-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IXyWXq3DfsXlW/FoPBaThgbm8me+EYrVT0qc7EMsR2P88hbzARs5O7u4oIh5bFwF
 0R1f646wonmqQ19I2gZkDg==

<SEC-DOCUMENT>0000950123-10-015776.txt : 20100223
<SEC-HEADER>0000950123-10-015776.hdr.sgml : 20100223
<ACCEPTANCE-DATETIME>20100223164255
ACCESSION NUMBER:		0000950123-10-015776
CONFORMED SUBMISSION TYPE:	S-4/A
PUBLIC DOCUMENT COUNT:		12
FILED AS OF DATE:		20100223
DATE AS OF CHANGE:		20100223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARAGON TILE LLC
		CENTRAL INDEX KEY:			0001177860
		IRS NUMBER:				352111763
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-17
		FILM NUMBER:		10626436

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRINITY HOMES LLC
		CENTRAL INDEX KEY:			0001177863
		IRS NUMBER:				352027321
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-16
		FILM NUMBER:		10626435

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER CLARKSBURG LLC
		CENTRAL INDEX KEY:			0001177864
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-24
		FILM NUMBER:		10626443

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER MORTGAGE CORP
		CENTRAL INDEX KEY:			0001177867
		IRS NUMBER:				582203537
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-07
		FILM NUMBER:		10626453

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER SPE LLC
		CENTRAL INDEX KEY:			0001177870
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-27
		FILM NUMBER:		10626460

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOMEBUILDERS TITLE SERVICES OF VIRGINIA INC
		CENTRAL INDEX KEY:			0001177871
		IRS NUMBER:				541969702
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-23
		FILM NUMBER:		10626442

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOMEBUILDERS TITLE SERVICES INC
		CENTRAL INDEX KEY:			0001177873
		IRS NUMBER:				582440984
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-22
		FILM NUMBER:		10626441

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXAS LONE STAR TITLE LP
		CENTRAL INDEX KEY:			0001177874
		IRS NUMBER:				582506293
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-21
		FILM NUMBER:		10626440

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APRIL CORP
		CENTRAL INDEX KEY:			0001177888
		IRS NUMBER:				841112772
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-28
		FILM NUMBER:		10626461

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER SQUIRES REALTY INC
		CENTRAL INDEX KEY:			0000916320
		IRS NUMBER:				561807308
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-33
		FILM NUMBER:		10626466

	BUSINESS ADDRESS:	
		STREET 1:		1927 LAKESIDE PKWY STE 602
		CITY:			TUCKER
		STATE:			GA
		ZIP:			30084

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY ROAD
		STREET 2:		SUITE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES HOLDINGS CORP
		CENTRAL INDEX KEY:			0001179599
		IRS NUMBER:				582222637
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-30
		FILM NUMBER:		10626463

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY ROAD
		STREET 2:		SUITE B-200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER ALLIED COMPANIES HOLDINGS INC
		CENTRAL INDEX KEY:			0001277104
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-20
		FILM NUMBER:		10626439

	BUSINESS ADDRESS:	
		STREET 1:		BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY RD STE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		7708293700

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES CORP
		CENTRAL INDEX KEY:			0001060462
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				620880780
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-34
		FILM NUMBER:		10626467

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES TEXAS HOLDINGS INC
		CENTRAL INDEX KEY:			0001060463
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				582222643
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-29
		FILM NUMBER:		10626462

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES USA INC
		CENTRAL INDEX KEY:			0000915840
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				582086934
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459
		FILM NUMBER:		10626445

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE B 200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES SALES, INC
		CENTRAL INDEX KEY:			0000916321
		IRS NUMBER:				860728694
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-32
		FILM NUMBER:		10626465

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER HOMES SALES INC
		DATE OF NAME CHANGE:	20050630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER HOMES SALES ARIZONA INC
		DATE OF NAME CHANGE:	19931216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER REALTY CORP
		CENTRAL INDEX KEY:			0001060466
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				581200012
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-31
		FILM NUMBER:		10626464

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES TEXAS LP
		CENTRAL INDEX KEY:			0001060468
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				760496353
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-02
		FILM NUMBER:		10626447

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER REALTY SERVICES, LLC
		CENTRAL INDEX KEY:			0001177859
		IRS NUMBER:				351679595
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-18
		FILM NUMBER:		10626437

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		404-250-3420

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERIT REALTY INC
		DATE OF NAME CHANGE:	20020718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES INVESTMENTS, LLC
		CENTRAL INDEX KEY:			0001177866
		IRS NUMBER:				043617414
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-03
		FILM NUMBER:		10626448

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3737

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER HOMES INVESTMENT CORP
		DATE OF NAME CHANGE:	20020718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER REALTY, INC (NJ)
		CENTRAL INDEX KEY:			0001177868
		IRS NUMBER:				223620212
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-25
		FILM NUMBER:		10626444

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3737

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER REALTY SERVICES, LLC
		DATE OF NAME CHANGE:	20050630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER REALTY INC
		DATE OF NAME CHANGE:	20020718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES INDIANA, LLP
		CENTRAL INDEX KEY:			0001177880
		IRS NUMBER:				351901790
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-19
		FILM NUMBER:		10626438

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3737

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CROSSMANN COMMUNITIES PARTNERSHIP
		DATE OF NAME CHANGE:	20020718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer General Services, Inc.
		CENTRAL INDEX KEY:			0001332189
		IRS NUMBER:				201887139
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-14
		FILM NUMBER:		10626433

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Homes Indiana Holdings Corp.
		CENTRAL INDEX KEY:			0001332190
		IRS NUMBER:				033617414
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-13
		FILM NUMBER:		10626459

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Realty Los Angeles, Inc.
		CENTRAL INDEX KEY:			0001332191
		IRS NUMBER:				202495958
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-12
		FILM NUMBER:		10626458

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Realty Sacramento, Inc.
		CENTRAL INDEX KEY:			0001332192
		IRS NUMBER:				202495906
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-11
		FILM NUMBER:		10626457

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BH Procurement Services, LLC
		CENTRAL INDEX KEY:			0001332195
		IRS NUMBER:				202498277
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-09
		FILM NUMBER:		10626455

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Commercial Holdings, LLC
		CENTRAL INDEX KEY:			0001332196
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-15
		FILM NUMBER:		10626434

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BH Building Products, LP
		CENTRAL INDEX KEY:			0001332197
		IRS NUMBER:				202498366
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-10
		FILM NUMBER:		10626456

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arden Park Ventures, LLC
		CENTRAL INDEX KEY:			0001372115
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			FL

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-08
		FILM NUMBER:		10626454

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		7708293700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dove Barrington Development LLC
		CENTRAL INDEX KEY:			0001476624
		IRS NUMBER:				201737164
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-26
		FILM NUMBER:		10626451

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Elysian Heights Potomia, LLC
		CENTRAL INDEX KEY:			0001476625
		IRS NUMBER:				300237203
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-01
		FILM NUMBER:		10626446

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Homes Michigan, LLC
		CENTRAL INDEX KEY:			0001476626
		IRS NUMBER:				203420345
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-06
		FILM NUMBER:		10626452

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clarksburg Arora LLC
		CENTRAL INDEX KEY:			0001476627
		IRS NUMBER:				522317355
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-05
		FILM NUMBER:		10626450

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clarksburg Skylark, LLC
		CENTRAL INDEX KEY:			0001476628
		IRS NUMBER:				522321110
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-04
		FILM NUMBER:		10626449

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4/A
<SEQUENCE>1
<FILENAME>g21823a2sv4za.htm
<DESCRIPTION>FORM S-4/A
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B> As filed with the Securities and Exchange Commission on
    February&#160;23, 2010</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B> Registration
    <FONT style="white-space: nowrap">No.&#160;333-164459</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION<BR>
    </FONT><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Pre-effective Amendment
    No.&#160;2</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt"> to</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;S-4</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">REGISTRATION
    STATEMENT</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">BEAZER HOMES USA,
    INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact Name of Registrant as
    Specified in Its Charter)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>Delaware</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>1531</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>58-2086934</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">State or other jurisdiction
    of<BR>
    incorporation or organization</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">Primary Standard Industrial<BR>
    Classification Code Number</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">I.R.S.  Employer<BR>
    Identification No.</FONT></I><FONT style="font-size: 8pt">
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>1000 Abernathy Road, Suite&#160;1200<BR>
    Atlanta, Georgia 30328<BR>
    <FONT style="white-space: nowrap">(770)&#160;829-3700</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of each
    registrant&#146;s principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SEE TABLE OF CO-REGISTRANTS</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Kenneth F. Khoury<BR>
    Executive Vice President, General Counsel and Secretary<BR>
    Beazer Homes USA, Inc.<BR>
    1000 Abernathy Road, Suite&#160;1200<BR>
    Atlanta, Georgia 30328<BR>
    <FONT style="white-space: nowrap">(770)&#160;829-3700</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Copies to:<BR>
    </I>William C. Smith III<BR>
    Troutman Sanders LLP<BR>
    600 Peachtree Street, N.E., Suite&#160;5200<BR>
    Atlanta, Georgia
    <FONT style="white-space: nowrap">30308-2216</FONT><BR>
    <FONT style="white-space: nowrap">(404)&#160;885-3000</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:&#160;&#160;</B>As soon as practicable after the
    effective date of this Registration Statement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the securities being registered on this Form are being
    offered in connection with the formation of a holding company
    and there is compliance with General Instruction&#160;G, check
    the following
    box:&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;462(d) under the Securities Act, check the following
    box and list the Securities Act registration statement number of
    the earlier effective registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="23%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    Large&#160;accelerated&#160;filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Accelerated&#160;filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="white-space: nowrap">Non-accelerated&#160;filer&#160;</FONT><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT><BR>
    <FONT style="font-size: 10pt">(Do&#160;not&#160;check&#160;if&#160;a&#160;smaller&#160;reporting&#160;company)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Smaller&#160;reporting&#160;company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Registrants hereby amend this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrants shall file a further amendment which
    specifically states that the Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act of 1933 or until the Registration
    Statement shall become effective on such date as the Commission,
    acting pursuant to said Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">BEAZER
    HOMES USA, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CO-REGISTRANTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Primary<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Standard<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>State of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Industrial<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Incorporation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Classification<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>IRS Employer<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>/Formation</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Code Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Identification No.</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TN
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    62-0880780
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer/Squires Realty, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    NC
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    56-1807308
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Sales, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    86-0728694
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    GA
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-1200012
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Holdings Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2222637
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Texas Holdings, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2222643
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Texas, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    76-0496353
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    CO
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    84-1112772
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer SPE, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    GA
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    not applied for(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Investments, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    04-3617414
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    NJ
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    22-3620212
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Clarksburg, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    MD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    not applied for(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Homebuilders Title&#160;Services of Virginia, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    VA
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    54-1969702
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Homebuilders Title&#160;Services, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2440984
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Texas Lone Star Title, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TX
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2506293
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Allied Companies Holdings, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    54-2137836
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Indiana LLP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    IN
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35-1901790
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Services, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35-1679596
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paragon Title, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    IN
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35-2111763
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Trinity Homes, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    IN
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35-2027321
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Commercial Holdings, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    not applied for(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer General Services, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-1887139
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Indiana Holdings Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    03-3617414
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Los Angeles, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-2495958
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Sacramento, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-2495906
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BH Building Products, LP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-2498366
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BH Procurement Services, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-2498277
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Arden Park Ventures, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    FL
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    not applied for(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Mortgage Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6163
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2203537
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Michigan, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-3420345
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dove Barrington Development LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-1737164
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Elysian Heights Potomia, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    VA
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    30-0237203
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Clarksburg Arora LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    MD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    52-2317355
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Clarksburg Skylark, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    MD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    52-2321110
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The address for each Co-Registrant is 1000 Abernathy Road,
    Suite&#160;1200, Atlanta, Georgia 30328.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 3pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Does not have any employees.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities, and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #E8112D">PRELIMINARY PROSPECTUS</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #E8112D">SUBJECT TO COMPLETION DATED
    February&#160;23, 2010</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g21823a2g2182300.gif" alt="(BEAZER HOMES LOGO)">
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">$250,000,000<BR>
    Offer to Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12%&#160;Senior Secured Notes
    due 2017,<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">which have been registered
    under the Securities Act of 1933,<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">for any and all outstanding<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12%&#160;Senior Secured Notes
    due 2017,<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">which have not been registered
    under the Securities Act of 1933,<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">of<BR>
    </FONT><FONT style="font-size: 24pt">Beazer Homes USA,
    Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will exchange all original notes that are validly tendered
    and not withdrawn before the end of the exchange offer for an
    equal principal amount of new notes that we have registered
    under the Securities Act of 1933.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    This exchange offer expires at 11:59&#160;p.m., New York City
    time, on March&#160;9, 2010, unless extended.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    No public market exists for the original notes or the new notes.
    We do not intend to list the new notes on any securities
    exchange or to seek approval for quotation through any automated
    quotation system.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>See &#147;Risk Factors&#148; beginning on page 12 for a
    discussion of the risks that holders should consider prior to
    making a decision to exchange original notes for new notes.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be our senior secured obligations and will rank
    equally in right of payment with all of our existing and future
    senior obligations, senior to all of our existing and future
    subordinated indebtedness and effectively subordinated to our
    existing and future first priority secured indebtedness,
    including indebtedness under the revolving credit facility (as
    defined herein) to the extent of the value of the assets
    securing such indebtedness. The notes and related guarantees
    will be structurally subordinated to all indebtedness and other
    liabilities of all of our subsidiaries that do not guarantee the
    notes. The notes will be fully and unconditionally guaranteed on
    a senior secured basis by each of our subsidiaries that
    guarantee the revolving credit facility and our outstanding
    senior notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes and the guarantees will be secured by (subject to
    certain exceptions and permitted liens) substantially all the
    tangible and intangible assets of ours and the guarantors, but
    excluding, in any event, the capital stock of any subsidiary or
    other affiliate held by us or any guarantor. The notes and the
    guarantees will be effectively subordinated to our revolving
    credit facility to the extent of the value of the assets
    securing such facility on a first-priority basis. The notes and
    the guarantees will be subject to an intercreditor agreement
    with the lenders under the revolving credit facility. See
    &#147;Description of the Notes&#160;&#151; Security&#160;&#151;
    Intercreditor Agreement.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>PROSPECTUS SUMMARY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>THE EXCHANGE OFFER</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>CAPITALIZATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>RATIO OF EARNINGS TO FIXED CHARGES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>DESCRIPTION OF OTHER INDEBTEDNESS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>DESCRIPTION OF THE NOTES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>MATERIAL UNITED STATES FEDERAL INCOME TAX
    CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    89
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    94
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>INCORPORATION OF CERTAIN DOCUMENTS BY
    REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    95
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a2exv5w6.htm">EX-5.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a2exv5w7.htm">EX-5.7</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a2exv5w8.htm">EX-5.8</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a2exv10w32.htm">EX-10.32</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a2exv23w1.htm">EX-23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a2exv99w1.htm">EX-99.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a2exv99w2.htm">EX-99.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a2exv99w3.htm">EX-99.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a2exv99w4.htm">EX-99.4</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this prospectus. We have not
    authorized anyone else to provide you with additional or
    different information. We are only offering these securities in
    states where the offer is permitted. You should not assume that
    the information in this prospectus is accurate as of any date
    other than the dates on the front of this document.
</DIV>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus incorporates important business and financial
    information about the company that is not included in or
    delivered with this document. For more information regarding the
    documents incorporated by reference into this prospectus, see
    &#147;Where You Can Find More Information&#148; beginning on
    page&#160;97. We will provide, without charge, to each person,
    including any beneficial owner, to whom a copy of this
    prospectus is delivered, upon the written or oral request of
    such person, a copy of any or all of the information
    incorporated by reference in this prospectus, other than
    exhibits to such information (unless such exhibits are
    specifically incorporated by reference into the information that
    this prospectus incorporates). Requests for such copies should
    be directed to:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes USA, Inc.<BR>
    Attn: Secretary<BR>
    1000 Abernathy Road, Suite&#160;1200<BR>
    Atlanta, Georgia 30328<BR>
    Telephone:
    <FONT style="white-space: nowrap">(770)&#160;829-3700</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>In order to obtain timely delivery, security holders must
    request the information no later than five business days before
    March&#160;9, 2010, the expiration date of the exchange
    offer.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights selected information from this
    prospectus. The following summary information is qualified in
    its entirety by the information contained elsewhere in this
    prospectus. This summary may not contain all of the information
    that you should consider prior to making a decision to exchange
    original notes for new notes. You should read the entire
    prospectus carefully, including the &#147;Risk Factors&#148;
    section beginning on page&#160;12 of this prospectus, and the
    additional documents to which we refer you. You can find
    information with respect to these additional documents under the
    caption &#147;Where You Can Find More Information&#148;
    beginning on page&#160;97. Unless the context requires
    otherwise, all references to &#147;we,&#148; &#147;us,&#148;
    &#147;our&#148; and &#147;Beazer Homes&#148; refer specifically
    to Beazer Homes USA, Inc. and its subsidiaries. In this section,
    references to the &#147;Notes&#148; are references to the
    outstanding 12%&#160;Senior Secured Notes due 2017 and the
    exchange 12%&#160;Senior Secured Notes due 2017 offered hereby,
    collectively. Definitions for certain other defined terms may be
    found under &#147;Description of the Notes&#160;&#151; Certain
    Definitions&#148; appearing below.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Company</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Beazer
    Homes USA, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a geographically diversified homebuilder with active
    operations in 16&#160;states. Our homes are designed to appeal
    to homeowners at various price points across various demographic
    segments and are generally offered for sale in advance of their
    construction. Our objective is to provide our customers with
    homes that incorporate exceptional value and quality while
    seeking to maximize our return on invested capital over time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our and our co-registrants&#146; principal executive offices are
    located at 1000 Abernathy Road, Suite&#160;1200, Atlanta,
    Georgia 30328, telephone
    <FONT style="white-space: nowrap">(770)&#160;829-3700.</FONT>
    Our Internet website is
    <FONT style="white-space: nowrap">http://www.beazer.com.</FONT>
    Information on our website is not a part of and shall not be
    deemed incorporated by reference in this prospectus.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    The Exchange Offer </TD>
    <TD></TD>
    <TD valign="bottom">
    We are offering to exchange up to $250,000,000 aggregate
    principal amount of our new 12%&#160;Senior Secured Notes due
    2017 for up to $250,000,000 aggregate principal amount of our
    original 12%&#160;Senior Secured Notes due 2017, which are
    currently outstanding. Original notes may only be exchanged in
    $1,000 principal increments. In order to be exchanged, an
    original note must be properly tendered and accepted. All
    original notes that are validly tendered and not validly
    withdrawn prior to the expiration of the exchange offer will be
    exchanged.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Resales Without Further Registration </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on interpretations by the staff of the SEC in several no
    action letters issued to third parties, we believe that the new
    notes issued pursuant to the exchange offer may be offered for
    resale, resold or otherwise transferred by you without
    compliance with the registration and prospectus delivery
    provisions of the Securities Act of 1933 (the &#147;Securities
    Act&#148;) provided that:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are acquiring the new notes issued in the
    exchange offer in the ordinary course of your business;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you have not engaged in, do not intend to engage in,
    and have no arrangement or understanding with any person to
    participate in, the distribution of the new notes issued to you
    in the exchange offer in violation of the provisions of the
    Securities Act; and</DIV>
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

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    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are not our &#147;affiliate,&#148; as defined
    under Rule&#160;405 of the Securities Act.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Each broker-dealer that receives new notes for its own account
    in exchange for original notes, where such original notes were
    acquired by such broker-dealer as a result of market-making
    activities or other trading activities, must acknowledge that it
    will deliver a prospectus in connection with any resale of such
    new notes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The letter of transmittal states that, by so acknowledging that
    it will deliver and by delivering a prospectus, a broker-dealer
    will not be deemed to admit that it is an
    &#147;underwriter&#148; within the meaning of the Securities
    Act. This prospectus, as it may be amended or supplemented from
    time to time, may be used by a broker-dealer in connection with
    resales of new notes received in exchange for original notes
    where such original notes were acquired by such broker-dealer as
    a result of market-making activities or other trading
    activities. We have agreed to use our reasonable best efforts to
    make this prospectus, as amended or supplemented, available to
    any broker-dealer for a period of 180&#160;days after the date
    of this prospectus for use in connection with any such resale.
    See &#147;Plan of Distribution.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Expiration Date </TD>
    <TD></TD>
    <TD valign="bottom">
    11:59&#160;p.m., New York City time, on March&#160;9, 2010,
    unless we extend the exchange offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Accrued Interest on the New Notes and Original Notes </TD>
    <TD></TD>
    <TD valign="top">
    The new notes will bear interest from October&#160;15, 2009 or
    the last interest payment date on which interest was paid on the
    original notes surrendered in exchange therefor. Holders of
    original notes that are accepted for exchange will be deemed to
    have waived the right to receive any payment in respect of
    interest on such original notes accrued to the date of issuance
    of the new notes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Conditions to the Exchange Offer </TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange offer is subject to certain customary conditions
    which we may waive. See &#147;The Exchange Offer&#160;&#151;
    Conditions.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Procedures for Tendering Original Notes </TD>
    <TD></TD>
    <TD valign="bottom">
    Each holder of original notes wishing to accept the exchange
    offer must complete, sign and date the letter of transmittal, or
    a facsimile of the letter of transmittal; or if the original
    notes are tendered in accordance with the book-entry procedures
    described in this prospectus, the tendering holder must transmit
    an agent&#146;s message to the exchange agent at the address
    listed in this prospectus. You must mail or otherwise deliver
    the required documentation together with the original notes to
    the exchange agent.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Special Procedures for Beneficial Holders </TD>
    <TD></TD>
    <TD valign="top">
    If you beneficially own original notes registered in the name of
    a broker, dealer, commercial bank, trust company or other
    nominee and you wish to tender your original notes in the
    exchange offer, you should contact such registered holder
    promptly and instruct them to tender on your behalf. If you wish
    to tender on your own behalf, you must, before completing and
    executing the letter of transmittal for the exchange offer and
    delivering your original notes, either arrange to have your
    original notes registered in your name or obtain a properly
    completed bond power from the registered holder. The transfer of
    registered ownership may take considerable time.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Guaranteed Delivery Procedures </TD>
    <TD></TD>
    <TD valign="bottom">
    You must comply with the applicable guaranteed delivery
    procedures for tendering if you wish to tender your original
    notes and:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;your original notes are not immediately available; or</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;time will not permit your required documents to
    reach the exchange agent prior to 11:59&#160;p.m., New York City
    time, on the expiration date of the exchange offer; or</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you cannot complete the procedures for delivery by
    book-entry transfer prior to 11:59&#160;p.m., New York City
    time, on the expiration date of the exchange offer.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Withdrawal Rights </TD>
    <TD></TD>
    <TD valign="bottom">
    You may withdraw your tender of original notes at any time prior
    to 11:59&#160;p.m., New York City time, on the date the exchange
    offer expires.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Failure to Exchange Will Affect You Adversely </TD>
    <TD></TD>
    <TD valign="top">
    If you are eligible to participate in the exchange offer and you
    do not tender your original notes, you will not have further
    exchange or registration rights and your original notes will
    continue to be subject to restrictions on transfer under the
    Securities Act. Accordingly, the liquidity of the original notes
    will be adversely affected.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Material United States Federal Income Tax Consequences </TD>
    <TD></TD>
    <TD valign="top">
    The exchange of original notes for new notes pursuant to the
    exchange offer will not result in a taxable event. Accordingly,
    we believe that:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;no gain or loss will be realized by a United States
    holder upon receipt of a new note;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;holder&#146;s holding period for the new notes will
    include the holding period of the original notes; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the adjusted tax basis of the new notes will be the
    same as the adjusted tax basis of the original notes exchanged
    at the time of such exchange.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Material United States Federal Income Tax
    Considerations.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Exchange Agent </TD>
    <TD></TD>
    <TD valign="bottom">
    U.S. Bank National Association is serving as exchange agent in
    connection with the Exchange Offer. Deliveries by hand,
    registered, certified, first class or overnight mail should be
    addressed to U.S. Bank National Association, 60 Livingston
    Avenue,
    <FONT style="white-space: nowrap">EP-MN-WS2N,</FONT>
    St. Paul, MN 55107, Attention: Specialized Finance Department,
    Reference: Beazer Homes USA, Inc. Exchange. For information with
    respect to the Exchange Offer, contact the Exchange Agent at
    telephone number (800)
    <FONT style="white-space: nowrap">934-6802</FONT> or
    facsimile number
    <FONT style="white-space: nowrap">(651)&#160;495-8158.</FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of Proceeds </TD>
    <TD></TD>
    <TD valign="bottom">
    We will not receive any proceeds from the exchange offer. See
    &#147;Use of Proceeds.&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    of Terms of New Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange offer constitutes an offer to exchange up to
    $250,000,000 aggregate principal amount of the new notes for up
    to an equal aggregate principal amount of the original notes.
    The new notes will be obligations of Beazer Homes evidencing the
    same indebtedness as the original notes, and will be entitled to
    the benefit of the same indenture and supplemental indenture.
    The form and terms of the new notes are
</DIV>
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    <BR>
    3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    substantially the same as the form and terms of the original
    notes except that the new notes have been registered under the
    Securities Act. See &#147;Description of the Notes.&#148;
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Comparison
    with Original Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Freely Transferable </TD>
    <TD></TD>
    <TD valign="bottom">
    The new notes will be freely transferable under the Securities
    Act by holders who are not restricted holders. Restricted
    holders are restricted from transferring the new notes without
    compliance with the registration and prospectus delivery
    requirements of the Securities Act. The new notes will be
    identical in all material respects (including interest rate,
    maturity and restrictive covenants) to the original notes, with
    the exception that the new notes will be registered under the
    Securities Act. See &#147;The Exchange Offer&#160;&#151; Terms
    of the Exchange Offer.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Registration Rights </TD>
    <TD></TD>
    <TD valign="bottom">
    The holders of the original notes currently are entitled to
    certain registration rights pursuant to the registration rights
    agreement entered into on the issue date of the original notes
    by and among Beazer Homes, the subsidiary guarantors named
    therein and the initial purchasers named therein, including the
    right to cause Beazer Homes to register the original notes for
    resale under the Securities Act if the Exchange Offer is not
    consummated prior to the exchange offer termination date.
    However, pursuant to the registration rights agreement, such
    registration rights will expire upon consummation of the
    exchange offer. Accordingly, holders of original notes who do
    not exchange their original notes for new notes in the exchange
    offer will not be able to reoffer, resell or otherwise dispose
    of their original notes unless such original notes are
    subsequently registered under the Securities Act or unless an
    exemption from the registration requirements of the Securities
    Act is available.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    New Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Issuer </TD>
    <TD></TD>
    <TD valign="bottom">
    Beazer Homes USA, Inc.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Notes Offered </TD>
    <TD></TD>
    <TD valign="bottom">
    The form and terms of the new notes will be the same as the form
    and terms of the outstanding notes except that:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the new notes will bear a different CUSIP number
    from the original notes;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the new notes have been registered under the
    Securities Act and, therefore, will not bear legends restricting
    their transfer; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you will not be entitled to any exchange or
    registration rights with respect to the new notes.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will evidence the same debt as the original notes.
    They will be entitled to the benefits of the indenture and the
    supplemental indenture governing the original notes and will be
    treated under the indenture and the supplemental indenture as a
    single class with the original notes. We refer to the new notes
    and the original notes collectively as the notes in this
    prospectus.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Maturity Date </TD>
    <TD></TD>
    <TD valign="bottom">
    October&#160;15, 2017.</TD>
</TR>

</TABLE>
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    <BR>
    4
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Interest </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will bear interest at a rate of 12% per annum from
    October&#160;15, 2009. Interest on the notes will be payable
    semi-annually in cash on October 15 and April 15 of each year,
    commencing on April&#160;15, 2010</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Guarantees </TD>
    <TD></TD>
    <TD valign="bottom">
    On the issue date of the notes, all payments on the notes,
    including principal and interest, will be jointly and severally
    guaranteed on a senior secured basis by substantially all of our
    existing subsidiaries.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Collateral </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes and guarantees will be secured by (subject to certain
    exceptions and permitted liens) substantially all the tangible
    and intangible assets of ours and the guarantors, but excluding
    in any event:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the pledge of stock of subsidiaries or other
    affiliates;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;real or personal property where the cost of
    obtaining a security interest or perfection thereof exceeds its
    benefits;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;real property subject to a lien securing
    indebtedness incurred for the purpose of financing the
    acquisition thereof;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;real property located outside of the United States;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;unentitled land;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;real property which is leased or held for the
    purpose of leasing to unaffiliated third parties;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;any real property in a community under development
    with a dollar amount of investment as of the most recent
    month-end (determined in accordance with GAAP) of less than
    $2.0&#160;million or with less than 10 lots remaining;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;up to $50.0&#160;million of assets received in
    certain asset dispositions or asset swaps or exchanges made in
    accordance with the indenture; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;assets with respect to which any applicable law or
    contract prohibits the creation or perfection of security
    interests therein.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, we and the guarantors shall not be required to
    execute or deliver any control agreements with respect to any
    deposit account or securities account.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    For more details, see the section &#147;Description of the
    Notes&#160;&#151; Security.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Intercreditor Agreement </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be expressly junior in priority to the liens that
    secure our first-priority obligations. As of the issue date of
    the notes, the obligations under the revolving credit facility
    constitute the only first-priority obligations. The indenture
    permits certain additional obligations to be incurred and to
    constitute first-priority obligations. Pursuant to the
    intercreditor agreement, the liens securing the notes may not be
    enforced at any time when obligations secured by first-priority
    liens are outstanding, except for certain limited exceptions.
    The holders of the priority liens will receive all proceeds from
    any realization on the collateral or from the collateral or
    proceeds thereof in any insolvency or liquidation proceeding
    until the obligations secured by the priority liens are paid in
    full.</TD>
</TR>

</TABLE>
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    <BR>
    5
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Sharing Liens </TD>
    <TD></TD>
    <TD valign="bottom">
    In certain circumstances, we may secure specified indebtedness
    permitted to be incurred under the indenture governing the notes
    by granting liens upon any or all of the collateral securing the
    notes, including on an equal basis with the first-priority liens
    securing the revolving credit facility, on a <I>pari passu
    </I>basis with the notes or on a junior basis.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Ranking </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes and the guarantees will be our and the
    guarantors&#146; senior secured obligations. The indebtedness
    evidenced by the notes and the guarantees will:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;rank senior in right of payment to any of our and
    the guarantors&#146; existing and future subordinated
    indebtedness;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;rank equally in right of payment with all of our and
    the guarantors&#146; existing and future senior indebtedness,
    including our outstanding senior notes and our revolving credit
    facility;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;be secured equally to our and the guarantors&#146;
    obligations under any other pari passu lien obligations incurred
    after the issue date to the extent of the collateral;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;be effectively subordinated to our and the
    guarantors&#146; obligations under our revolving credit facility
    and any other debt incurred after the issue date that has a
    first-priority security interest in the collateral (or that has
    a security interest in assets that do not constitute
    collateral), in each case to the extent of the collateral or
    such other assets; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;be structurally subordinated to all existing and
    future indebtedness and other liabilities of our non-guarantor
    subsidiaries (other than indebtedness and liabilities owed to us
    or one of our guarantor subsidiaries).</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The indenture governing the notes permits additional
    indebtedness or other obligations to be secured by the
    collateral (i)&#160;on a lien priority basis prior or pari passu
    with the notes, in each case subject to certain limitations and
    (ii)&#160;on a junior priority basis relative to the notes,
    without regard to any such limitations.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As of December&#160;31, 2009, we and the guarantors had
    approximately $12.0&#160;million of indebtedness outstanding
    secured by assets that are not part of the collateral.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, as of December&#160;31, 2009, our non-guarantor
    subsidiaries had outstanding indebtedness and other liabilities
    (excluding intercompany obligations) of $5.3&#160;million.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Optional Redemption </TD>
    <TD></TD>
    <TD valign="bottom">
    Prior to October&#160;15, 2012, we may redeem the notes, in
    whole or in part, at a price equal to 100% of the principal
    amount thereof plus the make-whole premium described under
    &#147;Description of the Notes&#160;&#151; Optional
    Redemption.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    We may also redeem any of the notes at any time on or after
    October&#160;15, 2012, in whole or in part, at the redemption
    prices described under &#147;Description of the
    Notes&#160;&#151; Optional Redemption,&#148; plus accrued and
    unpaid interest, if any, to the date of redemption. In addition,
    prior to October&#160;15, 2012, we may redeem up to 35% of </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    the aggregate principal amount of the notes issued under the
    indenture with the net proceeds of certain equity offerings,
    provided at least 65% of the aggregate principal amount of the
    notes originally issued remain outstanding immediately after
    such redemption. See &#147;Description of the Notes&#160;&#151;
    Optional Redemption.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Certain Covenants </TD>
    <TD></TD>
    <TD valign="bottom">
    The indenture governing the notes contains certain covenants
    that, among other things, limit our ability and the ability of
    our restricted subsidiaries to:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;incur additional indebtedness or issue certain
    preferred shares;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;create liens on certain assets to secure debt;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;pay dividends or make other equity distributions;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;purchase or redeem capital stock;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;make certain investments;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;sell assets;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;agree to restrictions on the ability of restricted
    subsidiaries to make payments to us; or</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;consolidate, merge, sell or otherwise dispose of all
    or substantially all of our assets, and engage in transactions
    with affiliates.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    These limitations are subject to a number of important
    qualifications and exceptions. See &#147;Description of the
    Notes&#160;&#151; Certain Covenants.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Change of Control; Asset Sale </TD>
    <TD></TD>
    <TD valign="bottom">
    Upon a change of control, we will be required to make an offer
    to purchase each holder&#146;s notes at a price of 101% of the
    principal amount thereof, plus accrued and unpaid interest, if
    any, to the date of purchase. See &#147;Description of the
    Notes&#160;&#151; Mandatory Offers to Purchase the Notes&#148;
    and &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Change of Control.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If we sell assets under certain circumstances, we will be
    required to make an offer to purchase the notes at their face
    amount, plus accrued and unpaid interest to the purchase date.
    See &#147;Description of the Notes &#151;&#160;Mandatory Offers
    to Purchase the Notes&#148; and &#147;Description of the
    Notes&#160;&#151; Certain Covenants&#160;&#151; Limitations on
    Asset Sales.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    No Listing on any Securities Exchange </TD>
    <TD></TD>
    <TD valign="bottom">
    We do not intend to list the new notes on any securities
    exchange or to seek approval for quotation through any automated
    system.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Risk Factors </TD>
    <TD></TD>
    <TD valign="bottom">
    You should carefully consider the information under &#147;Risk
    Factors&#148; beginning on page&#160;12 of this prospectus and
    all other information included or incorporated by reference in
    this prospectus prior to making a decision to exchange original
    notes for new notes.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For additional information regarding the notes, see the
    &#147;Description of the Notes&#148; section of this prospectus.
</DIV>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    Historical Consolidated Financial and Operating Data</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our summary historical consolidated financial and operating data
    set forth below as of and for each of the three years ended
    September&#160;30, 2007, 2008 and 2009, and the quarters ended
    December&#160;31, 2008 and 2009 are derived from our audited
    consolidated financial statements and our unaudited condensed
    consolidated financial statements, respectively. These
    historical results are not necessarily indicative of the results
    to be expected in the future. You should also read our
    historical financial statements and related notes in our annual
    report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2009 as well as the
    consolidated financial statements and accompanying notes. You
    should also read &#147;Selected Historical Consolidated
    Financial and Operating Data&#148; and &#147;Management&#146;s
    Discussion and Analysis of Financial Condition and Results of
    Operations&#148; in our
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2009, incorporated herein
    by reference, before deciding to exchange the original notes for
    the new notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="55%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>Fiscal Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Fiscal Quarter Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom">
    <B>($ in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Statement of Operations Data(1):</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,037
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,814
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    218
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    219
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gross (loss) profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (109
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (234
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Operating loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (548
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (616
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (242
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (61
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (30
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net (loss) income from continuing operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (372
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (801
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (178
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (79
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Operating Statistics:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Number of new orders, net of cancellations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,377
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,403
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,205
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    533
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    728
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Backlog at end of period(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,612
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,318
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,193
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    961
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    960
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Number of closings(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,160
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,697
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    890
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    961
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Average sales price per home closed (in thousands)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    286.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    252.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    230.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    244.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    222.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Balance Sheet Data (end of period):</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash, cash equivalents, and restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    557
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    456
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Inventory
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,775
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,652
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,318
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,587
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,291
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,930
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,642
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,029
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,408
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,024
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,857
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,509
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,736
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,501
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,324
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    375
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    197
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    298
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    247
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Supplemental Financial Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash provided by/(used in):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    509
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (112
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (59
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (52
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (80
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (171
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (167
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (91
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (11
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
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</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



