is material to Parent and the Subsidiaries
taken as a whole, incurred by Parent or the Subsidiaries that is not in the ordinary course of business or (iv) any change in the capital stock or outstanding indebtedness of Parent or the Subsidiaries except for changes of the types generally
disclosed or described in the Offering Memorandum; none of the Issuers has any material contingent obligation which is not disclosed or described in the Offering Memorandum. 
  
 (xix) All material tax returns required to be filed by Parent or any of the Subsidiaries have been filed,
and all taxes and other assessments of a similar nature (whether imposed directly or through withholding), including any interest, additions to tax or penalties applicable thereto due or claimed to be due from such entities, have been paid, other
than those being contested in good faith and for which adequate reserves have been provided. 
  
 (xx) Insurance covering Parent’s and each of the Subsidiaries’ properties, operations, personnel and businesses as the Company
deems adequate and as previously disclosed to the Initial Purchaser is maintained by either Parent, the Company or the Subsidiary itself; such insurance insures against such losses and risks to an extent which is adequate in accordance with
customary industry practice to protect Parent and the Subsidiaries and their businesses; all such insurance is outstanding and fully in force on the date hereof and will be outstanding and duly in force at the Closing Date. 
  
 (xxi) Neither Parent nor any of the Subsidiaries has
sustained since the date of the last financial statements included in the Offering Memorandum any loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or
court or governmental action, order or decree which could reasonably be expected to have a Material Adverse Effect. 
  

 -11- 

 (xxii) Except for those contracts or agreements disclosed in the Offering Memorandum to
be terminated or repaid, none of the Issuers has sent or received any communication regarding termination of, or intent not to renew, any of the contracts or agreements referred to in the Offering Memorandum or any document incorporated by reference
therein, and no such termination or non-renewal has been threatened by any of the Issuers or, to the knowledge of the Issuers, any other party to any such contract or agreement. 
  
 (xxiii) Parent and each of the Subsidiaries maintain a system of internal accounting controls sufficient to
provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with
generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is
compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. 
  
 (xxiv) Any statistical and market-related data included in the Offering Memorandum are based on or derived from sources that the Company
believes to be reliable and accurate, and the Company has obtained the written consent to the use of such data from such sources to the extent required. 
  
 (xxv) (i) Parent or the Subsidiaries own, or have obtained valid and enforceable licenses for, or other rights to use, the inventions,
patent applications, patents, trademarks (both registered and unregistered), trade names, copyrights and trade secrets which the Company believes are necessary for the conduct of its business and which the failure to own, license or have such rights
could reasonably be expected to have a Material Adverse Effect (collectively, “Intellectual Property”); (ii) to the knowledge of the Issuers, there are no third parties who have or will be able to establish their rights to any
Intellectual Property that could reasonably be expected to have a Material Adverse Effect except for the ownership rights of the owners of the Intellectual Property which is licensed to Parent or Subsidiaries; (iii) to the knowledge of the Issuers,
there is no infringement by third parties of any Intellectual Property that could reasonably be expected to have a Material Adverse Effect; (iv) there is no pending or to the knowledge of the Issuers threatened action, suit, proceeding or claim by
others challenging the Issuers’ rights in or to any Intellectual Property that if resolved against the Issuers could reasonably be expected to have a Material Adverse Effect; (v) there is no pending or to the knowledge of the Issuers threatened
action, suit, proceeding or claim by others challenging the validity or scope of any Intellectual Property that if resolved against the Issuers could reasonably be expected to have a Material Adverse Effect; and (vi) there is no pending or to the
Issuers’ knowledge threatened action, suit, proceeding or claim by others that the Issuers infringe or otherwise violate any patent, trademark, copyright, trade secret or other proprietary rights of others that if resolved against the Issuers
could reasonably be expected to have a Material Adverse Effect. 
  

 -12- 

 (xxvi) Neither Parent nor any of the Subsidiaries is engaged in any unfair labor
practice; except for matters which would not have a Material Adverse Effect individually or in the aggregate on Parent and the Subsidiaries, there is (i) no unfair labor practice complaint pending or, to the knowledge of the Issuers, threatened
against Parent or any of the Subsidiaries before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or, to the knowledge of the Issuers, threatened
against Parent or any of the Subsidiaries, (ii) no strike, labor dispute, slowdown or stoppage pending or, to the knowledge of the Issuers, threatened against Parent or any of the Subsidiaries and (iii) no union representation dispute currently
existing concerning the employees of Parent or any of the Subsidiaries. To the best knowledge of the respective managements of Parent or any of the Subsidiaries, (i) no union organizing activities are currently taking place concerning the employees
of Parent or any of the Subsidiaries and (ii) there has been no violation of any federal, state or local law relating to discrimination in the hiring, promotion or pay of employees, of any applicable wage or hour laws, nor any provisions of the
Employee Retirement Income Security Act of 1974 (“ERISA”) or the rules and regulations promulgated thereunder concerning the employees of Parent or any of the Subsidiaries, which in either case could reasonably be expected to have a
Material Adverse Effect. 
  
 (xxvii) (i) Each of
Parent and the Subsidiaries is in compliance with and has no liability under any and all applicable laws, statutes, ordinances, regulations, rules, decrees, orders, judgments, consent orders, consent decrees or other binding requirements and the
common law relating to the protection of public health or the environment or the release or threatened release of hazardous material (including, without limitation, any material, substance, waste, constituent, compound, pollutant or contaminant,
including, without limitation, petroleum (including, without limitation, crude oil or any fraction thereof or any petroleum product)) (collectively, “Environmental Laws”) and (ii) each of Parent and the Subsidiaries is in compliance
with all terms and conditions of any required permits, licenses and authorizations, and is also in compliance with all other applicable limitations, restrictions, conditions, standards, prohibitions, requirements and obligations contained in the
Environmental Laws except in the case of clauses (i) and (ii) when such failure to comply or liability would not have a Material Adverse Effect. 
  
 (xxviii) In the ordinary course of their respective businesses, Parent and each of the Subsidiaries conducts a periodic review of the
effect of the Environmental Laws on its respective businesses, operations and properties, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures
required for cleanup, closure of properties or compliance with the Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties); there are no past or present
events, conditions, activities, practices, actions or plans relating to the business operations or properties of Parent or any of the Subsidiaries that could be reasonably expected to interfere with or prevent compliance or continued compliance with
the Environmental Laws and to have a Material Adverse Effect, or which could be reasonably expected to give rise to any liability based on or related to the Environmental Laws having a Material Adverse Effect. 
  

 -13- 

 (xxix) Parent and each of the Subsidiaries has good and marketable title to all property
(real and personal) described in the Offering Memorandum as being owned by each of them as of the dates set forth in the Offering Memorandum, except as sold or disposed of in the ordinary course of business and free and clear of all liens, claims,
security interests or other encumbrances, except as described in the Offering Memorandum or arising in the ordinary course of business; all the property described in the Offering Memorandum as being held under lease by Parent or a Subsidiary is held
thereby under valid, subsisting and enforceable leases. 
  
 (xxx) All material taxes, fees and other governmental charges that are due and payable on or prior to the Closing Date in connection with the execution, delivery and performance of the Note Documents and the
execution, delivery and sale of the Original Notes shall have been paid by or on behalf of the Issuers at or prior to the Closing Date. 
  
 (xxxi) Except as set forth in the Offering Memorandum, there is (i) no action, suit or proceeding before or by any court, arbitrator or
governmental agency, body or official, domestic or foreign, now pending or, to the knowledge of the Issuers, threatened or contemplated, to which Parent or any Subsidiary is or may be a party or to which the business, assets or property of such
person is or may be subject, (ii) no statute, rule, regulation or order that has been enacted, adopted or issued or, to the knowledge of the Issuers, that has been proposed by any governmental body or agency, domestic or foreign, (iii) no
injunction, restraining order or order of any nature by a federal or state court or foreign court of competent jurisdiction to which Parent or any Subsidiary is or may be subject that (x) in the case of clause (i) above, if determined adversely to
Parent or any Subsidiary, could, individually or in the aggregate, reasonably be expected (1) to have a Material Adverse Effect or (2) to interfere with or adversely affect the issuance of the Securities in any jurisdiction or adversely affect the
consummation of the transactions contemplated by any of the Note Documents and (y) in the case of clauses (ii) and (iii) above, could, individually or in the aggregate, reasonably be expected (1) to have a Material Adverse Effect or (2) to interfere
with or adversely affect the issuance of the Securities in any jurisdiction. 
  
 (xxxii) None of Parent or any Subsidiary is, or after giving effect to the offering and sale of the Securities will be, an “investment company” or a company “controlled” by an “investment
company” incorporated in the United States within the meaning of the Investment Company Act of 1940, as amended. 
  
 (xxxiii) None of Parent or any Subsidiary (or any agent thereof acting on their behalf) has taken, and none of them will take, any action
that might cause this Agreement or the issuance or sale of the Original Notes to violate Regulations T, U or X of the Board of Governors of the Federal Reserve System, as in effect, or as the same may hereafter be in effect, on the Closing Date.

  
 (xxxiv) As of the date hereof (immediately
prior to and after giving effect to the issuance of the Original Notes and the use of proceeds) the Company and each Guarantor are and will be Solvent. No Issuer is contemplating either the filing of a petition by it under any bankruptcy or
insolvency law or the liquidating of all or a substantial portion of its property, 
  

 -14- 

 and no Issuer has knowledge of any person contemplating the filing of any such petition against any
Issuer. As used herein, “Solvent” shall mean, for any person on a particular date, that on such date (i) the fair value of the property of such person is greater than the total amount of liabilities at fair valuation, including,
without limitation, contingent liabilities, of such person, (ii) the present fair salable value of the assets of such person is not less than the amount that will be required to pay the probable liability of such person on its debts as they become
absolute and matured, (iii) such person does not intend to, and does not believe that it will, incur debts and liabilities beyond such person’s ability to pay as such debts and liabilities mature, (iv) such person is not engaged in a business
or a transaction, and is not about to engage in a business or a transaction, for which such person’s property would constitute an unreasonably small capital and (v) such person is able to pay its debts as they become due and payable.

  
 (xxxv) Except as described in the section
entitled “Plan of distribution” in the Offering Memorandum, there are no contracts, agreements or understandings between Parent or any Subsidiary and any other person other than the Initial Purchaser that would give rise to a valid claim
against Parent, any Subsidiary or, to the Issuers’ knowledge, the Initial Purchaser for a brokerage commission, finder’s fee or like payment in connection with the issuance, purchase and sale of the Notes. 
  
 (xxxvi) None of the Issuers or any of their affiliates does
business with the government of Cuba or with any person or affiliate located in Cuba within the meaning of Section 517.075, Florida Statutes. 
  
 (xxxvii) Parent has established and maintains disclosure controls and procedures (as such term is defined in Rules 13a-14 and 15d-14 under
the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to Parent and the Subsidiaries is made known to the chief executive officer and chief financial officer of Parent by others within
Parent or any Subsidiary, and such disclosure controls and procedures are reasonably effective to perform the functions for which they were established subject to the limitations of any such control system; Parent’s auditors and the audit
committee of the board of directors of Parent have been advised of: (A) any significant deficiencies in the design or operation of internal controls known to the executive officers of Parent which could adversely affect Parent’s ability to
record, process, summarize and report financial data; and (B) any fraud known to the executive officers of Parent, whether or not material, that involves management or other employees who have a role in Parent’s internal controls; any material
weaknesses in internal controls have been identified for Parent’s auditors; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other
factors that could significantly affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses. Parent has provided or made available to the Initial Purchaser or their counsel true and
complete copies of all extant minutes or draft minutes of meetings, or resolutions adopted by written consent, of the board of directors of Parent and each Subsidiary and each committee of each such board in the past three years, and all agendas for
each such meeting for which minutes or draft minutes do not exist. 
  

 -15- 

 (xxxviii) Neither the Issuers nor any of their affiliates (as defined in Rule 501(b) of
Regulation D under the Act) has, directly or through any person acting on their behalf (other than the Initial Purchaser, its agents and affiliates, as to none of which any representation is made), (A) taken, directly or indirectly, any action
designed to, or that might reasonably be expected to, cause or result in stabilization or manipulation of the price of any security of any Issuer to facilitate the sale or resale of the Securities, (B) sold, bid for, purchased or paid any person any
compensation for soliciting purchases of the Securities in a manner that would require registration of the Securities under the Act or paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of
any Issuer in a manner that would require registration of the Securities under the Act, (C) sold, offered for sale, contracted to sell, pledged, solicited offers to buy or otherwise disposed of or negotiated in respect of any security (as defined in
the Act) that is currently or will be integrated with the sale of the Securities in a manner that would require the registration of the Securities under the Act or (D) engaged in any directed selling effort (as defined by Regulation S) with respect
to the Securities, and each of them has complied with the offering restrictions requirement of Regulation S. 
  