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    <TD width="1%"></TD>
    <TD width="97%"></TD>
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<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Effective February&#160;1, 2008, we exited the mortgage
    origination business. In fiscal 2008, we completed a
    comprehensive review of each of our markets in order to refine
    our overall investment strategy and to optimize our capital and
    resource allocations. As a result of this review, we decided to
    discontinue homebuilding operations in certain of our markets.
    As of September&#160;30, 2009, all homebuilding operations in
    these exit markets had ceased. Results from our mortgage
    origination business and our exit markets are reported as
    discontinued operations in the audited consolidated statement of
    operations for the three years ended September&#160;30, 2007,
    2008 and 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Gross (loss) profit includes inventory impairments and lot
    options abandonments of $572.0&#160;million, $406.2&#160;million
    and $97.0&#160;million for the fiscal years ended
    September&#160;30, 2007, 2008 and 2009, and $12.4&#160;million
    and $8.8&#160;million for the fiscal quarters ended
    December&#160;31, 2008 and 2009. Operating loss </TD>
</TR>
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    <BR>
    8
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</TD>
    <TD></TD>
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    also includes goodwill impairments of $51.6&#160;million,
    $48.1&#160;million and $16.1&#160;million for the fiscal years
    ended September&#160;30, 2007, 2008 and 2009, and
    $16.1&#160;million for the fiscal quarter ended
    December&#160;31, 2008. Loss from continuing operations for
    fiscal 2007 and 2009 also include a (loss) gain on
    extinguishment of debt of ($413,000) and $144.5&#160;million,
    respectively. The aforementioned charges were primarily related
    to the deterioration of the homebuilding environment over the
    past few years.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    A home is included in &#147;backlog&#148; after a sales contract
    is executed and prior to the transfer of title to the purchaser.
    Because the closings of pending sales contracts are subject to
    contingencies, it is possible that homes in backlog will not
    result in closings.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    A home is included in &#147;closings&#148; when title is
    transferred to the buyer. Sales and cost of sales for a house
    are generally recognized at the date of closing.</TD>
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    <BR>
    9
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<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Our Company</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    homebuilding industry is experiencing a severe downturn that may
    continue for an indefinite period and continue to adversely
    affect our business, results of operations and
    stockholders&#146; equity.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Most housing markets across the United States continue to be
    characterized by an oversupply of both new and resale home
    inventory, including foreclosed homes, reduced levels of
    consumer demand for new homes, increased cancellation rates,
    aggressive price competition among homebuilders and increased
    levels of homebuilder sponsored incentives for home sales. As a
    result of these factors, we, like many other homebuilders, have
    experienced a material reduction in revenues and margins. These
    challenging market conditions are expected to continue for the
    foreseeable future and, in the near term, these conditions may
    further deteriorate. We expect that continued weakness in the
    homebuilding market would adversely affect our business, results
    of operations and stockholders&#146; equity as compared to prior
    periods and could result in additional inventory impairments in
    the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the past few years, we have experienced elevated levels
    of cancellations by potential homebuyers although the level of
    cancellations has improved significantly during the last few
    quarters. Our backlog reflects the number and value of homes for
    which we have entered into a sales contract with a customer but
    have not yet delivered the home. Although these sales contracts
    typically require a cash deposit and do not make the sale
    contingent on the sale of the customer&#146;s existing home, in
    some cases a customer may cancel the contract and receive a
    complete or partial refund of the deposit as a result of local
    laws or as a matter of our business practices. If the current
    industry downturn continues, economic conditions continue to
    deteriorate or if mortgage financing becomes less accessible,
    more homebuyers may have an incentive to cancel their contracts
    with us, even where they might be entitled to no refund or only
    a partial refund, rather than complete the purchase. Significant
    cancellations have had, and could have, a material adverse
    effect on our business as a result of lost sales revenue and the
    accumulation of unsold housing inventory. In particular, our
    cancellation rates for the fiscal year ended September&#160;30,
    2009 and the fiscal quarter ended December&#160;31, 2009 were
    31.4% and 26.9%, respectively. It is important to note that both
    backlog and cancellation metrics are operational, rather than
    accounting data, and should be used only as a general gauge to
    evaluate performance. There is an inherent imprecision in these
    metrics based on an evaluation of qualitative factors during the
    transaction cycle.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on our impairment tests and consideration of the current
    and expected future market conditions, we recorded inventory
    impairment charges of $8.9&#160;million for the quarter ended
    December&#160;31, 2009. During the quarter ended
    December&#160;31, 2009, we also wrote down our investment in
    certain of our joint ventures reflecting $2.7&#160;million of
    impairments of inventory held within a certain venture. While we
    believe that no additional joint venture investment or inventory
    impairments existed as of December&#160;31, 2009, future
    economic or financial developments, including general interest
    rate increases, poor performance in either the national economy
    or individual local economies, or our ability to meet our
    projections could lead to future impairments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    home sales and operating revenues could decline due to
    macro-economic and other factors outside of our control, such as
    changes in consumer confidence, declines in employment levels
    and increases in the quantity and decreases in the price of new
    homes and resale homes in the market.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Changes in national and regional economic conditions, as well as
    local economic conditions where we conduct our operations and
    where prospective purchasers of our homes live, may result in
    more caution on the part of homebuyers and, consequently, fewer
    home purchases. These economic uncertainties involve, among
    other things, conditions of supply and demand in local markets
    and changes in consumer confidence and income, employment
    levels, and government regulations. These risks and
    uncertainties could periodically have an adverse effect on
    consumer demand for and the pricing of our homes, which could
    cause our operating revenues to decline. Additional reductions
    in our revenues could, in turn, further negatively affect the
    market price of our securities.
</DIV>
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    10
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    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    the subject of pending civil litigation which could require us
    to pay substantial damages or could otherwise have a material
    adverse effect on us. The failure to fulfill our obligations
    under the Deferred Prosecution Agreement (the &#147;DPA&#148;)
    with the United States Attorney (or related agreements) and the
    consent order with the SEC could have a material adverse effect
    on our operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;1, 2009, we entered into the DPA with the United
    States Attorney for the Western District of North Carolina and a
    separate but related agreement with the United States Department
    of Housing and Urban Development (&#147;HUD&#148;) and the Civil
    Division of the United States Department of Justice (the
    &#147;HUD Agreement&#148;). Under the DPA, we are obligated to
    make payments to a restitution fund in an amount not to exceed
    $50&#160;million. As of December&#160;31, 2009, we have been
    credited with making $10&#160;million of such payments. However,
    the future payments to the restitution fund will be equal to 4%
    of &#147;adjusted EBITDA&#148; as defined in the DPA for the
    first to occur of (x)&#160;a period of 60&#160;months and
    (y)&#160;the total of all payments to the restitution fund
    equaling $50&#160;million. In the event such payments do not
    equal at least $50&#160;million at the end of 60&#160;months
    then, under the HUD Agreement, the obligations to make
    restitution payments will continue until the first to occur of
    (a)&#160;24&#160;months and (b)&#160;the date that
    $48&#160;million has been paid into the restitution fund. Our
    obligation to make such payments could limit our ability to
    invest in our business or make payments of principal or interest
    on our outstanding debt. In addition, in the event we fail to
    comply with our obligations under the DPA or the HUD Agreement
    various federal authorities could bring criminal or civil
    charges against us which could be material to our consolidated
    financial position, results of operations and liquidity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and certain of our current and former employees, officers and
    directors have been named as defendants in securities lawsuits,
    class action lawsuits, lawsuits regarding Employee Retirement
    Income Security Act (ERISA) claims, and derivative stockholder
    actions. In addition, certain of our subsidiaries have been
    named in class action and multi-party lawsuits regarding claims
    made by homebuyers. While a number of these suits have been
    dismissed
    <FONT style="white-space: nowrap">and/or</FONT>
    settled, there can be no assurance that new claims by different
    plaintiffs will not be brought in the future. We cannot predict
    or determine the timing or final outcome of the current lawsuits
    or the effect that any adverse determinations in the lawsuits
    may have on us. An unfavorable determination in any of the
    lawsuits could result in the payment by us of substantial
    monetary damages which may not be covered by insurance. Further,
    the legal costs associated with the lawsuits and the amount of
    time required to be spent by management and the Board of
    Directors on these matters, even if we are ultimately
    successful, could have a material adverse effect on our
    business, financial condition and results of operations. In
    addition to expenses incurred to defend the Company in these
    matters, under Delaware law and our bylaws, we may have an
    obligation to indemnify our current and former officers and
    directors in relation to these matters. We have obligations to
    advance legal fees and expenses to certain directors and
    officers, and we have advanced, and may continue to advance,
    legal fees and expenses to certain other current and former
    employees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the settlement agreement with the SEC entered
    into on September&#160;24, 2008, we consented, without admitting
    or denying any wrongdoing, to a cease and desist order requiring
    future compliance with certain provisions of the federal
    securities laws and regulations. If we are found to be in
    violation of the order in the future, we may be subject to
    penalties and other adverse consequences as a result of the
    prior actions which could be material to our consolidated
    financial position, results of operations and liquidity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our insurance carriers may seek to rescind or deny coverage with
    respect to certain of the pending lawsuits, or we may not have
    sufficient coverage under such policies. If the insurance
    companies are successful in rescinding or denying coverage or if
    we do not have sufficient coverage under our policies, our
    business, financial condition and results of operations could be
    materially adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    dependent on the services of certain key employees, and the loss
    of their services could hurt our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our future success depends upon our ability to attract, train,
    assimilate and retain skilled personnel. If we are unable to
    retain our key employees or attract, train, assimilate or retain
    other skilled personnel in the
</DIV>
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    future, it could hinder our business strategy and impose
    additional costs of identifying and training new individuals.
    Competition for qualified personnel in all of our operating
    markets is intense.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    and potential future downgrades of our credit ratings could
    adversely affect our access to capital and could otherwise have
    a material adverse effect on us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On August&#160;18, 2009, S&#038;P lowered the Company&#146;s
    corporate credit rating to SD (selective default) and lowered
    the rating of the Company&#146;s senior unsecured notes from
    CCC&#8722; to D following the Company&#146;s repurchase of
    $115.5&#160;million of its senior unsecured notes on the open
    market at a discount to face value, which S&#038;P determined to
    constitute a de facto restructuring under its criteria. On
    August&#160;19, 2009, in accordance with its criteria for
    exchange offers and similar restructurings, S&#038;P raised the
    Company&#146;s corporate credit rating back to CCC, and
    maintained the rating of the Company&#146;s senior unsecured
    notes of D, given S&#038;P&#146;s expectation for additional
    discounted repurchases. On January&#160;8, 2010, S&#038;P
    affirmed its CCC corporate credit rating on the Company and
    revised its outlook to positive from negative. S&#038;P also
    raised its ratings on the Company&#146;s senior unsecured notes
    from D to CC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;6, 2009 Moody&#146;s lowered its rating from B2 to
    Caa2 and reaffirmed its negative outlook. On August&#160;21,
    2009, Moody&#146;s assigned a Caa2/LD probability of default
    rating to the Company following the Company&#146;s repurchase of
    $115.5&#160;million of senior unsecured notes in the open market
    at a discount to face value, which under Moody&#146;s
    definition, constituted a distressed exchange and a limited
    default. The ratings on the senior notes impacted by the open
    market transactions were lowered to Ca from Caa2 to reflect the
    discount incurred by participating bondholders. On
    August&#160;27, 2009, Moody&#146;s removed the LD designation on
    the probability of default rating and changed the ratings on the
    Company&#146;s senior notes back to Caa2, which is consistent
    with Moody&#146;s loss given default framework.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;12, 2009, Fitch lowered the Company&#146;s
    issuer-default rating from B&#8722; to CCC and its senior notes
    rating from CCC+/RR5 to CC/RR5. The rating agencies announced
    that these downgrades reflect continued deterioration in our
    homebuilding operations, credit metrics, other earnings-based
    metrics and the significant decrease in our tangible net worth
    over the past year. These ratings and our current credit
    condition affect, among other things, our ability to access new
    capital, especially debt, and may result in more stringent
    covenants and higher interest rates under the terms of any new
    debt. Our credit ratings could be further lowered or rating
    agencies could issue adverse commentaries in the future, which
    could have a material adverse effect on our business, results of
    operations, financial condition and liquidity. In particular, a
    further weakening of our financial condition, including any
    further increase in our leverage or decrease in our
    profitability or cash flows, could adversely affect our ability
    to obtain necessary funds, result in a credit rating downgrade
    or change in outlook, or otherwise increase our cost of
    borrowing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    senior notes, revolving credit and letter of credit facilities,
    and certain other debt impose significant restrictions and
    obligations on us, including limitations on our ability to incur
    additional indebtedness.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of our secured and unsecured indebtedness and revolving
    credit and letter of credit facilities impose certain
    restrictions and obligations on us. Under certain of these
    instruments, we must comply with defined covenants which limit
    the Company to, among other things, incur additional
    indebtedness, engage in certain asset sales, make certain types
    of restricted payments, engage in transactions with affiliates
    and create liens on assets of the Company. Failure to comply
    with certain of these covenants could result in an event of
    default under the applicable instrument. Any such event of
    default could negatively impact other covenants or lead to cross
    defaults under certain of our other debt. There can be no
    assurance that we will be able to obtain any waivers or
    amendments that may become necessary in the event of a future
    default situation without significant additional cost or at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    differing financial exposure of our debt holders could impact
    our ability to complete any restructuring of our indebtedness or
    impact the terms of such restructuring.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that a portion of the holders of our existing notes
    may have hedged the risk of default with respect to the existing
    notes. These holders may have an economic interest that is
    different from other holders
</DIV>
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    of our existing notes. Such holders may be less willing to
    participate in any voluntary restructuring of our indebtedness
    if, under certain circumstances, they are entitled to receive
    higher consideration from a private counterparty. This could
    make any restructuring of our debt more expensive or prevent us
    from being able to complete certain types of recapitalization
    transactions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    substantial increase in mortgage interest rates or
    unavailability of mortgage financing may reduce consumer demand
    for our homes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Substantially all purchasers of our homes finance their
    acquisition with mortgage financing. Recently, the credit
    markets and the mortgage industry have been experiencing a
    period of unparalleled turmoil and disruption characterized by
    bankruptcies, financial institution failure, consolidation and
    an unprecedented level of intervention by the United States
    federal government. The United States residential mortgage
    market has been further impacted by the deterioration in the
    credit quality of loans originated to non-prime and subprime
    borrowers and an increase in mortgage foreclosure rates. These
    difficulties are not expected to improve until residential real
    estate inventories return to a more normal level and the
    mortgage credit market stabilizes. While the ultimate outcome of
    these events cannot be predicted, they have had and may continue
    to have an impact on the availability and cost of mortgage
    financing to our customers. The volatility in interest rates,
    the decrease in the willingness and ability of lenders to make
    home mortgage loans, the tightening of lending standards and the
    limitation of financing product options, have made it more
    difficult for homebuyers to obtain acceptable financing. Any
    substantial increase in mortgage interest rates or
    unavailability of mortgage financing would adversely affect the
    ability of prospective first-time and
    <FONT style="white-space: nowrap">move-up</FONT>
    homebuyers to obtain financing for our homes, as well as
    adversely affect the ability of prospective
    <FONT style="white-space: nowrap">move-up</FONT>
    homebuyers to sell their current homes. This disruption in the
    credit markets and the curtailed availability of mortgage
    financing has adversely affected, and is expected to continue to
    adversely affect, our business, financial condition, results of
    operations and cash flows as compared to prior periods.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    are unsuccessful in competing against our homebuilding
    competitors, our market share could decline or our growth could
    be impaired and, as a result, our financial results could
    suffer.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Competition in the homebuilding industry is intense, and there
    are relatively low barriers to entry into our business.
    Increased competition could hurt our business, as it could
    prevent us from acquiring attractive parcels of land on which to
    build homes or make such acquisitions more expensive, hinder our
    market share expansion, and lead to pricing pressures on our
    homes that may adversely impact our margins and revenues. If we
    are unable to successfully compete, our financial results could
    suffer and the value of, or our ability to service, our debt
    could be adversely affected. Our competitors may independently
    develop land and construct housing units that are superior or
    substantially similar to our products. Furthermore, some of our
    competitors have substantially greater financial resources and
    lower costs of funds than we do. Many of these competitors also
    have longstanding relationships with subcontractors and
    suppliers in the markets in which we operate. We currently build
    in several of the top markets in the nation and, therefore, we
    expect to continue to face additional competition from new
    entrants into our markets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    financial condition, results of operations and
    stockholders&#146; equity may be adversely affected by any
    decrease in the value of our inventory, as well as by the
    associated carrying costs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We regularly acquire land for replacement and expansion of land
    inventory within our existing and new markets. The risks
    inherent in purchasing and developing land increase as consumer
    demand for housing decreases. The market value of land, building
    lots and housing inventories can fluctuate significantly as a
    result of changing market conditions and the measures we employ
    to manage inventory risk may not be adequate to insulate our
    operations from a severe drop in inventory values. When market
    conditions are such that land values are not appreciating,
    previously entered into option agreements may become less
    desirable, at which time we may elect to forego deposits and
    preacquisition costs and terminate the agreements. During the
    quarter ended December&#160;31, 2009, as a result of the further
    deterioration of certain of our housing markets, we determined
    that the carrying amount of certain of our inventory assets
    exceeded their estimated fair value. As a result of our
    analysis, during the quarter ended December&#160;31, 2009, we
    incurred $8.9&#160;million of non-cash
</DIV>
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    pre-tax charges related to inventory impairments. If these
    adverse market conditions continue or worsen, we may have to
    incur additional inventory impairment charges which would
    adversely affect our financial condition, results of operations
    and stockholders&#146; equity and our ability to comply with
    certain covenants in our debt instruments linked to tangible net
    worth.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    conduct certain of our operations through unconsolidated joint
    ventures with independent third parties in which we do not have
    a controlling interest and we can be adversely impacted by joint
    venture partners&#146; failure to fulfill their
    obligations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We participate in land development joint ventures (JVs) in which
    we have less than a controlling interest. We have entered into
    JVs in order to acquire attractive land positions, to manage our
    risk profile and to leverage our capital base. Our JVs are
    typically entered into with developers, other homebuilders and
    financial partners to develop finished lots for sale to the
    joint venture&#146;s members and other third parties. During the
    quarter ended December&#160;31, 2009 we wrote down our
    investment in certain of our JVs reflecting $2.7&#160;million of
    impairments of inventory held within those JVs. If these adverse
    market conditions continue or worsen, we may have to take
    further write downs of our investments in our JVs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our joint venture investments are generally very illiquid both
    because we lack a controlling interest in the JVs and because
    most of our JVs are structured to require super-majority or
    unanimous approval of the members to sell a substantial portion
    of the JV&#146;s assets or for a member to receive a return of
    its invested capital. Our lack of a controlling interest also
    results in the risk that the JV will take actions that we
    disagree with, or fail to take actions that we desire, including
    actions regarding the sale of the underlying property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our JVs typically obtain secured acquisition, development and
    construction financing. At December&#160;31, 2009, our
    unconsolidated JVs had borrowings totaling $415.7&#160;million,
    of which $327.9&#160;million related to one joint venture in
    which we are a 2.58% partner. Generally, we and our joint
    venture partners have provided varying levels of guarantees of
    debt or other obligations of our unconsolidated JVs. At
    December&#160;31, 2009, these guarantees included, for certain
    joint ventures, construction completion guarantees,
    <FONT style="white-space: nowrap">loan-to-value</FONT>
    maintenance agreements, repayment guarantees and environmental
    indemnities. At December&#160;31, 2009, we had repayment
    guarantees of $15.8&#160;million. As of December&#160;31, 2009,
    three of our unconsolidated joint ventures were in default (or
    had received default notices) under their debt agreements. If
    one or more of the guarantees under these debt agreements were
    drawn upon or otherwise invoked, our obligations could be
    significant, individually or in the aggregate, which could have
    a material adverse effect on our financial position or results
    of operations. We cannot predict whether such events will occur
    or whether such obligations will be invoked.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to utilize all of our deferred tax
    assets.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, we were in a cumulative loss
    position based on the guidance in Statement of Financial
    Accounting Standards No.&#160;109, <I>Accounting for Income
    Taxes </I>(ASC 740). Due to this cumulative loss position and
    the lack of sufficient objective evidence regarding the
    realization of our deferred tax assets in the foreseeable
    future, we have recorded a valuation allowance for substantially
    all of our deferred tax assets. Although we do expect the
    industry to recover from the current downturn to normal profit
    levels in the future, it may be necessary for us to record
    additional valuation allowances in the future related to
    operating losses. Additional valuation allowances could
    materially increase our income tax expense, and therefore
    adversely affect our results of operations and tangible net
    worth in the period in which such valuation allowance is
    recorded.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    could experience a reduction in home sales and revenues or
    reduced cash flows due to our inability to acquire land for our
    housing developments if we are unable to obtain reasonably
    priced financing to support our homebuilding
    activities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The homebuilding industry is capital intensive, and homebuilding
    requires significant up-front expenditures to acquire land and
    begin development. Accordingly, we incur substantial
    indebtedness to finance our homebuilding activities. If
    internally generated funds are not sufficient, we would seek
    additional capital in the
</DIV>
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    form of equity or debt financing from a variety of potential
    sources, including additional bank financing
    <FONT style="white-space: nowrap">and/or</FONT>
    securities offerings. The amount and types of indebtedness which
    we may incur are limited by the terms of our existing debt. In
    addition, the availability of borrowed funds, especially for
    land acquisition and construction financing, may be greatly
    reduced nationally, and the lending community may require
    increased amounts of equity to be invested in a project by
    borrowers in connection with both new loans and the extension of
    existing loans. The credit and capital markets have recently
    experienced significant volatility. If we are required to seek
    additional financing to fund our operations, continued
    volatility in these markets may restrict our flexibility to
    access such financing. If we are not successful in obtaining
    sufficient capital to fund our planned capital and other
    expenditures, we may be unable to acquire land for our housing
    developments. Additionally, if we cannot obtain additional
    financing to fund the purchase of land under our option
    contracts, we may incur contractual penalties and fees.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to extensive government regulation which could cause us
    to incur significant liabilities or restrict our business
    activities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Regulatory requirements could cause us to incur significant
    liabilities and operating expenses and could restrict our
    business activities. We are subject to local, state and federal
    statutes and rules regulating, among other things, certain
    developmental matters, building and site design, and matters
    concerning the protection of health and the environment. Our
    operating expenses may be increased by governmental regulations
    such as building permit allocation ordinances and impact and
    other fees and taxes, which may be imposed to defray the cost of
    providing certain governmental services and improvements. Other
    governmental regulations, such as building moratoriums and
    &#147;no growth&#148; or &#147;slow growth&#148; initiatives,
    which may be adopted in communities which have developed
    rapidly, may cause delays in new home communities or otherwise
    restrict our business activities resulting in reductions in our
    revenues. Any delay or refusal from government agencies to grant
    us necessary licenses, permits and approvals could have an
    adverse effect on our operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    incur additional operating expenses due to compliance programs
    or fines, penalties and remediation costs pertaining to
    environmental regulations within our markets.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to a variety of local, state and federal
    statutes, ordinances, rules and regulations concerning the
    protection of health and the environment. The particular
    environmental laws which apply to any given community vary
    greatly according to the community site, the site&#146;s
    environmental conditions and the present and former use of the
    site. Environmental laws may result in delays, may cause us to
    implement time consuming and expensive compliance programs and
    may prohibit or severely restrict development in certain
    environmentally sensitive regions or areas. From time to time,
    the United States Environmental Protection Agency (EPA) and
    similar federal or state agencies review homebuilders&#146;
    compliance with environmental laws and may levy fines and
    penalties for failure to strictly comply with applicable
    environmental laws or impose additional requirements for future
    compliance as a result of past failures. Any such actions taken
    with respect to us may increase our costs. Further, we expect
    that increasingly stringent requirements will be imposed on
    homebuilders in the future. Environmental regulations can also
    have an adverse impact on the availability and price of certain
    raw materials such as lumber. Our communities in California are
    especially susceptible to restrictive government regulations and
    environmental laws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be subject to significant potential liabilities as a result of
    construction defect, product liability and warranty claims made
    against us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a homebuilder, we have been, and continue to be, subject to
    construction defect, product liability and home warranty claims,
    including moisture intrusion and related claims, arising in the
    ordinary course of business. These claims are common to the
    homebuilding industry and can be costly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and certain of our subsidiaries have been, and continue to
    be, named as defendants in various construction defect claims,
    product liability claims, complaints and other legal actions
    that include claims related to Chinese drywall and moisture
    intrusion. As of December&#160;31, 2009, we had accrued
    $2.4&#160;million in our warranty reserves for the repair of
    approximately 40 homes in southwest Florida where certain of our
    subcontractors installed defective Chinese drywall in homes that
    were delivered during our 2006 and 2007
</DIV>
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    fiscal years. We are inspecting additional homes in order to
    determine whether they also contain the defective Chinese
    drywall. The outcome of these inspections may require us to
    increase our warranty reserve in the future. However, the amount
    of additional liability, if any, is not reasonably estimable.
    Furthermore, plaintiffs may in certain of these legal
    proceedings seek class action status with potential class sizes
    that vary from case to case. Class action lawsuits can be costly
    to defend, and if we were to lose any certified class action
    suit, it could result in substantial liability for us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to certain general liability exposures, including
    construction defect, Chinese drywall and related claims and
    product liability, interpretation of underlying current and
    future trends, assessment of claims and the related liability
    and reserve estimation process is highly judgmental due to the
    complex nature of these exposures, with each exposure exhibiting
    unique circumstances. Furthermore, once claims are asserted for
    construction defects, it is difficult to determine the extent to
    which the assertion of these claims will expand geographically.
    Although we have obtained insurance for construction defect
    claims subject to applicable self-insurance retentions, such
    policies may not be available or adequate to cover any liability
    for damages, the cost of repairs,
    <FONT style="white-space: nowrap">and/or</FONT> the
    expense of litigation surrounding current claims, and future
    claims may arise out of events or circumstances not covered by
    insurance and not subject to effective indemnification
    agreements with our subcontractors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    operating expenses could increase if we are required to pay
    higher insurance premiums or litigation costs for various
    claims, which could cause our net income to
    decline.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The costs of insuring against construction defect, product
    liability and director and officer claims are high. This
    coverage may become more costly or more restricted in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Increasingly in recent years, lawsuits (including class action
    lawsuits) have been filed against builders, asserting claims of
    personal injury and property damage. Our insurance may not cover
    all of the claims, including personal injury claims, or such
    coverage may become prohibitively expensive. If we are not able
    to obtain adequate insurance against these claims, we may
    experience losses that could reduce our net income and restrict
    our cash flow available to service debt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, builders have recovered from subcontractors and
    their insurance carriers a significant portion of the
    construction defect liabilities and costs of defense that the
    builders have incurred. Insurance coverage available to
    subcontractors for construction defects is becoming increasingly
    expensive, and the scope of coverage is restricted. If we cannot
    effectively recover from our subcontractors or their carriers,
    we may suffer greater losses which could decrease our net income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A builder&#146;s ability to recover against any available
    insurance policy depends upon the continued solvency and
    financial strength of the insurance carrier that issued the
    policy. Many of the states in which we build homes have lengthy
    statutes of limitations applicable to claims for construction
    defects. To the extent that any carrier providing insurance
    coverage to us or our subcontractors becomes insolvent or
    experiences financial difficulty in the future, we may be unable
    to recover on those policies, and our net income may decline.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    dependent on the continued availability and satisfactory
    performance of our subcontractors, which, if unavailable, could
    have a material adverse effect on our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conduct our construction operations only as a general
    contractor. Virtually all construction work is performed by
    unaffiliated third-party subcontractors. As a consequence, we
    depend on the continued availability of and satisfactory
    performance by these subcontractors for the construction of our
    homes. There may not be sufficient availability of and
    satisfactory performance by these unaffiliated third-party
    subcontractors in the markets in which we operate. In addition,
    inadequate subcontractor resources could have a material adverse
    effect on our business.
</DIV>
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    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    experience fluctuations and variability in our operating results
    on a quarterly basis and, as a result, our historical
    performance may not be a meaningful indicator of future
    results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    Our operating results in a future quarter or quarters may fall
    below expectations of securities analysts or investors and, as a
    result, the market value of our common stock will fluctuate. We
    historically have experienced, and expect to continue to
    experience, variability in home sales and net earnings on a
    quarterly basis. As a result of such variability, our historical
    performance may not be a meaningful indicator of future results.
    Our quarterly results of operations may continue to fluctuate in
    the future as a result of a variety of both national and local
    factors, including, among others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    the timing of home closings and land sales;
</TD>
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    our ability to continue to acquire additional land or secure
    option contracts to acquire land on acceptable terms;
</TD>
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<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


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    conditions of the real estate market in areas where we operate
    and of the general economy;
</TD>
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    raw material and labor shortages;
</TD>
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    <TD>&nbsp;</TD>
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    seasonal home buying patterns;&#160;and
</TD>
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    other changes in operating expenses, including the cost of labor
    and raw materials, personnel and general economic conditions.
</TD>
</TR>

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    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    occurrence of natural disasters could increase our operating
    expenses and reduce our revenues and cash flows.</FONT></I></B>
</DIV>

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    The climates and geology of many of the states in which we
    operate, including California, Florida, Georgia, North Carolina,
    South Carolina, Tennessee and Texas, present increased risks of
    natural disasters. To the extent that hurricanes, severe storms,
    earthquakes, droughts, floods, wildfires or other natural
    disasters or similar events occur, our homes under construction
    or our building lots in such states could be damaged or
    destroyed, which may result in losses exceeding our insurance
    coverage. Any of these events could increase our operating
    expenses, impair our cash flows and reduce our revenues, which
    could, in turn, negatively affect the market price of our
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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    <B><I><FONT style="font-family: 'Times New Roman', Times">Future
    terrorist attacks against the United States or increased
    domestic or international instability could have an adverse
    effect on our operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    Adverse developments in the war on terrorism, future terrorist
    attacks against the United States, or any outbreak or escalation
    of hostilities between the United States and any foreign power,
    including the armed conflict in Iraq, may cause disruption to
    the economy, our Company, our employees and our customers, which
    could adversely affect our revenues, operating expenses, and
    financial condition.
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to the notes, the Offering and the Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    substantial indebtedness could adversely affect our ability to
    raise additional capital to fund our operations, limit our
    ability to react to changes in the economy or our industry and
    prevent us from making debt service payments.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a highly leveraged company. As of December&#160;31, 2009,
    after giving effect to the offering of our
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Mandatory Convertible Subordinated Notes due 2013 and the
    redemption of our
    8<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2011, we had approximately $1.43&#160;billion
    aggregate principal amount of outstanding indebtedness.
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our substantial indebtedness could:
</DIV>

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    limit our ability to borrow money for our working capital,
    capital expenditures, development projects, debt service
    requirements, strategic initiatives or other purposes;
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    make it more difficult for us to satisfy our obligations with
    respect to our indebtedness, and any failure to comply with the
    obligations of any of our debt instruments, including
    restrictive covenants and
</TD>
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    borrowing conditions, could result in an event of default under
    the agreements governing our indebtedness;
</TD>
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    require us to dedicate a substantial portion of our cash flow
    from operations to the repayment of our indebtedness thereby
    reducing funds available to us for other purposes;
</TD>
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    limit our flexibility in planning for, or reacting to, changes
    in our operations or business;
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    make us more highly leveraged than some of our competitors,
    which may place us at a competitive disadvantage;
</TD>
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    make us more vulnerable to downturns in our business or the
    economy;
</TD>
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    restrict us from making strategic acquisitions, developing new
    gaming facilities, introducing new technologies or exploiting
    business opportunities;
</TD>
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    limit, along with the financial and other restrictive covenants
    in our indebtedness, among other things, our ability to borrow
    additional funds or dispose of assets;&#160;and
</TD>
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    result in an event of default if we fail to satisfy our
    obligations under the notes or other debt or fail to comply with
    the financial and other restrictive covenants contained in any
    indenture or our revolving credit facility, which event of
    default could result in all of our debt becoming due and payable
    and could permit our lenders to foreclose on the assets securing
    such debt.
</TD>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, our interest expense could increase if interest
    rates increase because certain of our debt is variable-rate debt.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Despite
    our substantial indebtedness, we may still be able to incur
    significantly more debt. This could intensify the risks
    described herein.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and our subsidiaries may be able to incur substantial
    indebtedness in the future. Although the terms of the agreements
    governing our indebtedness contain restrictions on our ability
    to incur additional indebtedness, these restrictions are subject
    to a number of important qualifications and exceptions, and the
    indebtedness incurred in compliance with these restrictions
    could be substantial. If we incur any additional secured debt
    that ranks equally with the notes offered hereby, the holders of
    that debt will be entitled to share ratably with the holders of
    these notes in any proceeds distributed in connection with any
    bankruptcy, liquidation, reorganization or similar proceedings.
    This may have the effect of reducing the amount of proceeds to
    you. If new debt is added to our current debt levels, the
    related risks that we now face could intensify.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to generate sufficient cash to service all of our
    indebtedness, and may be forced to take other actions to satisfy
    our obligations under our indebtedness that may not be
    successful.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our ability to satisfy our debt obligations will depend upon,
    among other things: our future financial and operating
    performance, which will be affected by prevailing economic
    conditions and financial, business, regulatory and other
    factors, many of which are beyond our control. In addition, as
    of December&#160;31, 2009, $858.4&#160;million of our existing
    senior notes (excluding our
    8<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Senior Notes due 2011 which were redeemed in full in January
    2010) and $154.5&#160;million of our existing senior convertible
    notes had a maturity date (or put right) earlier than the
    maturity date of the notes offered hereby, and we will be
    required to repay or refinance such indebtedness prior to when
    the notes offered hereby come due.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We cannot assure you that our business will generate cash flow
    from operations in an amount sufficient to fund our liquidity
    needs. If our cash flows and capital resources are insufficient
    to service our indebtedness, we may be forced to reduce or delay
    capital expenditures, sell assets, seek additional capital or
    restructure or refinance our indebtedness, including the notes.
    These alternative measures may not be successful and may not
    permit us to meet our scheduled debt service obligations. Our
    ability to restructure or refinance our debt will depend on the
    condition of the capital markets and our financial condition at
    such time. Any refinancing of our debt could be at higher
    interest rates and may require us to comply with more onerous
    covenants, which could further restrict our business operations.
    In addition, the terms of existing or future debt agreements may
</DIV>
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    restrict us from adopting some of these alternatives. In the
    absence of such operating results and resources, we could face
    substantial liquidity problems and might be required to dispose
    of material assets or operations to meet our debt service and
    other obligations. We may not be able to consummate those
    dispositions for fair market value or at all. Furthermore, any
    proceeds that we could realize from any such dispositions may
    not be adequate to meet our debt service obligations then due.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Repayment
    of our debt, including required principal and interest payments
    on the notes, is dependent in part on cash flow generated by our
    subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our subsidiaries own a significant portion of our assets and
    conduct a significant portion of our operations. Accordingly,
    repayment of our indebtedness, including the notes, is
    dependent, to a significant extent, on the generation of cash
    flow by our subsidiaries and their ability to make such cash
    available to us, by dividend, debt repayment or otherwise. Our
    subsidiaries may not be able to, or may not be permitted to,
    make distributions to enable us to make payments in respect of
    our indebtedness, including the notes. Each subsidiary is a
    distinct legal entity with no obligation to provide us with
    funds for our repayment obligations, and, under certain
    circumstances, legal and contractual restrictions may limit our
    ability to obtain cash from our subsidiaries. While the
    indenture governing the notes limits the ability of our
    subsidiaries to incur consensual restrictions on their ability
    to pay dividends or make other intercompany payments to us,
    these limitations are subject to certain qualifications and
    exceptions. In the event that we do not receive distributions
    from our subsidiaries, we may be unable to make required
    principal and interest payments on our indebtedness, including
    the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    default on our obligations to pay our other indebtedness, we may
    not be able to make payments on the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any default under the agreements governing our indebtedness that
    is not waived by the required lenders, and the remedies sought
    by the holders of such indebtedness, could leave us unable to
    pay principal, premium, if any, or interest on the notes and
    could substantially decrease the market value of the notes. If
    we are unable to generate sufficient cash flow and are otherwise
    unable to obtain funds necessary to meet required payments of
    principal, premium, if any, or interest on our indebtedness, or
    if we otherwise fail to comply with the various covenants,
    including financial and operating covenants, in the instruments
    governing our indebtedness, we could be in default under the
    terms of the agreements governing such indebtedness. In the
    event of such default, the holders of such indebtedness could
    elect to declare all the funds borrowed thereunder to be due and
    payable, together with accrued and unpaid interest, the lenders
    under our revolving credit facility could elect to terminate
    their commitments, cease making further letters of credit or
    loans available and institute foreclosure proceedings against
    our assets, and we could be forced into bankruptcy or
    liquidation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If our operating performance declines, we may in the future need
    to seek waivers from the required lenders under our revolving
    credit facility to avoid being in default. If we breach our
    covenants under the revolving credit facility and seek a waiver,
    we may not be able to obtain a waiver from the required lenders.
    If this occurs, we would be in default under our revolving
    credit facility, the lenders could exercise their rights as
    described above, and we could be forced into bankruptcy or
    liquidation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    other secured indebtedness, including any obligations under our
    revolving credit facility, will be effectively senior to the
    notes to the extent of the value of the
    collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our revolving credit facility will initially be collateralized
    by a first-priority lien on the collateral. In addition, the
    indenture governing the notes permits us to incur additional
    indebtedness secured on a first-priority basis by the collateral
    in the future up to an aggregate amount equal to 15% of our
    consolidated tangible assets. The first-priority liens in the
    collateral are higher in priority as to the collateral than the
    second-priority liens securing the notes and the Guarantees. The
    notes and the related Guarantees are secured, subject to
    permitted liens, by a second-priority lien on the collateral. As
    a result, upon any distribution to our creditors, liquidation,
    reorganization or similar proceedings, or following acceleration
    of any of our indebtedness or an event of default under our
    indebtedness and enforcement of the collateral, holders of the
    indebtedness under our revolving credit facility and any other
    indebtedness collateralized by a first-priority
</DIV>
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    lien in the collateral are entitled to receive proceeds from the
    realization of value of the collateral to repay such
    indebtedness in full before the holders of the notes are
    entitled to any recovery from such collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accordingly, holders of the notes are only entitled to receive
    proceeds from the realization of value of the collateral after
    all indebtedness and other obligations under our revolving
    credit facility and any other obligations secured by
    first-priority liens on the collateral are repaid in full. As a
    result, the notes are effectively junior in right of payment to
    indebtedness under our revolving credit facility and any other
    indebtedness collateralized by a first priority lien in the
    collateral, to the extent of the realizable value of such
    collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the collateral securing the notes is subject to
    liens permitted under the terms of the indenture governing the
    notes and the intercreditor agreement, whether arising on or
    after the date notes are issued. The existence of any permitted
    liens could adversely affect the value of the collateral
    securing the notes as well as the ability of the collateral
    agent to realize or foreclose on such collateral.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    notes are structurally subordinated to all liabilities of our
    subsidiaries that are not guarantors.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes are structurally subordinated to indebtedness and
    other liabilities of our non-guarantor subsidiaries and joint
    ventures, and the claims of creditors of these subsidiaries and
    joint ventures, including trade creditors, have priority as to
    the assets of these subsidiaries and joint ventures. In the
    event of a bankruptcy, liquidation, reorganization or similar
    proceeding of any non-guarantor subsidiaries and joint ventures,
    these entities will pay the holders of their debts, holders of
    preferred equity interests and their trade creditors before they
    will be able to distribute any of their assets to us. As of
    December&#160;31, 2009, our non-guarantor subsidiaries had
    liabilities (excluding intercompany liabilities) of
    $5.3&#160;million. In addition, the indenture governing the
    notes permits, subject to certain limitations, these
    subsidiaries and joint ventures to incur additional indebtedness
    and does not contain any limitation on the amount of other
    liabilities, such as trade payables, that may be incurred by
    these entities. See note&#160;12 to the unaudited condensed
    consolidated financial statements for the quarter ended
    December&#160;31, 2009 incorporated by reference in this
    prospectus for financial information regarding our non-guarantor
    subsidiaries.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    indenture governing the notes and our revolving credit facility
    contain significant operating and financial restrictions which
    may limit our and our subsidiary guarantors&#146; ability to
    operate our and their businesses.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture governing the notes and our revolving credit
    facility contain significant operating and financial
    restrictions on us and our subsidiaries. These restrictions
    limit our and our subsidiaries&#146; ability to, among other
    things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incur additional indebtedness or issue certain preferred shares;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create liens on certain assets to secure debt;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pay dividends or make other equity distributions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchase or redeem capital stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make certain investments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sell assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    agree to restrictions on the ability of restricted subsidiaries
    to make payments to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consolidate, merge, sell or otherwise dispose of all or
    substantially all of our assets;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    engage in transactions with affiliates.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These restrictions could limit our and our subsidiaries&#146;
    ability to finance our and their future operations or capital
    needs, make acquisitions or pursue available business
    opportunities. In addition, our revolving credit facility
    requires us to maintain specified financial ratios and to
    satisfy certain financial covenants. We may be required to take
    action to reduce our debt or act in a manner contrary to our
    business objectives to meet these
</DIV>
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    <BR>
    20
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ratios and satisfy these covenants. Events beyond our control,
    including changes in economic and business conditions in the
    markets in which we operate, may affect our ability to do so. We
    may not be able to meet these ratios or satisfy these covenants
    and we cannot assure you that the lender under our revolving
    credit facility will waive any failure to do so. A breach of any
    of the covenants in, or our inability to maintain the required
    financial ratios under, our debt could result in a default under
    such debt, which could lead to that debt becoming immediately
    due and payable and, if such debt is secured, foreclosure on our
    assets that secure that obligation. A default under a debt
    instrument could, in turn, result in default under other
    obligations and result in other creditors accelerating the
    payment of other obligations and foreclosing on assets securing
    such debt, if any. Any such defaults could materially impair our
    financial conditions and liquidity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Mortgages
    are in place on only some of the real property securing the
    notes. We expect that some of our properties will continue to be
    unencumbered by a mortgage as of the closing date of the
    exchange offer. Any issues that we are not able to resolve in
    connection with the issuance of such mortgages may impact the
    value of the collateral. Delivery of such mortgages after the
    issue date of the original notes increases the risk that the
    liens granted by those mortgages could be avoided. In addition,
    the holders of the notes will not have the benefit of title
    insurance with respect to all of the real property
    collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mortgages are in place on only some of the real property
    securing the notes. We expect that some of our properties will
    continue to be unencumbered by a mortgage as of the closing date
    of the exchange offer. We have agreed to put such mortgages in
    place on the real properties already pledged to the lenders
    under our revolving credit facility within 60&#160;days
    following the issue date of the original notes and, with respect
    to real properties not currently pledged to the lenders under
    our revolving credit facility, within 90&#160;days following the
    issue date of the original notes, as each such date may be
    extended by up to 60&#160;days by the collateral agent under the
    revolving credit facility in its sole reasonable discretion. We
    are only required to put mortgages in place with respect to 80%
    of each category of real properties by these dates (based on the
    book value thereof as of June&#160;30, 2009). We are required to
    put the remaining mortgages in place as soon as commercially
    reasonable. If we are unable to obtain a mortgage, the value of
    the collateral securing the notes will be reduced.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we or any guarantor were to become subject to a bankruptcy
    proceeding, any mortgage delivered more than 30&#160;days after
    the issue date of the original notes would face a greater risk
    of being avoided than if we had delivered it at such issue date.
    Any mortgage delivered more than 30&#160;days after the issue
    date of the original notes may be treated under bankruptcy law
    as if it were delivered to secure previously existing debt and
    it would not relate back to such issue date. Such a mortgage is
    more likely to be avoided as a preference by the bankruptcy
    court than if the mortgage were delivered and promptly recorded
    at or within 30&#160;days of the time of the issue date of the
    original notes. To the extent that the grant of any such
    mortgage is avoided as a preference, you would lose the benefit
    of the security interest in the core project that the mortgage
    was intended to provide.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we are not required to obtain title insurance on
    real properties unless otherwise required to do so under our
    revolving credit facility. In cases where we are required to
    obtain title insurance with respect to any real property
    collateral under our revolving credit facility, we may satisfy
    our obligations under the notes by delivery of title insurance
    with respect to such real property collateral in an aggregate
    amount of coverage limited to the aggregate principal amount of
    the notes, which coverage may be allocated to the properties pro
    rata based on their respective values (or we may deliver other
    title insurance coverage pursuant to other arrangements that
    would be commercially reasonable under the circumstances). See
    &#147;Description of the Notes&#160;&#151; Security&#160;&#151;
    Further Assurances.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    are certain categories of property that are excluded from the
    collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain categories of assets are excluded from the collateral.
    For example, the collateral will not include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pledges of stock of subsidiaries or other affiliates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real or personal property where the cost of obtaining a security
    interest or perfection thereof exceeds its benefits;
</TD>
</TR>

</TABLE>
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    <BR>
    21
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real property subject to a lien securing indebtedness incurred
    for the purpose of financing the acquisition thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real property located outside of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unentitled land;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real property which is leased or held for the purpose of leasing
    to unaffiliated third parties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any real property in a community under development with a dollar
    amount of investment as of the most recent month-end (determined
    in accordance with GAAP) of less than $2.0&#160;million or with
    less than 10 lots remaining;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    up to $50.0&#160;million of assets received in certain asset
    dispositions or asset swaps or exchanges made in accordance with
    the indenture;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    assets with respect to which any applicable law or contract
    prohibits the creation or perfection of security interests
    therein.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we and the guarantors are not required to execute
    or deliver any control agreements with respect to any deposit
    account or securities account. See &#147;Description of the
    Notes &#151;&#160;Security.&#148; If an event of default occurs
    and the notes are accelerated, the notes and the Guarantees will
    rank equally with the holders of other unsubordinated and
    unsecured indebtedness of the relevant entity with respect to
    such excluded property.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    lien ranking provisions of the intercreditor agreement limit the
    rights of holders of the notes with respect to the collateral,
    even during an event of default.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The rights of the holders of the notes with respect to the
    collateral are substantially limited by the terms of the lien
    ranking agreements set forth in the intercreditor agreement,
    even during an event of default. Under the intercreditor
    agreement, at any time that obligations having the benefit of
    higher priority liens on collateral are outstanding, any actions
    that may be taken with respect to (or in respect of) such
    collateral, including the ability to cause the commencement of
    enforcement proceedings against such collateral and to control
    the conduct of such proceedings, and the approval of amendments
    to, releases of such collateral from the lien of, and waivers of
    past defaults under, such documents relating to such collateral,
    are at the direction of the holders of the obligations secured
    by the first-priority liens, and the holders of the notes
    secured by lower priority liens may be adversely affected. See
    &#147;Description of the Notes&#160;&#151; Security&#148; and
    &#147;Description of the Notes&#160;&#151; Amendment, Supplement
    and Waiver.&#148; In the event the holders of the indebtedness
    secured by first-priority liens decide not to proceed against
    the collateral, the only remedy available to the holders of the
    notes would be to sue for payment on the notes and the related
    Guarantees. The intercreditor agreement contains certain
    provisions benefiting holders of indebtedness under our
    revolving credit facility and our future first lien debt,
    including provisions prohibiting the trustee and the notes
    collateral agent from objecting following the filing of a
    bankruptcy petition to a number of important matters regarding
    the collateral and the financing to be provided to us. After
    such filing, the value of this collateral could materially
    deteriorate and holders of the notes would be unable to raise an
    objection. In addition, the right of holders of obligations
    secured by first priority liens to foreclose upon and sell such
    collateral upon the occurrence of an event of default also would
    be subject to limitations under applicable bankruptcy laws if we
    or any of our subsidiaries become subject to a bankruptcy
    proceeding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    value of the collateral securing the notes may not be sufficient
    to satisfy our obligations under the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No appraisal of the value of the collateral was made in
    connection with this exchange offer. The fair market value of
    the collateral is subject to fluctuations based on factors that
    include, among others, the condition of the homebuilding
    industry, our ability to implement our business strategy, the
    ability to sell the collateral in an orderly sale, general
    economic conditions and similar factors. The amount to be
    received upon a sale of the collateral would be dependent on
    numerous factors, including, but not limited to, the actual fair
    market value of the collateral at such time, the timing and the
    manner of the sale and the availability of
</DIV>
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    <BR>
    22
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    buyers. By its nature, portions of the collateral may be
    illiquid and may have no readily ascertainable market value. In
    the event of a foreclosure, liquidation, bankruptcy or similar
    proceeding, the collateral may not be sold in a timely or
    orderly manner and the proceeds from any sale or liquidation of
    this collateral may not be sufficient to pay our obligations
    under the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent that pre-existing liens, liens permitted under the
    indenture and other rights, including liens on excluded assets,
    such as those securing purchase money obligations and capital
    lease obligations granted to other parties (in addition to the
    holders of obligations secured by first-priority liens),
    encumber any of the collateral securing the notes and the
    Guarantees, those parties have or may exercise rights and
    remedies with respect to the collateral that could adversely
    affect the value of the collateral and the ability of the notes
    collateral agent, the trustee under the indenture or the holders
    of the notes to realize or foreclose on the collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the indenture governing the notes permits us to
    issue additional secured debt, including debt secured equally
    and ratably by the collateral. This would reduce amounts payable
    to holders of the notes from the proceeds of any sale of the
    collateral and thereby dilute their rights to the collateral.
    There may not be sufficient collateral to pay off any additional
    obligations under our revolving credit facility or any
    additional notes we may issue together with the notes offered
    hereby. Consequently, in the event of our, or our subsidiary
    guarantors&#146;, bankruptcy, insolvency, liquidation,
    dissolution, reorganization, or similar proceeding, liquidating
    the collateral securing the notes and the Guarantees may not
    result in proceeds in an amount sufficient to pay any amounts
    due under the notes after also satisfying the obligations to pay
    any creditors with prior liens. If the proceeds of any sale of
    collateral are not sufficient to repay all amounts due on the
    notes, the holders of the notes (to the extent not repaid from
    the proceeds of the sale of the collateral) would have only an
    unsecured, unsubordinated claim against our and the subsidiary
    guarantors&#146; remaining assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    have control over most of the collateral, and the sale of
    particular assets by us could reduce the pool of assets securing
    the notes and the guarantees.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The collateral documents allow us to remain in possession of,
    retain exclusive control over, freely operate, and collect,
    invest and dispose of any income from, the collateral securing
    the notes and the guarantees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we are not required to comply with all or any
    portion of Section&#160;314(d) of the Trust&#160;Indenture Act
    of 1939, as amended, if we determine, in good faith based on
    advice of counsel, that, under the terms of that Section
    <FONT style="white-space: nowrap">and/or</FONT> any
    interpretation or guidance as to the meaning thereof of the SEC
    and its staff, including &#147;no action&#148; letters or
    exemptive orders, all or such portion of Section&#160;314(d) of
    the Trust&#160;Indenture Act is inapplicable to the released
    collateral. For example, so long as no default or event of
    default under the indenture would result therefrom and such
    transaction would not violate the Trust&#160;Indenture Act, we
    may, among other things, without any release or consent by the
    indenture trustee, conduct ordinary course activities with
    respect to collateral, such as selling, factoring, abandoning or
    otherwise disposing of collateral and making ordinary course
    cash payments (including repayments of indebtedness). With
    respect to such releases, we must deliver to the notes
    collateral agent, from time to time, an officer&#146;s
    certificate to the effect that all releases and withdrawals
    during the preceding six-month period in which no release or
    consent of the notes collateral agent was obtained in the
    ordinary course of our business were not prohibited by the
    indenture. See &#147;Description of the Notes.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    are circumstances other than repayment or discharge of the notes
    under which the collateral securing the notes and Guarantees
    will be released automatically, without your consent or the
    consent of the trustee.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under various circumstances, all or a portion of the collateral
    may be released, including, without limitation:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to enable the sale, transfer or other disposal of such
    collateral in a transaction not prohibited under the indenture
    or the revolving credit facility, including the sale of any
    entity in its entirety that owns or holds such
    collateral;&#160;and
</TD>
</TR>

</TABLE>
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    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    with respect to collateral held by a guarantor, upon the release
    of such guarantor from its Guarantee.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, upon the release of collateral securing first
    priority obligations in connection with foreclosure of or other
    exercise of remedy with respect to such collateral, such
    collateral shall, subject to the intercreditor agreement,
    automatically be released and shall no longer secure the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Guarantee of a subsidiary guarantor will be
    released in connection with a sale of such subsidiary guarantor
    in a transaction not prohibited by the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture will also permit us to designate one or more of
    our restricted subsidiaries that is a guarantor of the notes as
    an unrestricted subsidiary. If we designate a subsidiary
    guarantor as an unrestricted subsidiary, all of the liens on any
    collateral owned by such subsidiary or any of its subsidiaries
    and any guarantees of the notes by such subsidiary or any of its
    subsidiaries will be released under the indenture but, under
    certain circumstances, not under the revolving credit facility.
    Designation of an unrestricted subsidiary will reduce the
    aggregate value of the collateral securing the notes to the
    extent that liens on the assets of the unrestricted subsidiary
    and its subsidiaries are released. In addition, the creditors of
    the unrestricted subsidiary and its subsidiaries will have a
    senior claim on the assets of such unrestricted subsidiary and
    its subsidiaries. See &#147;Description of the Notes.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    collateral is subject to casualty risks.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to maintain insurance or otherwise insure against
    hazards in a manner appropriate and customary for our business.
    There are, however, certain losses that may be either
    uninsurable or not economically insurable, in whole or in part.
    Insurance proceeds may not compensate us fully for our losses.
    If there is a complete or partial loss of any of the pledged
    collateral, the insurance proceeds may not be sufficient to
    satisfy all of the secured obligations, including the notes and
    the Guarantees.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Federal
    and state environmental laws may decrease the value of the
    collateral securing the notes and may result in you being liable
    for environmental cleanup costs at our facilities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes and Guarantees are secured by liens on real property
    that may be subject to both known and unforeseen environmental
    risks, and these risks may reduce or eliminate the value of the
    real property pledged as collateral for the notes or adversely
    affect the ability of the debtor to repay the notes. See
    &#147;Risk Factors&#160;&#151; Risks Related to Our
    Company&#160;&#151; We may incur additional operating expenses
    due to compliance programs or fines, penalties and remediation
    costs pertaining to environmental regulations within our
    markets.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Moreover, under some federal and state environmental laws, a
    secured lender may in some situations become subject to its
    debtor&#146;s environmental liabilities, including liabilities
    arising out of contamination at or from the debtor&#146;s
    properties. Such liability can arise before foreclosure, if the
    secured lender becomes sufficiently involved in the management
    of the affected facility. Similarly, when a secured lender
    forecloses and takes title to a contaminated facility or
    property, the lender could become subject to such liabilities,
    depending on the circumstances. Before taking some actions, the
    collateral agent for the notes may request that you provide for
    its reimbursement for any of its costs, expenses and
    liabilities. Cleanup costs could become a liability of the
    collateral agent for the notes, and, if you agreed to provide
    for the collateral agent&#146;s costs, expenses and liabilities,
    you could be required to help repay those costs. You may agree
    to indemnify the collateral agent for the notes for its costs,
    expenses and liabilities before you or the collateral agent
    knows what those amounts ultimately will be. If you agreed to
    this indemnification without sufficient limitations, you could
    be required to pay the collateral agent an amount that is
    greater than the amount you paid for the notes. In addition,
    rather than acting through the collateral agent, you may in some
    circumstances act directly to pursue a remedy under the
    indenture. If you exercise that right, you could be considered
    to be a lender and be subject to the risks discussed above.
</DIV>
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    24
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    rights of holders of notes to the collateral securing the notes
    may be adversely affected by the failure to perfect security
    interests in the collateral and other issues generally
    associated with the realization of security interests in
    collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Applicable law requires that a security interest in certain
    tangible and intangible assets can only be properly perfected
    and its priority retained through certain actions undertaken by
    the secured party. The liens in the collateral securing the
    notes may not be perfected with respect to the claims of notes
    if the notes collateral agent has not or is not able to take the
    actions necessary to perfect any of these liens. In addition,
    applicable law requires that certain property and rights
    acquired after the grant of a general security interest, such as
    real property, can only be perfected at the time such property
    and rights are acquired and identified and additional steps to
    perfect in such property and rights are taken. We and the
    guarantors have limited obligations to perfect the security
    interest of the holders of notes in specified collateral. There
    can be no assurance that the trustee or the notes collateral
    agent for the notes will monitor, or that we will inform such
    trustee or notes collateral agent of, the future acquisition of
    property and rights that constitute collateral, and that the
    necessary action will be taken to properly perfect the security
    interest in such after-acquired collateral. The notes collateral
    agent for the notes has no obligation to monitor the acquisition
    of additional property or rights that constitute collateral or
    the perfection of any security interest. Such failure may result
    in the loss of the security interest in the collateral or the
    priority of the security interest in favor of notes against
    third parties. In addition, the security interest of the notes
    collateral agent will be subject to practical challenges
    generally associated with the realization of security interests
    in collateral. For example, the notes collateral agent may need
    to obtain the consent of third parties and make additional
    filings to obtain or enforce a security interest. If the notes
    collateral agent is unable to obtain these consents or make
    these filings, the security interests may be invalid and the
    holders will not be entitled to the collateral or any recovery
    with respect thereto. We cannot assure you that the notes
    collateral agent will be able to obtain any such consent. We
    also cannot assure you that the consents of any third parties
    will be given when required to facilitate a foreclosure on such
    assets. Accordingly, the notes collateral agent may not have the
    ability to foreclose upon those assets and the value of the
    collateral may significantly decrease.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">In the
    event of our bankruptcy, the ability of the holders of the notes
    to realize upon the collateral will be subject to certain
    bankruptcy law limitations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The ability of holders of the notes to realize upon the
    collateral will be subject to certain bankruptcy law limitations
    in the event of our bankruptcy. Under applicable
    U.S.&#160;federal bankruptcy laws, secured creditors are
    prohibited from, among other things, repossessing their security
    from a debtor in a bankruptcy case without bankruptcy court
    approval and may be prohibited from retaining security
    repossessed by such creditor prior to bankruptcy without
    bankruptcy court approval. Moreover, applicable federal
    bankruptcy laws generally permit the debtor to continue to use
    collateral, including cash collateral, even though the debtor is
    in default under the applicable debt instruments, provided that
    the secured creditor receives &#147;adequate protection for the
    interest in the collateral.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The secured creditor is entitled to &#147;adequate
    protection&#148; to protect the value of the secured
    creditor&#146;s interest in the collateral as of the
    commencement of the bankruptcy case, but the adequate protection
    actually provided to a secured creditor may vary according to
    the circumstances. Adequate protection may include an equity
    cushion (i.e., the fair market value of the collateral exceeds
    the amount of the obligations owed to the secured creditors),
    cash payments or the granting of additional security if and at
    such times as the court, in its discretion and at the request of
    such creditor (other than with respect to cash collateral, for
    which adequate protection must be provided before it can be
    used), determines after notice and a hearing that the collateral
    has diminished or may be diminished in value as a result of the
    imposition of the automatic stay of repossession of such
    collateral or the debtor&#146;s use, sale or lease of such
    collateral during the pendency of the bankruptcy case. In view
    of the lack of a precise definition of the term &#147;adequate
    protection&#148; and the broad discretionary powers of a
    U.S.&#160;bankruptcy court, we cannot predict whether or when
    the trustee under the indenture for the notes could foreclose
    upon or sell the collateral or whether or to what extent holders
    of notes would be compensated for any delay in payment or loss
    of value of the collateral through the requirement of
    &#147;adequate protection.&#148;
</DIV>
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    <BR>
    25
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">In the
    event of a bankruptcy of us or any of the guarantors, holders of
    the notes may be deemed to have an unsecured claim to the extent
    that our obligations in respect of the notes exceed the fair
    market value of the collateral securing the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In any bankruptcy proceeding with respect to us or any of the
    guarantors, it is possible that the bankruptcy trustee, the
    <FONT style="white-space: nowrap">debtor-in-possession</FONT>
    or competing creditors will assert that the fair market value of
    the collateral with respect to the notes on the date of the
    bankruptcy filing was less than the then-current principal
    amount and accrued and unpaid interest of the notes. Upon a
    finding by the bankruptcy court that the notes are
    under-collateralized, the claims in the bankruptcy proceeding
    with respect to the notes would be bifurcated between a secured
    claim in an amount equal to the value of the collateral and an
    unsecured claim with respect to the remainder of its claim which
    would not be entitled to the benefits of security in the
    collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other consequences of a finding of under-collateralization would
    be, among other things, a lack of entitlement on the part of the
    notes to receive post-petition interest and a lack of
    entitlement on the part of the unsecured portion of the notes to
    receive &#147;adequate protection&#148; under federal bankruptcy
    laws. In addition, if any payments of post-petition interest had
    been made at any time prior to such a finding of
    under-collateralization, those payments could be recharacterized
    by the bankruptcy court as a reduction of the principal amount
    of the secured claim with respect to the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Federal
    and state statutes allow courts, under specific circumstances,
    to void a guarantor&#146;s Guarantee and pledge securing such
    Guarantee and require Note holders to return payments received
    in respect thereof.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any guarantor becomes a debtor in a case under the
    U.S.&#160;Bankruptcy Code or encounters other financial
    difficulty, under federal or state fraudulent transfer law, a
    court may void, subordinate or otherwise decline to enforce such
    guarantor&#146;s Guarantee or such guarantor&#146;s pledge of
    assets securing the guarantee. A court might do so if it found
    that when such guarantor issued the Guarantee or one or more of
    the guarantors made its pledge, or in some states when payments
    became due under the Guarantee, the guarantors received less
    than reasonably equivalent value or fair consideration and:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    was insolvent or rendered insolvent by reason of such incurrence;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    was left with inadequate capital to conduct its business;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    believed or reasonably should have believed that it would incur
    debts beyond its ability to pay.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The court might also void a Guarantee or a related pledge by a
    guarantor, without regard to the above factors, if the court
    found that the applicable guarantor made its pledge (or
    guarantee, if applicable) with actual intent to hinder, delay or
    defraud its creditors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A court would likely find that a guarantor did not receive
    reasonably equivalent value or fair consideration for its
    Guarantee or its pledge securing the Guarantee, if such
    guarantor did not substantially benefit directly or indirectly
    from the issuance of the notes. If a court were to void the
    issuance of the notes or any pledge (or Guarantee, if
    applicable) you may no longer have any claim directly against
    the applicable guarantor. Sufficient funds to repay the notes
    may not be available from other sources, including the remaining
    obligors, if any. In addition, the court might direct you to
    repay any amounts that you already received from a guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The measures of insolvency for purposes of these fraudulent
    transfer laws will vary depending upon the law applied in any
    proceeding to determine whether a fraudulent transfer has
    occurred and upon the valuation assumptions and methodology
    applied by the court. Generally, however, a guarantor would be
    considered insolvent if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sum of its debts, including contingent liabilities, was
    greater than the fair saleable value of all of its assets;
</TD>
</TR>