 (xxxix) No form of general solicitation or general advertising (prohibited by the Act in connection with offers or sales such as the
Exempt Resales) was used by any Issuer or any person acting on its behalf (other than the Initial Purchaser, its agents and affiliates, as to none of which any representation is made) in connection with the offer and sale of any of the Securities or
in connection with Exempt Resales, including, but not limited to, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio or the Internet, or any seminar or meeting whose
attendees have been invited by any general solicitation or general advertising within the meaning of Regulation D under the Act. No Issuer nor any of its affiliates has entered into, or will enter into, any contractual arrangement with respect to
the distribution of the Securities except for this Agreement. 
  
 Each certificate signed by any officer of any Issuer and delivered to the Initial Purchaser or counsel for the Initial Purchaser pursuant to, or in connection with, this Agreement shall be deemed to be a representation and warranty by the
Issuers to the Initial Purchaser as to the matters covered by such certificate. 
  
 The Issuers acknowledge that the Initial Purchaser and, for purposes of the opinions to be delivered to the Initial Purchaser pursuant to Section 6 of this Agreement, counsel to the Issuers and counsel to the Initial
Purchaser will rely upon the accuracy and truth of the foregoing representations and the Company hereby consents to such reliance. 
  
 (b) The Initial Purchaser acknowledges that it is purchasing the Securities pursuant to a private sale exemption from registration under the Act, and that
the Securities have not been registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from the registration requirements of the Act. The
Initial Purchaser, severally and not jointly, represents, warrants and covenants to the Issuers that: 
  
 (i) It is a QIB. 
  

 -16- 

 (ii) Neither it, nor any person acting on its behalf, has or will solicit offers for, or
offer or sell, the Securities by any form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) including, but not limited to, articles, notices or other communications published in any newspaper,
magazine or similar medium or broadcast over television or radio or the Internet, or any seminar or meeting whose attendees have been invited by any general solicitation or general advertising, or in any manner involving a public offering within the
meaning of Section 4(2) of the Act, and it has and will solicit offers for the Securities only from, and will offer and sell the Securities only to, (1) persons whom the Initial Purchaser reasonably believes to be QIBs or, if any such person is
buying for one or more institutional accounts for which such person is acting as fiduciary or agent, only when such person has represented to the Initial Purchaser that each such account is a QIB to whom notice has been given that such sale or
delivery is being made in reliance on Rule 144A, and, in each case, in reliance on the exemption from the registration requirements of the Act pursuant to Rule 144A, or (2) persons other than U.S. persons outside the United States in reliance on the
exemption from the registration requirements of the Act provided by Regulation S. 
  
 (iii) With respect to offers and sales outside the United States, the Initial Purchaser has offered the Securities and will offer and sell
the Securities (1) as part of its distribution at any time and (2) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only in accordance with Rule 903 of Regulation S or another
exemption from the registration requirements of the Act. Accordingly, neither the Initial Purchaser nor any person acting on its behalf has engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to
the Securities, and any such persons have complied and will comply with the offering restrictions requirements of Regulation S. The Initial Purchaser agrees that, at or prior to confirmation of a sale of Securities pursuant to Regulation S it will
have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it or through it during the restricted period a confirmation or notice to substantially the following effect:

  
 “The Securities covered hereby have not
been registered under the United States Securities Act of 1933 (the “Securities Act”) and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons (i) as part of their distribution at any time
and (ii) otherwise until forty days after the later of the date upon which the offering of the Securities commenced and the date of closing, except in either case in accordance with Regulation S or Rule 144A under the Securities Act. Terms used
above have the meaning given to them by Regulation S.” 
  
 Terms used in this Section 5(b)(ii) and not otherwise defined herein have the meanings given to them by Regulation S. 
  

 -17- 

 The Initial Purchaser understands that the Issuers and, for purposes of the opinions to be delivered to
them pursuant to Section 6 hereof, counsel to the Issuers and counsel to the Initial Purchaser will rely upon the accuracy and truth of the foregoing representations, and the Initial Purchaser hereby consents to such reliance. 
  
 6. Conditions of Initial Purchaser’s Obligations. The
obligations of the Initial Purchaser to purchase and pay for the Securities, as provided for in this Agreement, shall be subject to satisfaction of the following conditions prior to or concurrently with such purchase: 
  
 (a) All of the representations and warranties of the Issuers
contained in this Agreement shall be true and correct on the date of this Agreement and on the Closing Date. The Issuers shall have performed or complied with all of the agreements and covenants contained in this Agreement and required to be
performed or complied with by them at or prior to the Closing Date. The Initial Purchaser shall have received a certificate, dated the Closing Date, signed by the chief executive officer or president and chief financial officer of the Company,
certifying as to the foregoing and to the effect in Sections 6(c) and 6(k). 
  
 (b) The Offering Memorandum shall have been printed and copies distributed to the Initial Purchaser on the date of this Agreement or at such later date as the Initial Purchaser may reasonably determine. No stop order
suspending the qualification or exemption from qualification of the Securities in any jurisdiction shall have been issued and no proceeding for that purpose shall have been commenced or shall be pending or threatened. 
  
 (c) Between the time of execution of this Agreement and the
Closing Date, there shall not have occurred any downgrading, nor shall any notice or announcement have been given or made of (i) any intended or potential downgrading or (ii) any surveillance or review or possible change that does not indicate an
improvement, in the rating accorded any securities of, or guaranteed by, Parent or any Subsidiary by any “nationally recognized statistical rating organization,” as that term is defined in Rule 436(g)(2) under the Act. 
  
 (d) The Issuers shall furnish to you at the Closing Date an
opinion of Irell & Manella LLP, counsel for the Issuers, addressed to the Initial Purchaser substantially in the form of Exhibit A hereto, dated the Closing Date and in form satisfactory to Cahill Gordon & Reindel LLP, counsel for the
Initial Purchaser. 
  
 (e) The Issuers shall
furnish to you at the Closing Date an opinion of Bryan Cave LLP, Arizona counsel to William Lyon Southwest, Inc., addressed to the Initial Purchaser substantially in the form of Exhibit B hereto, dated the Closing Date and in form
satisfactory to Cahill Gordon & Reindel LLP, counsel for the Initial Purchaser. 
  
 (f) The Initial Purchaser shall have received on the Closing Date an opinion dated the Closing Date of Cahill Gordon & Reindel LLP,
counsel to the Initial Purchaser, in form and substance satisfactory to the Initial Purchaser. Such counsel shall have been furnished with such certificates and documents as they may reasonably request to enable them to review or pass upon the
matters referred to in this Section 6 and in order to evidence the accuracy, completeness or satisfaction in all material respects of any of the representations, warranties or conditions contained in this Agreement. 
  

 -18- 

 (g) You shall have received from Ernst & Young LLP letters dated, respectively, dated
as of the date the Offering Memorandum is distributed to potential investors and the Closing Date and addressed to the Initial Purchaser in the forms heretofore approved by you. 
  
 (h) The Issuers and the Trustee shall have executed and delivered the Indenture and the Initial Purchaser
shall have received copies thereof. The Issuers shall have executed and delivered the Registration Rights Agreement and the Initial Purchaser shall have received executed counterparts thereof. 
  
 (i) The Initial Purchaser shall have been furnished with
wiring instructions for the application of the proceeds of the Securities in accordance with this Agreement and such other information as they may reasonably request. 
  
 (j) The Securities shall be eligible for trading in PORTAL upon issuance. All agreements set forth in the
representation letter of the Company to DTC relating to the approval of the Original Notes by DTC for “book-entry” transfer shall have been complied with. 
  
 (k) Between the time of execution of this Agreement and the Closing Date no material adverse change,
financial or otherwise, in the business, assets, properties, prospects, condition or results of operations of Parent and the Subsidiaries, taken as a whole, shall have occurred or become known to the Issuers. 
  
 (l) Prior to the Closing Date, the Issuers shall have
furnished to the Initial Purchaser such further certificates and documents as the Initial Purchaser may reasonably request. 
  
 If any of the conditions specified in this Section 6 shall not have been fulfilled when and as required by this Agreement to be fulfilled (or waived by
the Initial Purchaser), this Agreement may be terminated by the Initial Purchaser on notice to the Company at any time at or prior to the Closing Date, and such termination shall be without liability of any party to any other party. 
  
 The documents required to be delivered by this Section 6 will be delivered at
the office of counsel for the Initial Purchaser on the Closing Date. 
  
 7. Initial Purchaser Information. The Company and the Initial Purchaser severally acknowledge that the statements set forth in paragraphs four, six, seven and eight under “Plan of distribution” in the Offering
Memorandum constitute the only information furnished in writing by or behalf of the Initial Purchaser expressly for use in the Offering Memorandum. 
  
 8. Survival of Representations and Agreements. All representations and warranties, covenants and agreements contained in this Agreement,
including the agreements contained in Sections 4(f) and 9(d), the indemnity agreements contained in Section 10 and the contribution agreements contained in Section 11, shall remain operative and in full force and effect regardless of any
investigation made by or on behalf of the Initial Purchaser or any controlling person thereof or by or 
  

 -19- 

 on behalf of the Company or any controlling person thereof, and shall survive delivery of and payment for the Original
Notes to and by the Initial Purchaser. The agreements contained in Sections 4(f), 7, 9(d), 10 and 11 shall survive the termination of this Agreement, including pursuant to Section 9. 
  
 9. Effective Date of Agreement; Termination. (a) This Agreement shall become effective upon execution and
delivery of a counterpart hereof by each of the parties hereto. 
  
 (b) The Initial Purchaser shall have the right to terminate this Agreement at any time prior to the Closing Date by notice to Parent from the Initial Purchaser, without liability (other than with respect to Sections 10 and 11) on the
Initial Purchaser’s part to Parent or any affiliate thereof if, on or prior to such date, (i) any Issuer shall have failed, refused or been unable to perform in any material respect any agreement on its part to be performed under this Agreement
when and as required; (ii) any other condition to the obligations of the Initial Purchaser under this Agreement to be fulfilled by the Issuers pursuant to Section 6 is not fulfilled when and as required in any material respect; (iii) trading in any
securities of Parent or any Subsidiary shall be suspended or limited by the Commission or the New York Stock Exchange, or trading in securities generally on the New York Stock Exchange, the American Stock Exchange or the Nasdaq National Market shall
have been suspended or materially limited, or minimum prices shall have been established thereon by the Commission, or by such exchange or other regulatory body or governmental authority having jurisdiction; (iv) a general moratorium shall have been
declared by either Federal or New York State authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States shall have occurred; (v) there is an outbreak or escalation of hostilities or
national or international calamity in any case involving the United States, on or after the date of this Agreement, or if there has been a declaration by the United States of a national emergency or war or other national or international calamity or
crisis (economic, political, financial or otherwise) which affects the U.S. and international markets, making it, in the Initial Purchaser’s good faith judgment, impracticable to proceed with the offering or delivery of the Securities on the
terms and in the manner contemplated in the Offering Memorandum; or (vi) there shall have been such a material adverse change in general economic, political or financial conditions or the effect (or potential effect if the financial markets in the
United States have not yet opened) of international conditions on the financial markets in the United States shall be such as, in the Initial Purchaser’s good faith judgment, to make it inadvisable or impracticable to proceed with the offering
or delivery of the Securities on the terms and in the manner contemplated in the Offering Memorandum. 
  
 (c) Any notice of termination pursuant to this Section 9 shall be given at the address specified in Section 12 below by telephone or facsimile, confirmed
in writing by letter. 
  
 (d) If this Agreement shall be
terminated pursuant to Section 9(b), or if the sale of the Securities provided for in this Agreement is not consummated because of any refusal, inability or failure on the part of the Issuers to satisfy any condition to the obligations of the
Initial Purchaser set forth in this Agreement to be satisfied or because of any refusal, inability or failure on the part of the Issuers to perform any agreement in this Agreement or comply with any provision of this Agreement, the Issuers, jointly
and severally, will reimburse the Initial Purchaser for all of its reasonable out-of-pocket expenses (including, without limitation, the reasonable fees and expenses of the Initial Purchaser’s counsel) incurred prior to such termination in
connection with this Agreement and the transactions contemplated hereby. 
  

 -20- 

 10. Indemnification. (a) The Issuers, jointly and severally, agree to indemnify and hold harmless
the Initial Purchaser, each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, the agents, employees, officers and directors of the Initial Purchaser and the agents,
employees, officers and directors of any such controlling person from and against any and all losses, liabilities, claims, damages and expenses whatsoever (including, but not limited, to reasonable attorneys’ fees and any and all reasonable
expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all reasonable amounts paid in settlement of any claim or litigation) (collectively,
“Losses”) to which they or any of them may become subject under the Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Offering Memorandum, or in any supplement thereto or amendment thereof, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Issuers will not be liable in any such case to the extent, but only to the extent, that any such Loss arises
out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission relating to the Initial Purchaser made therein in reliance upon and in conformity with written information furnished to the Company by the
Initial Purchaser expressly for use therein. This indemnity agreement will be in addition to any liability that the Issuers may otherwise have, including, but not limited to, liability under this Agreement. 
  