</TABLE>
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    <BR>
    26
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the present fair saleable value of its assets was less than
    the amount that would be required to pay its probable liability
    on its existing debts, including contingent liabilities, as they
    become absolute and mature;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it could not pay its debts as they become due.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On the basis of historical financial information, recent
    operating history and other factors, we believe that each
    guarantor, after giving effect to its Guarantee and related
    pledge and rights of contribution it has against other
    guarantors, will not be insolvent, will not have unreasonably
    small capital for the business in which it is engaged and will
    not have incurred debts beyond its ability to pay such debts as
    they mature. We cannot assure you, however, as to what standard
    a court would apply in making these determinations or that a
    court would agree with our conclusions in this regard. The
    Guarantees could be subject to the claim that, since the
    Guarantees and grant of security were incurred for our benefit,
    and only indirectly for the benefit of the other guarantors, the
    obligations of the guarantors thereunder were incurred for less
    than reasonably equivalent value or fair consideration.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    of our subsidiaries are not subject to the restrictive covenants
    in the indenture governing the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of our subsidiaries are not subject to the restrictive
    covenants in the indenture governing the notes. This means that
    these entities are able to engage in many of the activities that
    we and our restricted subsidiaries are prohibited from doing,
    such as incurring substantial additional debt, securing assets
    in priority to the claims of the holders of the notes, paying
    dividends, making investments, selling substantial assets and
    entering into mergers or other business combinations. These
    actions could be detrimental to our ability to make payments of
    principal and interest when due and to comply with our other
    obligations under the notes, and could reduce the amount of our
    assets that would be available to satisfy your claims should we
    default on the notes. In addition, the initiation of bankruptcy
    or insolvency proceedings or the entering of a judgment against
    these subsidiaries, or their default under their other credit
    arrangements, will not result in a cross-default on the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to repurchase the notes upon a change of
    control.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the occurrence of certain specific kinds of change of
    control events, we will be required to offer to repurchase all
    outstanding notes at 101% of the principal amount thereof plus,
    without duplication, accrued and unpaid interest and additional
    interest, if any, to the date of repurchase. However, it is
    possible that we will not have sufficient funds at the time of
    the change of control to make the required repurchase of all
    notes delivered by holders seeking to exercise their repurchase
    rights, particularly as that change of control may trigger a
    similar repurchase requirement for, or result in an event of
    default under or the acceleration of, other indebtedness, or
    that restrictions in our revolving credit facility will not
    allow such repurchases. Any failure by us to repurchase the
    notes upon a change of control would result in an event of
    default under the indenture and may also constitute a
    cross-default on other indebtedness existing at that time. In
    addition, certain important corporate events, such as leveraged
    recapitalizations that would increase the level of our
    indebtedness, would not constitute a &#147;Change of
    Control&#148; under the indenture. See &#147;Description of the
    Notes&#160;&#151; Certain Covenants&#160;&#151; Change of
    Control.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    liens granted by us and certain of our existing and future
    subsidiaries on substantially all of their assets, subject to
    certain exceptions, which secure the notes, may prevent us from
    obtaining additional financing in the future or make the terms
    of securing such additional financing more onerous to
    us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes are secured by liens, which have been granted by us
    and certain of our existing and future subsidiaries, on
    substantially all of the assets of such existing and future
    subsidiaries, subject to certain exceptions. While the terms or
    availability of additional capital is always uncertain, should
    we need to obtain additional financing in the future, because of
    the liens on such assets, it may be even more difficult for us
    to do so. Lenders from whom, in the future, we may seek to
    obtain additional financing may be reluctant to loan us funds
    due to their inability to collateralize all of our assets.
    Alternatively, if we are able to raise additional
</DIV>
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    <BR>
    27
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    financing in the future, the terms of any such financing may be
    onerous to us. This potential inability to obtain borrowings or
    our obtaining borrowings on unfavorable terms could negatively
    impact our operations and impair our ability to maintain
    sufficient working capital.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    market value of the notes may be exposed to substantial
    volatility.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A number of factors, including factors specific to us and our
    business, financial condition and liquidity, the price of our
    common stock, economic and financial market conditions, interest
    rates, unavailability of capital and financing sources,
    volatility levels and other factors could lead to a decline in
    the value of the notes and a lack of liquidity in any market for
    the notes. Our existing senior notes, including the original
    notes, are thinly traded, and because the new notes similarly
    may be thinly traded, it may be difficult to sell or accurately
    value the notes. Moreover, if one or more of the rating agencies
    rates the notes and assigns a rating that is below the
    expectations of investors, or lowers its or their rating(s) of
    the notes, the price of the notes would likely decline.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    is no established trading market for the new notes, which means
    there are uncertainties regarding the ability of a holder to
    dispose of the new notes and the potential sale
    price.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The new notes will constitute a new issue of securities and
    there is no established trading market for the new notes, which
    means you may be unable to sell your notes at a particular time
    and the prices that you receive when you sell your notes might
    not be favorable. We do not intend to apply for the new notes to
    be listed on any securities exchange or to arrange for quotation
    on any automated dealer quotation systems. The initial
    purchasers of the original notes have advised us that they
    intend to make a market in the new notes, but they are not
    obligated to do so. The initial purchasers may discontinue any
    market making in the new notes at any time, in their sole
    discretion. As a result, an active trading market for the new
    notes may not develop.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading market for the new notes or, in the case of any
    holders of original notes that do not exchange them, the trading
    market for the original notes following the offer to exchange
    the original notes for the new notes, may not be liquid. Future
    trading prices of the notes will depend on many factors,
    including
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our operating performance and financial condition;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to complete the offer to exchange the original notes
    for the new notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the market for similar securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, the market for non-investment grade debt has been
    subject to disruptions that have caused volatility in prices. It
    is possible that the market for the new notes will be subject to
    disruptions, which could reduce the market price of our
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    notes will have original issue discount for United States
    federal income tax purposes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The original notes were treated as issued with original issue
    discount (&#147;OID&#148;) for United States federal income tax
    purposes, and such treatment will carry over to the new notes. A
    United States Holder of a note will have to report any OID as
    ordinary income as it accrues (prior to the receipt of cash
    attributable thereto), based on a constant yield method and
    regardless of the United States Holder&#146;s regular method of
    accounting for United States federal income tax purposes. See
    &#147;Material United States Federal Income Tax
    Considerations.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If you
    fail to exchange your original notes, you will face restrictions
    that will make the sale or transfer of your original notes more
    difficult.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you do not exchange your original notes for new notes in the
    exchange offer, you will continue to be subject to the
    restrictions on transfer of your original notes described in the
    legend on your original notes. In general, you may only offer or
    sell the original notes if they are registered under the
    Securities Act and applicable state securities laws, or offered
    and sold under an exemption from those requirements. To the
    extent other original notes are tendered and accepted in the
    exchange offer and you elect not to exchange your
</DIV>
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    <BR>
    28
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    original notes, the trading market, if any, for your original
    notes would be adversely affected because your original notes
    will be less liquid than the new notes. See &#147;The Exchange
    Offer&#160;&#151; Consequences of Failure to Exchange.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Some
    holders that exchange their original notes may be required to
    comply with registration and prospectus delivery requirements in
    connection with the sale or transfer of their new
    notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you exchange your original notes in the exchange offer for
    the purpose of participating in a distribution of the new notes,
    you may be deemed to have received restricted securities and, if
    so, will be required to comply with the registration and
    prospectus delivery requirements of the Securities Act in
    connection with any resale transaction. If you are required to
    comply with the registration and prospectus delivery
    requirements, then you may face additional burdens on the
    transfer of your notes and could incur liability for failure to
    comply with applicable requirements.
</DIV>

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus contains forward-looking statements. These
    forward-looking statements represent our expectations or beliefs
    concerning future events, and it is possible that the results
    described in this prospectus will not be achieved. These
    forward-looking statements can generally be identified by the
    use of statements that include words such as
    &#147;estimate,&#148; &#147;project,&#148; &#147;believe,&#148;
    &#147;expect,&#148; &#147;anticipate,&#148; &#147;intend,&#148;
    &#147;plan,&#148; &#147;foresee,&#148; &#147;likely,&#148;
    &#147;will,&#148; &#147;goal,&#148; &#147;target&#148; or other
    similar words or phrases. All forward-looking statements are
    based upon information available to us on the date of this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These forward-looking statements are subject to risks,
    uncertainties and other factors, many of which are outside of
    our control, which could cause actual results to differ
    materially from the results discussed in the forward-looking
    statements. For a more detailed description of the risks and
    uncertainties involved, you should also carefully consider the
    statements contained in, or incorporated by reference to, our
    filings with the Securities and Exchange Commission. Factors
    that could lead to material changes in our performance may
    include, but are not limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the final outcome of various putative class action lawsuits, the
    derivative claims, multi-party suits and similar proceedings as
    well as the results of any other litigation or government
    proceedings and fulfillment of the obligation in the Deferred
    Prosecution Agreement and other settlement agreements and
    consent orders with governmental authorities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additional asset impairment charges or write downs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    economic changes nationally or in local markets, including
    changes in consumer confidence, volatility of mortgage interest
    rates and inflation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    continued or increased downturn in the homebuilding industry;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    estimates related to homes to be delivered in the future
    (backlog) are imprecise as they are subject to various
    cancellation risks which cannot be fully controlled;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    continued or increased disruption in the availability of
    mortgage financing;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our cost of and ability to access capital and otherwise meet our
    ongoing liquidity needs including the impact of any further
    downgrades of our credit ratings or reductions in our tangible
    net worth or liquidity levels;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential inability to comply with covenants in our debt
    agreements or satisfy such obligations through repayment or
    refinancing;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased competition or delays in reacting to changing consumer
    preference in home design;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shortages of or increased prices for, labor, land or raw
    materials used in housing production;
</TD>
</TR>

</TABLE>
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    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    factors affecting margins such as decreased land values
    underlying land option agreements, increased land development
    costs on communities under development or delays or difficulties
    in implementing initiatives to reduce production and overhead
    cost structure;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the performance of our joint ventures and our joint venture
    partners;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the impact of construction defect and home warranty claims,
    including those related to possible installation of drywall
    imported from China;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the cost and availability of insurance and surety bonds;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    delays in land development or home construction resulting from
    adverse weather conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential delays or increased costs in obtaining necessary
    permits as a result of changes to, or complying with, laws,
    regulations or governmental policies and possible penalties for
    failure to comply with such laws, regulations and governmental
    policies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    effects of changes in accounting policies, standards, guidelines
    or principles;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    terrorist acts, acts of war and other factors over which we have
    little or no control.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any forward-looking statement speaks only as of the date on
    which such statement is made, and, except as required by law, we
    undertake no obligation to update any forward-looking statement
    to reflect events or circumstances after the date on which such
    statement is made or to reflect the occurrence of unanticipated
    events. New factors emerge from time to time and it is not
    possible for management to predict all such factors.
</DIV>

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EXCHANGE OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Purpose
    of the Exchange Offer</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We sold $250,000,000 in principal amount of the original notes
    on September&#160;11, 2009, in a transaction exempt from the
    registration requirements of the Securities Act. The initial
    purchasers of the original notes subsequently resold the
    original notes to qualified institutional buyers in reliance on
    Rule&#160;144A under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the sale of original notes to the initial
    purchasers pursuant to a purchase agreement, dated
    September&#160;3, 2009, among us and the initial purchasers
    named therein, the holders of the original notes became entitled
    to the benefits of a registration rights agreement dated
    September&#160;11, 2009 among us, the guarantors named therein
    and the initial purchasers named therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The registration rights agreement provides that, unless the
    exchange offer would violate applicable law or any applicable
    interpretation of the staff of the SEC, we:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will file an exchange offer registration statement for the notes
    with the SEC;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will use our commercially reasonable efforts to cause the SEC to
    declare the exchange offer registration statement effective
    under the Securities Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will use our commercially reasonable efforts to, on or prior to
    180&#160;days after September&#160;11, 2009, complete the
    exchange of the new notes for all original notes tendered prior
    thereto in the exchange offer;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will keep the registered exchange offer open for not less than
    20 business days (or longer if required by applicable law or
    otherwise extended by us, at our option) after the date notice
    of the registered exchange offer is mailed to the holders of the
    original notes.
</TD>
</TR>

</TABLE>
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    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange offer being made by this prospectus, if consummated
    within the required time periods, will satisfy our obligations
    under the registration rights agreement. This prospectus,
    together with the letter of transmittal, is being sent to all
    beneficial holders of original notes known to us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the terms and subject to the conditions set forth in this
    prospectus and in the accompanying letter of transmittal, we
    will accept all original notes properly tendered and not
    withdrawn prior to the expiration date. We will issue $1,000
    principal amount of new notes in exchange for each $1,000
    principal amount of outstanding original notes accepted in the
    exchange offer. Holders may tender some or all of their original
    notes pursuant to the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on no-action letters issued by the staff of the SEC to
    third parties we believe that holders of the new notes issued in
    exchange for original notes may offer for resale, resell and
    otherwise transfer the new notes, other than any holder that is
    an affiliate of ours within the meaning of Rule&#160;405 under
    the Securities Act, without compliance with the registration and
    prospectus delivery provisions of the Securities Act. This is
    true as long as (i)&#160;the new notes are acquired in the
    ordinary course of the holder&#146;s business, (ii)&#160;the
    holder is not engaging in or intending to engage in a
    distribution of the new notes, and (iii)&#160;the holder has no
    arrangement or understanding with any person to participate in
    the distribution of the new notes. A broker-dealer that acquired
    original notes directly from us cannot exchange the original
    notes in the exchange offer. Any holder who tenders in the
    exchange offer for the purpose of participating in a
    distribution of the new notes cannot rely on the no-action
    letters of the staff of the SEC and must comply with the
    registration and prospectus delivery requirements of the
    Securities Act in connection with any resale transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each broker-dealer that receives new notes for its own account
    in exchange for original notes, where such original notes were
    acquired by such broker-dealer as a result of market-making or
    other trading activities, must acknowledge that it will deliver
    a prospectus in connection with any resale of such new notes.
    See &#147;Plan of Distribution&#148; for additional information.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will accept validly tendered original notes promptly
    following the expiration of the exchange offer by giving written
    notice of the acceptance of such notes to the exchange agent.
    The exchange agent will act as agent for the tendering holders
    of original notes for the purposes of receiving the new notes
    from the issuer and delivering new notes to such holders.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any tendered original notes are not accepted for exchange
    because of an invalid tender or the occurrence of the conditions
    set forth under &#147;The Exchange Offer&#160;&#151;
    Conditions&#148; without waiver by us, certificates for any such
    unaccepted original notes will be returned, without expense, to
    the tendering holder of any such original notes promptly after
    the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of original notes who tender in the exchange offer will
    not be required to pay brokerage commissions or fees or, subject
    to the instructions in the letter of transmittal, transfer taxes
    with respect to the exchange of original notes, pursuant to the
    exchange offer. We will pay all charges and expenses, other than
    certain applicable taxes in connection with the exchange offer.
    See &#147;The Exchange Offer&#160;&#151; Fees and Expenses.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Shelf
    Registration Statement</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the registration rights agreement, we have agreed to
    file a shelf registration statement if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we are not permitted to file the exchange offer registration
    statement or consummate the exchange offer because the exchange
    offer is not permitted by applicable law or SEC policy,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange offer is not consummated within 180&#160;days after
    the issue date of the original notes,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any holder (other than the initial purchasers) is prohibited by
    law or the applicable interpretations of the SEC from
    participating in the exchange offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder that sells original notes pursuant to the shelf
    registration statement generally must be named as a selling
    securityholder in the related prospectus and must deliver a
    prospectus to purchasers, because a seller will be subject to
    civil liability provisions under the Securities Act in
    connection with these sales. A seller of the original notes also
    will be bound by applicable provisions of the applicable
    registration rights agreement,
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    including indemnification obligations. In addition, each holder
    of original notes must deliver information to be used in
    connection with the shelf registration statement and provide
    comments on the shelf registration statement in order to have
    its original notes included in the shelf registration statement
    and benefit from the provisions regarding any liquidated damages
    in the registration rights agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to file a shelf registration statement with the
    SEC as promptly as practicable, but in any event within
    45&#160;days after being so required, and thereafter use our
    commercially reasonable efforts to cause a shelf registration
    statement to be declared effective by the SEC within
    90&#160;days after being so required (provided that in no event
    shall such effectiveness be required prior to 180&#160;days
    following the issue date of the original notes). In addition, we
    agreed to use our commercially reasonable efforts to keep that
    shelf registration statement continually effective, supplemented
    and amended for a period of two years following the date the
    shelf registration statement is declared effective (or for a
    period of one year from the date the shelf registration
    statement is declared effective and such shelf registration
    statement is filed at the request of the initial purchasers), or
    such shorter period which terminates when all notes covered by
    that shelf registration statement have been sold under&#160;it.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Additional
    Interest in Certain Circumstances</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the following, each a &#147;registration
    default,&#148; occurs:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange offer is not completed on or before the
    180th&#160;calendar day following the issue date of the original
    notes or, if that day is not a business day, then the next
    succeeding day that is a business day;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the shelf registration statement is required to be filed but is
    not filed or declared effective within the time periods required
    by the registration rights agreement or is declared effective
    but thereafter ceases to be effective or usable (subject to
    certain exceptions),
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the interest rate borne by the notes as to which the
    registration default has occurred will be increased by 0.25% per
    annum upon the occurrence of a registration default. This rate
    will continue to increase by 0.25% each
    <FONT style="white-space: nowrap">90-day</FONT>
    period that the liquidated damages (as defined below) continue
    to accrue under any such circumstance. However, the maximum
    total increase in the interest rate will in no event exceed one
    percent (1.0%) per year. We refer to this increase in the
    interest rate on the notes as &#147;liquidated damages.&#148;
    Such interest is payable in addition to any other interest
    payable from time to time with respect to the notes in cash on
    each interest payment date to the holders of record for such
    interest payment date. After the cure of registration defaults,
    the accrual of liquidated damages will stop and the interest
    rate will revert to the original rate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under certain circumstances, we may delay the filing or the
    effectiveness of the exchange offer or the shelf registration
    and shall not be required to maintain its effectiveness or amend
    or supplement it for a period of up to 60&#160;days during any
    <FONT style="white-space: nowrap">12-month</FONT>
    period. Any delay period will not alter our obligation to pay
    liquidated damages with respect to a registration default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sole remedy available to the holders of the original notes
    will be the immediate increase in the interest rate on the
    original notes as described above. Any amounts of additional
    interest due as described above will be payable in cash on the
    same interest payment dates as the original notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Expiration
    Date; Extensions; Amendment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will keep the exchange offer open for not less than 20
    business days, or longer if required by applicable law, after
    the date on which notice of the exchange offer is mailed to the
    holders of the original notes. The term &#147;expiration
    date&#148; means the expiration date set forth on the cover page
    of this prospectus, unless we extend the exchange offer, in
    which case the term &#147;expiration date&#148; means the latest
    date to which the exchange offer is extended.
</DIV>
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    <BR>
    32
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to extend the expiration date, we will notify the
    exchange agent of any extension by written notice and will issue
    a public announcement of the extension, each prior to
    9:00&#160;a.m., New York City time, on the next business day
    after the previously scheduled expiration date.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to delay accepting any original notes and to extend the exchange
    offer or to terminate the exchange offer and not accept original
    notes not previously accepted if any of the conditions set forth
    under &#147;Conditions&#148; shall have occurred and shall not
    have been waived by us, if permitted to be waived by us, by
    giving written notice of such delay, extension or termination to
    the exchange agent,&#160;or
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to amend the terms of the exchange offer in any manner deemed by
    us to be advantageous to the holders of the original notes. (We
    are required to extend the offering period for certain types of
    changes in the terms of the exchange offer, for example, a
    change in the consideration offered or percentage of original
    notes sought for tender.)
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All conditions set forth under &#147;The Exchange
    Offer&#160;&#151; Conditions&#148; must be satisfied or waived
    prior to the expiration date.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any delay in acceptance, extension, termination or amendment
    will be followed as promptly as practicable by written notice.
    If the exchange offer is amended in a manner determined by us to
    constitute a material change, we will promptly disclose such
    amendment in a manner reasonably calculated to inform the
    holders of the original notes of such amendment. In the event of
    a material change in the exchange offer, including the waiver of
    a material condition by us, we will extend the exchange offer,
    if necessary, so that at least five business days remain prior
    to the expiration date following the notice of the material
    change.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without limiting the manner in which we may choose to make a
    public announcement of any extension, amendment or termination
    of the exchange offer, we will not be obligated to publish,
    advertise, or otherwise communicate any such announcement, other
    than by making a timely release to an appropriate news agency.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Offer Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To tender in the exchange offer, a holder must complete, sign
    and date the letter of transmittal, or a facsimile thereof, have
    the signatures on the letter of transmittal guaranteed if
    required by instruction&#160;2 of the letter of transmittal, and
    mail or otherwise deliver the letter of transmittal or such
    facsimile or an agent&#146;s message in connection with a book
    entry transfer, together with the original notes and any other
    required documents. To be validly tendered, such documents must
    reach the exchange agent before 11:59&#160;p.m., New York City
    time, on the expiration date. Delivery of the original notes may
    be made by book-entry transfer in accordance with the procedures
    described below. Confirmation of such book-entry transfer must
    be received by the exchange agent prior to the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;agent&#146;s message&#148; means a message,
    transmitted by a book-entry transfer facility to, and received
    by, the exchange agent, forming a part of a confirmation of a
    book-entry transfer, which states that such book-entry transfer
    facility has received an express acknowledgment from the
    participant in such book-entry transfer facility tendering the
    original notes that such participant has received and agrees to
    be bound by the terms of the letter of transmittal and that we
    may enforce such agreement against such participant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tender by a holder of original notes will constitute an
    agreement between such holder and us in accordance with the
    terms and subject to the conditions set forth in this prospectus
    and in the letter of transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Delivery of all documents must be made to the exchange agent at
    its address set forth below. Holders may also request their
    respective brokers, dealers, commercial banks, trust companies
    or nominees to effect such tender for such holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each broker-dealer that receives new notes for its own account
    in exchange for original notes, where such original notes were
    acquired by such broker-dealer as a result of market-making
    activities or other trading
</DIV>
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    <BR>
    33
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    activities, must acknowledge that it will deliver a prospectus
    in connection with any resale of such new notes. See &#147;Plan
    of Distribution.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The method of delivery of original notes and the letter of
    transmittal and all other required documents to the exchange
    agent is at the election and risk of the holders. Instead of
    delivery by mail, it is recommended that holders use an
    overnight or hand delivery service. In all cases, sufficient
    time should be allowed to assure timely delivery to the exchange
    agent before 11:59&#160;p.m., New York City time, on the
    expiration date. No letter of transmittal or original notes
    should be sent to us.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only a holder of original notes may tender original notes in the
    exchange offer. The term &#147;holder&#148; with respect to the
    exchange offer means any person in whose name original notes are
    registered on our books or any other person who has obtained a
    properly completed bond power from the registered holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any beneficial holder whose original notes are registered in the
    name of its broker, dealer, commercial bank, trust company or
    other nominee and who wishes to tender should contact such
    registered holder promptly and instruct such registered holder
    to tender on its behalf. If such beneficial holder wishes to
    tender on its own behalf, such registered holder must, prior to
    completing and executing the letter of transmittal and
    delivering its original notes, either make appropriate
    arrangements to register ownership of the original notes in such
    holder&#146;s name or obtain a properly completed bond power
    from the registered holder. The transfer of record ownership may
    take considerable time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Signatures on a letter of transmittal or a notice of withdrawal,
    must be guaranteed by an &#147;eligible guarantor
    institution&#148; within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;17Ad-15</FONT>
    under the Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;) unless the original notes are tendered:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by a registered holder who has not completed the box entitled
    &#147;Special Issuance Instructions&#148; or &#147;Special
    Delivery Instructions&#148; on the letter of transmittal&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for the account of an eligible guarantor institution.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that signatures on a letter of transmittal or a
    notice of withdrawal are required to be guaranteed, such
    guarantee must be by an eligible guarantor institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a letter of transmittal is signed by a person other than the
    registered holder of any original notes listed therein, such
    original notes must be endorsed or accompanied by appropriate
    bond powers and a proxy which authorizes such person to tender
    the original notes on behalf of the registered holder, in each
    case signed as the name of the registered holder or holders
    appears on the original notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a letter of transmittal or any original notes or bond powers
    are signed by trustees, executors, administrators, guardians,
    attorneys-in-fact, officers of corporations or others acting in
    a fiduciary or representative capacity, such persons should so
    indicate when signing, and unless waived by us, evidence
    satisfactory to us of their authority so to act must be
    submitted with such letter of transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form, eligibility, including
    time of receipt, and withdrawal of the tendered original notes
    will be determined by us in our sole discretion, which
    determination will be final and binding. We reserve the absolute
    right to reject any and all original notes not properly tendered
    or any original notes our acceptance of which, in the opinion of
    our counsel, would be unlawful. We also reserve the absolute
    right to waive any irregularities or defects as to the original
    notes. If we waive any condition of the notes for any note
    holder, we will waive such condition for all note holders. Our
    interpretation of the terms and conditions of the exchange
    offer, including the instructions in the letter of transmittal,
    will be final and binding on all parties. Unless waived, any
    defects or irregularities in connection with tenders of original
    notes must be cured within such time as we shall determine. None
    of us, the exchange agent or any other person shall be under any
    duty to give notification of defects or irregularities with
    respect to tenders of original notes, nor shall any of them
    incur any liability for failure to give such notification.
    Tenders of original notes will not be deemed to have been made
    until such irregularities have been cured or waived. Any
    original notes received by the exchange agent that are not
    properly tendered and as to which the defects or irregularities
    have not been cured or waived will be returned by the exchange
    agent to the tendering holders of original notes without cost to
    such holder, unless otherwise provided in the relevant letter of
    transmittal, promptly following the expiration date.
</DIV>
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    <BR>
    34
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we reserve the absolute right in our sole
    discretion to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchase or make offers for any original notes that remain
    outstanding subsequent to the expiration date or, as set forth
    under &#147;The Exchange Offer&#160;&#151; Conditions,&#148; to
    terminate the exchange offer in accordance with the terms of the
    registration rights agreement;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to the extent permitted by applicable law, purchase original
    notes in the open market, in privately negotiated transactions
    or otherwise.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of any such purchases or offers may differ from the
    terms of the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By tendering, each holder will represent to us that, among other
    things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such holder or other person is not our &#147;affiliate,&#148; as
    defined under Rule&#160;405 of the Securities Act, or, if such
    holder or other person is such an affiliate, will comply with
    the registration and prospectus delivery requirements of the
    Securities Act to the extent applicable,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the new notes acquired pursuant to the exchange offer are being
    obtained in the ordinary course of business of such holder or
    other person,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    neither such holder or other person has any arrangement or
    understanding with any person to participate in the distribution
    of such new notes in violation of the Securities Act,&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if such holder is not a broker-dealer, neither such holder nor
    such other person is engaged in or intends to engage in a
    distribution of the new notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We understand that the exchange agent will make a request
    promptly after the date of this prospectus to establish accounts
    with respect to the original notes at The Depository
    Trust&#160;Company (&#147;DTC&#148;) for the purpose of
    facilitating the exchange offer, and subject to the
    establishment of such accounts, any financial institution that
    is a participant in DTC&#146;s system may make book-entry
    delivery of original notes by causing DTC to transfer such
    original notes into the exchange agent&#146;s account with
    respect to the original notes in accordance with DTC&#146;s
    procedures for such transfer. Although delivery of the original
    notes may be effected through book-entry transfer into the
    exchange agent&#146;s account at DTC, a letter of transmittal
    properly completed and duly executed with any required signature
    guarantee, or an agent&#146;s message in lieu of a letter of
    transmittal, and all other required documents must in each case
    be transmitted to and received or confirmed by the exchange
    agent at its address set forth below on or prior to the
    expiration date, or, if the guaranteed delivery procedures
    described below are complied with, within the time period
    provided under such procedures. Delivery of documents to DTC
    does not constitute delivery to the exchange agent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Guaranteed
    Delivery Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders who wish to tender their original notes&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whose original notes are not immediately available;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    who cannot deliver their original notes, the letter of
    transmittal or any other required documents to the exchange
    agent prior to 11:59&#160;p.m., New York City time, on the
    expiration date of the exchange offer;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    who cannot complete the procedures for delivery by book-entry
    transfer prior to 11:59&#160;p.m., New York City time, on the
    expiration date of the exchange offer,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    may effect a tender if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the tender is made by or through an &#147;eligible guarantor
    institution&#148;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prior to 11:59&#160;p.m., New York City time, on the expiration
    date of the exchange offer, the exchange agent receives from
    such &#147;eligible guarantor institution&#148; a properly
    completed and duly executed Notice of Guaranteed Delivery, by
    facsimile transmission, mail or hand delivery, setting forth the
    name and address of the holder of the original notes, the
    certificate number or numbers of such original notes and the
    principal amount of original notes tendered, stating that the
    tender is being made thereby, and
</TD>
</TR>
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</TABLE>
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    <BR>
    35
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    guaranteeing that, within three business days after the
    expiration date, a letter of transmittal, or facsimile thereof
    or agent&#146;s message in lieu of such letter of transmittal,
    together with the certificate(s) representing the original notes
    to be tendered in proper form for transfer and any other
    documents required by the letter of transmittal will be
    deposited by the eligible guarantor institution with the
    exchange agent;&#160;and
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly completed and duly executed letter of transmittal (or
    facsimile thereof) together with the certificate(s) representing
    all tendered original notes in proper form for transfer or an
    agent&#146;s message in the case of delivery by book-entry
    transfer and all other documents required by the letter of
    transmittal are received by the exchange agent within three
    business days after the expiration date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    of Tenders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided in this prospectus, tenders of
    original notes may be withdrawn at any time prior to
    11:59&#160;p.m., New York City time, on the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To withdraw a tender of original notes in the exchange offer, a
    written or facsimile transmission notice of withdrawal must be
    received by the exchange agent at its address set forth in this
    prospectus prior to 11:59&#160;p.m., New York City time, on the
    expiration date. Any such notice of withdrawal must:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specify the name of the depositor, who is the person having
    deposited the original notes to be withdrawn;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identify the original notes to be withdrawn, including the
    certificate number or numbers and principal amount of such
    original notes or, in the case of original notes transferred by
    book-entry transfer, the name and number of the account at DTC
    to be credited;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be signed by the depositor in the same manner as the original
    signature on the letter of transmittal by which such original
    notes were tendered, including any required signature
    guarantees, or be accompanied by documents of transfer
    sufficient to have the trustee with respect to the original
    notes register the transfer of such original notes into the name
    of the depositor withdrawing the tender;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specify the name in which any such original notes are to be
    registered, if different from that of the depositor.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form and eligibility,
    including time of receipt, of such withdrawal notices will be
    determined by us, and our determination shall be final and
    binding on all parties. Any original notes so withdrawn will be
    deemed not to have been validly tendered for purposes of the
    exchange offer and no new notes will be issued with respect to
    the original notes withdrawn unless the original notes so
    withdrawn are validly retendered. Any original notes which have
    been tendered but which are not accepted for exchange will be
    returned to its holder without cost to such holder promptly
    after withdrawal, rejection of tender or termination of the
    exchange offer. Properly withdrawn original notes may be
    retendered by following one of the procedures described above
    under &#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures&#148; at any time prior to the expiration date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conditions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding any other term of the exchange offer, we will
    not be required to accept for exchange, or exchange, any new
    notes for any original notes, and may terminate or amend the
    exchange offer before the expiration date, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the opinion of our counsel, the exchange offer or any part
    thereof contemplated herein violates any applicable law or
    interpretation of the staff of the SEC;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any action or proceeding shall have been instituted in any court
    or by any governmental agency which might materially impair our
    ability to proceed with the exchange offer or any material
    adverse development shall have occurred in any such action or
    proceeding with respect to us;
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
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    <BR>
    36
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any governmental approval has not been obtained, which approval
    we shall deem necessary for the consummation of the exchange
    offer as contemplated hereby;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any cessation of trading on any securities exchange, or any
    banking moratorium, shall have occurred, as a result of which we
    are unable to proceed with the exchange offer;&#160;or
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a stop order shall have been issued by the SEC or any state
    securities authority suspending the effectiveness of the
    registration statement or proceedings shall have been initiated
    for that purpose.
</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the foregoing conditions exist, we may, in our
    reasonable discretion
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    refuse to accept any original notes and return all tendered
    original notes to the tendering holders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    extend the exchange offer and retain all original notes tendered
    prior to the expiration of the exchange offer, subject, however,
    to the rights of holders who tendered such original notes to
    withdraw their tendered original notes;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waive such condition, if permissible, with respect to the
    exchange offer and accept all properly tendered original notes
    which have not been withdrawn. If such waiver constitutes a
    material change to the exchange offer, we will promptly disclose
    such waiver by means of a prospectus supplement that will be
    distributed to the holders, and we will extend the exchange
    offer, if necessary, so that at least five business days remain
    prior to the expiration date following the date of such
    prospectus supplement.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have appointed U.S.&#160;Bank National Association as
    exchange agent for the exchange offer. Please direct questions
    and requests for assistance, requests for additional copies of
    this prospectus or of the letter of transmittal and requests for
    the notice of guaranteed delivery to U.S.&#160;Bank National
    Association addressed as follows:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">By
    Mail, Overnight Courier or Hand Delivery:<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Bank National Association<BR>
    60 Livingston Avenue<BR>
    EP-MN-WS2N<BR>
    St. Paul, MN 55107<BR>
    Attention: Specialized Finance Department<BR>
    Reference: Beazer Homes USA, Inc. Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">By
    Facsimile:<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">(651)&#160;495-8158</FONT><BR>
    Attention: Specialized Finance Department<BR>
    Reference: Beazer Homes USA, Inc. Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">To
    Confirm by Telephone or for Information:<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">(800)&#160;934-6802</FONT><BR>
    Reference: Beazer Homes USA, Inc. Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S.&#160;Bank National Association is the trustee under the
    indenture governing the original notes and the new notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Fees and
    Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay the expenses of soliciting original notes for
    exchange. The principal solicitation is being made by mail by
    U.S.&#160;Bank National Association as exchange agent. However,
    additional solicitations may be made by telephone, facsimile or
    in person by our officers and regular employees and our
    affiliates and by persons so engaged by the exchange agent.
</DIV>
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    <BR>
    37
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay U.S.&#160;Bank National Association as exchange
    agent reasonable and customary fees for its services and will
    reimburse it for its reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses in connection therewith and pay other registration
    expenses, including fees and expenses of the trustee under the
    indenture, filing fees, blue sky fees and printing and
    distribution expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay all transfer taxes, if any, applicable to the
    exchange of the original notes in connection with the exchange
    offer. If, however, certificates representing the new notes or
    the original notes for principal amounts not tendered or
    accepted for exchange are to be delivered to, or are to be
    issued in the name of, any person other than the registered
    holder of the original notes tendered, or if tendered original
    notes are registered in the name of any person other than the
    person signing the letter of transmittal, or if a transfer tax
    is imposed for any reason other than the exchange of the
    original notes in this exchange offer, then the amount of any
    such transfer taxes, whether imposed on the registered holder or
    any other person, will be payable by the tendering holder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Accounting
    Treatment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The new notes will be recorded at the same carrying value as the
    original notes as reflected in our accounting records on the
    date of exchange. Accordingly, no gain or loss for accounting
    purposes will be recognized by us. The expenses of the exchange
    offer and the unamortized expenses related to the issuance of
    the original notes will be amortized over the term of the new
    notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consequences
    of Failure to Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of original notes who are eligible to participate in the
    exchange offer but who do not tender their original notes will
    not have any further registration rights, and their original
    notes will continue to be subject to restrictions on transfer of
    the original notes as described in the legend on the original
    notes as a consequence of the issuance of the original notes
    under exemptions from, or in transactions not subject to, the
    registration requirements of the Securities Act and applicable
    state securities laws. In general, the original notes may not be
    offered or sold, unless registered under the Securities Act,
    except under an exemption from, or in a transaction not subject
    to, the Securities Act and applicable state securities laws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Regulatory
    Approvals</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not believe that the receipt of any material federal or
    state regulatory approval will be necessary in connection with
    the exchange offer, other than the effectiveness of the exchange
    offer registration statement under the Securities Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Participation in the exchange offer is voluntary and holders of
    original notes should carefully consider whether to accept the
    terms and conditions of this exchange offer. Holders of the
    original notes are urged to consult their financial and tax
    advisors in making their own decisions on what action to take
    with respect to the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither our affiliates nor the affiliates of the guarantors have
    any interest, direct or indirect, in the exchange offer.
</DIV>

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This exchange offer is intended to satisfy our obligations to
    register an exchange offer of the new notes for the original
    notes required by the registration rights agreement entered into
    in connection with the offering of the original notes. We will
    not receive any cash proceeds from the issuance of the new
    notes. In consideration for issuing the new notes, we will
    receive the outstanding original notes in like principal amount,
    the terms of which are identical in all material respects to the
    terms of the new notes, except as otherwise described herein.
    The original notes surrendered in exchange for the new notes
    will be retired and cancelled and cannot be reissued.
</DIV>
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    <BR>
    38
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The net proceeds from the sale of the original notes after
    deducting debt issuance costs were approximately
    $218.5&#160;million. The net proceeds that we received from the
    sale of the original notes were used to fund (or replenish cash
    that had been used to fund) open market repurchases of our
    outstanding senior notes that we have made (or have agreed to
    make) since April&#160;1, 2009.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    39
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our cash and cash equivalents and
    our capitalization as of December&#160;31, 2009. This table
    should be read in conjunction with our historical financial
    statements and related notes in our
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2009, incorporated
    herein by reference. This table does not reflect the following
    changes in our capital structure that occurred after
    December&#160;31, 2009: (i)&#160;the public offering of
    22,425,000&#160;shares of our common stock, (ii)&#160;the
    redemption in full of our
    8<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2011, (iii)&#160;the issuance of approximately
    $57.5&#160;million aggregate principal amount of our
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Mandatory Convertible Subordinated Notes due 2013, and
    (iv)&#160;the exchange of $75&#160;million aggregate principal
    amount of our trust preferred securities for new junior
    subordinated notes due 2036.
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>As of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December&#160;31,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>($ in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash, cash equivalents and restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    480,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Debt:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revolving credit facility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Senior notes (net of discount of $26,362)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,363,797
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Junior subordinated notes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other secured notes payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,998
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Model home financing obligations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22,077
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,500,965
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common stock, $.001&#160;par value; 80,000,000&#160;shares
    authorized; 43,206,610&#160;shares issued
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Additional paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    570,928
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accumulated deficit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (139,539
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Treasury stock, at cost (3,387,337&#160;shares)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (184,103
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    247,329
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,748,294
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIO OF
    EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents our ratios of earnings to fixed
    charges for the periods presented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="56%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Fiscal Quarter Ended<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of Earnings to Fixed Charges(1)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.91
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.45
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2.29
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



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<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The ratio of earnings to fixed charges for each of the periods
    is determined by dividing earnings by fixed charges. Earnings
    consist of (loss) income from continuing operations before
    income taxes, amortization of previously capitalized interest
    and fixed charges, exclusive of capitalized interest cost. Fixed
    charges consist of interest incurred, amortization of deferred
    loan costs and debt discount, and that portion of operating
    lease rental expense (33%) deemed to be representative of
    interest. Earnings for fiscal years ended September&#160;30,
    2007, 2008 and 2009 and for the quarter ended December&#160;31,
    2008 were insufficient to cover fixed charges by
    $428&#160;million, $542&#160;million, $41&#160;million and
    $44&#160;million, respectively.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The ratio of earnings to combined fixed charges and preferred
    dividends is the same as the ratio of earnings to fixed charges
    for the periods presented because no shares of preferred stock
    were outstanding during these periods.</TD>
</TR>

</TABLE>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF OTHER INDEBTEDNESS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Secured Revolving Credit Facility</B>&#160;&#151; On
    August&#160;5, 2009, we entered into an amendment to our secured
    revolving credit facility that reduced the size of the facility
    to $22&#160;million (the &#147;revolving credit facility&#148;).
    The revolving credit facility is provided by one lender. The
    revolving credit facility will continue to provide for future
    working capital and letter of credit needs collateralized by
    either cash or assets of Beazer at our option, based on certain
    conditions and covenant compliance. As of December&#160;31,
    2009, we have elected to cash collateralize all letters of
    credit; however we have pledged approximately $1.0&#160;billion
    of inventory assets to our revolving credit facility to
    collateralize potential future borrowings or letters of credit.
    The revolving credit facility contains certain covenants,
    including negative covenants and financial maintenance
    covenants, with which we are required to comply. Subject to our
    option to cash collateralize our obligations under the revolving
    credit facility upon certain conditions, our obligations under
    the revolving credit facility are secured by liens on
    substantially all of our personal property and a significant
    portion of our owned real properties. There were no outstanding
    borrowings under the revolving credit facility as of
    December&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We entered into three stand-alone, cash-secured letter of credit
    agreements with banks to maintain our pre-existing letters of
    credit that had been under our prior revolving credit facility
    of which one agreement provides for the issuance of new letters
    of credit. In November 2009 we closed an additional stand-alone,
    cash-secured letter of credit facility with a major bank to add
    additional letter of credit capacity. The letter of credit
    arrangements combined with our revolving credit facility provide
    a total letter of credit capacity of $106&#160;million. As of
    December&#160;31, 2009, we have secured letters of credit using
    cash collateral in restricted accounts totaling
    $47.2&#160;million. We may enter into additional arrangements to
    provide additional letter of credit capacity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Senior Notes</B>&#160;&#151; Our
    8<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2012 (the &#147;2012 notes&#148;),
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%&#160;Senior
    Notes due 2013 (the &#147;2013 notes&#148;),
    6<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2015 (the &#147;2015 notes&#148;) and
    8<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2016 (the &#147;2016 notes&#148; and, together with
    the 2012 notes, the 2013 notes, the 2015 notes, and the
    convertible senior notes (as defined below), the &#147;senior
    notes&#148;) are secured and unsecured obligations ranking pari
    passu with all other existing and future senior indebtedness.
    Substantially all of our significant subsidiaries are full and
    unconditional guarantors of the senior notes and are jointly and
    severally liable for obligations under the senior notes and the
    revolving credit facility. Each guarantor subsidiary is a 100%
    owned subsidiary of Beazer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indentures under which the senior notes were issued contain
    certain restrictive covenants, including limitations on payment
    of dividends. At December&#160;31, 2009, under the most
    restrictive covenants of each indenture, no portion of our
    retained earnings was available for cash dividends or for share
    repurchases. The
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    indentures provide that, in the event of defined changes in
    control or if our consolidated tangible net worth falls below a
    specified level or in certain circumstances upon a sale of
    assets, we are required to offer to repurchase certain specified
    amounts of outstanding senior notes. Specifically, each
    indenture (other than the indenture governing the convertible
    senior notes) requires us to offer to purchase 10% of each
    series of senior notes at par if our consolidated tangible net
    worth (defined as stockholders&#146; equity less intangible
    assets as defined) is less than $85&#160;million at the end of
    any two consecutive fiscal quarters. Such offer need not be made
    more than twice in any four-quarter period. If triggered and
    fully subscribed, this could result in our having to purchase
    10% of outstanding senior notes one or more times, in an amount
    equal to $137.5&#160;million of notes, based on the original
    amounts of the applicable notes; however, this amount may be
    reduced by certain senior note repurchases (potentially at less
    than par) made after the triggering date.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2004, we issued $180&#160;million aggregate principal
    amount of
    4<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Convertible
    Senior Notes due 2024 (the &#147;convertible senior
    notes&#148;). The convertible senior notes are not convertible
    into cash. The conversion rate for the convertible senior notes
    is currently 20.1441&#160;shares of common stock per $1,000
    principal amount converted, representing a current conversion
    price of $49.64. We may at our option redeem for cash the
    convertible senior notes in whole or in part at any time on or
    after June&#160;15, 2009 at specified redemption prices. Holders
    have the right to require us to purchase all or any portion of
    the convertible senior notes for cash on June&#160;15, 2011,
    June&#160;15, 2014 and June&#160;15, 2019. In each case, we will
    pay a purchase price equal to 100% of the principal amount of
    the convertible senior notes to be purchased plus any accrued
    and unpaid interest, if any, and any additional amounts owed, if
    any to such purchase date.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Subordinated Notes</B>&#160;&#151; On January&#160;12, 2010,
    we issued $57.5&#160;million aggregate principal amount of
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Mandatory Convertible Subordinated Notes due 2013 (the
    &#147;convertible subordinated notes&#148;). The convertible
    subordinated notes are general, unsecured obligations, are not
    guaranteed by any of our subsidiaries and rank junior to all of
    our existing and future senior indebtedness and to all
    indebtedness of our subsidiaries. The convertible subordinated
    notes rank <I>pari passu </I>to our unsecured junior
    subordinated notes which mature on July&#160;30, 2036.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The convertible subordinated notes will mature on
    January&#160;15, 2013. At the stated maturity date, unless
    previously converted, each convertible subordinated note will
    automatically convert into shares of our common stock. Prior to
    the stated maturity date, holders may convert the convertible
    subordinated notes, in whole or in part, into shares of our
    common stock at the then-applicable defined minimum conversion
    rate.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If our consolidated tangible net worth on the last day of the
    most recent fiscal quarter is less than $85&#160;million, we may
    require holders to convert all of the convertible subordinated
    notes. In addition, if a &#147;fundamental change&#148; (as
    defined in the convertible subordinated notes) occurs prior to
    the stated maturity date, we will provide for the conversion of
    the notes by permitting holders to submit their notes for
    conversion at anytime during the period beginning on the
    effective date of such fundamental change and ending on the
    earlier of either the stated maturity date or the date
    20&#160;days after the effective date of the fundamental change.
    Any notes converted as a result of our consolidated tangible net
    worth or a fundamental change will require us to make an
    interest make-whole payment to holders.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Junior Subordinated Notes</B>&#160;&#151; On June&#160;15,
    2006, we completed a private placement of $103.1&#160;million of
    unsecured junior subordinated notes which mature on
    July&#160;30, 2036 and are redeemable at par on or after
    July&#160;30, 2011 and pay a fixed rate of 7.987% for the first
    ten years ending July&#160;30, 2016. Thereafter, the securities
    have a floating interest rate equal to three-month LIBOR plus
    2.45% per annum, resetting quarterly. These notes were issued to
    Beazer Capital Trust&#160;I, which simultaneously issued, in a
    private transaction, trust preferred securities and common
    securities with an aggregate value of $103.1&#160;million to
    fund its purchase of these notes. The transaction is treated as
    debt in accordance with GAAP. The obligations relating to these
    notes and the related securities are subordinated to the
    revolving credit facility and the senior notes and is
    subordinated to the original notes and new notes.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;15, 2010, we completed an exchange of
    $75&#160;million of our trust preferred securities issued by
    Beazer Capital Trust I for a new issue of $75&#160;million of
    junior subordinated notes due July&#160;30, 2036 issued by the
    Company (the &#147;new junior notes&#148;). The exchanged trust
    preferred securities and the related junior subordinated notes
    issued in 2006 have been cancelled effective January 15, 2010.
    The material terms of the new junior notes will be identical to
    the terms of the original trust securities except that when the
    new junior
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    notes change from a fixed rate to a variable rate in
    August&#160;2016, the variable rate will be subject to a floor
    of 4.25&#160;% and a cap of 9.25&#160;%. In addition, we will
    now have the option to redeem the new junior notes beginning on
    June&#160;1, 2012 at 75% of par value and beginning on
    June&#160;1, 2022, the redemption price of 75&#160;% of par
    value will increase by 1.785&#160;% per year.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aforementioned exchange will be accounted for as an
    extinguishment of debt and, as such, the new junior notes will
    be recorded at their estimated fair value.  Over the remaining
    life of the new junior notes, we will increase their carrying
    value until this carrying value equals the face value of the
    notes.  Preliminary estimates indicate that this transaction
    will result in a gain on extinguishment within the range of $54
    million to $61 million.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Other Secured Notes Payable</B>&#160;&#151; We periodically
    acquire land through the issuance of notes payable. As of
    December&#160;31, 2009 and September&#160;30, 2009, we had
    outstanding notes payable of $12.0&#160;million and
    $12.5&#160;million, respectively, primarily related to land
    acquisitions. These notes payable expire at various times
    through 2011 and had fixed and variable rates ranging from 8.0%
    to 9.0% at December&#160;31, 2009. These notes are secured by
    the real estate to which they relate.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The agreements governing these secured notes payable contain
    various affirmative and negative covenants. There can be no
    assurance that we will be able to obtain any future waivers or
    amendments that may become necessary without significant
    additional cost or at all. In each instance, however, a covenant
    default can be cured by repayment of the indebtedness.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Model Home Financing Obligations</B>&#160;&#151; Due to a
    continuing interest in certain model home sale-leaseback
    transactions, we have recorded $22.1&#160;million and
    $30.4&#160;million of debt as of December&#160;31, 2009 and
    September&#160;30, 2009, respectively, related to these
    &#147;financing&#148; transactions in accordance with
    SFAS&#160;98 (as amended), <I>Accounting for Leases </I>(ASC
    840). These model home transactions incur interest at a variable
    rate of one-month LIBOR plus 450&#160;basis points, 4.7% as of
    December&#160;31, 2009, and expire at various times through 2015.
</DIV>

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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>In this section, references to the &#147;Company&#148; mean
    Beazer Homes USA, Inc. only and not to any of its subsidiaries
    unless the context otherwise requires, and references to the
    &#147;Notes&#148; in this section are references to the
    outstanding 12%&#160;Senior Secured Notes due 2017 and the
    exchange 12%&#160;Senior Secured Notes due 2017 offered hereby,
    collectively. Definitions for certain other defined terms may be
    found under &#147;Description of the Notes&#160;&#151; Certain
    Definitions&#148; appearing below.</I>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes are issued as a series of securities under an
    Indenture, dated as of September&#160;11, 2009 (the
    &#147;Indenture&#148;), among the Company, the Subsidiary
    Guarantors, U.S.&#160;Bank National Association, as trustee (the
    &#147;Trustee&#148;), and Wilmington Trust&#160;FSB, as
    collateral agent (the &#147;Notes Collateral Agent&#148;). The
    following summaries of certain provisions of the Indenture,
    Security Documents and Intercreditor Agreement do not purport to
    be complete and are subject to, and are qualified in their
    entirety by reference to, all the provisions of the Indenture,
    Security Documents and Intercreditor Agreement, including the
    definitions of certain terms therein. Wherever particular
    sections or defined terms of the Indenture not otherwise defined
    herein are referred to, such sections or defined terms shall be
    incorporated herein by reference. A copy of the Indenture is
    available to any holder of the Notes upon request to the Company.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes are senior secured obligations of the Company. The
    principal amount of the Notes is $250.0&#160;million. The
    Company may issue additional Notes (&#147;Additional
    Notes&#148;) from time to time subject to the limitations set
    forth under &#147;Certain Covenants&#160;&#151; Limitations on
    Additional Indebtedness.&#148; The Notes and any Additional
    Notes subsequently issued under the Indenture are treated as a
    single class for all purposes under the Indenture. Unless the
    context requires otherwise, references to &#147;Notes&#148; for
    all purposes of the Indenture and this &#147;Description of the
    Notes&#148; include any Additional Notes that are actually
    issued. The Notes are guaranteed by each of the Subsidiary
    Guarantors pursuant to the guarantees (the &#147;Subsidiary
    Guarantees&#148;) described below.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes bear interest at the rate of 12% per annum from the
    Issue Date, payable on April 15 and October 15 of each year,
    commencing on April&#160;15, 2010, to holders of record (the
    &#147;Holders&#148;) at the close of business on April 1 or
    October&#160;1, as the case may be, immediately preceding the
    respective interest payment date. The Notes will mature on
    October&#160;15, 2017. Interest is computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Principal, premium, if any, and interest on the Notes is
    payable, and the Notes may be presented for registration of
    transfer or exchange, at the offices of the Trustee. At the
    option of the Company, payment of interest may be made by check
    mailed to the Holders of the Notes at their respective addresses
    set forth in the register of Holders; <I>provided </I>that all
    payments of principal, premium, if any, and interest with
    respect to Notes represented by one or more permanent global
    notes registered in the name of or held by DTC or its nominee
    shall be made by wire transfer of immediately available funds to
    the accounts specified by the Holder or Holders thereof. The
    Company may require payment of a sum sufficient to cover any
    transfer tax or other governmental charge payable in connection
    with certain transfers or exchanges of the Notes. Initially, the
    Trustee will act as the Paying Agent and the Registrar under the
    Indenture. The Company may subsequently act as the Paying Agent
    <FONT style="white-space: nowrap">and/or</FONT> the
    Registrar and the Company may change any Paying Agent
    <FONT style="white-space: nowrap">and/or</FONT> any
    Registrar without prior notice to the Holders.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Ranking</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes are senior secured obligations of the Company and rank
    (x)&#160;senior in right of payment to all existing and future
    Indebtedness of the Company that is, by its terms, expressly
    subordinated in right of payment to the Notes (or to all senior
    indebtedness) and <I>pari passu </I>in right of payment with all
    existing and future Indebtedness of the Company that is not so
    subordinated, (y)&#160;effectively senior to all unsecured
    Indebtedness to the extent of the value of the Collateral and
    (z)&#160;effectively junior to any obligations of the Company
    that are either (i)&#160;secured by a Lien on the Collateral
    that is senior or prior to the Liens securing the Notes,
    including the First Priority Liens securing obligations under
    the Revolving Credit Facility, and potentially any Permitted
    Liens or (ii)&#160;secured by assets that are not part of the
    Collateral, in each case to the extent of the value of the
    assets securing such obligations.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Subsidiary Guarantees are senior secured obligations of the
    Subsidiary Guarantors and rank (x)&#160;senior in right of
    payment to all existing and future Indebtedness of the
    Subsidiary Guarantors that is, by its terms, expressly
    subordinated in right of payment to the Subsidiary Guarantees
    (or to all senior indebtedness) and <I>pari passu </I>in right
    of payment with all existing and future Indebtedness of the
    Subsidiary Guarantors that is not so subordinated,
    (y)&#160;effectively senior to all unsecured Indebtedness of the
    Subsidiary Guarantors to the extent of the value of the
    Collateral and (z)&#160;effectively junior to any obligations of
    any Subsidiary Guarantor that are either (i)&#160;secured by a
    Lien on the Collateral that is senior or prior to the Liens
    securing the Subsidiary Guarantees, including the First Priority
    Liens securing obligations under the Revolving Credit Facility,
    and potentially any Permitted Liens or (ii)&#160;secured by
    assets that are not part of the Collateral, in each case, to the
    extent of the value of the assets securing such obligations.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of December&#160;31, 2009, the Company and the Subsidiary
    Guarantors had approximately $12.0&#160;million of Indebtedness
    outstanding secured by assets that are not part of the
    Collateral.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Notes and the Subsidiary Guarantees are
    structurally subordinated to all existing and future liabilities
    of our Subsidiaries that do not guarantee the Notes. As of
    December&#160;31, 2009, our non-guarantor Subsidiaries had
    approximately $5.3&#160;million of liabilities (excluding
    intercompany obligations) in the aggregate.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Security</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes and the Subsidiary Guarantees are secured by
    substantially all of the assets of the Company and the
    Subsidiary Guarantors (other than the Excluded Property (as
    defined herein)), which is referred to herein as the Collateral.
    The Collateral initially consisted of the First Priority
    Collateral, as to which holders of First Priority Obligations
    (which, as of the Issue Date, consisted of obligations under the
    Revolving Credit Facility) had a first-priority security
    interest and the Holders of the Notes and holders of any future
    Other Pari Passu Lien Obligations will have a second-priority
    security interest (subject to Permitted Liens). The Revolving
    Credit Facility currently provides the Company the option of
    having all or a portion of the collateral
</DIV>
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    <BR>
    44
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    thereunder released and replaced with cash collateral. In the
    event any First Priority Collateral is so released, the Holders
    of the Notes and holders of any future Other Pari Passu Lien
    Obligations will have a first-priority security interest in such
    Collateral (subject to Permitted Liens), unless and until the
    Company incurs any other First Priority Obligations secured by
    such Collateral on a first-priority basis.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company and the Subsidiary Guarantors are able to incur
    additional Indebtedness in the future which could share in all
    or part of the Collateral. The amount of all such additional
    Indebtedness is limited by the covenants disclosed under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Liens&#148; and
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Additional
    Indebtedness&#148; below. Under certain circumstances the amount
    of such additional secured Indebtedness could be significant.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mortgages are in place on only some of the real property
    securing the notes. We expect that some of our properties will
    continue to be unencumbered by a mortgage as of the closing date
    of the exchange offer. We have agreed in the Indenture to grant
    mortgages as soon as commercially reasonable following the Issue
    Date. See &#147;Description of the Notes&#160;&#151;
    Security&#160;&#151; Further Assurances&#148; below and
    &#147;Risk Factors&#160;&#151; Risks Related to the Notes and
    the Offering&#160;&#151; Mortgages are in place on only some of
    the real property securing the notes. We expect that some of our
    properties will continue to be unencumbered by a mortgage as of
    the closing date of the exchange offer. Any issues that we are
    not able to resolve in connection with the issuance of such
    mortgages may impact the value of the collateral. Delivery of
    such mortgages after the issue date of the original notes
    increases the risk that the liens granted by those mortgages
    could be avoided. In addition, the holders of the notes will not
    have the benefit of title insurance with respect to all of the
    real property collateral.&#148;
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Collateral</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Collateral has been pledged as collateral to the Notes
    Collateral Agent for the benefit of the Trustee, the Notes
    Collateral Agent and the Holders of the Notes. The Notes and
    Subsidiary Guarantees are secured by second-priority security
    interests in the First Priority Collateral and first-priority
    security interests in the Notes Collateral, in each case subject
    to certain Permitted Liens and encumbrances described in the
    Security Documents. The Collateral generally consists of the
    following assets of the Company and the Subsidiary Guarantors,
    in each case other than assets that constitute Excluded Property:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real properties owned by the Company and the Subsidiary
    Guarantors;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all accounts;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all inventory and equipment;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all patents, trademarks and copyrights;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all general intangibles, instruments, books and records and
    supporting obligations related to the foregoing and proceeds of
    the foregoing;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    substantially all of the other tangible and intangible assets of
    the Company and the Subsidiary Guarantors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the Issue Date, owned real properties with an aggregate
    Book Value as of September&#160;30, 2009 of approximately
    $390&#160;million are included in the collateral securing the
    Revolving Credit Facility.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as provided in the Intercreditor Agreement, Holders will
    not be able to take any enforcement action with respect to the
    First Priority Collateral so long as any First Priority
    Obligations are outstanding.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As set out in more detail below, upon an enforcement event or
    insolvency proceeding, proceeds from the First Priority
    Collateral will be applied first to satisfy First Priority
    Obligations and then to satisfy obligations on the Notes. In
    addition, the Indenture permits the Company and the Subsidiary
    Guarantors to create additional Liens under specified
    circumstances, including certain additional senior Liens on the
    First Priority Collateral. See the definition of &#147;Permitted
    Liens.&#148;
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">After-Acquired
    Property</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If property (other than Excluded Property) is acquired by the
    Company or a Subsidiary Guarantor that is not automatically
    subject to a perfected security interest under the Security
    Documents or a Restricted
</DIV>
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    45
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subsidiary becomes a Subsidiary Guarantor, or property that was
    Excluded Property ceases to be Excluded Property, then the
    Company or such Subsidiary Guarantor will, as soon as practical
    (but in any event within 60&#160;days) after such
    property&#146;s acquisition or it no longer being Excluded
    Property, provide security over such property (or, in the case
    of a new Subsidiary Guarantor, all of its assets except Excluded
    Property) in favor of the Notes Collateral Agent and deliver
    certain certificates and opinions in respect thereof as required
    by the Indenture or the Security Documents; <I>provided </I>that
    the failure to deliver mortgages (and related documents) with
    respect to any real property within any such
    <FONT style="white-space: nowrap">60-day</FONT>
    period shall not constitute a default under the Indenture until
    such time as the aggregate Book Value of real properties for
    which mortgages (and related documents) have not been delivered
    within such
    <FONT style="white-space: nowrap">60-day</FONT>
    periods (and remain undelivered at the time of determination)
    exceeds $25.0&#160;million.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    Regarding Collateral</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company will furnish to the Trustee and the Notes Collateral
    Agent, with respect to the Company or any Subsidiary Guarantor,
    written notice of any change (within 10&#160;days following such
    change) in such Person&#146;s (i)&#160;legal name,
    (ii)&#160;jurisdiction of organization or formation,
    (iii)&#160;identity or corporate structure or
    (iv)&#160;organizational identification number. The Company also
    agrees promptly to notify the Notes Collateral Agent if any
    material portion of the Collateral is damaged, destroyed or
    condemned.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On or prior to December 31 of each year, the Company shall
    deliver to the Trustee a certificate of an authorized officer
    setting forth the information required pursuant to the schedules
    required by the Security Documents or confirming that there has
    been no change in such information since the date of the prior
    certificate.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Further
    Assurances</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company and the Subsidiary Guarantors shall execute any and
    all further documents, financing statements, agreements and
    instruments, and take all further action that may be required
    under applicable law, or that the Notes Collateral Agent may
    reasonably request, in order to grant, preserve, protect and
    perfect the validity and priority of the security interests and
    Liens created or intended to be created by the Security
    Documents in the Collateral unless such actions are not required
    by the Security Documents. Such security interests and Liens
    will be created under the Security Documents and other security
    agreements, mortgages, deeds of trust and other instruments and
    documents in form and substance reasonably satisfactory to the
    Trustee, and the Company shall deliver or cause to be delivered
    to Trustee all such instruments and documents (including
    certificates, legal opinions and lien searches) as the Trustee
    shall reasonably request to evidence compliance with this
    covenant; <I>provided </I>that with respect to any real property
    Collateral that secures First Priority Obligations, (x)&#160;the
    Company and the Subsidiary Guarantors shall not be required to
    deliver or cause to be delivered any such instruments and
    documents to the extent not required to be delivered to the
    applicable First Priority Collateral Agent for the benefit of
    the First Priority Secured Parties, (y)&#160;to the extent any
    title insurance policies are delivered to the applicable First
    Priority Collateral Agent with respect to any real property
    Collateral, the Company and the Subsidiary Guarantors may
    deliver title insurance policies to the Notes Collateral Agent
    in respect of such real property Collateral in an aggregate
    amount of coverage limited to the aggregate principal amount of
    the Notes, which amount of coverage may be allocated
    proportionately among the properties comprising such real
    property Collateral according to the respective individual
    values of such real properties (or the Company and the
    Subsidiary Guarantors may deliver other title insurance coverage
    pursuant to other arrangements that would be commercially
    reasonable under the circumstances taking into account the costs
    associated therewith and the benefits afforded thereby,
    including pursuant to all <I>pro tanto </I>endorsements and
    similar arrangements), and (z)&#160;to the extent a survey is
    delivered to the applicable First Priority Collateral Agent with
    respect to any real property Collateral, the Company and the
    Subsidiary Guarantors may deliver a copy of such survey to the
    Notes Collateral Agent and will otherwise use commercially
    reasonable efforts to ensure that the title insurance policy
    issued to the Notes Collateral Agent with respect to such real
    property contains substantially the same survey coverage as that
    provided to such First Priority Collateral Agent under its title
    insurance policy relating to such real property; and
    <I>provided, further</I>, that with respect to any real property
    Collateral that does not secure any First Priority Obligations,
    the Company and the Subsidiary Guarantors shall be required to
    deliver or cause to be delivered to the Notes Collateral Agent a
    mortgage, deed of trust or similar instrument with respect to
    such property but shall not be
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    required to deliver or cause to be delivered any title insurance
    policies, surveys, appraisals or environmental reports relating
    thereto.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding anything to the contrary set forth in the
    preceding paragraph or elsewhere in the Indenture or any
    Security Document, at the sole cost of the Company (including
    recording and title company charges and fees):
    (i)&#160;mortgages (and any related Security Documents) required
    to be granted pursuant to the preceding paragraph on the Issue
    Date (x)&#160;with respect to real property that is securing
    First Priority Obligations under the Revolving Credit Facility
    on the Issue Date (which has an aggregate Book Value as of
    September&#160;30, 2009 of approximately $390&#160;million),
    shall be granted as soon as commercially reasonable following
    the Issue Date, but in no event (with respect to real property
    constituting at least 80% of all such real property, based on
    the Book Value thereof) later than 60&#160;days following the
    Issue Date and (y)&#160;with respect to any real property that
    is not securing First Priority Obligations under the Revolving
    Credit Facility on the Issue Date (which, together with the real
    property under clause (x), has an aggregate Book Value as of
    September&#160;30, 2009 of approximately $390&#160;million),
    shall be granted as soon as commercially reasonable following
    the Issue Date, but in no event (with respect to real property
    constituting at least 80% of all such real property, based on
    the Book Value thereof) later than 90&#160;days following the
    Issue Date, in each such case, as such date may be extended by
    up to 60&#160;days by the First Priority Collateral Agent with
    respect to the Revolving Credit Facility in its sole reasonable
    discretion and (ii)&#160;the Company and the Subsidiary
    Guarantors shall not be required to execute or deliver any
    control agreements with respect to any deposit account or
    securities account.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Security
    Documents and Certain Related Intercreditor
    Provisions</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company, the Subsidiary Guarantors, the Notes Collateral
    Agent <FONT style="white-space: nowrap">and/or</FONT>
    the Trustee have entered into one or more Security Documents
    creating and establishing the terms of the security interests
    and Liens that secure the Notes and the Subsidiary Guarantees.
    These security interests and Liens secure the payment and
    performance when due of all of the Obligations of the Company
    and the Subsidiary Guarantors under the Notes, the Indenture,
    the Subsidiary Guarantees and the Security Documents, as
    provided in the Security Documents. The attachment and
    perfection of all security interests in all non-real property
    Collateral was completed on or prior to the Issue Date. The
    First Priority Collateral Agents and holders of First Priority
    Obligations secured by First Priority Collateral are referred to
    collectively as &#147;First Priority Secured Parties.&#148; The
    Trustee, Notes Collateral Agent, each Holder, each other holder
    of, or obligee in respect of, any Obligations in respect of the
    Notes outstanding at such time are referred to collectively as
    the &#147;Noteholder Secured Parties.&#148; The Obligations in
    respect of the Notes constitute claims separate and apart from
    (and of a different class from) the First Priority Obligations
    and are junior to the First Priority Liens with respect to the
    First Priority Collateral. In certain states, mortgages may be
    granted solely to a single collateral agent, which will hold
    such mortgages for the benefit of the holders of the First
    Priority Liens and the Second Priority Liens.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Intercreditor
    Agreement</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;11, 2009, the Company, the Subsidiary
    Guarantors, the Notes Collateral Agent and the First Priority
    Collateral Agent with respect to the Revolving Credit Facility
    entered into the Intercreditor Agreement. Although the Holders
    of the Notes and the holders of First Priority Obligations are
    not party to the Intercreditor Agreement, by their acceptance of
    the Notes and First Priority Obligations, respectively, they
    will each agree to be bound thereby. The Indenture provides that
    the Intercreditor Agreement may be amended from time to time
    without the consent of the Holders or the holders of First
    Priority Obligations to add other parties holding Other Pari
    Passu Lien Obligations or other First Priority Obligations, in
    each case to the extent permitted to be incurred under the
    Indenture and other applicable agreements. See &#147;Description
    of the Notes&#160;&#151; Amendment, Supplement and Waiver.&#148;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate amount of the obligations secured by the First
    Priority Collateral may, subject to the limitations set forth in
    the Indenture, be increased. A portion of the obligations
    secured by the First Priority Collateral consists or may consist
    of Indebtedness that is revolving in nature, and the amount
    thereof that may be outstanding at any time or from time to time
    may be increased or reduced and subsequently reborrowed and such
    obligations may, subject to the limitations set forth in the
    Indenture, be increased, extended, renewed,
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    replaced, restated, supplemented, restructured, repaid,
    refunded, refinanced or otherwise amended or modified from time
    to time, all without affecting the subordination of the Liens
    held by the Noteholder Secured Parties (relative to those of the
    First Priority Secured Parties) or the provisions of the
    Intercreditor Agreement defining the relative rights of the
    parties thereto. The Lien priorities provided for in the
    Intercreditor Agreement shall not be altered or otherwise
    affected by any amendment, modification, supplement, extension,
    increase, replacement, renewal, restatement or refinancing of
    either the obligations secured by the First Priority Collateral
    or the obligations secured by the Notes Collateral, by the
    release of any Collateral or of any guarantees securing any
    secured obligations or by any action that any representative or
    secured party may take or fail to take in respect of any
    Collateral. Notwithstanding any failure by any first priority
    secured party or noteholder secured party to perfect its
    security interests in the Collateral or any avoidance,
    invalidation or subordination by any third party or court of
    competent jurisdiction of the security interests in the
    Collateral granted to the First Priority Secured Parties or the
    Noteholder Secured Parties, the priority and rights with respect
    to the Collateral as between the First Priority Secured Parties
    and the Noteholder Secured Parties, as among the First Priority
    Secured Parties and as between the Noteholder Secured Parties
    and the holders of Other Pari Passu Lien Obligations, are, in
    each case, set forth in the Intercreditor Agreement.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Security Document contains a provision that the Liens
    created thereby and the exercise of rights and remedies
    thereunder are subject to the provisions of the Intercreditor
    Agreement and, in the event of any conflict between the terms of
    the Intercreditor Agreement and the terms of such Security
    Document, the terms of the Intercreditor Agreement shall govern
    and control.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All rights, interests, agreements and obligations of the First
    Priority Collateral Agents and the Notes Collateral Agent,
    respectively, under the Intercreditor Agreement shall remain in
    full force and effect irrespective of: (i)&#160;any lack of
    validity or enforceability of any First Priority Documents or
    any operative agreement evidencing or governing the obligations
    that are secured by Second Priority Liens; (ii)&#160;except as
    otherwise expressly set forth in the Intercreditor Agreement,
    any change in the time, manner or place of payment of, or in any
    other terms of, all or any of the First Priority Obligations or
    the obligations that are secured by Second Priority Liens, or
    any amendment or waiver or other modification, including any
    increase in the amount thereof, whether by course of conduct or
    otherwise, of the terms of any First Priority Document or any
    operative agreement evidencing or governing the obligations that
    are secured by Second Priority Liens; (iii)&#160;except as
    otherwise expressly set forth in the Intercreditor Agreement,
    any exchange, release, avoidance, invalidation, subordination or
    non-perfection of any security interest in any Collateral, or
    any amendment, waiver or other modification, whether in writing
    or by course of conduct or otherwise, of all or any of the First
    Priority Obligations or the obligations that are secured by
    Second Priority Liens or any guaranty thereof; (iv)&#160;the
    commencement of any insolvency or liquidation proceeding in
    respect of the Company or any Subsidiary Guarantor; or
    (v)&#160;any other circumstances which otherwise might
    constitute a defense available to, or a discharge of, the
    Company or any Subsidiary Guarantor.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Control
    Over Collateral and Enforcement of Liens</FONT></I>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the terms of the Intercreditor Agreement, prior to
    the Discharge of First Priority Obligations with respect to any
    First Priority Collateral, the applicable First Priority
    Collateral Agent has the exclusive right to control the time and
    method by which the security interests in such First Priority
    Collateral are enforced, including, without limitation,
    following the occurrence of an Event of Default under the
    Indenture. Prior to the Discharge of First Priority Obligations
    with respect to any First Priority Collateral, the Noteholder
    Secured Parties are not permitted to enforce their security
    interests in such First Priority Collateral even if any Event of
    Default under the Indenture has occurred and the Notes have been
    accelerated except (a)&#160;in any insolvency or liquidation
    proceeding, solely as necessary to file a proof of claim or
    statement of interest or, subject to the terms of the
    Intercreditor Agreement, protect their security interests with
    respect to the Obligations under the Notes and Subsidiary
    Guarantees or (b)&#160;certain protective actions in order to
    prove, preserve, perfect or protect (but not enforce) their
    security interests and rights in, and the perfection and
    priority of their Liens on, such First Priority Collateral.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any proceeds from any First Priority Collateral received in any
    insolvency or liquidation proceeding or pursuant to any
    enforcement of remedies against the First Priority Collateral
    shall be applied to repay the applicable First Priority
    Obligations in full (including any post-petition interest
    thereon and a requirement to
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    cash collateralize letters of credit at up to 105% of the face
    amount thereof) until the Discharge of First Priority
    Obligations has occurred prior to being applied to the repayment
    of any Obligations owing to the Noteholder Secured Parties and
    the holders of the Other Pari Passu Lien Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After the Discharge of First Priority Obligations with respect
    to any First Priority Collateral, the Notes Collateral Agent
    will distribute all cash proceeds (after payment of the costs of
    enforcement and collateral administration, including any amounts
    owed to the Trustee in its capacity as Trustee or the Notes
    Collateral Agent in its capacity as Notes Collateral Agent) of
    such First Priority Collateral received by it under the Security
    Documents first, for the ratable benefit of the Noteholder
    Secured Parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the Collateral was not appraised in connection with the
    issuance of the Notes. The aggregate book value of the real
    property included as Collateral as of September&#160;30, 2009
    was approximately $390&#160;million, which does not include the
    impact of inventory investments, home deliveries or impairments
    thereafter. The fair market value of the Collateral is subject
    to fluctuations based on factors that include, among others, the
    condition of the homebuilding industry, our ability to implement
    our business strategy, the ability to sell the Collateral in an
    orderly sale, general economic conditions, the availability of
    buyers and similar factors. The amount to be received upon a
    sale of the Collateral would be dependent on numerous factors,
    including but not limited to the actual fair market value of the
    Collateral at such time and the timing and the manner of the
    sale. By its nature, portions of the Collateral may be illiquid
    and may have no readily ascertainable market value. Likewise,
    there can be no assurance that the Collateral is saleable, or,
    if saleable, that there will not be substantial delays in its
    liquidation. In the event of a foreclosure, liquidation,
    bankruptcy or similar proceeding, the proceeds from any sale or
    liquidation of the Collateral may not be sufficient to pay our
    Obligations under the Notes. In addition, the fact that the
    First Priority Secured Parties will receive proceeds from
    enforcement of the First Priority Collateral before Noteholder
    Secured Parties, and that other Persons may have first priority
    Liens in respect of assets subject to Permitted Liens, could
    have a material adverse effect on the amount that would be
    realized upon a liquidation of the Collateral. Accordingly,
    proceeds of any sale of the Collateral pursuant to the Indenture
    and the related Security Documents following an Event of Default
    may not be sufficient to satisfy, and may be substantially less
    than, amounts due under the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the proceeds of the Collateral were not sufficient to repay
    all amounts due on the Notes, the Holders of the Notes (to the
    extent not repaid from the proceeds of the sale of the
    Collateral) would have only an unsecured claim against the
    remaining assets of the Company and the Subsidiary Guarantors.
    To the extent that Liens (including Permitted Liens), rights or
    easements granted to third parties encumber assets located on
    property owned by the Company or the Subsidiary Guarantors,
    including the Collateral, such third parties may exercise rights
    and remedies with respect to the property subject to such Liens
    that could adversely affect the value of the Collateral and the
    ability of the Notes Collateral Agent, the Trustee or the
    Holders of the Notes to realize or foreclose on Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Intercreditor Agreement provides that, as between collateral
    agents in whose favor equal priority Liens have been granted on
    the applicable Collateral for the benefit of holders of
    different series of Indebtedness (e.g., the Notes Collateral
    Agent and the collateral agent for any Other Pari Passu Lien
    Obligations as to their respective Liens on the Notes
    Collateral), the &#147;Applicable Authorized
    Representative&#148; has the right to direct foreclosures and
    take other actions with respect to the applicable Collateral and
    the other collateral agent has no right to take actions with
    respect to such Collateral. The Applicable Authorized
    Representative shall be the collateral agent representing the
    series of Indebtedness with the greatest outstanding aggregate
    principal amount.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">No Duties
    of First Priority Collateral Agent</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Intercreditor Agreement provides that no first priority
    secured party will generally have any duties or other
    obligations to any noteholder secured party with respect to the
    First Priority Collateral, other than, with respect to a First
    Priority Collateral Agent, serving as gratuitous bailee for the
    benefit of the Notes Collateral Agent with respect to certain
    First Priority Collateral to the extent that possession or
    control thereof is taken to perfect a Lien thereon. The duties
    or responsibilities of First Priority Collateral Agents shall be
    limited solely to holding such Collateral as bailee and
    delivering such Collateral to the Notes Collateral Agent upon a
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Discharge of First Priority Obligations. No First Priority
    Collateral Agent shall, by reason of so acting, have a fiduciary
    relationship in respect of the Notes Collateral Agent or any
    other noteholder secured party. In addition, the Intercreditor
    Agreement further provides that, until the Discharge of First
    Priority Obligations with respect to any First Priority
    Collateral, the applicable First Priority Collateral Agent is
    entitled, for the benefit of the applicable First Priority
    Secured Parties, to sell, transfer or otherwise dispose of or
    deal with such First Priority Collateral without regard to any
    security interest that are junior relative to those of the
    applicable First Priority Secured Parties therein or any rights
    to which any noteholder secured party would otherwise be
    entitled as a result of such junior-priority security interest.
    Without limiting the foregoing, the Notes Collateral Agent has
    agreed in the Intercreditor Agreement that no first priority
    secured party will have any duty or obligation first to marshal
    or realize upon the First Priority Collateral, or to sell,
    dispose of or otherwise liquidate all or any portion of the
    First Priority Collateral, in any manner that would maximize the
    return to the Noteholder Secured Parties, notwithstanding that
    the order and timing of any such realization, sale, disposition
    or liquidation may affect the amount of proceeds actually
    received by the Noteholder Secured Parties from such
    realization, sale, disposition or liquidation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for the Noteholder Secured Parties, that the
    Noteholder Secured Parties will waive any claim that may be had
    against any first priority secured party arising out of
    (i)&#160;any actions which any first priority secured party
    takes or omits to take (including, actions with respect to the
    creation, perfection or continuation of Liens on any First
    Priority Collateral, actions with respect to the foreclosure
    upon, sale, release or depreciation of, or failure to realize
    upon, any of the First Priority Collateral and actions with
    respect to the collection of any claim for all or any part of
    the First Priority Obligations from any account debtor,
    guarantor or any other party) or the valuation, use, protection
    or release of any security for such First Priority Obligations,
    (ii)&#160;any election by any first priority secured party, in
    any proceeding instituted under Title&#160;11 of the United
    States Code (the &#147;Bankruptcy Code&#148;) of the application
    of Section&#160;1111(b) of the Bankruptcy Code or (iii)&#160;any
    borrowing of, or grant of a security interest or administrative
    expense priority under Sections&#160;363 and 364 of the
    Bankruptcy Code to the Company or any of its Subsidiaries as
    <FONT style="white-space: nowrap">debtors-in-possession.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">No
    Interference; Payment Over; Reinstatement</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for the Noteholder Secured Parties, that prior to the
    Discharge of First Priority Obligations with respect to any
    First Priority Collateral:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not challenge or question in any proceeding the validity
    or enforceability of any first priority security interest in
    such First Priority Collateral, the validity, attachment,
    perfection or priority of any Lien held by any applicable first
    priority secured party, or the validity or enforceability of the
    priorities, rights or duties established by or other provisions
    of the Intercreditor Agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not take or cause to be taken any action the purpose or
    intent of which is, or could be, to interfere, hinder or delay,
    in any manner, whether by judicial proceedings or otherwise, any
    sale, transfer or other disposition of such First Priority
    Collateral by any applicable first priority secured party;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will have no right to (A)&#160;direct any first priority
    secured party to exercise any right, remedy or power with
    respect to such First Priority Collateral or (B)&#160;consent to
    the exercise by any first priority secured party of any right,
    remedy or power with respect to such First Priority Collateral;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not institute any suit or assert in any suit,
    bankruptcy, insolvency or other proceeding any claim against any
    first priority secured party seeking damages from or other
    relief by way of specific performance, instructions or otherwise
    with respect to, and no first priority secured party will be
    liable for, any action taken or omitted to be taken by any first
    priority secured party with respect to such First Priority
    Collateral in accordance with the terms of the Intercreditor
    Agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not object to any waiver or forbearance by the
    applicable First Priority Collateral Agent from or in respect of
    bringing or pursuing any foreclosure proceeding or action or any
    other exercise of any rights or remedies relating to such First
    Priority Collateral;
</TD>
</TR>