 (b) The Initial Purchaser agrees to indemnify and hold harmless the Issuers,
and each person, if any, who controls the Issuers within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, each of its agents, employees, officers and directors and the agents, employees, officers and directors of any such
controlling person from and against any Losses to which they or any of them may become subject under the Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or
alleged untrue statement of a material fact contained in the Offering Memorandum, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or is based upon any untrue statement or alleged untrue
statement or omission or alleged omission relating to the Initial Purchaser made therein in reliance upon and in conformity with information furnished in writing to the Company by the Initial Purchaser expressly for use therein. The Issuers and the
Initial Purchaser acknowledge that the information described in Section 7 is the only information furnished in writing by the Initial Purchaser to the Company expressly for use in the Offering Memorandum. 
  
 (c) Promptly after receipt by an indemnified party under subsection 10(a) or
10(b) above of notice of the commencement of any action, suit or proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection,
notify each party against whom indemnification is to be sought in writing of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have under this
Section 10 except to the extent that it has been prejudiced in any material respect by such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement 
  

 -21- 

 of such action, the indemnifying party will be entitled to participate in such action, and to the extent it may elect by
written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense of such action with counsel reasonably satisfactory to such indemnified party. Notwithstanding the
foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the
employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel to take charge of the defense of such action
within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action (including any impleaded parties) include such indemnified party and the indemnifying parties (or such indemnifying parties have assumed
the defense of such action), and such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them that are different from or additional to those available to one or all of the indemnifying parties
(in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and expenses of counsel shall be borne by the
indemnifying parties. In no event shall the indemnifying parties be liable for the fees and expenses of more than one counsel (together with appropriate local counsel) at any time for all indemnified parties in connection with any one action or
separate but substantially similar or related actions arising out of the same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any claim or action effected without its written consent, which
consent may not be unreasonably withheld. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by
paragraph (a) or (b) of this Section 10, then the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 60 business days after
receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall
have given the indemnifying party at least 30 days’ prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding
in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
  
 11. Contribution. In order to provide for contribution in
circumstances in which the indemnification provided for in Section 10 of this Agreement is for any reason held to be unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under Section 10 of this Agreement,
each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuers, on the one hand,
and the Initial Purchaser, on the other hand, from the offering of the Securities or (ii) if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to above but
also the relative fault of the Issuers, on the one hand, and the Initial Purchaser, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable 
  

 -22- 

 considerations. The relative benefits received by the Issuers, on the one hand, and the Initial Purchaser, on the other
hand, shall be deemed to be in the same proportion as (x) the total proceeds from the offering of Securities (net of discounts and commissions but before deducting expenses) received by the Issuers are to (y) the total discount and commissions
received by the Initial Purchaser. The relative fault of the Issuers, on the one hand, and the Initial Purchaser, on the other hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by an Issuer or the Initial Purchaser and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission or alleged statement or omission. 
  
 The Issuers and the Initial Purchaser agree that it would not be just and equitable if contribution pursuant to this Section 11 were determined by pro rata allocation or by any other method of allocation that does not take into account the
equitable considerations referred to above. Notwithstanding the provisions of this Section 11, (i) in no case shall the Initial Purchaser be required to contribute any amount in excess of the amount by which the total discount and commissions
applicable to the Securities purchased by the Initial Purchaser pursuant to this Agreement exceeds the amount of any damages that the Initial Purchaser has otherwise been required to pay by reason of any untrue or alleged untrue statement or
omission or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For
purposes of this Section 11, each person, if any, who controls the Initial Purchaser within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act shall have the same rights to contribution as the Initial Purchaser, and each
person, if any, who controls an Issuer within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act and each director, officer, employee and agent of an Issuer shall have the same rights to contribution as the Issuers. Any party
entitled to contribution will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made against another party or parties under this Section 11, notify such party or
parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 11 or otherwise,
except to the extent that it has been prejudiced in any material respect by such failure; provided, however, that no additional notice shall be required with respect to any action for which notice has been given under Section 10 for
purposes of indemnification. Anything in this section to the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without its written consent; provided, however, that such
written consent was not unreasonably withheld. 
  
 12.
Notice. All communications with respect to or under this Agreement, except as may be otherwise specifically provided in this Agreement, shall be in writing and, if sent to the Initial Purchaser, shall be mailed, delivered or telecopied
and confirmed in writing to c/o UBS Securities LLC, 677 Washington Blvd., Stamford, CT 06901 (fax number: 203-719-1075), Attention: High Yield Syndicate Department, with a copy for information purposes only to (i) UBS Securities LLC, 677 Washington
Blvd., Stamford, CT 06901 (fax number: 203-719-0680), Attention: Legal and Compliance Department and (ii) Cahill Gordon & Reindel LLP, 80 Pine Street, New York, NY 10005 (fax number: 212-269-5420), Attention: Daniel J. Zubkoff, Esq.; and shall
be sent for informational purposes only, and shall not constitute notice, to UBS Securities LLC, 677 Washington Blvd., Stamford, Connecticut 06901 (telephone: (203) 719-3000, fax: (203) 719-0680), Attention: Legal Department; 
  

 -23- 

 and if sent to the Issuers, shall be mailed, delivered or telegraphed or telecopied and confirmed in writing to William
Lyon Homes, Inc., 4490 Von Karman, Newport Beach, CA 92660 (telephone: (949) 833-3600, fax: (949) 252-2575), Attention: Michael Grubbs, with a copy to Irell & Manella LLP, 1800 Avenue of the Stars, Suite 900, Los Angeles, CA 90067 (telephone:
(310) 277-1010, fax: (310) 203-7199), Attention: Meredith Jackson, Esq. 
  
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five business days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged by
telecopier machine, if telecopied; and one business day after being timely delivered to a next-day air courier. 
  
 13. Governing Law; Construction. This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any
way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The Section headings in this Agreement have been inserted as a matter of
convenience of reference and are not a part of this Agreement. 
  
 14. Submission to Jurisdiction. Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United
States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Issuers consent to the jurisdiction of such courts and personal service with respect thereto. The
Issuers hereby consent to personal jurisdiction, service and venue in any court in which any Claim arising out of or in any way relating to this Agreement is brought by any third party against the Initial Purchaser or any indemnified party. The
Initial Purchaser and each of the Issuers (on its behalf and, to the extent permitted by applicable law, on behalf of its stockholders and affiliates) waives all right to trial by jury in any action, proceeding or counterclaim (whether based upon
contract, tort or otherwise) in any way arising out of or relating to this Agreement. The Issuers, jointly and severally, agree that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and
binding upon the Issuers and may be enforced in any other courts in the jurisdiction of which the Issuers are or may be subject, by suit upon such judgment. 
  
 15. Parties at Interest. The Agreement herein set forth has been and is made solely for the benefit of the the Initial Purchaser and the Issuers
and to the extent provided in Sections 10 and 11 hereof the controlling persons, directors and officers referred to in such sections, and their respective successors, assigns, heirs, personal representatives and executors and administrators. No
other person, partnership, association or corporation (including a purchaser, as such purchaser, from the Initial Purchaser) shall acquire or have any right under or by virtue of this Agreement. 
  
 16. Counterparts. This Agreement may be signed by the parties in one
or more counterparts which together shall constitute one and the same agreement among the parties. 
  
 17. Successors and Assigns. This Agreement shall be binding upon the Initial Purchaser and the Issuers and their successors and assigns and any
successor or assign of any substantial portion of the Issuers’ and the Initial Purchaser’s respective businesses and/or assets. 
  

 -24- 

 If the foregoing Purchase Agreement correctly sets forth the understanding among the Issuers and the
Initial Purchaser, please so indicate in the space provided below for the purpose, whereupon this letter and your acceptance shall constitute a binding agreement among the Issuers and the Initial Purchaser. 
  

					
	 Very truly yours,

	
	 WILLIAM LYON HOMES, INC.

		
	 By:
	 	 /s/    WADE H. CABLE

	 	 	 Name:
	 	 Wade H. Cable

	 	 	 Title:
	 	 President

		
	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 Title:
	 	 Senior Vice President

	
	 WILLIAM LYON HOMES

	 PH - LP VENTURES

	 PH - RIELLY VENTURES

	 PH VENTURES – SAN JOSE

	 PRESLEY CMR, INC.

	 PRESLEY HOMES

	 SYCAMORE CC, INC.

	 WILLIAM LYON SOUTHWEST, INC.

		
	 By:
	 	 /s/    WADE H. CABLE

	 	 	 Name:
	 	 Wade H. Cable

	 	 	 Title:
	 	 President

		
	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 Title:
	 	 Senior Vice President

	
	 CALIFORNIA EQUITY FUNDING, INC.

		
	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 Title:
	 	 Senior Vice President

		
	 By:
	 	 /s/    W. DOUGLASS HARRIS

	 	 	 Name:
	 	 W. Douglass Harris

	 	 	 Title:
	 	 Vice President

  

 S-1 

					
	
	 DUXFORD FINANCIAL, INC.

		
	 By:
	 	 /s/    WADE H. CABLE

	 	 	 Name:
	 	 Wade H. Cable

	 	 	 Title:
	 	 Executive Vice President

		
	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 Title:
	 	 Senior Vice President

	
	 HSP INC.

		
	 By:
	 	 /s/    RICHARD S. ROBINSON

	 	 	 Name:
	 	 Richard S. Robinson

	 	 	 Title:
	 	 Senior Vice President

		
	 By:
	 	 /s/    W. DOUGLASS HARRIS

	 	 	 Name:
	 	 W. Douglass Harris

	 	 	 Title:
	 	 Treasurer

							
	
	 OX I OXNARD, L.P.

		
	 By:
	 	 William Lyon Homes, Inc., its general partner

			
	 	 	 By:
	 	 /s/    WADE H. CABLE

	 	 	 	 	 Name:
	 	 Wade H. Cable

	 	 	 	 	 Title:
	 	 President

			
	 	 	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 	 	 Title:
	 	 Senior Vice President

  

 S-2 

							
		
	 	 	 ST. HELENA WESTMINSTER ESTATES, LLC

		
	 By:
	 	 William Lyon Homes, Inc., its sole member

			
	 	 	 By:
	 	 /s/    WADE H. CABLE

	 	 	 	 	 Name:
	 	 Wade H. Cable

	 	 	 	 	 Title:
	 	 President

			
	 	 	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 	 	 Title:
	 	 Senior Vice President

		
	 	 	 THE RANCH GOLF CLUB CO.

		
	 By:
	 	 William Lyon Homes, Inc., its general partner

			
	 	 	 By:
	 	 /s/    WADE H. CABLE

	 	 	 	 	 Name:
	 	 Wade H. Cable

	 	 	 	 	 Title:
	 	 President

			
	 	 	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 	 	 Title:
	 	 Senior Vice President

  

 S-3 

							
	 LYON MONTECITO, LLC

		
	 By:
	 	 William Lyon Homes, Inc., its sole member

			
	 	 	 By:
	 	 /s/    WADE H. CABLE

	 	 	 	 	 Name:
	 	 Wade H. Cable

	 	 	 	 	 Title:
	 	 President

			
	 	 	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 	 	 Title:
	 	 Senior Vice President

  

 S-4 

 Confirmed and accepted as of 
 the date first above written: 
  

			
	 UBS SECURITIES LLC

		
	 By:
	 	 /s/    ROBERT CROWLEY

	 	 	 Name: Robert Crowley

	 	 	 Title: Executive Director

		
	 By:
	 	 /s/    MAULIN SHAH

	 	 	 Name: Maulin Shah

	 	 	 Title: Associate Director

  

 S-5 

 Schedule I 
  

Guarantors 
  
 William Lyon Homes 
 California Equity Funding, Inc. 
 PH - LP Ventures 
 Duxford Financial, Inc. 
 Sycamore CC, Inc. 
 Presley CMR, Inc. 
 William Lyon Southwest, Inc. 
 PH-Rielly Ventures 
 OX I
Oxnard, L.P. 
 Presley Homes 
 HSP, Inc. 
 PH Ventures - San Jose 
 The Ranch Golf Club Co. 
 St. Helena Westminster Estates, LLC 
 Lyon Montecito, LLC 
  

 I-1 

 Schedule II 
  

							
	 Subsidiary

	  	 Jurisdiction of
Incorporation or
Formation

	  	 Stockholders

	  	 %
 Owned by
Parent
(directly or
indirectly)

	 William Lyon Homes, Inc.
	  	California	  	William Lyon Homes (Del.)	  	100%
				
	 California Equity Funding, Inc.
	  	California	  	William Lyon Homes (Del.)	  	100%
				
	 Duxford Financial, Inc.
	  	California	  	William Lyon Homes (Del.)	  	100%
				
	 Presley Homes
	  	California	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 HSP, Inc.
	  	California	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 PH Ventures - San Jose
	  	California	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 Duxford Title Reinsurance Company
	  	Vermont	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 Sycamore CC, Inc.
	  	California	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 Presley CMR, Inc.
	  	California	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 The Ranch Golf Club Co.
	  	California	  	 William Lyon Homes, Inc. (CA)
  
 Presley CMR, Inc.
	  	50%  
 50%

				
	 OX I Oxnard, L.P.
	  	California	  	 Presley CMR, Inc.
  
 William Lyon Homes, Inc. (CA)
	  	99%  
 1%

				
	 PH - LP Ventures
	  	California	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 St. Helena Westminster Estates, LLC
	  	Delaware	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 William Lyon Southwest, Inc.
	  	Arizona	  	William Lyon Homes, Inc. (CA)	  	100%

  

 II-1 

							
	 PH-Rielly Ventures
	  	California	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 Cerro Plata Associates, LLC
	  	Delaware	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 242 Cerro Plata, LLC*
	  	Delaware	  	William Lyon Homes, Inc. (CA)	  	12.5%
				
	 Lyon Montecito, LLC
	  	California	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 Lyon Waterfront, LLC
	  	Delaware	  	William Lyon Homes, Inc. (CA)	  	100%
				
	 Montecito Ranch-Corona, L.P.*
	  	California	  	Lyon Montecito, LLC	  	varies from time to
time
				
	 Spectrum 90 Investors, LLC*
	  	Delaware	  	William Lyon Homes, Inc. (CA)	  	varies from time to
time
				
	 Covenant Hills P-30A, LLC*
	  	Delaware	  	William Lyon Homes, Inc. (CA)	  	varies from time to
time
				
	 Covenant Hills P-30B, LLC*
	  	Delaware	  	William Lyon Homes, Inc. (CA)	  	varies from time to
time
				
	 Chino Reserve 89, LLC*
	  	Delaware	  	William Lyon Homes, Inc. (CA)	  	varies from time to
time
				
	 San Miguel Village, LLC*
	  	Delaware	  	William Lyon Homes, Inc. (CA)	  	varies from time to
time
				
	 Nobar Water Company
	  	California	  	William Lyon Homes, Inc. (CA)	  	100%

	*	Consolidated Joint Venture 

  

 II-2 

 Schedule III 
  

			
	 Entity

	  	 Description of Equity Interest

	 Bayport Mortgage, L.P.
	  	general partnership interest
		
	 California Pacific Mortgage, L.P.
	  	general partnership interest
		
	 Duxford Escrow, Inc.
	  	common stock
		
	 Laurel Creek Associates, LLC
	  	membership interest
		
	 Reston Associates, LLC
	  	membership interest
		
	 Hampton Road Associates, LLC
	  	membership interest
		
	 Henry Ranch, LLC
	  	membership interest
		
	 Otay R-29, LLC
	  	membership interest
		
	 4S Lot 12, LLC
	  	membership interest
		
	 4S Lots 2 & 8, LLC
	  	membership interest
		
	 Valencia Partners, L.P.
	  	general partnership interest
		
	 Brentwood Legends, L.P.
	  	general partnership interest
		
	 Lyon Harada, L.P.
	  	general partnership interest
		
	 Lyon Morgan Creek, L.P.
	  	general partnership interest
		
	 PLC/Lyon Waterfront Residential, LLC
	  	membership interest
		
	 Woodlake, L.P.
	  	general partnership interest
		
	 Stonebriar, L.P.
	  	general partnership interest
		
	 OX II Oxnard, L.P.
	  	general partnership interest
		
	 Hercules Overlook, L.P.
	  	general partnership interest
		
	 Valencia II Associates, LLC
	  	membership interest
		
	 Tustin Villas Partners, LLC
	  	membership interest
		
	 Marble Mountain Partners, LLC
	  	membership interest
		
	 Tustin Vistas Partners, LLC
	  	membership interest
		
	 East Garrison Partners I, LLC
	  	membership interest
		
	 Moffett Meadows Partners, LLC
	  	membership interest

  

 III-1 

 Exhibit A 
  

FORM OF OPINION OF IRELL & MANELLA LLP 
  
 1. Each of Parent and the Company is incorporated and validly existing as a corporation under the laws of its state of incorporation, with requisite
corporate power and corporate authority to own, lease and operate its properties and conduct its business as described in the Offering Memorandum, to execute, deliver and perform its obligations under the Purchase Agreement (the
“Agreement”) and the Indenture and to issue, sell and deliver the Original Notes (or in the case of Parent, to issue and deliver its Guarantee) as contemplated by the Agreement. 
  
 2. Each Guarantor that has been incorporated or formed under the laws of the
State of California (each, a “California Guarantor” and collectively, the “California Guarantors”) is incorporated or formed under the laws of the State of California, as the case may be, and is validly existing
under the laws of California, with requisite power and authority to own, lease and operate its properties and conduct its business as described in the Offering Memorandum, and to execute, deliver and perform its obligations under the Agreement, the
Registration Rights Agreement, the Indenture and its Guarantee. 
  
 3. Parent and each Subsidiary incorporated or formed under the laws of the State of California (each, a “California Subsidiary” and collectively, the “California Subsidiaries”) are duly qualified to do
business as a foreign corporation or other entity by, and are in good standing in, each jurisdiction listed opposite their names on Schedule 1 hereto as a jurisdiction in which they conduct their respective businesses (which we understand from the
Company are the only jurisdictions in which they own or lease real property or maintain an office or in which such qualification is otherwise necessary). 
  
 4. The Agreement has been duly authorized, executed and delivered by each of Parent, the Company and the California Guarantors (each, a “Subject
Issuer” and collectively, the “Subject Issuers”). 
  
 5. The Indenture has been duly authorized, executed and delivered by each of the Subject Issuers and constitutes a valid and binding obligation of each Issuer, enforceable against each Issuer in accordance with its
terms. 
  
 6. The Original Notes have been duly authorized,
executed and delivered by the Company and, when authenticated by the Trustee and delivered by the Company against payment by the Initial Purchaser in accordance with the terms of the Agreement and the Indenture, will constitute valid and binding
obligations of the Company, enforceable against the Company in accordance with their terms, and are entitled to the benefits provided by the Indenture; and the descriptions of the Original Notes, the Registration Rights Agreement and the Indenture
in the Offering Memorandum fairly summarize in all material respects the provisions thereof. 
  
 7. The Exchange Notes have been duly and validly authorized and, when authenticated by the Trustee and delivered by the Company in accordance with the terms of the Registration 
  

 A-1 

 Rights Agreement, the Exchange Offer and the Indenture, the Exchange Notes will be legally binding and valid obligations
of the Company, entitled to the benefits of the Indenture and enforceable against the Company in accordance with their terms. 
  
 8. Parent and each of the California Guarantors have duly authorized, executed and delivered the Guarantee to which it is a party, and, when the Original
Notes are executed, issued and authenticated and delivered by the Company against payment by the Initial Purchaser in accordance with the terms of the Agreement and the Indenture, the respective Guarantee issued by each such Guarantor will
constitute valid and binding obligations of such Guarantor, enforceable against such Guarantor in accordance with its terms, and the description of the Guarantees in the Offering Memorandum fairly summarize in all material respects the provisions
thereof. The guarantees of the Exchange Notes have been duly and validly authorized by Parent and each of the California Guarantors and, when the Exchange Notes are authenticated by the Trustee and delivered in accordance with the terms of the
Registration Rights Agreement, the Exchange Offer and the Indenture, will be valid and binding obligations of the Guarantors, enforceable against each of them in accordance with their terms. 
  
 9. The Registration Rights Agreement has been duly and validly authorized,
executed and delivered by the Subject Issuers and constitutes a valid and binding obligation of the Issuers enforceable against them accordance with its terms. 
  

10. Parent’s authorized share capitalization as of September 30, 2003 is as set forth in the Offering Memorandum under the heading
“Actual” in the section entitled “Capitalization.” 
  
 11. All of the outstanding shares of capital stock of each of the corporate California and Delaware Subsidiaries (including the Company) have been duly authorized and validly issued, and, except as otherwise stated in the Offering
Memorandum, are owned of record directly by Parent or a Subsidiary, in each case, to our knowledge, subject to no security interest, other encumbrance or adverse claim; and, to our knowledge, no options, warrants or other rights to purchase,
agreements or other obligations to issue or other rights to convert any obligation into shares of capital stock or ownership interests in the California and Delaware Subsidiaries are outstanding, except for rights to purchase pursuant to the
operating agreements or other organizational documents of the entities identified as “Consolidated Joint Ventures” on Schedule II to the Agreement. All of the outstanding shares of capital stock of each of the corporate California
Subsidiaries are fully paid and non-assessable. 
  
 12. The
execution, delivery and performance by each of the Issuers of the Note Documents to which it is a party, including the consummation of the offer and sale of the Original Notes, does not and will not violate, conflict with or constitute a breach of
any of the terms or provisions of or a default (or an event that with notice or lapse of time, or both, would constitute a default) under, or require consent under (that has, if required, not been obtained), or result in the creation or imposition
of a lien, charge or encumbrance on any property or assets of Parent, the Company or any California Guarantor pursuant to (A) the charter, bylaws or partnership agreement, as applicable, of any of Parent, the Company or any California Guarantor, (B)
any of the Agreements and Instruments that are listed as an exhibit to Parent’s Form 10-K for the year ended December 31, 2002 or are listed on Schedule 1 hereto, or any of the governing agreements or debt agreements listed on Schedule 2 hereto
(which shall be all of the governing agreements and all of the debt agreements (but excluding ancillary documents thereto) represented by the Company to exist) of the Joint Ventures, except as would not reasonably be expected to have a Material
Adverse Effect, (C) any law, statute, rule or regulation of the United States or the State of California or under any of the statutes comprising the Delaware 
  

 A-2 

 General Corporation Law (the “DGCL”) (other than any state securities or blue sky laws) that in our experience
is customarily applicable to transactions of the sort contemplated by the Agreement, except as would not reasonably be expected to have a Material Adverse Effect or (D) to our knowledge, any judgment, order or decree of any domestic court or
governmental agency or authority having jurisdiction over Parent, the Company or any California Guarantor or their respective assets or properties. 
  
 13. The documents incorporated by reference in the Offering Memorandum, when they were filed (or, if an amendment with respect to any such document was
filed, when such amendment was filed) with the Commission, complied on their face as to form in all material respects with the Exchange Act (except (i) as to the financial statements and schedules and other financial data contained or incorporated
by reference therein, as to which we need express no opinion and (ii) we express no opinion with respect to documents that themselves are incorporated by reference in the documents referred to in this paragraph). 
  
 14. None of Parent or any Subsidiary is, or after giving effect to the
offering and sale of the Original Notes will be, an “investment company” or a company “controlled” by an “investment company” incorporated in the United States within the meaning of the Investment Company Act of 1940,
as amended. 
  
 15. Those statements in the Offering Memorandum
under the sections entitled “Description of certain indebtedness” and “Summary of certain United States federal income tax considerations” that are descriptions of contracts, agreements or other legal documents or of legal
proceedings, or refer to the statements of law or legal conclusions, are accurate in all material respects and present fairly the information required to be shown. 
  
 16. No registration under the Act of the Securities or qualification of the Indenture under the Trust Indenture Act is
required for the sale of the Securities to the Initial Purchaser as contemplated by the Agreement or for the Exempt Resales, assuming in each case that (a) the purchasers who buy the Securities in the Exempt Resales are Eligible Purchasers and (b)
the accuracy of and compliance with the Initial Purchaser’s representations, warranties and covenants contained in Section 5(b) of the Purchase Agreement and with the Issuers’ representations, warranties and covenants contained in the
Purchase Agreement. 
  
 17. Assuming the accuracy of the
representations and warranties of the Initial Purchaser in Section 5(b) of the Purchase Agreement and with the Issuers’ representations, warranties and covenants contained in the Purchase Agreement, no consent, approval, authorization or order
of, or filing, registration, qualification, license or permit of or with, any Governmental Authority of the United States or the State of California that in our experience is customarily applicable to transactions of the sort contemplated by the
Agreement, and no consent, approval, authorization, order, filing, registration, qualification, license or permit under the DGCL statutes that in our experience are customarily applicable to transactions of the sort contemplated by the Agreement, is
required to be obtained or made by the Company or any Subsidiary for the execution, delivery and performance by the Company and the Subsidiaries of the Note Documents and the consummation of the transactions contemplated therein, except (a) such as
have been or will be obtained or made on or prior to the Closing Date, (b) registration of the Exchange Offer or resale of the Notes under the Act pursuant to the Registration Rights Agreement, (c) any necessary qualification under the securities or
blue sky laws of any such jurisdiction or (d) qualification of the Indenture under the Trust Indenture Act, in connection with the performance of the Registration Rights Agreement and the issuance of the Exchange Notes. 
  