</TABLE>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not seek, and will waive any right, to have such First
    Priority Collateral or any part thereof marshaled upon any
    foreclosure or other disposition of such First Priority
    Collateral;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not attempt, directly or indirectly, whether by judicial
    proceedings or otherwise, to challenge the enforceability of any
    provision of the Intercreditor Agreement;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>provided, </I>that nothing in the Intercreditor Agreement
    shall be deemed to waive any rights granted under applicable law
    that the Notes Collateral Agent may have on behalf of the
    holders of the Notes to a commercially reasonable disposition of
    the Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any first priority secured party is required in any
    insolvency or liquidation proceeding or otherwise to turn over
    or otherwise pay to the estate of the Company or any Subsidiary
    Guarantor (or any trustee, receiver or similar person therefor),
    because the payment of such amount was declared to be fraudulent
    or preferential in any respect or for any other reason (any such
    amount, a &#147;Recovery&#148;), whether received as proceeds of
    security, enforcement of any right of setoff or otherwise, then
    as among the parties to the Intercreditor Agreement, the
    applicable First Priority Obligations shall be deemed to be
    reinstated to the extent of such Recovery and to be outstanding
    as if such payment had not occurred and such holder of First
    Priority Obligations shall be entitled to a reinstatement of
    First Priority Obligations with respect to all such recovered
    amounts and shall have all rights under the Intercreditor
    Agreement. If the Intercreditor Agreement was terminated (in
    whole or in part) prior to such Recovery, the Intercreditor
    Agreement shall be reinstated in full force and effect, and such
    prior termination shall not diminish, release, discharge, impair
    or otherwise affect the obligations of the parties thereto. Any
    First Priority Collateral received by a noteholder secured party
    prior to the time of such Recovery shall be deemed to have been
    received prior to the Discharge of First Priority Obligations
    with respect to such First Priority Collateral and subject to
    the provisions of the immediately following paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for the Noteholder Secured Parties that if any
    noteholder secured party obtains possession of the First
    Priority Collateral or realizes any proceeds or payment in
    respect of the First Priority Collateral, pursuant to any
    Security Document or by the exercise of any rights available to
    it under applicable law or in any bankruptcy, insolvency or
    similar proceeding or through any other exercise of remedies, at
    any time prior to the Discharge of First Priority Obligations
    with respect to such First Priority Collateral, then it will
    hold such First Priority Collateral, proceeds or payment in
    trust for the applicable First Priority Secured Parties and
    transfer such First Priority Collateral, proceeds or payment, as
    the case may be, to the applicable First Priority Collateral
    Agent. The Notes Collateral Agent has further agreed in the
    Intercreditor Agreement for the Noteholder Secured Parties that
    if, at any time, all or part of any payment with respect to any
    First Priority Obligations secured by any First Priority
    Collateral previously made shall be Recovered from a first
    priority secured party, then the Notes Collateral Agent will
    promptly pay over to the applicable First Priority Collateral
    Agent any payment received by it (and not otherwise Recovered
    from it) in respect of any such First Priority Collateral and
    shall promptly turn any such First Priority Collateral then held
    by it over to the applicable First Priority Collateral Agent,
    and the provisions set forth in the Intercreditor Agreement will
    be reinstated as if such payment had not been made, until the
    Discharge of First Priority Obligations with respect to such
    First Priority Collateral; <I>provided</I>, that in order to
    exercise its rights under this provision, the First Priority
    Collateral Agent shall have first defended itself and the
    holders of the First Priority Obligations against any such
    Recovery actions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Agreements
    With Respect to Bankruptcy or Insolvency Proceedings</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any First Priority Collateral Agent consents to financing
    (&#147;DIP Financing&#148;) to be provided by one or more
    lenders (the &#147;DIP Lenders&#148;) under Section&#160;364 of
    the Bankruptcy Code which is to be secured by any First Priority
    Collateral or the use of cash collateral representing proceeds
    of First Priority Collateral under Section&#160;363 of the
    Bankruptcy Code, the Notes Collateral Agent has agreed in the
    Intercreditor Agreement for the Noteholder Secured Parties, that
    it will raise no objection to any such financing or to the Liens
    on such First Priority Collateral securing the same (&#147;DIP
    Financing Liens&#148;) or to any use of cash collateral that
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    constitutes First Priority Collateral, unless such DIP
    Financing, DIP Financing Liens or use of cash collateral is not
    permitted under the applicable First Priority Documents so long
    as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;either (x)&#160;all DIP Financing Liens are senior to,
    or rank <I>pari passu </I>with, the Liens of the applicable
    First Priority Secured Parties in such First Priority Collateral
    (in which case, the Notes Collateral Agent will agree for the
    Noteholder Secured Parties, to subordinate the Liens of the
    Noteholder Secured Parties in such First Priority Collateral to
    the First Priority Liens in such First Priority Collateral and
    the DIP Financing Liens) or (y)&#160;the Liens of the Notes
    Collateral Agent are not subordinated to such DIP Financing
    Liens;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the Noteholder Secured Parties retain liens on all
    such First Priority Collateral, including proceeds thereof
    arising after the commencement of such proceeding, with the same
    priority as existed prior to the commencement of the case under
    the Bankruptcy Code, subject to any super-priority ranking of
    liens in favor of the DIP Lenders as provided above and any
    &#147;carve out&#148; for administrative expenses agreed to by
    the applicable First Priority Collateral Agent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the terms of such DIP Financing or use of cash
    collateral do not require the Company or any Subsidiary
    Guarantor to seek approval for any plan of reorganization that
    is a Non-Conforming Plan of Reorganization;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;the terms of such DIP Financing do not require any
    Noteholder Secured Parties to extend additional credit or incur
    any monetary obligations in connection with such DIP Financing
    without the consent of such Noteholder Secured Parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nothing in the Indenture or the Intercreditor Agreement is
    deemed to preclude the Noteholder Secured Parties (or any of
    them) from offering competing DIP Financing secured by Liens
    subordinate to the First Priority Liens.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for each of the Noteholder Secured Parties that they
    will:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;not object to or oppose a sale or other disposition of
    any First Priority Collateral (or any portion thereof) under
    Section&#160;363 of the Bankruptcy Code if the applicable First
    Priority Secured Parties shall have consented to such sale or
    disposition of such First Priority Collateral and the proceeds
    of such sale or disposition are applied in accordance with the
    Intercreditor Agreement. Notwithstanding the foregoing, the
    Intercreditor Agreement shall not be construed to prohibit the
    Noteholder Secured Parties from exercising a credit bid under
    Section&#160;363(k) of the Bankruptcy Code in a sale or other
    disposition of any First Priority Collateral under
    Section&#160;363 of the Bankruptcy Code; <I>provided </I>that in
    connection with and immediately after giving effect to any such
    sale pursuant to such credit bid under Section&#160;363(k) of
    the Bankruptcy Code there occurs a Discharge of First Priority
    Obligations with respect to such First Priority Collateral;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;not object to or otherwise contest (or support any
    other Person contesting), any motion for relief from the
    automatic stay or from any injunction against foreclosure or
    enforcement in respect of any First Priority Collateral made by
    the applicable First Priority Secured Parties;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;until the Discharge of First Priority Obligations
    with respect to any First Priority Collateral, not seek (or
    support any other Person seeking) relief from the automatic stay
    or any other stay in any insolvency or liquidation proceeding in
    respect of such First Priority Collateral, without the prior
    written consent of the applicable First Priority Collateral
    Agent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;not object to, or otherwise contest (or support any
    Person contesting), (a)&#160;any request by any of the First
    Priority Secured Parties for adequate protection on account of
    any applicable First Priority Collateral or (b)&#160;any
    objection by any of the First Priority Secured Parties to any
    motion, relief, action or proceeding based on the applicable
    First Priority Collateral Agent&#146;s or such holder of First
    Priority Obligations&#146; claiming a lack of adequate
    protection with respect to such First Priority Collateral;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;until the Discharge of First Priority Obligations with
    respect to any First Priority Collateral, not assert or enforce
    (or support any Person asserting or enforcing) any claim under
    Section&#160;506(c) of the Bankruptcy Code senior to or <I>pari
    passu </I>with the Liens on such First Priority Collateral
    securing the applicable First Priority Obligations for costs or
    expenses of preserving or disposing any such First Priority
    Collateral;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;not oppose or otherwise contest (or support any other
    Person contesting) any lawful exercise by the First Priority
    Secured Parties of the right to credit bid under
    Section&#160;363(k) of the Bankruptcy Code at any sale of First
    Priority Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, no noteholder secured party will file or prosecute
    in any insolvency or liquidation proceeding any motion for
    adequate protection (or any comparable request for relief) based
    upon its respective security interests in any First Priority
    Collateral, except that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;any of them may freely seek and obtain adequate
    protection of their interests that is junior to the protection
    provided to the First Priority Obligations, including relief
    granting a junior Lien co-extensive in all respects with, but
    subordinated to, all Liens granted in the insolvency or
    liquidation proceeding to, or for the benefit of, the holders of
    the applicable First Priority Obligations on the same basis as
    Second Priority Liens under the Intercreditor Agreement (and the
    Intercreditor Agreement provides that the applicable First
    Priority Secured Parties will not object to the granting of such
    junior Lien);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;any of them may freely seek and obtain any relief upon
    a motion for adequate protection (or any comparable relief),
    without any condition or restriction whatsoever, at any time
    after the Discharge of First Priority Obligations with respect
    to such First Priority Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without limiting the generality of any provisions of the
    Intercreditor Agreement, any vote to accept, and any other act
    to support the confirmation or approval of any Non-Conforming
    Plan of Reorganization shall be inconsistent with and,
    accordingly, a violation of the terms of the Intercreditor
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for the Noteholder Secured Parties that (a)&#160;the
    Noteholder Secured Parties&#146; claims against the Company and
    the Subsidiary Guarantors in respect of the First Priority
    Collateral constitute junior secured claims separate and apart
    (and of a different class) from the senior secured claims of the
    holders of First Priority Obligations against the Company and
    the Subsidiary Guarantors in respect of the First Priority
    Collateral, (b)&#160;the First Priority Obligations include all
    interest that accrues after the commencement of any insolvency
    or liquidation proceeding of the Company or any Subsidiary
    Guarantor at the rate provided for in the applicable First
    Priority Documents, regardless of whether a claim for
    post-petition interest is allowed or allowable in any such
    insolvency or liquidation proceeding and (c)&#160;the
    Intercreditor Agreement constitutes a &#147;subordination
    agreement&#148; under Section&#160;510 of the Bankruptcy Code.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Insurance</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until written notice by the applicable First Priority Collateral
    Agent to the Trustee that the Discharge of First Priority
    Obligations with respect to any First Priority Collateral has
    occurred, as between such First Priority Collateral Agent, on
    the one hand, and the Noteholder Secured Parties, on the other
    hand, only such First Priority Collateral Agent has the right
    (subject to the rights of the Company and the Subsidiary
    Guarantors under the applicable First Priority Documents) to
    adjust or settle any insurance policy or claim covering or
    constituting such First Priority Collateral in the event of any
    covered loss thereunder and to approve any award granted in any
    condemnation or similar proceeding affecting such First Priority
    Collateral. To the extent that an insured loss covers or
    constitutes both First Priority Collateral and Notes Collateral,
    then the applicable First Priority Collateral Agents and the
    Notes Collateral Agent will work jointly and in good faith to
    collect, adjust or settle (subject to the rights of the Company
    and the Subsidiary Guarantors under the applicable First
    Priority Documents and the Notes) under the relevant insurance
    policy.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Refinancings
    of the First Priority Obligations and the Notes</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The First Priority Obligations and the obligations under the
    Indenture and the Notes may be refinanced or replaced, in whole
    or in part, in each case, without notice to, or the consent
    (except to the extent a consent is otherwise required to permit
    the refinancing transaction under the applicable First Priority
    Documents, the Indenture or the Security Documents) of any first
    priority secured party or any noteholder secured party, all
    without affecting the Lien priorities provided for in the
    Intercreditor Agreement; <I>provided, however</I>, that the
    holders of any such refinancing or replacement Indebtedness (or
    an authorized agent or trustee on their behalf) bind themselves
    in writing to the terms of the Intercreditor Agreement pursuant
    to such documents or agreements (including amendments or
    supplements to the Intercreditor Agreement) as any First
    Priority Collateral Agent or Notes Collateral Agent, as the case
    may be, shall reasonably request and in form and substance
    reasonably acceptable to such First Priority Collateral Agent or
    Notes Collateral Agent, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if at any time in connection with or after the
    Discharge of First Priority Obligations with respect to any
    First Priority Collateral, the Company enters into any
    refinancing of the First Priority Obligations secured by such
    First Priority Collateral on a first-priority basis which
    qualifies as Permitted Liens under clause&#160;(xi) of the
    definition thereof, then such Discharge of First Priority
    Obligations shall automatically be deemed not to have occurred
    for all purposes of the Intercreditor Agreement and the
    Indenture, and the obligations under such refinancing shall
    automatically be treated as First Priority Obligations for all
    purposes of the Intercreditor Agreement, including for purposes
    of the Lien priorities and rights in respect of such First
    Priority Collateral set forth therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with any refinancing or replacement contemplated
    by the foregoing, the Intercreditor Agreement may be amended at
    the request and sole expense of the Company, and without the
    consent of any Holder of Notes, (a)&#160;to add parties (or any
    authorized agent or trustee therefor) providing any such
    refinancing or replacement Indebtedness in compliance with the
    applicable First Priority Documents and the Indenture,
    (b)&#160;to establish that Liens on any Notes Collateral
    securing such refinancing or replacement Indebtedness shall have
    the same priority (or junior priority) as the Liens on any Notes
    Collateral securing the Indebtedness being refinanced or
    replaced and (c)&#160;to establish that the Liens on any First
    Priority Collateral securing such refinancing or replacement
    indebtedness shall have the same priority (or junior priority)
    as the Liens on any First Priority Collateral securing the
    Indebtedness being refinanced or replaced, all on the terms
    provided for herein immediately prior to such refinancing or
    replacement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the terms of the Security Documents, the Company and
    the Subsidiary Guarantors have the right to remain in possession
    and retain exclusive control of the Collateral, to freely
    operate the Collateral and to collect, invest and dispose of any
    income therefrom. See &#147;Risk Factors&#160;&#151; Risks
    Related to the Notes and the Offering&#160;&#151; We have
    control over most of the collateral, and the sale of particular
    assets by us could reduce the pool of assets securing the notes
    and the guarantees.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Release
    of Collateral</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company and the Subsidiary Guarantors are entitled to the
    releases of property and other assets included in the Collateral
    from the Liens securing the Notes under any one or more of the
    following circumstances:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to enable the disposition of such property or assets to the
    extent not prohibited under the covenant described under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitation on Asset Sales;&#148;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of a Subsidiary Guarantor that is released from its
    Subsidiary Guarantee, the release of the property and assets of
    such Subsidiary Guarantor;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as described under &#147;Description of the Notes&#160;&#151;
    Amendment, Supplement and Waiver&#148; below.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, with respect to any First Priority Collateral, and
    notwithstanding the existence of any Event of Default but
    subject to the Intercreditor Agreement, the second priority lien
    on such First Priority Collateral securing the Notes shall also
    terminate and be released automatically to the extent the First
    Priority Liens on
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    such First Priority Collateral are released by the applicable
    First Priority Collateral Agent in connection with the
    foreclosure of, or other disposition in connection with the
    exercise of remedies with respect to, such First Priority
    Collateral by such First Priority Collateral Agent (except with
    respect to any proceeds of such sale, transfer or disposition
    that remain after satisfaction in full of the applicable First
    Priority Obligations). The Notes Collateral Agent shall, at no
    cost to the Notes Collateral Agent, promptly execute and deliver
    such release documents and instruments and shall take such
    further actions as any First Priority Collateral Agent shall
    reasonably request to evidence any release of the second
    priority lien as described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The security interests in all Collateral securing the Notes and
    Subsidiary Guarantees also will be released upon
    (i)&#160;payment in full of the principal of, together with
    accrued and unpaid interest on, the Notes and all other
    Obligations under the Indenture, the Subsidiary Guarantees and
    the Security Documents that are due and payable at or prior to
    the time such principal, together with accrued and unpaid
    interest, are paid or (ii)&#160;a legal defeasance or covenant
    defeasance under the Indenture or a discharge of the Indenture,
    in each case as described under &#147;Description of the
    Notes&#160;&#151; Discharge and Defeasance of Indenture.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Compliance
    with Trust&#160;Indenture Act</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will comply with the
    provisions of the Trust&#160;Indenture Act (the &#147;TIA&#148;)
    &#167;&#160;314 to the extent applicable. To the extent
    applicable, the Company will cause TIA &#167;&#160;313(b),
    relating to reports, TIA &#167;&#160;314(b), relating to
    opinions, and TIA &#167;&#160;314(d), relating to the release of
    property or securities subject to the Lien of the Security
    Documents, to be complied with. Any certificate or opinion
    required by TIA &#167;&#160;314(d) shall be made by an officer
    or legal counsel, as applicable, of the Company except in cases
    where TIA &#167;&#160;314(d) requires that such certificate or
    opinion be made by an independent Person, which Person will be
    an independent engineer, appraiser or other expert selected by
    or reasonably satisfactory to the Trustee. Notwithstanding
    anything to the contrary in this paragraph, the Company will not
    be required to comply with all or any portion of TIA
    &#167;&#160;314(d) if it reasonably determines that under the
    terms of TIA &#167;&#160;314(d) or any interpretation or
    guidance as to the meaning thereof of the SEC and its staff,
    including &#147;no action&#148; letters or exemptive orders, all
    or any portion of TIA &#167;&#160;314(d) is inapplicable to any
    release or series of releases of Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without limiting the generality of the foregoing, certain no
    action letters issued by the SEC have permitted an indenture
    qualified under the TIA to contain provisions permitting the
    release of collateral from Liens under such indenture in the
    ordinary course of the issuer&#146;s business without requiring
    the issuer to provide certificates and other documents under
    Section&#160;314(d) of the TIA. The Company and the Subsidiary
    Guarantors may, subject to the provisions of the Indenture,
    among other things, without any release or consent by the
    Noteholder Secured Parties, conduct ordinary course activities
    with respect to the Collateral, including, without limitation:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    selling or otherwise disposing of, in any transaction or series
    of related transactions, any property subject to the Lien of the
    Security Documents that has become worn out, defective, obsolete
    or not used or useful in the business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    abandoning, terminating, canceling, releasing or making
    alterations in or substitutions of any leases or contracts
    subject to the Lien or the Indenture or any of the Security
    Documents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    surrendering or modifying any franchise, license or permit
    subject to the Lien of the Security Documents that it may own or
    under which it may be operating;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    altering, repairing, replacing, changing the location or
    position of and adding to its structures, machinery, systems,
    equipment, fixtures and appurtenances;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    granting a license of any intellectual property;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    selling, transferring or otherwise disposing of inventory in the
    ordinary course of business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    collecting accounts receivable in the ordinary course of
    business as permitted by the covenant described under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales;&#148;
</TD>
</TR>

</TABLE>
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    <BR>
    55
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    making cash payments (including for the repayment of
    Indebtedness or interest) from cash that is at any time part of
    the Collateral in the ordinary course of business that are not
    otherwise prohibited by the Indenture and the Security
    Documents;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    abandoning any intellectual property that is no longer used or
    useful in the Company&#146;s business.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">No
    Impairment of the Security Interests</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Company nor any of the Subsidiary Guarantors are
    permitted to take any action, or knowingly or negligently omit
    to take any action, which action or omission might or would have
    the result of materially impairing the security interest with
    respect to the Collateral for the benefit of the Notes
    Collateral Agent, the Trustee and the Holders of the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that any release of Collateral in
    accordance with the provisions of the Indenture and the Security
    Documents will not be deemed to impair the security under the
    Indenture, and that any engineer, appraiser or other expert may
    rely on such provision in delivering a certificate requesting
    release so long as all other provisions of the Indenture with
    respect to such release have been complied with.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Optional
    Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company may redeem all or any portion of the Notes at any
    time and from time to time on or after October&#160;15, 2012 and
    prior to maturity at the following redemption prices (expressed
    in percentages of the principal amount thereof) together, in
    each case, with accrued and unpaid interest to the date fixed
    for redemption, if redeemed during the
    <FONT style="white-space: nowrap">12-month</FONT>
    period beginning on October 15 of each year indicated below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percentage</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2015 and thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, on or prior to October&#160;15, 2012, the Company
    may, at its option, redeem up to 35% of the aggregate principal
    amount of Notes issued under the Indenture with the net proceeds
    of an Equity Offering at 112% of the principal amount thereof
    plus accrued and unpaid interest, if any, to the date fixed for
    redemption; <I>provided</I>, that at least 65% of the aggregate
    principal amount of the Notes originally issued under the
    Indenture remain outstanding after such redemption. Notice of
    any such redemption must be given within 60&#160;days after the
    date of the closing of the relevant Equity Offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to October&#160;15, 2012, we may at our option redeem the
    Notes, in whole or in part, at a redemption price equal to 100%
    of the principal amount of the Notes to be redeemed plus the
    Applicable Premium as of, and accrued and unpaid interest to,
    the redemption date (subject to the right of Holders on the
    relevant record date to receive interest due on the relevant
    interest payment date). Notice of such redemption must be mailed
    by first-class mail to each Holder&#146;s registered address,
    not less than 30 nor more than 60&#160;days prior to the
    redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Applicable Premium&#148;</I> means, with respect to a
    Note at any redemption date, the greater of (i)&#160;1.00% of
    the principal amount of such Note and (ii)&#160;the excess of
    (A)&#160;the present value at such redemption date of
    (1)&#160;the redemption price of such Note on October&#160;15,
    2012 (such redemption price being described in the second
    paragraph of this &#147;Description of the Notes&#160;&#151;
    Optional Redemption&#148; section exclusive of any accrued
    interest) plus (2)&#160;all required remaining scheduled
    interest payments due on such Note through October&#160;15, 2012
    (but excluding accrued and unpaid interest to the redemption
    date), computed using a discount rate equal to the Treasury Rate
    plus 0.50% per annum, over (B)&#160;the principal amount of such
    Note on such redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Treasury Rate&#148;</I> means, as of any redemption
    date, the yield to maturity as of such redemption date of United
    States Treasury securities with a constant maturity (as compiled
    and published in the most recent Federal Reserve Statistical
    Release H. 15 (519)&#160;that has become publicly available at
    least two Business Days
</DIV>
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    <BR>
    56
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    prior to the redemption date (or, if such Statistical Release is
    no longer published, any publicly available source of similar
    market data)) most nearly equal to the period from the
    redemption date to October&#160;15, 2012; <I>provided,
    however</I>, that if the period from the redemption date to
    October&#160;15, 2012 is less than one year, the weekly average
    yield on actually traded United States Treasury securities
    adjusted to a constant maturity of one year will be used.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event less than all of the Notes are to be redeemed at
    any time, selection of the Notes to be redeemed will be made by
    the Trustee from among the outstanding Notes on a pro rata
    basis, by lot or by any other method permitted by the Indenture.
    Notice of redemption will be mailed at least 15&#160;days but
    not more than 60&#160;days before the redemption date to each
    Holder whose Notes are to be redeemed at the registered address
    of such Holder. On and after the redemption date, interest will
    cease to accrue on the Notes or portions thereof called for
    redemption.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Mandatory
    Offers to Purchase the Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture requires the Company:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to offer to purchase all of the outstanding Notes upon
    a Change of Control of the Company;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;to offer to purchase a portion of the outstanding
    Notes using Net Proceeds neither used to repay certain
    Indebtedness nor used or invested as provided in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Change of Control&#148; and
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of the provisions relating to an offer to purchase is
    waivable by the Board of Directors of the Company. If an offer
    to purchase upon a Change of Control or otherwise were to be
    required, there can be no assurance that the Company would have
    sufficient funds to pay the purchase price for all Notes that
    the Company is required to purchase. In addition, the
    Company&#146;s ability to finance the purchase of Notes may be
    limited by the terms of its then existing borrowing agreements.
    Failure by the Company to purchase the Notes when required will
    result in an Event of Default with respect to the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an offer is made to purchase Notes as a result of a Change of
    Control or otherwise, the Company will comply with applicable
    law, including, without limitation, Section&#160;14(e) under the
    Exchange Act, and
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    thereunder, if applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Change of Control feature of the Notes may in certain
    circumstances make more difficult or discourage a takeover of
    the Company and, thus, the removal of incumbent management. The
    Change of Control feature, however, is not the result of
    management&#146;s knowledge of any specific effort to obtain
    control of the Company by means of a merger, tender offer,
    solicitation or otherwise, or part of a plan by management to
    adopt a series of anti-takeover provisions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Subsidiary Guarantees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the Subsidiary Guarantors (so long as it remains a
    Subsidiary of the Company) unconditionally guarantees on a joint
    and several basis all of the Company&#146;s obligations under
    the Notes, including its obligations to pay principal, premium,
    if any, and interest with respect to the Notes. Each of the
    Subsidiary Guarantees are senior secured obligations of the
    applicable Subsidiary Guarantor. The obligations of each
    Subsidiary Guarantor are limited to the maximum amount which,
    after giving effect to all other contingent and fixed
    liabilities of such Subsidiary Guarantor and after giving effect
    to any collections from or payments made by or on behalf of any
    other Subsidiary Guarantor in respect of the obligations of such
    other Subsidiary Guarantor under its Subsidiary Guarantee or
    pursuant to its contribution obligations under the Indenture,
    will result in the obligations of such Subsidiary Guarantor
    under its Subsidiary Guarantee not constituting a fraudulent
    conveyance or fraudulent transfer under federal or state law.
    Each Subsidiary Guarantor that makes a payment or distribution
    under a Subsidiary Guarantee shall be entitled to a contribution
    from each other Subsidiary Guarantor in an amount <I>pro
    rata</I>, based on the net assets of each Subsidiary Guarantor,
    determined
</DIV>
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    <BR>
    57
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in accordance with GAAP. Except as provided in &#147;Description
    of the Notes&#160;&#151; Certain Covenants&#148; below, the
    Company is not restricted from selling or otherwise disposing of
    any of the Subsidiary Guarantors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that each existing and future Restricted
    Subsidiary (other than, in the Company&#146;s discretion, any
    Restricted Subsidiary the assets of which have a Book Value of
    not more than $5.0&#160;million) be a Subsidiary Guarantor and,
    at the Company&#146;s discretion, any Unrestricted Subsidiary
    may be a Subsidiary Guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that if all or substantially all of the
    assets of any Subsidiary Guarantor or all (or a portion
    sufficient to cause such Subsidiary Guarantor to no longer be a
    Subsidiary of the Company) of the Capital Stock of any
    Subsidiary Guarantor is sold (including by consolidation,
    merger, issuance or otherwise) or disposed of (including by
    liquidation, dissolution or otherwise) by the Company or any of
    its Subsidiaries, or, unless the Company elects otherwise, if
    any Subsidiary Guarantor is designated an Unrestricted
    Subsidiary in accordance with the terms of the Indenture, then
    such Subsidiary Guarantor (in the event of a sale or other
    disposition of all of the Capital Stock of such Subsidiary
    Guarantor or a designation as an Unrestricted Subsidiary) or the
    Person acquiring such assets (in the event of a sale or other
    disposition of all or substantially all of the assets of such
    Subsidiary Guarantor) shall be deemed automatically and
    unconditionally released and discharged from any of its
    obligations under the Indenture without any further action on
    the part of the Trustee or any Holder of the Notes, subject in
    each case to compliance with the covenants sets forth below
    under &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales&#148; and
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Mergers and
    Consolidations,&#148; as applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Definitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below is a summary of certain of the defined terms
    used in the Indenture. Reference is made to the Indenture for
    the full definition of all terms used in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Acquired Indebtedness&#148;</I> means Indebtedness of
    any Person and its Subsidiaries existing at the time such Person
    became a Subsidiary of the Company (or such Person is merged
    with or into the Company or one of the Company&#146;s
    Subsidiaries) or assumed in connection with the acquisition of
    assets from any such Person, including, without limitation,
    Indebtedness Incurred in connection with, or in contemplation of
    (a)&#160;such Person being merged with or into or becoming a
    Subsidiary of the Company or one of its Subsidiaries (but
    excluding Indebtedness of such Person which is extinguished,
    retired or repaid in connection with such Person being merged
    with or into or becoming a Subsidiary of the Company or one of
    its Subsidiaries) or (b)&#160;such acquisition of assets from
    any such Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Affiliate&#148;</I> of any Person means any other
    Person directly or indirectly controlling or controlled by, or
    under direct or indirect common control with, such Person. For
    purposes of the Indenture, each executive officer and director
    of the Company and each Subsidiary of the Company will be an
    Affiliate of the Company. In addition, for purposes of the
    Indenture, control of a Person means the power to direct the
    management and policies of such Person, directly or indirectly,
    whether through the ownership of voting securities, by contract
    or otherwise. Notwithstanding the foregoing, the term
    &#147;Affiliate&#148; will not include, with respect to the
    Company or any Restricted Subsidiary which is a Wholly Owned
    Subsidiary of the Company, any Restricted Subsidiary which is a
    Wholly Owned Subsidiary of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Asset Sale&#148;</I> for any Person means the sale,
    transfer, lease, conveyance or other disposition (including,
    without limitation, by merger, consolidation or sale and
    leaseback transaction, and whether by operation of law or
    otherwise) of any of that Person&#146;s assets (including,
    without limitation, the sale or other disposition of Capital
    Stock of any Subsidiary of such Person, whether by such Person
    or such Subsidiary), whether owned on the date of the Indenture
    or subsequently acquired in one transaction or a series of
    related transactions, in which such Person
    <FONT style="white-space: nowrap">and/or</FONT> its
    Subsidiaries receive cash
    <FONT style="white-space: nowrap">and/or</FONT> other
    consideration (including, without limitation, the unconditional
    assumption of Indebtedness of such Person
    <FONT style="white-space: nowrap">and/or</FONT> its
    Subsidiaries) having an
</DIV>
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    <BR>
    58
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    aggregate Fair Market Value of $5.0&#160;million or more as to
    each such transaction or series of related transactions;
    <I>provided, however</I>, that none of the following shall
    constitute an Asset Sale:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;a transaction or series of related transactions that
    results in a Change of Control;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;sales of homes or land in the ordinary course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;sales, leases, conveyances or other dispositions,
    including, without limitation, exchanges or swaps, of real
    estate or other assets, in each case in the ordinary course of
    business, for development or disposition of the Company&#146;s
    or any of its Subsidiaries&#146; projects;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;sales, leases, sale-leasebacks or other dispositions
    of amenities, model homes and other improvements at the
    Company&#146;s or its Subsidiaries&#146; projects in the
    ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;transactions between the Company and any of its
    Restricted Subsidiaries which are Wholly Owned Subsidiaries, or
    among such Restricted Subsidiaries which are Wholly Owned
    Subsidiaries of the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;any disposition of Cash Equivalents or obsolete or
    worn out equipment, in each case, in the ordinary course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;the sale or other disposition of assets no longer
    used or useful in the conduct of business of the Company or any
    of its Restricted Subsidiaries;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;the making of any Restricted Payment or Permitted
    Investment that is permitted to be made, and is made, under the
    covenant described under the heading &#147;Description of the
    Notes&#160;&#151; Certain Covenants&#160;&#151; Limitations on
    Restricted Payments.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Bankruptcy Law&#148;</I> means title&#160;11 of the
    United States Code, as amended, or any similar federal or state
    law for the relief of debtors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Book Value&#148;</I> means, with respect to any asset
    of the Company or any of its Subsidiaries, the book value
    thereof as reflected in the most recent consolidated financial
    statements of the Company filed with SEC (or if such asset has
    been acquired after the date of such financial statements, the
    then-current book value thereof as reasonably determined by the
    Company consistent with recent practices).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Business Day&#148;</I> means any day other than a Legal
    Holiday.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Capital Stock&#148;</I> of any Person means any and all
    shares, rights to purchase, warrants or options (whether or not
    currently exercisable), participations, or other equivalents of
    or interests in (however designated and whether voting or
    non-voting) the equity (which includes, but is not limited to,
    common stock, preferred stock and partnership and joint venture
    interests) of such Person (excluding any debt securities that
    are convertible into, or exchangeable for, such equity).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Capitalized Lease Obligations&#148;</I> of any Person
    means the obligations of such Person to pay rent or other
    amounts under a lease that is required to be capitalized for
    financial reporting purposes in accordance with GAAP, and the
    amount of such obligation will be the capitalized amount thereof
    determined in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Cash Equivalents&#148;</I> means any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;direct obligations of the United States or any agency
    thereof or obligations guaranteed by the United States or any
    agency thereof, in each case maturing within one year of the
    date of acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;certificates of deposit, time deposits, bankers
    acceptances and other obligations placed with commercial banks
    organized under the laws of the United States of America or any
    state thereof, or branches or agencies of foreign banks licensed
    under the laws of the United States of America or any state
    thereof, having a short-term rating of not less than A&#8722; by
    each of Moody&#146;s and S&#038;P at the time of acquisition,
    and having a maturity of not more than one year;
</DIV>
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    59
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;commercial paper rated at least
    <FONT style="white-space: nowrap">P-1,</FONT>
    <FONT style="white-space: nowrap">A-1</FONT> or the
    equivalent thereof by Moody&#146;s or S&#038;P, respectively,
    and in each case and maturing not more than one year from the
    date of the acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;repurchase agreements or money-market accounts which
    are fully secured by direct obligations of the United States or
    any agency thereof;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;investments in money market funds
    (x)&#160;substantially all of the assets of which consist of
    investments described in the foregoing clauses&#160;(i) through
    (iv)&#160;or (y)&#160;which (A)&#160;have total net assets of at
    least $2&#160;billion, (B)&#160;have investment objectives and
    policies that substantially conform with the Company&#146;s
    investment policy as in effect from time to time,
    (C)&#160;purchase only first-tier or U.S.&#160;government
    obligations as defined by
    <FONT style="white-space: nowrap">Rule&#160;2a-7</FONT>
    of the SEC promulgated under the Investment Company Act of 1940
    and (D)&#160;otherwise comply with such
    <FONT style="white-space: nowrap">Rule&#160;2a-7.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Change of Control&#148;</I> means any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the sale, transfer, lease, conveyance or other
    disposition (in one transaction or a series of transactions) of
    all or substantially all of the Company&#146;s assets as an
    entirety or substantially as an entirety to any Person or
    &#147;group&#148; (within the meaning of Section&#160;13(d)(3)
    of the Exchange Act); <I>provided </I>that a transaction where
    the holders of all classes of Common Equity of the Company
    immediately prior to such transaction own, directly or
    indirectly, 50% or more of the aggregate voting power of all
    classes of Common Equity of such Person or group immediately
    after such transaction will not be a Change of Control;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the acquisition by the Company
    <FONT style="white-space: nowrap">and/or</FONT> any
    of its Subsidiaries of 50% or more of the aggregate voting power
    of all classes of Common Equity of the Company in one
    transaction or a series of related transactions;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the liquidation or dissolution of the Company;
    <I>provided </I>that a liquidation or dissolution of the Company
    which is part of a transaction or series of related transactions
    that does not constitute a Change of Control under the
    &#147;provided&#148; clause of clause&#160;(i) above will not
    constitute a Change of Control under this clause (iii);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any transaction or a series of related transactions
    (as a result of a tender offer, merger, consolidation or
    otherwise) that results in, or that is in connection with,
    (a)&#160;any Person, including a &#147;group&#148; (within the
    meaning of Section&#160;13(d)(3) of the Exchange Act) acquiring
    &#147;beneficial ownership&#148; (as defined in
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    under the Exchange Act), directly or indirectly, of 50% or more
    of the aggregate voting power of all classes of Common Equity of
    the Company or of any Person that possesses &#147;beneficial
    ownership&#148; (as defined in
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    under the Exchange Act), directly or indirectly, of 50% or more
    of the aggregate voting power of all classes of Common Equity of
    the Company or (b)&#160;less than 50% (measured by the aggregate
    voting power of all classes) of the Common Equity of the Company
    being registered under Section&#160;12(b) or 12(g) of the
    Exchange Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;a majority of the Board of Directors of the Company not
    being comprised of Continuing Directors;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;a change of control shall occur as defined in the
    instrument governing any publicly traded debt securities of the
    Company which requires the Company to repay or repurchase such
    debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Collateral&#148;</I> means all the assets and
    properties subject to the Liens created by the Security
    Documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Common Equity&#148;</I> of any Person means all Capital
    Stock of such Person that is generally entitled to (i)&#160;vote
    in the election of directors of such Person, or (ii)&#160;if
    such Person is not a corporation, vote or otherwise participate
    in the selection of the governing body, partners, managers or
    others that will control the management and policies of such
    Person.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Cash Flow Available for Fixed
    Charges&#148;</I> of the Company and its Restricted Subsidiaries
    means for any period, the sum of the amounts for such period of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Consolidated Net Income, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Consolidated Income Tax Expense (without regard to
    income tax expense or credits attributable to extraordinary and
    nonrecurring gains or losses on Asset Sales), plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;Consolidated Interest Expense, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;all depreciation, and, without duplication,
    amortization (including, without limitation, capitalized
    interest amortized to cost of sales), plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;all other non-cash items reducing Consolidated Net
    Income during such period,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    minus all other non-cash items increasing Consolidated Net
    Income during such period; all as determined on a consolidated
    basis for the Company and its Restricted Subsidiaries in
    accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Fixed Charge Coverage Ratio&#148;</I> of
    the Company means, with respect to any determination date, the
    ratio of (i)&#160;Consolidated Cash Flow Available for Fixed
    Charges of the Company for the prior four full fiscal quarters
    for which financial results have been reported immediately
    preceding the determination date, to (ii)&#160;the aggregate
    Consolidated Interest Incurred of the Company for the prior four
    full fiscal quarters for which financial results have been
    reported immediately preceding the determination date;
    <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;with respect to any Indebtedness Incurred during, and
    remaining outstanding at the end of, such four full fiscal
    quarter period, such Indebtedness will be assumed to have been
    incurred as of the first day of such four full fiscal quarter
    period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;with respect to Indebtedness repaid (other than a
    repayment of revolving credit obligations repaid solely out of
    operating cash flows) during such four full fiscal quarter
    period, such Indebtedness will be assumed to have been repaid on
    the first day of such four full fiscal quarter period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;with respect to the Incurrence of any Acquired
    Indebtedness, such Indebtedness and any proceeds therefrom will
    be assumed to have been Incurred and applied as of the first day
    of such four full fiscal quarter period, and the results of
    operations of any Person and any Subsidiary of such Person that,
    in connection with or in contemplation of such Incurrence,
    becomes a Subsidiary of the Company or is merged with or into
    the Company or one of the Company&#146;s Subsidiaries or whose
    assets are acquired, will be included, on a pro forma basis, in
    the calculation of the Consolidated Fixed Charge Coverage Ratio
    as if such transaction had occurred on the first day of such
    four full fiscal quarter period;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;with respect to any other transaction pursuant to which
    any Person becomes a Subsidiary of the Company or is merged with
    or into the Company or one of the Company&#146;s Subsidiaries or
    pursuant to which any Person&#146;s assets are acquired, such
    Consolidated Fixed Charge Coverage Ratio shall be calculated on
    a pro forma basis as if such transaction had occurred on the
    first day of such four full fiscal quarter period, but only if
    such transaction would require a pro forma presentation in
    financial statements prepared pursuant to
    <FONT style="white-space: nowrap">Rule&#160;11-02</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Income Tax Expense&#148;</I> of the
    Company for any period means the income tax expense of the
    Company and its Restricted Subsidiaries for such period,
    determined on a consolidated basis in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Interest Expense&#148;</I> of the Company
    for any period means the Interest Expense of the Company and its
    Restricted Subsidiaries for such period, determined on a
    consolidated basis in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Interest Incurred&#148;</I> of the Company
    for any period means the Interest Incurred of the Company and
    its Restricted Subsidiaries for such period, determined on a
    consolidated basis in accordance with GAAP.
</DIV>
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    <BR>
    61
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Net Income&#148;</I> of the Company for
    any period means the aggregate net income (or loss) of the
    Company and its Restricted Subsidiaries for such period,
    determined on a consolidated basis in accordance with GAAP;
    <I>provided </I>that there will be excluded from such net income
    (to the extent otherwise included therein), without duplication:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the net income (or loss) of any Person (other than a
    Restricted Subsidiary) in which any Person (including, without
    limitation, an Unrestricted Subsidiary) other than the Company
    or any Restricted Subsidiary has an ownership interest, except
    to the extent that any such income has actually been received by
    the Company or any Restricted Subsidiary in the form of cash
    dividends or similar cash distributions during such period, or
    in any other form but converted to cash during such period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;except to the extent includable in Consolidated Net
    Income pursuant to the foregoing clause (i), the net income (or
    loss) of any Person that accrued prior to the date that
    (a)&#160;such Person becomes a Restricted Subsidiary or is
    merged with or into or consolidated with the Company or any of
    its Restricted Subsidiaries or (b)&#160;the assets of such
    Person are acquired by the Company or any of its Restricted
    Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the net income of any Restricted Subsidiary to the
    extent that (but only so long as) the declaration or payment of
    dividends or similar distributions by such Restricted Subsidiary
    of that income is not permitted by operation of the terms of its
    charter or any agreement, instrument, judgment, decree, order,
    statute, rule or governmental regulation applicable to that
    Restricted Subsidiary during such period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;in the case of a successor to the Company by
    consolidation, merger or transfer of its assets, any earnings of
    the successor prior to such merger, consolidation or transfer of
    assets;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;the gains (but not losses) realized during such period
    by the Company or any of its Restricted Subsidiaries resulting
    from (a)&#160;the acquisition of securities issued by the
    Company or extinguishment of Indebtedness of the Company or any
    of its Restricted Subsidiaries, (b)&#160;Asset Sales by the
    Company or any of its Restricted Subsidiaries and (c)&#160;other
    extraordinary items realized by the Company or any of its
    Restricted Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, in calculating Consolidated Net
    Income, the Company will be entitled to take into consideration
    the tax benefits associated with any loss described in
    clause&#160;(v) of the preceding sentence, but only to the
    extent such tax benefits are actually recognized by the Company
    or any of its Restricted Subsidiaries during such period;
    <I>provided, further</I>, that there will be included in such
    net income, without duplication, the net income of any
    Unrestricted Subsidiary to the extent such net income is
    actually received by the Company or any of its Restricted
    Subsidiaries in the form of cash dividends or similar cash
    distributions during such period, or in any other form but
    converted to cash during such period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Tangible Assets&#148;</I> of the Company
    as of any date means the total amount of assets of the Company
    and its Restricted Subsidiaries (less applicable reserves) on a
    consolidated basis at the end of the fiscal quarter immediately
    preceding such date, as determined in accordance with GAAP,
    less: (i)&#160;Intangible Assets and (ii)&#160;appropriate
    adjustments on account of minority interests of other Persons
    holding equity investments in Restricted Subsidiaries, in the
    case of each of clauses&#160;(i) and (ii)&#160;above, as
    reflected on the consolidated balance sheet of the Company and
    its Restricted Subsidiaries as of the end of the fiscal quarter
    immediately preceding such date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Tangible Net Worth&#148;</I> of the
    Company as of any date means the stockholders&#146; equity
    (including any Preferred Stock that is classified as equity
    under GAAP, other than Disqualified Stock) of the Company and
    its Restricted Subsidiaries on a consolidated basis at the end
    of the fiscal quarter immediately preceding such date, as
    determined in accordance with GAAP, plus any amount of unvested
    deferred compensation included, in accordance with GAAP, as an
    offset to stockholders&#146; equity, less the amount of
    Intangible Assets reflected on the consolidated balance sheet of
    the Company and its Restricted Subsidiaries as of the end of the
    fiscal quarter immediately preceding such date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Continuing Director&#148;</I> means at any date a
    member of the Board of Directors of the Company who:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;was a member of the Board of Directors of the Company
    on the Issue Date;&#160;or
</DIV>
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    <BR>
    62
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;was nominated for election or elected to the Board of
    Directors of the Company with the affirmative vote of at least a
    majority of the directors who were Continuing Directors at the
    time of such nomination or election.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Covenant Trigger Date&#148;</I> means the first date
    that the Company&#146;s Consolidated Fixed Charge Coverage Ratio
    is at least 2.0 to 1.0 for any four consecutive fiscal quarters
    ended on or after the Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Credit Facilities&#148;</I> means, with respect to the
    Company or any of its Restricted Subsidiaries, one or more debt
    facilities or other financing arrangements (including, without
    limitation, commercial paper or letter of credit facilities or
    indentures) providing for revolving credit loans, term loans,
    letters of credit or other Indebtedness (including the Revolving
    Credit Facility), including any notes, mortgages, guarantees,
    collateral documents, instruments and agreements executed in
    connection therewith, and any amendments, supplements,
    modifications, extensions, renewals, restatements or refundings
    thereof and any indentures, credit facilities, letter of credit
    facilities or commercial paper facilities that replace, refund
    or refinance any part of the loans, notes, other credit
    facilities or commitments thereunder, including any such
    replacement, refunding or refinancing facility or indenture that
    increases the amount permitted to be borrowed thereunder or
    alters the maturity thereof (<I>provided </I>that such increase
    in borrowings is permitted by the covenant described under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitation on Additional
    Indebtedness&#148;) or adds Restricted Subsidiaries as
    additional borrowers or guarantors thereunder and whether by the
    same or any other agent, lender or group of lenders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Custodian&#148;</I> means any receiver, trustee,
    assignee, liquidator or similar official under any Bankruptcy
    Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Default&#148;</I> means any event, act or condition
    that is, or after notice or the passage of time, or both, would
    be, an Event of Default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Discharge of First Priority Obligations&#148;</I>
    means, with respect to any First Priority Collateral, the date
    on which the First Priority Obligations secured thereby have
    been paid in full, in cash, all commitments to extend credit
    thereunder shall have been terminated and such First Priority
    Obligations are no longer secured by such First Priority
    Collateral (except that, with respect to any obligations under
    letters of credit, such obligations may be satisfied by cash
    collateralization (in an amount not in excess of 105% of the
    face value thereof) of such letters of credit or provision of
    back-stop letters of credit); <I>provided </I>that the Discharge
    of First Priority Obligations shall not be deemed to have
    occurred in connection with a refinancing of such First Priority
    Obligations with Indebtedness secured by such First Priority
    Collateral on a first-priority basis under an agreement that has
    been designated in writing by the agent, trustee or other
    representative under the agreement so refinancing such First
    Priority Obligations and the Notes Collateral Agent in
    accordance with the terms of the Intercreditor Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Disqualified Stock&#148;</I> means any Capital Stock
    that, by its terms (or by the terms of any security into which
    it is convertible or for which it is exchangeable), or upon the
    happening of any event, matures or is mandatorily redeemable,
    pursuant to a sinking fund obligation or otherwise, or is
    redeemable at the option of the holder thereof, in whole or in
    part, on or prior to the final maturity date of the Notes;
    <I>provided </I>that any Capital Stock which would not
    constitute Disqualified Stock but for provisions thereof giving
    holders thereof the right to require the Company to repurchase
    or redeem such Capital Stock upon the occurrence of a change of
    control occurring prior to the final maturity of the Notes will
    not constitute Disqualified Stock if the change of control
    provisions applicable to such Capital Stock are no more
    favorable to the holders of such Capital Stock than the
    &#147;Change of Control&#148; covenant set forth in the
    Indenture and such Capital Stock specifically provides that the
    Company will not repurchase or redeem (or be required to
    repurchase or redeem) any such Capital Stock pursuant to such
    provisions prior to the Company&#146;s repurchase of Notes
    pursuant to the &#147;Change of Control&#148; covenant set forth
    in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Disqualified Stock Dividend&#148;</I> of any Person
    means, for any dividend payable with regard to Disqualified
    Stock issued by such Person, the amount of such dividend
    multiplied by a fraction, the numerator of which is one and the
    denominator of which is one minus the maximum statutory combined
    federal, state and local income tax rate (expressed as a decimal
    number between 1 and 0)&#160;then applicable to such Person.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Equity Offering&#148;</I> means a public or private
    equity offering or sale after the Issue Date by the Company for
    cash of Capital Stock, other than an offering or sale of
    Disqualified Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Event of Default&#148;</I> has the meaning set forth in
    &#147;Description of the Notes&#160;&#151; Events of
    Default.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Excluded Property&#148;</I> means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Capital Stock in any Subsidiary or Affiliate;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;up to $25.0&#160;million of assets received in
    connection with sales of assets as permitted by clause&#160;(ii)
    of the definition of Permitted Investments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;real or personal property where the cost of obtaining
    a security interest or perfection thereof exceeds its benefits,
    as determined by the Company in good faith in an officer&#146;s
    certificate delivered to the Notes Collateral Agent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;real property subject to a Lien (a)&#160;permitted by
    clause&#160;(xxvii) of the definition of Permitted Liens or
    (b)&#160;securing Indebtedness incurred for the purpose of
    financing the acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;real property located outside the United States;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;unentitled land;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;real property that is leased or held for the purpose
    of leasing to unaffiliated third parties;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;any real property in a community under development
    with a dollar amount of investment as of the most recent
    month-end (as determined in accordance with GAAP) of less than
    $2.0&#160;million or with less than 10 lots remaining);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;assets, with respect to which any applicable law or
    contract prohibits the creation or perfection of security
    interests therein (other than any contract entered into for the
    purpose of causing any real property to constitute Excluded
    Property under this clause (ix)).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Existing Indebtedness&#148;</I> means all of the
    Indebtedness of the Company and its Subsidiaries that is
    outstanding on the date of the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Fair Market Value&#148;</I> with respect to any asset
    or property means the sale value that would be obtained in an
    arm&#146;s length transaction between an informed and willing
    seller under no compulsion to sell and an informed and willing
    buyer under no compulsion to buy. Fair Market Value shall be
    determined by the Board of Directors of the Company acting in
    good faith and shall be evidenced by a board resolution
    (certified by the Secretary or Assistant Secretary of the
    Company) delivered to the Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Collateral&#148;</I> means all of the
    Collateral subject to Liens securing any or all of the First
    Priority Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Collateral Agent&#148;</I> means any
    Person acting as collateral agent or in any similar
    representative capacity for the benefit of any of the holders of
    First Priority Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Documents&#148;</I> means all operative
    agreements evidencing or governing the First Priority
    Obligations and the Liens securing such First Priority
    Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Obligations&#148;</I> has the meaning
    set forth in clause (xi)(b) of the definition of Permitted Liens.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Liens&#148;</I> means the Liens on any
    or all of the First Priority Collateral that secure any or all
    of the First Priority Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;GAAP&#148;</I> means generally accepted accounting
    principles set forth in the opinions and interpretations of the
    Accounting Principles Board of the American Institute of
    Certified Public Accountants and statements and interpretations
    of the Financial Accounting Standards Board or in such other
    statements by such other entity as may be approved by a
    significant segment of the accounting profession of the United
    States, as in effect from time to time. At any time after the
    Issue Date, the Company may elect to apply International
    Financial
</DIV>
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    64
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reporting Standards <B>(&#147;IFRS&#148;)</B> accounting
    principles in lieu of GAAP and, upon any such election,
    references herein to GAAP shall thereafter be construed to mean
    IFRS (except as otherwise provided in the Indenture);
    <I>provided </I>that any such election, once made, shall be
    irrevocable; <I>provided, further</I>, any calculation or
    determination in the Indenture that requires the application of
    GAAP for periods that include fiscal quarters ended prior to the
    Company&#146;s election to apply IFRS shall remain as previously
    calculated or determined in accordance with GAAP. The Company
    shall give notice of any such election made in accordance with
    this definition to the Trustee and the Holders of Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Hedging Obligations&#148;</I> of any Person means the
    obligations of such Person pursuant to any interest rate swap
    agreement, foreign currency exchange agreement, interest rate
    collar agreement, option or futures contract or other similar
    agreement or arrangement relating to interest rates or foreign
    exchange rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Holder&#148;</I> means a Person in whose name a Note is
    registered in the Security Register.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Incur&#148;</I> (and derivatives thereof) means to,
    directly or indirectly, create, incur, assume, guarantee, extend
    the maturity of, or otherwise become liable with respect to any
    Indebtedness; <I>provided, however</I>, that neither the accrual
    of interest (whether such interest is payable in cash or kind)
    nor the accretion of original issue discount shall be considered
    an Incurrence of Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Indebtedness&#148;</I> of any Person at any date means,
    without duplication,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;all indebtedness of such Person for borrowed money
    (whether or not the recourse of the lender is to the whole of
    the assets of such Person or only to a portion thereof);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;all obligations of such Person evidenced by bonds,
    debentures, notes or other similar instruments (including a
    purchase money obligation) given in connection with the
    acquisition of any businesses, properties or assets of any kind
    or with services incurred in connection with capital
    expenditures (other than any obligation to pay a contingent
    purchase price which, as of the date of incurrence thereof, is
    not required to be recorded as a liability in accordance with
    GAAP);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;all fixed obligations of such Person in respect of
    letters of credit or other similar instruments or reimbursement
    obligations with respect thereto (other than standby letters of
    credit or similar instruments issued for the benefit of, or
    surety, performance, completion or payment bonds, earnest money
    notes or similar purpose undertakings or indemnifications issued
    by, such Person in the ordinary course of business);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;all obligations of such Person with respect to Hedging
    Obligations (other than those that fix or cap the interest rate
    on variable rate Indebtedness otherwise permitted by the
    Indenture or that fix the exchange rate in connection with
    Indebtedness denominated in a foreign currency and otherwise
    permitted by the Indenture);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;all Capitalized Lease Obligations of such Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;all Indebtedness of others secured by a Lien on any
    asset of such Person, whether or not such Indebtedness is
    assumed by such Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;all Indebtedness of others guaranteed by, or
    otherwise the liability of, such Person to the extent of such
    guarantee or liability;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;all Disqualified Stock issued by such Person (the
    amount of Indebtedness represented by any Disqualified Stock
    will equal the greater of the voluntary or involuntary
    liquidation preference plus accrued and unpaid dividends);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>provided</I>, that Indebtedness shall not include accrued
    expenses, trade payables, liabilities related to inventory not
    owned, customer deposits or deferred income taxes arising in the
    ordinary course of business. The amount of Indebtedness of any
    Person at any date will be:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the outstanding balance at such date of all
    unconditional obligations as described above;
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the maximum liability of such Person for any contingent
    obligations under clause&#160;(vii) above;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;in the case of clause (vi) (if the Indebtedness
    referred to therein is not assumed by such Person), the lesser
    of the (A)&#160;Fair Market Value of all assets subject to a
    Lien securing the Indebtedness of others on the date that the
    Lien attaches and (B)&#160;amount of the Indebtedness secured.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Independent Financial Advisor&#148;</I> means an
    accounting, appraisal or investment banking firm of nationally
    recognized standing that is, in the reasonable judgment of the
    Company&#146;s Board of Directors, (i)&#160;qualified to perform
    the task for which it has been engaged, and
    (ii)&#160;disinterested and independent, in a direct and
    indirect manner, of the parties to the Affiliate Transaction