 A-3 

 In addition, such counsel shall state that such counsel has participated in conferences with officers and
other representatives of the Issuers, representatives of the independent public accountants of the Issuers and representatives of the Initial Purchaser at which the contents of the Offering Memorandum were discussed and, although such counsel is not
passing upon and does not assume responsibility for the accuracy, completeness or fairness of the statements contained in the Offering Memorandum (except as and to the extent stated in subparagraphs 6, 8, 10 and 15 above), on the basis of the
foregoing nothing has come to the attention of such counsel that causes them to believe that the Offering Memorandum, as of its date or as of the date hereof, contained or contains an untrue statement of a material fact, or omitted or omits to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading (it being understood that such counsel need express no opinion with respect to the financial statements
and schedules and other financial and statistical data included in the Offering Memorandum). 
  

 A-4 

 Exhibit B 
  

FORM OF OPINION OF BRYAN CAVE LLP 
  
 1. Each Guarantor that has been incorporated under the laws of the State of Arizona (each, an “Arizona Guarantor” and collectively, the
“Arizona Guarantors”) is duly incorporated under the laws of the State of Arizona and is validly existing under the laws of Arizona, with requisite power and authority to own, lease and operate its properties and conduct its
business as described in the Offering Memorandum, and to execute, deliver and perform its obligations under the Agreement, the Registration Rights Agreement, the Indenture and its Guarantee. 
  
 2. Each Subsidiary incorporated or formed under the laws of the State of
Arizona (each, an “Arizona Subsidiary” and collectively, the “Arizona Subsidiaries”) is duly qualified or licensed by each jurisdiction in which it conducts its business and in which the failure, individually or in
the aggregate, to be so licensed or qualified would reasonably be expected to have a Material Adverse Effect, and the Arizona Subsidiaries are duly qualified, and are in good standing, in each jurisdiction in which they own or lease real property or
maintain an office and in which such qualification is necessary and in which the failure, individually or in the aggregate, to be so qualified or in good standing would reasonably be expected to have a Material Adverse Effect. 
  
 3. The Agreement has been duly authorized, executed and delivered by each of
the Arizona Guarantors. 
  
 4. The Indenture has been duly
authorized, executed and delivered by each of the Arizona Guarantors. 
  
 5. The Registration Rights Agreement has been duly authorized, executed and delivered by each of the Arizona Guarantors. 
  
 6. Each of the Arizona Guarantors has duly authorized, executed and delivered the Guarantee to which it is a party and has duly authorized the guarantee
of the Exchange Notes. 
  
 7. All of the outstanding shares of
capital stock or ownership interests of each of the Arizona Subsidiaries have been duly authorized and validly issued, are fully paid and non-assessable and, except as otherwise stated in the Offering Memorandum or Schedule II to the Agreement, are
owned of record directly by Parent or a Subsidiary, in each case, to our knowledge, subject to no security interest, other encumbrance or adverse claim; and to our knowledge, no options, warrants or other rights to purchase, agreements or other
obligations to issue or other rights to convert any obligation into shares of capital stock or ownership interests in the Arizona Subsidiaries are outstanding. 
  

8. Assuming the accuracy of the representations and warranties of the Initial Purchaser in Section 5(b) of the Purchase Agreement, no approval,
authorization, consent or order of or filing with any governmental authority or agency of the State of Arizona that in our experience is customarily applicable to transactions of the sort contemplated by the Agreement and that has not been obtained
is required in connection with the issuance and sale of the Original Notes by the Company or the consummation by the Issuers of the transactions as contemplated by the Agreement other than (A) such as have been obtained or made and (B) any necessary
qualification under the securities or blue sky laws. 
  

 B-1 

 9. The execution, delivery and performance by each of the Issuers of the Note Documents to which it is a
party, including the consummation of the offer and sale of the Original Notes, does not and will not violate, conflict with or constitute a breach of any of the terms or provisions of or a default (or an event that with notice or lapse of time, or
both, would constitute a default) under, or require consent under (that has, if required, not been obtained), or result in the creation or imposition of a lien, charge or encumbrance on any property or assets of any Arizona Guarantor pursuant to,
(A) the charter, bylaws or partnership agreement, as applicable, of any Arizona Guarantor, (B) any law, statute, rule or regulation of the United States or the State of Arizona that in our experience is customarily applicable to transactions of the
sort contemplated by the Agreement or (C), to our knowledge, any judgment, order or decree of any domestic court or governmental agency or authority having jurisdiction over any Arizona Guarantor or their respective assets or properties. 

 

 B-2Registration Rights Agreement dated as of February 6, 2004

 EXHIBIT 10.34 
  

  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of February 6,
2004 
  
 By and Among 
  
 WILLIAM LYON HOMES, INC., 
  
 the GUARANTORS named herein 
  
 and 
  
 UBS SECURITIES LLC 
  
 as Initial Purchaser 
  
 7 1/2% Senior Notes due 2014 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

			
	 Section 1.
	  	 Definitions
	  	1
			
	 Section 2.
	  	 Exchange Offer
	  	4
			
	 Section 3.
	  	 Shelf Registration
	  	8
			
	 Section 4.
	  	 Additional Interest
	  	8
			
	 Section 5.
	  	 Registration Procedures
	  	10
			
	 Section 6.
	  	 Registration Expenses
	  	17
			
	 Section 7.
	  	 Indemnification
	  	18
			
	 Section 8.
	  	 Rules 144 and 144A
	  	21
			
	 Section 9.
	  	 Underwritten Registrations
	  	22
			
	 Section 10.
	  	 Miscellaneous
	  	22
			
	(a)	  	 No Inconsistent Agreements
	  	22
	(b)	  	 Adjustments Affecting Registrable Notes
	  	22
	(c)	  	 Amendments and Waivers
	  	22
	(d)	  	 Notices
	  	23
	(e)	  	 Guarantors
	  	24
	(f)	  	 Successors and Assigns
	  	24
	(g)	  	 Counterparts
	  	24
	(h)	  	 Headings
	  	24
	(i)	  	 Governing Law
	  	24
	(j)	  	 Severability
	  	24
	(k)	  	 Securities Held by the Issuers or Their Affiliates
	  	25
	(l)	  	 Third-Party Beneficiaries
	  	25
	(m)	  	 Entire Agreement
	  	25
		
	 SIGNATURES
	  	S-1

  

 -i- 

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is dated as of February 6, 2004, by and among William
Lyon Homes, Inc., a California corporation (the “Company”) and each of the Guarantors (as defined herein) (the Company and the Guarantors are referred to collectively herein as the “Issuers”), on the one hand, and
UBS SECURITIES LLC (the “Initial Purchaser”), on the other hand. 
  
 This Agreement is entered into in connection with the Purchase Agreement, dated as of January 28, 2004, by and among the Issuers and the Initial Purchaser (the “Purchase Agreement”), relating to the
offering of $150,000,000 aggregate principal amount of 7 1/2% Senior Notes due 2014 of the Company (including the
guarantees thereof by the Guarantors, the “Notes”). The execution and delivery of this Agreement is a condition to the Initial Purchaser’s obligation to purchase the Notes under the Purchase Agreement. 
  
 The parties hereby agree as follows: 
  
 Section 1. Definitions 
  
 As used in this Agreement, the following terms shall have the following
meanings: 
  
 “action” shall have the meaning
set forth in Section 7(c) hereof. 
  
 “Additional
Interest” shall have the meaning set forth in Section 4(a) hereof. 
  
 “Advice” shall have the meaning set forth in Section 5 hereof. 
  
 “Additional Interest Payment Date” shall have the meaning set forth in Section 4(b) hereof. 
  
 “Agreement” shall have the meaning set forth in the first
introductory paragraph hereto. 
  
 “Applicable
Period” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Board of Directors” shall have the meaning set forth in Section 5 hereof. 
  
 “Business Day” shall mean a day that is not a Legal Holiday. 
  
 “Company” shall have the meaning set forth in the first introductory paragraph hereto and shall also
include the Company’s permitted successors and assigns. 
  
 “Commission” shall mean the Securities and Exchange Commission. 
  
 “day” shall mean a calendar day. 

 “Delay Period” shall have the meaning set forth in Section 5 hereof. 
  
 “Effectiveness Period” shall have the meaning set forth in
Section 3(b) hereof. 
  
 “Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Exchange Notes” shall have the meaning set forth in Section 2(a) hereof. 
  
 “Exchange Offer” shall have the meaning set forth in Section 2(a) hereof. 
  
 “Exchange Offer Registration Statement” shall have the
meaning set forth in Section 2(a) hereof. 
  
 “Guarantors” means each subsidiary of the Company listed on the signature page to this Agreement and each Person who executes and delivers a counterpart of this Agreement after the date hereof pursuant to Section 10(e)
hereof. 
  
 “Holder” shall mean any holder of a
Registrable Note or Registrable Notes. 
  
 “Indenture” shall mean the Indenture, dated as of February 6, 2004, by and among the Issuers and Trustee, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance
with the terms thereof. 
  
 “Initial Purchaser”
shall have the meaning set forth in the first introductory paragraph hereof. 
  
 “Inspectors” shall have the meaning set forth in Section 5(n) hereof. 
  
 “Issue Date” shall mean February 6, 2004, the date of original issuance of the Notes. 
  
 “Issuers” shall have the meaning set forth in the first
introductory paragraph hereto. 
  
 “Legal
Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New York are required by law, regulation or executive order to remain closed. 
  
 “Losses” shall have the meaning set forth in Section 7(a) hereof. 
  
 “NASD” shall mean National Association of Securities
Dealers, Inc. 
  
 “Notes” shall have the meaning
set forth in the second introductory paragraph hereto. 
  
 “Participant” shall have the meaning set forth in Section 7(a) hereof. 
  
 “Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
  

 -2- 

 “Person” shall mean an individual, corporation, partnership, joint venture association,
joint stock company, trust, unincorporated limited liability company, government or any agency or political subdivision thereof or any other entity. 
  
 “Private Exchange” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Private Exchange Notes” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Prospectus” shall mean the prospectus included in any
Registration Statement (including, without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon
Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or
deemed to be incorporated by reference in such Prospectus. 
  
 “Purchase Agreement” shall have the meaning set forth in the second introductory paragraph hereof. 
  
 “Records” shall have the meaning set forth in Section 5(n) hereof. 
  
 “Registrable Notes” shall mean each Note upon its original issuance and at all times subsequent thereto,
each Exchange Note as to which Section 2(c)(iv) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all times subsequent thereto, in each case until (i)
a Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been declared
effective by the Commission and such Note, Exchange Note or such Private Exchange Note, as the case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such Note has been exchanged pursuant to the Exchange
Offer for an Exchange Note or Exchange Notes that may be resold without restriction under state and federal securities laws, (iii) such Note, Exchange Note or Private Exchange Note, as the case may be, ceases to be outstanding for purposes of the
Indenture or (iv) such Note, Exchange Note or Private Exchange Note has been sold in compliance with Rule 144 or is salable pursuant to Rule 144(k). 
  
 “Registration Default” shall have the meaning set forth in Section 4(a) hereof. 
  
 “Registration Statement” shall mean any appropriate
registration statement of the Issuers covering any of the Registrable Notes filed with the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference or deemed to be incorporated by reference therein. 
  

“Requesting Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
  

 -3- 

 “Rule 144” shall mean Rule 144 promulgated under the Securities Act, as such Rule may be
amended from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders
that are not affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 
  
 “Rule 144A” shall mean Rule 144A promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule
(other than Rule 144) or regulation hereafter adopted by the Commission. 
  
 “Rule 415” shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the Commission. 

 
 “Securities Act” shall mean the Securities Act of 1933,
as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Shelf Filing Event” shall have the meaning set forth in Section 2(c) hereof. 
  
 “Shelf Registration” shall have the meaning set forth in Section 3(a) hereof. 
  
 “TIA” shall mean the Trust Indenture Act of 1939, as
amended. 
  
 “Trustee” shall mean the trustee
under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes and Private Exchange Notes. 
  
 “underwritten registration” or “underwritten offering” shall mean a registration in which securities of the Issuers are
sold to an underwriter for reoffering to the public. 
  
 Section
2. Exchange Offer 
  
 (a) Unless the Exchange Offer would
violate applicable law or interpretation of the staff of the Commission, the Issuers shall (i) file a Registration Statement (the “Exchange Offer Registration Statement”) with the Commission on an appropriate registration form with
respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal amount of notes (including the guarantees with respect thereto, the “Exchange
Notes”) that are identical in all material respects to the Notes (except that the Exchange Notes shall not contain restrictive legends, terms with respect to transfer restrictions or Additional Interest upon a Registration Default), (ii)
use their reasonable best efforts to cause the Exchange Offer Registration Statement to be declared effective under the Securities Act and (iii) use their reasonable best efforts to consummate the Exchange Offer within 180 days after the Issue Date.
Upon the Exchange Offer Registration Statement being declared effective by the Commission, the Issuers will offer the Exchange Notes in exchange for surrender of the Notes. The Issuers shall keep the Exchange Offer open for not less than 30 days (or
longer if required by applicable law) after the date notice of the Exchange Offer is mailed to Holders. 
  

 -4- 

 Each Holder that participates in the Exchange Offer will be required to represent to the Issuers in
writing that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities
Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) it is not an affiliate of the Company or any Guarantor as defined by Rule 405 of the Securities Act, or if it is an affiliate, it will comply with the
registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to engage in, a distribution of Exchange Notes and (v) if such
Holder is a broker-dealer that will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, it will deliver a prospectus in connection with any resale of such
Exchange Notes. 
  
 (b) The Issuers and the Initial Purchaser
acknowledge that the staff of the Commission has taken the position that any broker-dealer that elects to exchange Notes that were acquired by such broker-dealer for its own account as a result of market-making or other trading activities for
Exchange Notes in the Exchange Offer (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities
Act in connection with any resale of such Exchange Notes (other than a resale of an unsold allotment resulting from the original offering of the Notes). 
  
 The Issuers and the Initial Purchaser also acknowledge that the staff of the Commission has taken the position that if the Prospectus contained in the
Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Notes, without naming the Participating Broker-Dealers or
specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligations under the Securities Act in connection with resales of Exchange Notes for their
own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 
  
 In light of the foregoing, if requested by a Participating Broker-Dealer (a “Requesting Participating Broker-Dealer”), the Issuers agree
to use their reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective for a period necessary to comply with applicable law in connection with such resales but in no event more than 180 days after the date on
which the Exchange Registration Statement is declared effective, or such longer period if extended pursuant to any Delay Period in accordance with the last paragraph of Section 5 hereof (such period, the “Applicable Period”), or
such earlier date as each Requesting Participating Broker-Dealer shall have notified the Company in writing that such Requesting Participating Broker-Dealer has resold all Exchange Notes acquired by it in the Exchange Offer. The Issuers shall
include a plan of distribution in such Exchange Offer Registration Statement that meets the requirements set forth in the preceding paragraph. 
  
 If, prior to consummation of the Exchange Offer, the Initial Purchaser or any other Holder holds any Notes acquired by it that have, or that are
reasonably likely to be determined to have, the status of an unsold allotment in an initial distribution, or if any Holder is not entitled to participate in the Exchange Offer, the Issuers upon the request of the Initial Purchaser or any such
Holder, as the case may be, shall simultaneously with the delivery of the Exchange Notes in the Exchange Offer, issue 
  

 -5- 

 and deliver to the Initial Purchaser or any such Holder, as the case may be, in exchange (the “Private
Exchange”) for such Notes held by the Initial Purchaser or any such Holder a like principal amount of notes (the “Private Exchange Notes”) of the Issuers that are identical in all material respects to the Exchange Notes
except that the Private Exchange Notes may be subject to restrictions on transfer and bear a legend to such effect. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the
Exchange Notes (if permitted by the CUSIP Service Bureau). 
  
 Upon consummation of the Exchange Offer in accordance with this Section 2, the Issuers shall have no further registration obligations other than the Issuers’ continuing registration obligations with respect to (i) Private Exchange
Notes, (ii) Exchange Notes held by Participating Broker-Dealers and (iii) Notes or Exchange Notes as to which clause (c)(iv) of this Section 2 applies. 
  
 In connection with the Exchange Offer, the Issuers shall: 
  
 (1) mail or cause to be mailed or otherwise delivered to each Holder of record, with instructions to further deliver to each Holder
entitled to participate in the Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
  
 (2) utilize the services of a depositary for the Exchange
Offer with an address in the Borough of Manhattan, The City of New York; 
  
 (3) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain open; and 
  
 (4) otherwise comply in all material respects with all
applicable laws, rules and regulations. 
  
 As soon as practicable
after the close of the Exchange Offer and the Private Exchange, if any, the Issuers shall: 
  
 (1) accept for exchange all Notes validly tendered and not validly withdrawn by the Holders in accordance with the terms and conditions of
the Exchange Offer and the Private Exchange, if any; 
  
 (2) deliver or cause to be delivered to the Trustee for cancellation all Registrable Notes so accepted for exchange; and 
  
 (3) cause the Trustee to authenticate and deliver promptly to each such Holder of Notes, Exchange Notes or Private Exchange Notes, as the
case may be, equal in principal amount to the Registrable Notes of such Holder so accepted for exchange. 
  
 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private Exchange, as the
case may be, does not violate applicable 
  

 -6- 

 law or any applicable interpretation of the staff of the Commission, (ii) no action or proceeding shall have been
instituted or threatened by any person or entity in any court or by any governmental agency which might materially impair the ability of the Issuers to proceed with the Exchange Offer or the Private Exchange, and no material adverse development
shall have occurred in any existing action or proceeding with respect to the Issuers, and in the Issuers’ judgment, there does not exist any other actual or threatened legal impediment to the Exchange Offer or the Private Exchange, (iii) all
governmental approvals shall have been obtained, which approvals the Company deems necessary for the consummation of the Exchange Offer or Private Exchange, and (iv) there shall not have occurred (A) a suspension of, or material limitation on,
trading in securities generally on the New York Stock Exchange, the American Stock Exchange or the Nasdaq National Market, (B) a general moratorium declaration by either Federal or New York State authorities or a material disruption in commercial
banking or securities settlement or clearance securities in the United States, (C) an outbreak or escalation of hostilities or national or international calamity or crisis directly or indirectly involving the United States or a declaration by the
United States of a national emergency or war or other national or international calamity or crisis (economic, political, financial or otherwise) which affects the U.S. and international markets. 
  
 The Exchange Notes and the Private Exchange Notes shall be issued under (i)
the Indenture or (ii) an indenture identical in all material respects to the Indenture (in either case, with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the
TIA) and which, in either case, has been qualified under the TIA and shall provide that (a) the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture and (b) the Private Exchange Notes shall be subject to the
transfer restrictions set forth in the Indenture. The Indenture or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the
Exchange Notes, the Private Exchange Notes or the Notes will have the right to vote or consent as a separate class on any matter. 
  
 (c) In the event that (i) any changes in law or the applicable interpretations of the staff of the Commission do not permit the Issuers to effect the
Exchange Offer, (ii) for any reason the Exchange Offer is not consummated within 180 days of the Issue Date, (iii) any Holder notifies the Company prior to the 5th Business Day following consummation of the Exchange Offer that it is prohibited by
law or the applicable interpretations of the staff of the Commission from participating in the Exchange Offer, (iv) in the case of any Holder who participates in the Exchange Offer, such Holder does not receive Exchange Notes on the date of the
exchange that may be sold without restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of any Issuer within the meaning of the Securities Act) or (v) the Initial Purchaser so
requests with respect to Notes or Private Exchange Notes that have, or that are reasonably likely to be determined to have, the status of unsold allotments in an initial distribution (each such event referred to in clauses (i) through (v) of this
sentence, a “Shelf Filing Event”), then the Issuers shall file a Shelf Registration pursuant to Section 3 hereof. 
  

 -7- 

 Section 3. Shelf Registration 
  
 If at any time a Shelf Filing Event shall occur, then: 
  
 (a) Shelf Registration. The Issuers shall file with the Commission a Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as to which Section 2(c)(iv) is applicable (the “Shelf
Registration”). The Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners designated by them (including, without limitation, one
or more underwritten offerings). The Issuers shall not permit any securities other than the Registrable Notes to be included in the Shelf Registration. 
  
 (b) The Issuers shall use their reasonable best efforts (x) to cause the Shelf Registration to be declared effective under the Securities Act on or prior
to the 180th day after the occurrence of the applicable Shelf Filing Event and (y) to keep the Shelf Registration continuously effective under the Securities Act for the time period ending on the date which is two years from the Issue Date (the
“Effectiveness Period”), or such shorter period ending when all Registrable Notes covered by the Shelf Registration have been sold in the manner set forth and as contemplated in the Shelf Registration; provided,
however, that (i) the Effectiveness Period in respect of the Shelf Registration shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and
as otherwise provided herein and (ii) the Company may suspend the effectiveness of the Shelf Registration by written notice to the Holders solely (A) as a result of the filing of a post-effective amendment to the Shelf Registration to incorporate
annual audited financial information with respect to the Company where such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related Prospectus or (B) to the extent and for so long as
permitted by this Section 3(b) or the penultimate paragraph of Section 5. 
  
 (c) Supplements and Amendments. The Issuers agree to supplement or make amendments to the Shelf Registration as and when required by the rules, regulations or instructions applicable to the registration form
used for such Shelf Registration or by the Securities Act or rules and regulations thereunder for shelf registration, or if reasonably requested by the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such
Registration Statement or by any underwriter of such Registrable Notes. 
  
 Section 4. Additional Interest 
  
 (a) The
Issuers and the Initial Purchaser agree that the Holders will suffer damages if the Issuers fails to fulfill their obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with
precision. Accordingly, the Issuers agree that if: 
  
 (i) the Exchange Offer is not consummated on or prior to the 180th day following the Issue Date, or, if that day is not a Business Day, the next day that is a Business Day; or 
  

 -8- 

 (ii) the Shelf Registration is required to be filed but is not declared effective within
the time period specified in Section 3(b)(x), or is declared effective by such date but thereafter ceases to be effective or usable (unless the Shelf Registration ceases to be effective or usable as specifically permitted by the penultimate
paragraph of Section 5 hereof), 
  
 (each such event referred to in clauses (i)
and (ii) a “Registration Default”), additional interest in the form of additional cash interest (“Additional Interest”) will accrue on the affected Registrable Notes. The rate of Additional Interest will be 0.25%
per annum for the first 90-day period immediately following the occurrence of a Registration Default, increasing by an additional 0.25% per annum with respect to each subsequent 90-day period up to a maximum amount of Additional Interest of 1.00%
per annum, from and including the date on which any such Registration Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured or (2) the date on which such Registrable Note ceases to be a
Registrable Note or otherwise become freely transferable by Holders other than affiliates of the Issuers without further registration under the Securities Act. If, after the cure of all Registration Defaults then in effect, there is a subsequent
Registration Default, the rate of Additional Interest for such subsequent Registration Default shall initially be 0.25% regardless of the rate in effect with respect to any prior Registration Default at the time of cure of such Registration Default
and shall increase in the manner and be subject to the maximum Additional Interest rate contained in the preceding sentence. 
  
 Notwithstanding the foregoing, (1) the amount of Additional Interest payable shall not increase because more than one Registration Default has occurred
and is pending and (2) a Holder of Registrable Notes that is not entitled to the benefits of the Shelf Registration (e.g., such Holder has not elected to include information) shall not be entitled to Additional Interest with respect to a
Registration Default that pertains to the Shelf Registration. 
  
 (b) So long as Notes remain outstanding, the Company shall notify the Trustee within five Business Days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid. Any amounts of
Additional Interest due pursuant to clauses (a)(i) or (a)(ii) of this Section 4 will be payable in cash semi-annually on each February 15 and August 15 (each a “Additional Interest Payment Date”), commencing with the first such date
occurring after any such Additional Interest commences to accrue, to Holders to whom regular interest is payable on such Additional Interest Payment Date with respect to Notes that are Registrable Notes. The amount of Additional Interest for each
Registrable Note will be determined by multiplying the applicable rate of Additional Interest by the aggregate principal amount of such Registrable Note outstanding on the Additional Interest Payment Date following such Registration Default in the
case of the first such payment of Additional Interest with respect to a Registration Default (and thereafter at the next succeeding Additional Interest Payment Date until the cure of such Registration Default), and multiplying the product of the
foregoing by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a partial month,
the actual number of days elapsed), and the denominator of which is 360. 
  

 -9- 

 Section 5. Registration Procedures 
  
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such
registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder, the
Issuers shall: 
  
 (a) Prepare and file with the
Commission the Registration Statement or Registration Statements prescribed by Section 2 or 3 hereof, and use their reasonable best efforts to cause each such Registration Statement to become effective and remain effective as provided herein;
provided, however, that, if (1) such filing is pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities
Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and
afford the Holders of the Registrable Notes covered by such Registration Statement or each such Participating Broker-Dealer, as the case may be, their counsel (if requested by any such person) and the managing underwriters, if any, a reasonable
opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least two Business Days prior to such filing). The Issuers
shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement, or any such Participating
Broker-Dealer, as the case may be, their counsel, or the managing underwriters, if any, shall reasonably object. 
  
 (b) Prepare and file with the Commission such amendments and post-effective amendments to each Shelf Registration or Exchange Offer
Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the related Prospectus to be supplemented by
any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the applicable provisions of the Securities
Act and the Exchange Act with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a
Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance with the intended methods of distribution set forth in such Registration Statement or Prospectus, as so amended or supplemented. 
  
 (c) If (1) a Shelf Registration is filed pursuant to Section
3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during
the Applicable Period relating thereto from whom the Company has received written notice that such Broker-Dealer will be a Participating Broker-Dealer in the applicable Exchange Offer, notify the selling Holders of Registrable Notes, 
  

 -10- 

 or each such Participating Broker-Dealer, as the case may be, their counsel (if such counsel is known to
the Issuers) and the managing underwriters, if any, as promptly as possible, and, if requested by any such Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and,
with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the
Issuers, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the
Commission of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a
Prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement
(including any underwriting agreement) contemplated by Section 5(m) hereof cease to be true and correct in all material respects, (iv) of the receipt by any of the Issuers of any notification with respect to the suspension of the qualification or
exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any
event, the existence of any condition or any information becoming known to any Issuer that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference
untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Company’s determination that a
post-effective amendment to a Registration Statement would be appropriate. 
  
 (d) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their reasonable best efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or
of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes, as the case may be, for sale in any jurisdiction, and, if any such
order is issued, to use their reasonable best efforts to obtain the withdrawal of any such order at the earliest practicable moment. 
  
 (e) If (1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer 
  

 -11- 

 who seeks to sell Exchange Notes during the Applicable Period and if requested by the managing
underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes covered by such Registration Statement or any Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such
Registration Statement or Prospectus a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or any Participating Broker-Dealer, as the case may be (based upon advice of
counsel), determine is reasonably required to be included therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to
be incorporated in such prospectus supplement or post-effective amendment; provided, however, that the Issuers shall not be required to take any action hereunder that could, in the judgment of counsel to the Issuers, be reasonably
expected to violate applicable laws. 
  
 (f) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be, who so requests, their counsel (if requested by any such
person) and each managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules,
and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
  
 (g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes
or each such Participating Broker-Dealer, as the case may be, their respective counsel (if requested) and the underwriters, if any, at the sole expense of the Issuers, as many copies of the Prospectus or Prospectuses (including each form of
preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Issuers hereby consent to the use
of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection
with the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto. 
  
 (h) Prior to any public offering of Registrable Notes or
Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use their reasonable best efforts to register or
qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing 
  

 -12- 

 underwriter or underwriters, if any, and their respective counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such Registrable Notes or Exchange Notes, as the case may be, for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any
selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request; provided, however, that where Exchange Notes or Registrable Notes are offered other than through an underwritten offering, the
Issuers agree to cause the Issuers’ counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h); keep each such registration or qualification (or exemption therefrom)
effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Exchange Notes or Registrable
Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would
subject it to general service of process in any such jurisdiction where it is not then so subject, (C) subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject or (D) make any change to
its certificate of incorporation or bylaws (or any other organizational document) or any agreement between it and the holders of its ownership interests. 
  
 (i) If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the
managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for
deposit with The Depository Trust Company; and enable such Registrable Notes to be in such denominations and registered in such names as the managing underwriter or underwriters, if any, or selling Holders may request at least two Business Days
prior to any sale of such Registrable Notes. 
  
 (j) Use their reasonable best efforts to cause the Registrable Notes or Exchange Notes covered by any Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be reasonably necessary
to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Notes or Exchange Notes, except as may be required solely as a consequence of the nature of such selling
Holder’s business, in which case the Issuers will cooperate in all reasonable respects with the filing of such Registration Statement and the granting of such approvals. 
  
 (k) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of
any event contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the Commission, at the sole expense of the Issuers, a supplement
or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated 
  

 -13- 

 or deemed to be incorporated therein by reference, or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (l) Prior to the effective date of the first Registration
Statement relating to the Registrable Notes, (i) provide the Trustee with certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes. 

 
 (m) In connection with any underwritten offering of
Registrable Notes pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes and take all such other actions as are reasonably requested by the managing
underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Notes and, whether or not such offering is an underwritten offering, (i) make such representations and warranties to the
underwriter or underwriters (and to any Holder that has advised the Company that, based on the advice of its counsel, such Holder may have a “due diligence” defense under Section 11 of the Securities Act), and covenants with, the
underwriters with respect to the business of the Issuers and their subsidiaries (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be
incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) use their reasonable
best efforts to obtain the written opinions of counsel to the Issuers and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters (and to any Holder that
has advised the Company that, based on the advice of its counsel, such Holder may have a “due diligence” defense under Section 11 of the Securities Act) covering the matters customarily covered in opinions requested in underwritten
offerings and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) use their reasonable best efforts to obtain “cold comfort” letters and updates thereof in form, scope and substance
reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if necessary, any other independent certified public accountants of any subsidiary of the Company or of any
business acquired by the Company for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the underwriters (and to any Holder that has
advised the Company that, based on the advice of its counsel, such Holder may have a “due diligence” defense under Section 11 of the Securities Act), such letters to be in customary form and covering matters of the type customarily covered
in “cold comfort” letters in connection with underwritten offerings; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable than those set forth in Section
7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable 
  

 -14- 

 Notes covered by such Registration Statement and the managing underwriter or underwriters or agents) with
respect to all parties to be indemnified pursuant to said Section; provided that the Issuers shall not be required to provide indemnification to any underwriter selected in accordance with the provisions of Section 9 hereof with respect to
information relating to such underwriter furnished in writing to the Company by or on behalf of such underwriter expressly for inclusion in such Registration Statement. The above shall be done at each closing under such underwriting agreement, or as
and to the extent required thereunder. 
  
 (n) If
(1) a Shelf Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any selling Holder of such Registrable Notes being sold or each such Participating Broker-Dealer, as the case may be, any underwriter
participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the
“Inspectors”), at the offices where normally kept, during normal business hours and upon reasonable notice, all financial and other records, pertinent corporate documents and instruments of the Company and its subsidiaries
(collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Company and its subsidiaries to supply
all information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and that it will not disclose, or use in
connection with any market transactions in violation of any applicable securities laws, any Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors in writing are confidential unless (i) the
disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, or (iii) the information in such Records has been made generally available to the public; provided, however, that (x) each Inspector shall agree to use reasonable best efforts to provide notice to the Company of the
potential disclosure of any information by such Inspector pursuant to clause (i) or (ii) of this sentence to permit the Issuers to obtain a protective order (or waive the provisions of this paragraph (n)) and (y) each such Inspector shall take such
actions as are reasonably necessary to protect the confidentiality of such information. 
  
 (o) Provide an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust
indenture provided for in Section 2(a) hereof to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate with
the trustee under any such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the
TIA; and execute, and use their reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the Commission to enable such indenture to
be so qualified in a timely manner. 
  

 -15- 

 (p) Comply with all applicable rules and regulations of the Commission and make generally
available to the Company’s securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the
end of any 12-month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Notes or Exchange Notes are sold to underwriters in a firm commitment
or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after the effective date of a Registration Statement, which statements shall cover
said 12-month periods consistent with the requirements of Rule 158. 
  
 (q) Upon the request of the Initial Purchaser or a Participating Broker-Dealer, upon consummation of the Exchange Offer or a Private Exchange, use their reasonable best efforts to obtain an opinion of counsel to the
Issuers, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of the requesting party or parties, that the Exchange Notes or Private Exchange Notes, as the case may be, and the related indenture constitute
legal, valid and binding obligations of the Issuers, enforceable against the Issuers in accordance with its respective terms, subject to customary exceptions and qualifications. 
  
 (r) If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes
by Holders to the Company (or to such other Person as directed by the Company) in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, mark, or cause to be marked, on such Registrable Notes that such Registrable Notes
are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; provided that in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 
  
 (s) Cooperate with each seller of Registrable Notes covered
by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Notes and their respective counsel in connection with any filings required to be made with the NASD. 
  
 (t) Use their reasonable best efforts to take all other
steps reasonably necessary or advisable to effect the registration of the Exchange Notes and/or Registrable Notes covered by a Registration Statement contemplated hereby. 
  
 The Company may require each seller of Registrable Notes or Exchange Notes as to which any registration is being effected to
furnish to the Company such information regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the Company may, from time to time, reasonably request. The Company may exclude from such registration the Registrable
Notes of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request and in the event of such an exclusion, the Issuers shall have no further obligation under this Agreement (including,
without limitation, the obligations under Section 4) with respect to such seller or any subsequent Holder of such Registrable Notes. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Company all
information required to be disclosed in order to make any information previously furnished to the Company by such seller not materially misleading. 
  

 -16- 

 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any
securities of the Company or the Guarantors, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such
securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the
Company or the Guarantors, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment
or supplement to the applicable Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
  
 Each Holder of Registrable Notes and each Participating Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes that, upon the
Company providing notice to such Holder or Participating Broker-Dealer, as the case may be, (x) of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iii), 5(c)(iv), or 5(c)(v) hereof, or (y) that the Board of Directors of
the Company (the “Board of Directors”) has resolved that the Company has a bona fide business purpose for doing so, then, upon providing such notice (which shall refer to the penultimate paragraph of this Section 5), the
Issuers may delay the filing or the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration (if not then filed or effective, as applicable) and shall not be required to maintain the effectiveness thereof or amend or
supplement the Exchange Offer Registration Statement or the Shelf Registration, in all cases, for a period (a “Delay Period”) expiring upon the earlier to occur of (i) in the case of the immediately preceding clause (x), such
Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Company that the use of
the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto or (ii) in the case of the immediately preceding clause (y), the date which is the earlier of (A) the date on which such business purpose
ceases to interfere with the Issuers’ obligations to file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (B) 60 days after the Company notifies the Holders of such good faith determination. There
shall not be more than 60 days of Delay Periods during any 12-month period. The maximum length of the Applicable Period set forth in Section 2(b) shall be extended by a number of days equal to the number of days during any Delay Period. Any Delay
Period will not alter the obligations of the Issuers to pay Additional Interest under the circumstances set forth in Section 4 hereof. 
  
 Each Holder or Participating Broker-Dealer, by its acceptance of any Registrable Note, agrees that during any Delay Period, each Holder or Participating
Broker-Dealer will discontinue disposition of such Notes or Exchange Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be. 
  
 Section 6. Registration Expenses 
  
 All fees and expenses incident to the performance of or compliance with this
Agreement by the Issuers (other than any underwriting discounts or commissions) shall be borne by the Issuers, 
  

 -17- 

 whether or not the Exchange Offer Registration Statement or the Shelf Registration is filed or becomes effective or the
Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, fees and
disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x)
where the holders of Registrable Notes are located, in the case of an Exchange Offer, or (y) as provided in Section 5(h) hereof, in the case of a Shelf Registration or in the case of Exchange Notes to be sold by a Participating Broker-Dealer during
the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses
if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or by the Holders of a majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or in respect of Exchange
Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuers and the reasonable fees and disbursements
of one special counsel for all of the sellers of Registrable Notes (exclusive of any counsel retained pursuant to Section 7 hereof) selected by the Holders of a majority in aggregate principal amount of Notes, Exchange Notes and Private Exchange
Notes being registered and reasonably satisfactory to the Issuers, (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m)(iii) hereof (including, without limitation, the expenses of any special audit
and “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desire such insurance, (vii) fees and expenses of all other Persons retained by any of the Issuers, (viii)
internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Company performing legal or accounting duties), (ix) the expense of any annual audit, (x) the fees and expenses incurred in
connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable, (xi) any required fees and expenses incurred in connection with any filing
required to be made with the NASD and (xii) the expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this
Agreement. Notwithstanding the foregoing or anything to the contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with respect to any Registrable Notes sold by or on behalf of it. 
  
 Section 7. Indemnification 
  
 (a) The Issuers, jointly and severally, agree to indemnify and hold harmless
each Holder of Registrable Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls any such Person within the meaning of Section 15 of the Securities Act or Section 20(a) of
the Exchange Act, the agents, employees, officers and directors of each Holder and each such Participating Broker-Dealer and the agents, partners, members, employees, officers, managers and directors of any such controlling Person (each, a
“Participant”) from and against any and all losses, liabilities, claims, damages and expenses whatsoever (including, but not limited to, reasonable attorneys’ fees and any and all reasonable expenses whatsoever actually
incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all reasonable amounts paid in settlement of any claim or litigation) 
  

 -18- 

 (collectively, “Losses”) to which they or any of them may become subject under the Securities Act, the
Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or
Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not misleading, provided that (i) the foregoing indemnity shall not
be available to any Participant insofar as such Losses are caused by any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to such Participant furnished to the
Company in writing by or on behalf of such Participant expressly for use therein, and (ii) the foregoing indemnity with respect to any preliminary prospectus shall not inure to the benefit of any Participant from whom the Person asserting such
Losses purchased Registrable Notes if (x) it is established in the related proceeding that such Participant failed to send or give a copy of the Prospectus (as amended or supplemented if such amendment or supplement was furnished to such Participant
prior to the written confirmation of such sale) to such Person with or prior to the written confirmation of such sale, if required by applicable law, and (y) the untrue statement or omission or alleged untrue statement or omission was completely
corrected in the Prospectus (as amended or supplemented if amended or supplemented as aforesaid) and such Prospectus does not contain any other untrue statement or omission or alleged untrue statement or omission that was the subject matter of the
related proceeding. This indemnity agreement will be in addition to any liability that the Issuers may otherwise have, including, but not limited to, liability under this Agreement. 
  
 (b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless each Issuer, each Person, if any, who
controls any Issuer within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, and each of their respective agents, partners, members, employees, officers and members of the board of directors from and against any
Losses to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of
a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by,
arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which
they were made, not misleading, in each case to the extent, but only to the extent, that any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in
conformity with information relating to such Participant furnished in writing to the Company by or on behalf of such Participant expressly for use therein. 
  
 (c) Promptly after receipt by an indemnified party under subsection 7(a) or 7(b) above of notice of the commencement of any action, suit or proceeding
(collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing
of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve 
  

 -19- 

 such indemnifying party from any liability that it may have under this Section 7 except to the extent that it has been
prejudiced in any material respect by such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement of such action, the indemnifying party will be entitled to participate
in such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense of such action with counsel reasonably satisfactory
to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and expenses of such counsel shall be at the expense of
such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed
counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action (including any impleaded parties) include such indemnified party and the indemnifying
party or parties (or such indemnifying parties have assumed the defense of such action), and such indemnified party or parties shall have reasonably concluded, after consultation with counsel, that there may be defenses available to it or them that
are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in
any of which events such reasonable fees and expenses of counsel shall be borne by the indemnifying parties. In no event shall the indemnifying party be liable for the reasonable fees and expenses of more than one counsel (together with appropriate
local counsel) at any time for all indemnified parties in connection with any one action or separate but substantially similar or related actions arising out of the same general allegations or circumstances. Any such separate firm for the
Participants shall be designated in writing by Participants who sold a majority in interest of Registrable Notes sold by all such Participants and shall be reasonably acceptable to the Company and any such separate firm for the Issuers, their
affiliates, officers, directors, representatives, employees and agents and such control Person of such Issuers shall be designated in writing by such Issuers and shall be reasonably acceptable to the Holders. An indemnifying party shall not be
liable for any settlement of any claim or action effected without its written consent, which consent may not be unreasonably withheld. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying
party to reimburse the indemnified party for fees and expenses of counsel as contemplated by paragraph (a) or (b) of this Section 7, then the indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its
written consent if (i) such settlement is entered into more than 60 Business Days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such
request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 45 days’ prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of
the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such
settlement (x) includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to
act by or on behalf of any indemnified party. 
  
 (d) In order to
provide for contribution in circumstances in which the indemnification provided for in this Section 7 is for any reason held to be unavailable from the indemnifying 
  

 -20- 

 party for any Losses referred to therein, or is insufficient to hold harmless a party indemnified under this Section 7
for any Losses referred to therein, each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits
received by each indemnifying party, on the one hand, and each indemnified party, on the other hand, from the sale of the Notes to the Initial Purchaser or the resale of the Registrable Notes by such Holder, as applicable, or (ii) if such allocation
is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of each indemnified party, on the one hand, and each indemnifying party,
on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative benefits received by the Issuers, on the one hand, and each Participant, on the
other hand, shall be deemed to be in the same proportion as (x) the total proceeds from the sale of the Notes to the Initial Purchaser (net of discounts and commissions but before deducting expenses) received by the Issuers are to (y) the total net
profit received by such Participant in connection with the sale of the Registrable Notes. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to information supplied by the Issuers or such Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement
or omission or alleged statement or omission. 
  
 (e) The parties
agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to above.
Notwithstanding the provisions of this Section 7, (i) in no case shall any Participant be required to contribute any amount in excess of the amount by which the net profit received by such Participant in connection with the sale of the Registrable
Notes exceeds the amount of any damages that such Participant has otherwise been required to pay by reason of any untrue or alleged untrue statement or omission or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement
of any action against such party in respect of which a claim for contribution may be made against another party or parties under this Section 7, notify such party or parties from whom contribution may be sought, but the omission to so notify such
party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the extent that it has been prejudiced in any material respect by such
failure; provided, however, that no additional notice shall be required with respect to any action for which notice has been given under this Section 7 for purposes of indemnification. Anything in this section to the contrary
notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without its written consent, provided, however, that such written consent was not unreasonably withheld. 
  
 Section 8. Rules 144 and 144A 
  
 The Issuers covenant that they will file the reports required, if any, to be
filed by them under the Securities Act and the Exchange Act and the rules and regulations adopted by the Commission thereunder in a timely manner in accordance with the requirements of the Securities Act and the 
  

 -21- 

 Exchange Act and, if at any time the Issuers are not required to file such reports, they will, upon the request of any
Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act. The Issuers further covenant that for so long as any Registrable Notes remain outstanding they
will take such further action as any Holder of Registrable Notes may reasonably request from time to time to enable such Holder to sell Registrable Notes without registration under the Securities Act within the limitation of the exemptions provided
by (a) Rule 144(k) and Rule 144A under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. 
  
 Section 9. Underwritten Registrations 
  
 If any of the Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment
banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Notes included in such offering and shall be reasonably acceptable to
the Company. 
  
 No Holder of Registrable Notes may participate in
any underwritten registration hereunder if such Holder does not (a) agree to sell such Holder’s Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and
(b) complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
  
 Section 10. Miscellaneous 
  

(a) No Inconsistent Agreements. The Issuers have not, as of the date hereof, and shall not, after the date of this Agreement, enter into any
agreement with respect to any of their securities that is inconsistent with the rights granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do
not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any of the Issuers’ other issued and outstanding securities under any such agreements. The Issuers have not entered and will not
enter into any agreement with respect to any of their securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement. 
  
 (b) Adjustments Affecting Registrable Notes. The Issuers shall not, directly or indirectly, take any action with
respect to the Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 
  
 (c) Amendments and Waivers. The provisions of this Agreement may not
be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (I) the Company (on behalf of all Issuers) and (II)(A) the
Holders of not less than a majority in aggregate principal amount of the then outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than
a majority in aggregate principal amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended, modified or supplemented except 
  

 -22- 

 pursuant to a written agreement duly signed and delivered by the Issuers and each Holder and each Participating
Broker-Dealer (including any Person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement) affected by any such amendment, modification, waiver
or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities are being sold pursuant to a
Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal amount of the Registrable
Notes being sold pursuant to such Registration Statement. 
  
 (d)
Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail,
next-day air courier or telecopier: 
  
 (i) if to
a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 
  
 (ii) if to any Issuer, to it 
  
 c/o William Lyon Homes, Inc. 
 4490 Von Karman, 
 Newport Beach, CA 92660 
  
 Fax: (949)
252-2575 
 Attention: Chief Financial Officer 
  
 with a copy to: 
  
 Irell & Manella LLP 
 1800 Avenue of the Stars 
 Suite 900 
 Los Angeles, CA 90067 
  
 Fax: (310) 203-7199 
 Attention: Meredith Jackson, Esq. 
  
 (iii) if to the Initial Purchaser, at the address as follows: 
  
 UBS Securities LLC 
 677 Washington Blvd. 
 Stamford, Connecticut 06901 
 Telephone: (203) 719-3000 
 Fax number: (203) 719-1075 
 Attention: High Yield Syndicate Department 
  
 with a copy at such address to the attention of: 
  

Legal Department 
 Fax number: (203) 719-0680 
  

 -23- 

 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if
personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the next Business Day, if timely delivered to an
air courier guaranteeing overnight delivery. 
  
 Copies of all
such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address and in the manner specified in such Indenture. 
  
 (e) Guarantors. So long as any Registrable Notes remain outstanding, the Issuers shall cause each Person that becomes
a guarantor of the Notes under the Indenture to execute and deliver a counterpart to this Agreement which subjects such Person to the provisions of this Agreement as a Guarantor. Each of the Guarantors agrees to join the Issuers in all of their
undertakings hereunder to effect the Exchange Offer for the Exchange Notes and the filing of any Shelf Registration required hereunder. 
  
 (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties
hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign
holds Registrable Notes. 
  
 (g) Counterparts. This
Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

  
 (h) Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW
YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
  
 (j) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative means to achieve the same or
substantially the same result as that contemplated by such term, provision, covenant or restriction. 
  

 -24- 

 (k) Securities Held by the Issuers or Their Affiliates. Whenever the consent or approval of
Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuers or any of their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether
such consent or approval was given by the Holders of such required percentage. 
  
 (l) Third-Party Beneficiaries. Holders and beneficial owners of Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by
such Persons. No other Person is intended to be, or shall be construed as, a third-party beneficiary of this Agreement. 
  
 (m) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive
statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings,
correspondence, conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with
respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 -25- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

					
	 WILLIAM LYON HOMES, INC.

		
	 By:
	 	 /s/    WADE H. CABLE

	 	 	 Name:
	 	 Wade H. Cable

	 	 	 Title:
	 	 President

		
	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 Title:
	 	 Senior Vice President

	
	 WILLIAM LYON HOMES

	 PH - LP VENTURES

	 PH - RIELLY VENTURES

	 PH VENTURES – SAN JOSE

	 PRESLEY CMR, INC.

	 PRESLEY HOMES

	 SYCAMORE CC, INC.

	 WILLIAM LYON SOUTHWEST, INC.
 as Guarantors

		
	 By:
	 	 /s/    WADE H. CABLE

	 	 	 Name:
	 	 Wade H. Cable

	 	 	 Title:
	 	 President

		
	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 Title:
	 	 Senior Vice President

					
	 CALIFORNIA EQUITY FUNDING, INC.
 as Guarantor

		
	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 Title:
	 	 Senior Vice President

		
	 By:
	 	 /s/    W. DOUGLASS HARRIS

	 	 	 Name:
	 	 W. Douglass Harris

	 	 	 Title:
	 	 Vice President

	
	 DUXFORD FINANCIAL, INC.
 as Guarantor

		
	 By:
	 	 /s/    WADE H. CABLE

	 	 	 Name:
	 	 Wade H. Cable

	 	 	 Title:
	 	 Executive Vice President

		
	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 Title:
	 	 Senior Vice President

	
	 HSP INC.

		
	 By:
	 	 /s/    RICHARD S. ROBINSON

	 	 	 Name:
	 	 Richard S. Robinson

	 	 	 Title:
	 	 Senior Vice President

		
	 By:
	 	 /s/    W. DOUGLASS HARRIS

	 	 	 Name:
	 	 W. Douglass Harris

	 	 	 Title:
	 	 Treasurer

							
	 OX I OXNARD, L.P.
 as Guarantor

		
	 By:
	 	 William Lyon Homes, Inc.,
its general partner 

			
	 	 	 By:
	 	 /s/    WADE H. CABLE

	 	 	 	 	 Name:
	 	 Wade H. Cable

	 	 	 	 	 Title:
	 	 President

			
	 	 	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 	 	 Title:
	 	 Senior Vice President

	
	 ST. HELENA WESTMINSTER ESTATES, LLC
 as Guarantor 

			
	 	 	 By:
	 	 William Lyon Homes, Inc.,
its sole member

			
	 	 	 By:
	 	 /s/    WADE H. CABLE

	 	 	 	 	 Name:
	 	 Wade H. Cable

	 	 	 	 	 Title:
	 	 President

			
	 	 	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 	 	 Title:
	 	 Senior Vice President

	
	 THE RANCH GOLF CLUB CO.
 as Guarantor 

			
	 	 	 By:
	 	 William Lyon Homes, Inc.,
its general partner

			
	 	 	 By:
	 	 /s/    WADE H. CABLE

	 	 	 	 	 Name:
	 	 Wade H. Cable

	 	 	 	 	 Title:
	 	 President

			
	 	 	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 	 	 Title:
	 	 Senior Vice President

							
	 LYON MONTECITO, LLC
 as Guarantors

	
	 By: William Lyon Homes, Inc.,
its sole member

			
	 	 	 By:
	 	 /s/    WADE H. CABLE

	 	 	 	 	 Name:
	 	 Wade H. Cable

	 	 	 	 	 Title:
	 	 President

			
	 	 	 By:
	 	 /s/    MICHAEL D. GRUBBS

	 	 	 	 	 Name:
	 	 Michael D. Grubbs

	 	 	 	 	 Title:
	 	 Senior Vice President

  

					
	 UBS SECURITIES LLC

		
	 By:
	 	 /s/    ROBERT CROWLEY

	 	 	 Name:
	 	 Robert Crowley

	 	 	 Title:
	 	 Executive Director

		
	 By:
	 	 /s/    MAULIN SHAH

	 	 	 Name:
	 	 Maulin Shah

	 	 	 Title:
	 	 Associate Director

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