    with respect to which such firm has been engaged.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Intercreditor Agreement&#148;</I> means the
    Intercreditor Agreement, dated as of the Issue Date, among
    Citibank, N.A., as a First Priority Collateral Agent, the Notes
    Collateral Agent, the Company and each Subsidiary Guarantor, as
    such agreement may be amended, restated, supplemented or
    otherwise modified from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Intangible Assets&#148;</I> of the Company means all
    unamortized debt discount and expense, unamortized deferred
    charges, goodwill, patents, trademarks, service marks, trade
    names, copyrights and all other items which would be treated as
    intangibles on the consolidated balance sheet of the Company and
    its Restricted Subsidiaries prepared in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Interest Expense&#148;</I> of any Person for any period
    means, without duplication, the aggregate amount of
    (i)&#160;interest which, in conformity with GAAP, would be set
    opposite the caption &#147;interest expense&#148; or any like
    caption on an income statement for such Person (including,
    without limitation, imputed interest included on Capitalized
    Lease Obligations, all commissions, discounts and other fees and
    charges owed with respect to letters of credit securing
    financial obligations and bankers&#146; acceptance financing,
    the net costs associated with Hedging Obligations, amortization
    of other financing fees and expenses, the interest portion of
    any deferred payment obligation, amortization of discount or
    premium, if any, and all other non-cash interest expense other
    than interest and other charges amortized to cost of sales) and
    includes, with respect to the Company and its Restricted
    Subsidiaries, without duplication (including duplication of the
    foregoing items), all interest amortized to cost of sales for
    such period, and (ii)&#160;the amount of Disqualified Stock
    Dividends recognized by the Company on any Disqualified Stock
    whether or not paid during such period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Interest Incurred&#148;</I> of any Person for any
    period means, without duplication, the aggregate amount of
    (i)&#160;interest which, in conformity with GAAP, would be set
    opposite the caption &#147;interest expense&#148; or any like
    caption on an income statement for such Person (including,
    without limitation, imputed interest included on Capitalized
    Lease Obligations, all commissions, discounts and other fees and
    charges owed with respect to letters of credit securing
    financial obligations and bankers&#146; acceptance financing,
    the net costs associated with Hedging Obligations, amortization
    of other financing fees and expenses, the interest portion of
    any deferred payment obligation, amortization of discount or
    premium, if any, and all other noncash interest expense other
    than interest and other charges amortized to cost of sales) and
    includes, with respect to the Company and its Restricted
    Subsidiaries, without duplication (including duplication of the
    foregoing items), all interest capitalized for such period, all
    interest attributable to discontinued operations for such period
    to the extent not set forth on the income statement under the
    caption &#147;interest expense&#148; or any like caption, and
    all interest actually paid by the Company or a Restricted
    Subsidiary under any guarantee of Indebtedness (including,
    without limitation, a guarantee of principal, interest or any
    combination thereof) of any other Person during such period and
    (ii)&#160;the amount of Disqualified Stock Dividends recognized
    by the Company on any Disqualified Stock whether or not declared
    during such period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Investments&#148;</I> of any Person means all
    (i)&#160;investments by such Person in any other Person in the
    form of loans, advances or capital contributions,
    (ii)&#160;guarantees of Indebtedness or other obligations of any
    other Person by such Person, (iii)&#160;purchases (or other
    acquisitions for consideration) by such Person of Indebtedness,
    Capital Stock or other securities of any other Person and
    (iv)&#160;other items that would be classified as investments on
    a balance sheet of such Person determined in accordance with
    GAAP. For all purposes of the Indenture, the amount of any such
    Investment shall be the fair market value thereof (with the fair
    market value
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of each Investment being measured at the time made and without
    giving effect to subsequent changes in value). The making of any
    payment in accordance with the terms of a guarantee or other
    contingent obligation permitted under the Indenture shall not be
    considered an Investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Issue Date&#148;</I> means September&#160;11, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Legal Holiday&#148;</I> means Saturday, Sunday or a day
    on which banking institutions in New York, New York, Atlanta,
    Georgia or at a place of payment are authorized or obligated by
    law, regulation or executive order to remain closed. If a
    payment date is a Legal Holiday at a place of payment, payment
    shall be made at that place on the next succeeding day that is
    not a Legal Holiday.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Lien&#148;</I> means, with respect to any asset, any
    mortgage, lien, pledge, charge, security interest or other
    similar encumbrance of any kind upon or in respect of such
    asset, whether or not filed, recorded or otherwise perfected
    under applicable law (including, without limitation, any
    conditional sale or other title retention agreement).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Marketable Securities&#148;</I> means (a)&#160;equity
    securities that are listed on the New York Stock Exchange, the
    American Stock Exchange or The Nasdaq Stock Market and
    (b)&#160;debt securities that are rated by a nationally
    recognized rating agency, listed on the New York Stock Exchange
    or the American Stock Exchange or covered by at least two
    reputable market makers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Material Subsidiary&#148;</I> means any Subsidiary of
    the Company which accounted for 5% or more of the Consolidated
    Tangible Assets or Consolidated Cash Flow Available for Fixed
    Charges of the Company on a consolidated basis for the fiscal
    year ending immediately prior to any Default or Event of Default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Moody&#146;s&#148;</I> means Moody&#146;s Investors
    Service, Inc. or any successor to its debt rating business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Net Proceeds&#148;</I> means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;cash (in U.S.&#160;dollars or freely convertible into
    U.S.&#160;dollars) received by the Company or any Restricted
    Subsidiary from an Asset Sale net of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;all brokerage commissions, investment banking fees and
    all other fees and expenses (including, without limitation, fees
    and expenses of counsel, financial advisors, accountants and
    investment bankers) related to such Asset Sale;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;provisions for all income and other taxes measured by
    or resulting from such Asset Sale of the Company or any of its
    Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;payments made to retire Indebtedness that was incurred
    in accordance with the Indenture and that either (1)&#160;is
    secured by a Lien incurred in accordance with the Indenture on
    the property or assets sold (other than Indebtedness secured by
    Liens on the Collateral) or (2)&#160;is required in connection
    with such Asset Sale to the extent actually repaid in cash;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;amounts required to be paid to any Person (other than
    the Company or a Restricted Subsidiary) owning a beneficial
    interest in the assets subject to the Asset Sale;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;appropriate amounts to be provided by the Company or
    any Restricted Subsidiary thereof, as the case may be, as a
    reserve, in accordance with GAAP, against any liabilities
    associated with such Asset Sale and retained by the Company or
    any Restricted Subsidiary thereof, as the case may be, after
    such Asset Sale, including, without limitation, pension and
    other post-employment benefit liabilities, liabilities related
    to environmental matters and liabilities under any
    indemnification obligations or post-closing purchase price
    adjustments associated with such Asset Sale, all as reflected in
    an Officers&#146; Certificate delivered to the Trustee;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;all non-cash consideration received by the Company or
    any of its Restricted Subsidiaries from such Asset Sale upon the
    liquidation or conversion of such consideration into cash,
    without duplication, net of all items enumerated in
    subclauses&#160;(a) through (e)&#160;of clause&#160;(i) hereof.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Non-Conforming Plan of Reorganization&#148;</I> means
    any plan of reorganization that grants any noteholder secured
    party any right or benefit, directly or indirectly, which right
    or benefit is prohibited at such time by the provisions of the
    Intercreditor Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Non-Recourse Indebtedness&#148;</I> with respect to any
    Person means Indebtedness of such Person for which (i)&#160;the
    sole legal recourse for collection of principal and interest on
    such Indebtedness is against the specific property identified in
    the instruments evidencing or securing such Indebtedness and
    such property was acquired (directly or indirectly, including
    through the purchase of Capital Stock of the Person owning such
    property) with the proceeds of such Indebtedness or such
    Indebtedness was Incurred within 90&#160;days after the
    acquisition (directly or indirectly, including through the
    purchase of Capital Stock of the Person owning such property) of
    such property and (ii)&#160;no other assets of such Person may
    be realized upon in collection of principal or interest on such
    Indebtedness. Indebtedness which is otherwise Non-Recourse
    Indebtedness will not lose its character as Non-Recourse
    Indebtedness because there is recourse to the borrower, any
    guarantor or any other Person for (a)&#160;environmental
    warranties and indemnities, (b)&#160;indemnities for and
    liabilities arising from fraud, misrepresentation,
    misapplication or non-payment of rents, profits, insurance and
    condemnation proceeds and other sums actually received by the
    borrower from secured assets to be paid to the lender, waste and
    mechanics&#146; liens or (c)&#160;in the case of the borrower
    thereof only, other obligations in respect of such Indebtedness
    that are payable solely as a result of a voluntary bankruptcy
    filing (or similar filing or action) by such borrower.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Notes Collateral&#148;</I> means all of the Collateral
    other than the First Priority Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Obligations&#148;</I> means, with respect to any
    Indebtedness, all obligations (whether in existence on the Issue
    Date or arising afterwards, absolute or contingent, direct or
    indirect) for or in respect of principal (when due, upon
    acceleration, upon redemption, upon mandatory repayment or
    repurchase pursuant to a mandatory offer to purchase, or
    otherwise), premium, interest, penalties, fees, indemnification,
    reimbursement and other amounts payable and liabilities with
    respect to such Indebtedness, including all interest accrued or
    accruing after the commencement of any bankruptcy, insolvency or
    reorganization or similar case or proceeding at the contract
    rate (including, without limitation, any contract rate
    applicable upon default) specified in the relevant
    documentation, whether or not the claim for such interest is
    allowed as a claim in such case or proceeding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Officer&#148;</I> means the chairman, the chief
    executive officer, the president, the chief financial officer,
    the chief operating officer, the chief accounting officer, the
    treasurer, or any assistant treasurer, the controller, the
    secretary, any assistant secretary or any vice president of a
    Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Officers&#146; Certificate&#148;</I> means a
    certificate signed by two Officers, one of whom must be the
    Person&#146;s chief executive officer, chief operating officer,
    chief financial officer or chief accounting officer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Other Pari Passu Lien Obligations&#148;</I> has the
    meaning set forth in clause (xi)(c) of the definition of
    Permitted Liens.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Paying Agent&#148;</I> means any office or agency where
    Notes and the Subsidiary Guarantees may be presented for payment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Permitted Investments&#148;</I> of any Person means
    Investments of such Person in:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Cash Equivalents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;in the case of the Company and its Subsidiaries, any
    receivables, loans or other consideration taken by the Company
    or a Subsidiary in connection with the sale of any asset
    otherwise permitted by the Indenture; <I>provided </I>that
    non-cash consideration received in an Asset Sale or an exchange
    or swap of assets shall be pledged as Collateral under the
    Security Documents to the extent the assets subject to such
    Asset Sale or exchange or swap of assets constituted Collateral,
    with the Lien on such Collateral being of the same priority with
    respect to the Notes as the Lien on the assets disposed of;
    <I>provided further</I> that notwithstanding the foregoing
    clause, up to an aggregate of $25.0&#160;million of
    (x)&#160;non-cash consideration and consideration received as
    referred to in clause&#160;(ii) of the second paragraph under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales,&#148;
    (y)&#160;assets invested in pursuant to the third paragraph
    under &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales&#148; and
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (z)&#160;assets received pursuant to clause&#160;(iv) of the
    proviso set forth in the definition of &#147;Asset Sale&#148;
    may be designated by the Company as Excluded Property not
    required to be pledged as Collateral;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;Investments in joint ventures or Unrestricted
    Subsidiaries having an aggregate fair market value (with the
    fair market value of each Investment being measured at the time
    made and without giving effect to subsequent changes in value),
    taken together with all other Investments made pursuant to this
    clause&#160;(iii) that are at the time outstanding, net of any
    amounts paid to the Company or any Restricted Subsidiary as a
    return of, or on, such Investments not to exceed the greater of
    (x)&#160;$50.0&#160;million and (y)&#160;if the Covenant Trigger
    Date has occurred, 3.0% of Consolidated Tangible Assets;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;other Investments having an aggregate fair market
    value (with the fair market value of each Investment being
    measured at the time made and without giving effect to
    subsequent changes in value), taken together with all other
    Investments made pursuant to this clause&#160;(iv) that are at
    the time outstanding, net of any amounts paid to the Company or
    any Restricted Subsidiary as a return of, or on, such
    Investments not to exceed $10.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Permitted Liens&#148;</I> means
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Liens for taxes, assessments or governmental charges or
    claims that either (a)&#160;are not yet delinquent or
    (b)&#160;are being contested in good faith by appropriate
    proceedings and as to which appropriate reserves have been
    established or other provisions have been made in accordance
    with GAAP;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;statutory Liens of landlords and carriers&#146;,
    warehousemen&#146;s, mechanics&#146;, suppliers&#146;,
    materialmen&#146;s, repairmen&#146;s or other Liens imposed by
    law and arising in the ordinary course of business and with
    respect to amounts that, to the extent applicable, either
    (a)&#160;are not yet delinquent or (b)&#160;are being contested
    in good faith by appropriate proceedings and as to which
    appropriate reserves have been established or other provisions
    have been made in accordance with GAAP;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;Liens (other than any Lien imposed by the Employee
    Retirement Income Security Act of 1974, as amended) incurred or
    deposits made in the ordinary course of business in connection
    with workers&#146; compensation, unemployment insurance and
    other types of social security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;Liens incurred or deposits made to secure the
    performance of tenders, bids, leases, statutory obligations,
    surety and appeal bonds, progress payments, government
    contracts, utility services, developer&#146;s or other
    obligations to make
    <FONT style="white-space: nowrap">on-site</FONT> or
    off-site improvements and other obligations of like nature
    (exclusive of obligations for the payment of borrowed money but
    including the items referred to in the parenthetical in
    clause&#160;(iii) of the definition of
    &#147;Indebtedness&#148;), in each case incurred in the ordinary
    course of business of the Company and the Restricted
    Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;attachment or judgment Liens not giving rise to a
    Default or an Event of Default and which are being contested in
    good faith by appropriate proceedings;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;easements,
    <FONT style="white-space: nowrap">rights-of-way,</FONT>
    restrictions and other similar charges or encumbrances not
    materially interfering with the ordinary course of business of
    the Company and its Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;zoning restrictions, licenses, restrictions on the
    use of real property or minor irregularities in title thereto,
    which do not materially impair the use of such real property in
    the ordinary course of business of the Company and its
    Subsidiaries or the value of such real property for the purpose
    of such business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;leases or subleases granted to others not materially
    interfering with the ordinary course of business of the Company
    and its Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;purchase money mortgages (including, without
    limitation, Capitalized Lease Obligations and purchase money
    security interests);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;Liens securing Refinancing Indebtedness; <I>provided
    </I>that such Liens only extend to assets which are similar to
    the type of assets securing the Indebtedness being refinanced
    and such refinanced Indebtedness was previously secured by such
    similar assets;
</DIV>
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    <BR>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xi)&#160;Liens securing:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the Notes (including any Additional Notes), the
    Subsidiary Guarantees thereof and other Obligations under the
    Indenture and the Security Documents and in respect thereof and
    any obligations owing to the Trustee or the Notes Collateral
    Agent under the Indenture or the Security Documents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;up to aggregate amount of Indebtedness or other
    obligations of the Company and the Restricted Subsidiaries equal
    to the greatest of (i)&#160;$150.0&#160;million, (ii)&#160;7.5%
    of Consolidated Tangible Assets (but not in excess of
    $200.0&#160;million) and (iii)&#160;following the Covenant
    Trigger Date, 15% of Consolidated Tangible Assets, in each case
    otherwise permitted to be incurred under the Indenture (and all
    obligations, including letters of credit and similar
    instruments, incurred, issued or arising thereunder) and Liens
    securing Refinancing Indebtedness in respect thereof, which
    Liens incurred under this clause&#160;(b) may be on a first-lien
    priority basis compared to the Notes on terms as set forth in
    the Intercreditor Agreement (collectively, <B>&#147;First
    Priority Obligations&#148;</B>); <I>provided </I>that the
    proceeds of any such Indebtedness constituting First Priority
    Obligations shall not be used to repay or repurchase (and such
    Indebtedness shall not be issued in exchange for) any other
    Indebtedness of the Company or any of its Subsidiaries that is
    unsecured or secured by Liens on all or any portion of the
    Collateral that are <I>pari passu </I>with or junior to the
    Liens securing the Notes;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;up to aggregate amount of Indebtedness or other
    obligations of the Company and the Restricted Subsidiaries equal
    to the greater of (i)&#160;$700.0&#160;million (but not to
    exceed, prior to the date that mortgages with respect to real
    properties have been granted to the Notes Collateral Agent
    covering an aggregate Book Value of real properties equal to at
    least $700.0&#160;million, an amount equal to the aggregate Book
    Value of real properties covered by mortgages granted to the
    Notes Collateral Agent since the Issue Date) and
    (ii)&#160;following the Covenant Trigger Date, 40% of
    Consolidated Tangible Assets, in each case less the amount of
    Indebtedness secured under clauses&#160;(a) and (b)&#160;above
    and clause&#160;(xxvii) below, otherwise permitted to be
    incurred under the Indenture (and all obligations, including
    letters of credit and similar instruments, incurred, issued or
    arising thereunder) and Liens securing Refinancing Indebtedness
    in respect thereof, which Liens incurred under this
    clause&#160;(c) shall, to the extent on Collateral, either
    (x)&#160;be on a pari passu lien priority basis compared to the
    Notes on terms as set forth in the Intercreditor Agreement
    (collectively, <B>&#147;Other Pari Passu Lien
    Obligations&#148;</B>) or (y)&#160;be on a junior lien priority
    basis compared to the Notes on a basis substantially the same as
    the basis on which the Liens securing the Notes are treated
    under the Intercreditor Agreement with respect to the First
    Priority Liens, pursuant to an intercreditor agreement, in form
    and substance similar to the Intercreditor Agreement or as
    otherwise reasonably satisfactory to the First Priority
    Collateral Agents and the Notes Collateral Agent (collectively,
    <B>&#147;Junior Lien Obligations&#148;</B>);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>provided </I>that in the case of (b)&#160;and (c) (other than
    in the case of Junior Lien Obligations) the holders of such
    secured Obligations (or a representative thereof) become party
    to the Intercreditor Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xii)&#160;any interest in or title of a lessor or sublessor to
    property subject to any (x)&#160;Capitalized Lease Obligations
    incurred in compliance with the provisions of the Indenture or
    (y)&#160;any lease or sublease;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xiii)&#160;Liens existing on the date of the Indenture,
    including, without limitation, Liens securing Existing
    Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xiv)&#160;any option, contract or other agreement to sell an
    asset; <I>provided </I>such sale is not otherwise prohibited
    under the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xv)&#160;Liens securing Non-Recourse Indebtedness of the
    Company or a Restricted Subsidiary thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xvi)&#160;Liens on property or assets of any Restricted
    Subsidiary securing Indebtedness of such Restricted Subsidiary
    owing to the Company or one or more Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xvii)&#160;Liens securing Indebtedness of an Unrestricted
    Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xviii)&#160;any right of a lender or lenders to which the
    Company or a Restricted Subsidiary may be indebted to offset
    against, or appropriate and apply to the payment of, such
    Indebtedness any and all balances, credits,
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    deposits, accounts or monies of the Company or a Restricted
    Subsidiary with or held by such lender or lenders;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xix)&#160;any pledge or deposit of cash or property in
    conjunction with obtaining surety and performance bonds and
    letters of credit required to engage in constructing
    <FONT style="white-space: nowrap">on-site</FONT> and
    off-site improvements required by municipalities or other
    governmental authorities in the ordinary course of business of
    the Company or any Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xx)&#160;Liens in favor of customs and revenue authorities
    arising as a matter of law to secure payment of customs duties
    in connection with the importation of goods;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxi)&#160;Liens encumbering customary initial deposits and
    margin deposits, and other Liens that are customary in the
    industry and incurred in the ordinary course of business
    securing Indebtedness under Hedging Obligations and forward
    contracts, options, futures contracts, futures options or
    similar agreements or arrangements designed to protect the
    Company or any of its Subsidiaries from fluctuations in the
    price of commodities;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxii)&#160;Liens arising out of conditional sale, title
    retention, consignment or similar arrangements for the sale of
    goods entered into by the Company or any of its Subsidiaries in
    the ordinary course of business;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxiii)&#160;Liens on property acquired by the Company or a
    Restricted Subsidiary and Liens on property of a Person existing
    at the time such Person is merged with or into or consolidated
    with the Company or any Restricted Subsidiary or becomes a
    Restricted Subsidiary; <I>provided </I>that in each case such
    Liens (A)&#160;were in existence prior to the contemplation of
    such acquisition, merger or consolidation and (B)&#160;do not
    extend to any asset other than those of the Person merged with
    or into or consolidated with the Company or the Restricted
    Subsidiary or the property acquired by the Company or the
    Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxiv)&#160;Liens replacing any of the Liens described in
    clauses&#160;(xiii) and (xxiii)&#160;above; <I>provided </I>that
    (A)&#160;the principal amount of the Indebtedness secured by
    such Liens shall not be increased (except to the extent of
    reasonable premiums or other payments required to be paid in
    connection with the repayment of the previously secured
    Indebtedness or Incurrence of related Refinancing Indebtedness
    and expenses Incurred in connection therewith) and (B)&#160;the
    new Liens shall be limited to the property or part thereof which
    secured the Lien so replaced or property substituted therefor as
    a result of the destruction, condemnation or damage of such
    property;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxv)&#160;Liens arising from UCC financing statement filings
    regarding operating leases entered into by the Company and its
    Restricted Subsidiaries in the ordinary course of business;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxvi)&#160;Liens securing Indebtedness incurred pursuant to
    clause&#160;(ix) of the second paragraph under the
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Additional
    Indebtedness;&#148;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxvii)&#160;Liens securing Indebtedness incurred pursuant to
    clause&#160;(x) of the second paragraph under the
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Additional
    Indebtedness;&#148; <I>provided </I>that such Liens extend only
    to the land or lots to which such Indebtedness relates.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Person&#148;</I> means any individual, corporation,
    partnership, limited liability company, joint venture,
    incorporated or unincorporated association, joint stock company,
    trust, unincorporated organization or government or other agency
    or political subdivision thereof or other entity of any kind.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Preferred Stock&#148;</I> of any Person means all
    Capital Stock of such Person which has a preference in
    liquidation or with respect to the payment of dividends.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Real Estate Business&#148;</I> means homebuilding,
    housing construction, real estate development or construction
    and the sale of homes and related real estate activities,
    including the provision of mortgage financing or title insurance.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Refinancing Indebtedness&#148;</I> means Indebtedness
    that refunds, refinances or extends any Existing Indebtedness or
    other Indebtedness permitted to be incurred by the Company or
    its Restricted Subsidiaries pursuant to the terms of the
    Indenture, but only to the extent that:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the Refinancing Indebtedness is subordinated in right
    of payment to the Notes or the Subsidiary Guarantees, as the
    case may be, to the same extent as the Indebtedness being
    refunded, refinanced or extended, if at all;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the Refinancing Indebtedness is scheduled to mature
    either (a)&#160;no earlier than the Indebtedness being refunded,
    refinanced or extended, or (b)&#160;after the maturity date of
    the Notes;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the portion, if any, of the Refinancing Indebtedness
    that is scheduled to mature on or prior to the maturity date of
    the Notes has a Weighted Average Life to Maturity at the time
    such Refinancing Indebtedness is Incurred that is equal to or
    greater than the Weighted Average Life to Maturity of the
    portion of the Indebtedness being refunded, refinanced or
    extended that is scheduled to mature on or prior to the maturity
    date of the Notes;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;such Refinancing Indebtedness is in an aggregate
    amount that is equal to or less than the aggregate amount then
    outstanding (including accrued interest) under the Indebtedness
    being refunded, refinanced or extended plus an amount necessary
    to pay any reasonable fees and expenses, including premiums and
    defeasance costs, related to such refinancing;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;such Refinancing Indebtedness is Incurred by the same
    Person that initially Incurred the Indebtedness being refunded,
    refinanced or extended, except that the Company may Incur
    Refinancing Indebtedness to refund, refinance or extend
    Indebtedness of any Restricted Subsidiary;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;such Refinancing Indebtedness is Incurred within
    180&#160;days before or after the Indebtedness being refunded,
    refinanced or extended is so refunded, refinanced or extended.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Registrar&#148;</I> means an office or agency where
    Notes may be presented for registration of transfer or for
    exchange.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Restricted Investment&#148;</I> with respect to any
    Person means any Investment (other than any Permitted
    Investment) by such Person in any (i)&#160;of its Affiliates,
    (ii)&#160;executive officer or director or any Affiliate of such
    Person, or (iii)&#160;any other Person other than a Restricted
    Subsidiary. Notwithstanding the above, a Subsidiary Guarantee
    shall not be deemed a Restricted Investment.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Restricted Payment&#148;</I> means any of the following:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the declaration of any dividend or the making of any
    other payment or distribution of cash, securities or other
    property or assets in respect of the Capital Stock of the
    Company or any Restricted Subsidiary (other than
    (a)&#160;dividends, payments or distributions payable solely in
    Capital Stock (other than Disqualified Stock) of the Company or
    a Restricted Subsidiary and (b)&#160;in the case of a Restricted
    Subsidiary, dividends, payments or distributions payable to the
    Company or to another Restricted Subsidiary and <I>pro rata</I>
    dividends, payments or distributions payable to minority
    stockholders of such Restricted Subsidiary);
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the purchase, redemption, retirement or other
    acquisition for value of any Capital Stock of the Company or any
    Restricted Subsidiary (other than Capital Stock held by the
    Company or a Restricted Subsidiary);
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;any Restricted Investment;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any principal payment, redemption, repurchase,
    defeasance or other acquisition or retirement of any
    Subordinated Indebtedness (other than (a)&#160;Indebtedness
    pursuant to under clause&#160;(vii) of the second paragraph
    under &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Additional
    Indebtedness&#148; or (b)&#160;the payment, redemption,
    repurchase, defeasance or other acquisition or retirement of
    such Indebtedness in anticipation of satisfying a sinking fund
    obligation, principal installment or final maturity, in each
    case due within one year of the date of such payment,
    redemption, repurchase, defeasance or other acquisition or
    retirement);
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>provided, however</I>, that Restricted Payments will not
    include any purchase, redemption, retirement or other
    acquisition for value of Indebtedness or Capital Stock of the
    Company or a Restricted Subsidiary if the consideration therefor
    consists solely of Capital Stock (other than Disqualified Stock)
    of the Company or a Restricted Subsidiary.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Restricted Subsidiary&#148;</I> means each of the
    Subsidiaries of the Company which is not an Unrestricted
    Subsidiary.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Revolving Credit Facility&#148;</I> means the Amended
    and Restated Credit Agreement, dated as of August&#160;5, 2009,
    among the Company, the lenders and letter of credit issuers
    party thereto, and Citibank, N.A., as agent and swingline
    lender, as such facility may be amended, restated, supplemented
    or otherwise modified from time to time.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;S&#038;P&#148;</I> means Standard and Poor&#146;s
    Ratings Service, a division of McGraw Hill, Inc., a New York
    corporation, or any successor to its debt rating business.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;SEC&#148;</I> means the Securities and Exchange
    Commission.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Priority Liens&#148;</I> means the Liens on any
    or all of the First Priority Collateral that secure any or all
    of the Obligations with respect to the Notes.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Securities Act&#148;</I> means the Securities Act of
    1933, as amended, and the rules and regulations of the SEC
    promulgated thereunder.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Security Documents&#148;</I> means the security
    agreements, pledge agreements, mortgages, collateral
    assignments, UCC financing statements and related agreements, as
    amended, supplemented, restated, renewed, refunded, replaced,
    restructured, repaid, refinanced or otherwise modified from time
    to time, creating the security interests in the Collateral as
    contemplated by the Indenture.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Security Register&#148;</I> is a register of the Notes
    and of their transfer and exchange kept by the Registrar.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subordinated Indebtedness&#148;</I> means any
    Indebtedness which is subordinated in right of payment to the
    Notes or the Subsidiary Guarantees, as the case may be.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary&#148;</I> of any Person means any
    (i)&#160;corporation of which at least a majority of the
    aggregate voting power of all classes of the Common Equity is
    directly or indirectly beneficially owned by such Person&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;any entity other than a corporation of which such
    Person, directly or indirectly, beneficially owns at least a
    majority of the Common Equity; <I>provided </I>that in each of
    case (i)&#160;and (ii), such Person is required to consolidate
    such entity in accordance with GAAP.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary Guarantee&#148;</I> means the guarantee of
    the Notes by each Subsidiary Guarantor under the Indenture.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary Guarantors&#148;</I> means (i)&#160;each of
    the Company&#146;s Restricted Subsidiaries in existence on the
    Issue Date, other than The Ridings Development LLC and
    (ii)&#160;each of the Company&#146;s Subsidiaries that becomes a
    guarantor of the Notes pursuant to the provisions of the
    Indenture.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Trust&#160;Indenture Act&#148;</I> or
    <I>&#147;TIA&#148;</I> means the Trust&#160;Indenture Act of
    1939, as amended.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Trustee&#148;</I> means the party named as such until a
    successor replaces such party in accordance with the applicable
    provisions of the Indenture and thereafter means the successor
    trustee serving under the Indenture.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Unrestricted Subsidiary&#148;</I> means United Home
    Insurance Corporation, a Vermont corporation, Security
    Title&#160;Insurance Company, Inc., a Vermont corporation, and,
    to the extent considered a Subsidiary of the Company, Beazer
    Homes Capital Trust&#160;I, and each of the Subsidiaries of the
    Company (including any newly formed or acquired Subsidiary) so
    designated by a resolution adopted by the Board of Directors of
    the Company as provided below and provided that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;neither the Company nor any of its other Subsidiaries
    (other than Unrestricted Subsidiaries) (1)&#160;provides any
    direct or indirect credit support for any Indebtedness of such
    Subsidiary (including any undertaking, agreement or instrument
    evidencing such Indebtedness) or (2)&#160;is directly or
    indirectly liable for any Indebtedness of such Subsidiary;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the creditors with respect to Indebtedness for borrowed
    money of such Subsidiary have agreed in writing that they have
    no recourse, direct or indirect, to the Company or any other
    Subsidiary of the Company (other than Unrestricted
    Subsidiaries), including, without limitation, recourse with
    respect to the payment of principal or interest on any
    Indebtedness of such Subsidiary;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;no default with respect to any Indebtedness of such
    Subsidiary (including any right which the holders thereof may
    have to take enforcement action against such Subsidiary) would
    permit (upon notice, lapse of time or both) any holder of any
    other Indebtedness of the Company and of its other Subsidiaries
    (other than other Unrestricted Subsidiaries), to declare a
    default on such other Indebtedness or cause the payment thereof
    to be accelerated or payable prior to its stated maturity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors of the Company may designate an
    Unrestricted Subsidiary to be a Restricted Subsidiary;
    <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;any such redesignation will be deemed to be an
    Incurrence by the Company and its Restricted Subsidiaries of the
    Indebtedness (if any) of such redesignated Subsidiary for
    purposes of the &#147;Limitations on Additional
    Indebtedness&#148; covenant set forth in the Indenture as of the
    date of such redesignation;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;immediately after giving effect to such redesignation
    and the Incurrence of any such additional Indebtedness, the
    Company and its Restricted Subsidiaries could incur $1.00 of
    additional Indebtedness under the Consolidated Fixed Charge
    Coverage Ratio contained in the &#147;Limitations on Additional
    Indebtedness&#148; covenant set forth in the Indenture;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the Liens on the property and assets of such
    Unrestricted Subsidiary could then be incurred in accordance
    with the &#147;Limitations on Liens&#148; covenant set forth in
    the Indenture as of the date of such redesignation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the foregoing, the Board of Directors of the Company
    also may designate any Restricted Subsidiary to be an
    Unrestricted Subsidiary; <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;all previous Investments by the Company and its
    Restricted Subsidiaries in such Restricted Subsidiary (net of
    any returns previously paid on such Investments) will be deemed
    to be Restricted Payments at the time of such designation and
    will reduce the amount available for Restricted Payments under
    the &#147;Limitations on Restricted Payments&#148; covenant set
    forth in the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;immediately after giving effect to such designation
    and reduction of amounts available for Restricted Payments under
    the &#147;Limitations on Restricted Payments&#148; covenant set
    forth in the Indenture, either (x)&#160;the Company and its
    Restricted Subsidiaries could incur $1.00 of additional
    Indebtedness under the Consolidated Fixed Charge Coverage Ratio
    contained in the &#147;Limitations on Additional
    Indebtedness&#148; covenant set forth in the Indenture or
    (y)&#160;the Consolidated Fixed Charge Coverage Ratio for the
    Company and its Restricted Subsidiaries would be greater than
    such ratio immediately prior to such designation, in each case
    on a pro forma basis taking into account such
    designation;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;no Default or Event of Default shall have occurred or
    be continuing. Any such designation or redesignation by the
    Board of Directors of the Company will be evidenced to the
    Trustee by the filing with the Trustee of a certified copy of
    the resolution of the Board of Directors of the Company giving
    effect to such designation or redesignation and an
    Officers&#146; Certificate certifying that such designation or
    redesignation complied with the foregoing conditions and setting
    forth the underlying calculations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;U.S.&#160;Government Obligations&#148;</I> means
    securities which are (i)&#160;direct obligations of the United
    States of America, for the payment of which its full faith and
    credit is pledged or (ii)&#160;obligations of a Person
    controlled or supervised by and acting as an agency or
    instrumentality of the United States of America, the payment of
    which is unconditionally guaranteed as a full faith and credit
    obligation by the United States of America, which, are not
    callable or redeemable at the option of the issuer thereof, and
    shall also include a depository receipt issued by a bank or
    trust company as custodian with respect to any such
    U.S.&#160;Government Obligation or a specific payment of
    interest on or principal of any such U.S.&#160;Government
    Obligation held by such custodian for the account of the holder
    of a depository receipt; <I>provided </I>that (except as
    required by law) such custodian is not authorized to make any
    deduction from the amount payable to the holder of such
    depository
</DIV>
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    <BR>
    74
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    receipt from any amount received by the custodian in respect of
    the U.S.&#160;Government Obligation or the specific payment of
    interest on or principal of the U.S.&#160;Government Obligation
    evidenced by such depository receipt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Weighted Average Life to Maturity&#148;</I> means, when
    applied to any Indebtedness or portion thereof, at any date, the
    number of years obtained by dividing (i)&#160;the sum of the
    products obtained by multiplying (a)&#160;the amount of each
    then remaining installment, sinking fund, serial maturity or
    other required payment of principal, including, without
    limitation, payment at final maturity, in respect thereof, by
    (b)&#160;the number of years (calculated to the nearest
    one-twelfth) that will elapse between such date and the making
    of such payment by (ii)&#160;the sum of all such payments
    described in clause&#160;(a) above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Wholly Owned Subsidiary&#148;</I> of any Person means
    (i)&#160;a Subsidiary of which 100% of the Common Equity (except
    for directors&#146; qualifying shares or certain minority
    interests owned by other Persons solely due to local law
    requirements that there be more than one stockholder, but which
    interest is not in excess of what is required for such purpose)
    is owned directly by such Person or through one or more other
    Wholly Owned Subsidiaries of such Person, or (ii)&#160;any
    entity other than a corporation in which such Person, directly
    or indirectly, owns all of the Common Equity of such entity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of certain covenants that are
    contained in the Indenture. Such covenants are applicable
    (unless waived or amended as permitted by the Indenture) so long
    as any of the Notes are outstanding or until the Notes are
    defeased pursuant to provisions described under
    &#147;Description of the Notes&#160;&#151; Discharge and
    Defeasance of Indenture.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Asset Sales.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    cause or permit any Restricted Subsidiary to, make any Asset
    Sale unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the Company (or such Restricted Subsidiary, as the case
    may be) receives consideration at the time of such Asset Sale at
    least equal to the Fair Market Value thereof;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;not less than 70% of the consideration received by the
    Company (or such Restricted Subsidiary, as the case may be) is
    in the form of cash, Cash Equivalents and Marketable Securities
    (excluding Marketable Securities of the Company).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of (i)&#160;any Indebtedness (other than any
    Subordinated Indebtedness) of the Company or any Restricted
    Subsidiary that is actually assumed by the transferee in such
    Asset Sale and (ii)&#160;the Fair Market Value of any property
    or assets (including Capital Stock of any Person that will be a
    Restricted Subsidiary following receipt thereof) received that
    are used or useful in a Real Estate Business (<I>provided
    </I>that (except as permitted by clause&#160;(ii) under the
    definition of &#147;Permitted Investment&#148;) to the extent
    that the assets disposed of in such Asset Sale were Collateral,
    such property or assets are pledged as Collateral under the
    Security Documents substantially simultaneously with such sale,
    with the Lien on such Collateral securing the Notes being of the
    same priority with respect to the Notes as the Lien on the
    assets disposed of), shall be deemed to be consideration
    required by clause&#160;(b) above for purposes of determining
    the percentage of such consideration received by the Company or
    the Restricted Subsidiaries. Any Marketable Securities received
    as consideration in connection with an Asset Sale shall be
    converted into cash or Cash Equivalents within 180&#160;days of
    receipt of such Marketable Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Net Proceeds of an Asset Sale shall, within one year, at the
    Company&#146;s election:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;be used by the Company or a Restricted Subsidiary to
    invest in assets (including Capital Stock of any Person that is
    or will be a Restricted Subsidiary following investment therein)
    used or useful in the business of the Company and the Restricted
    Subsidiaries; <I>provided </I>that (except as permitted by
    clause&#160;(ii) under the definition of &#147;Permitted
    Investment&#148;) to the extent that the assets disposed of in
    such Asset Sale were Collateral, such assets are pledged as
    Collateral under the Security Documents with the Lien
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    on such Collateral securing the Notes being of the same priority
    with respect to the Notes as the Lien on the assets disposed of;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;be used to permanently prepay or permanently repay any
    (1)&#160;Indebtedness (or cash collateralize letters of credit)
    constituting First Priority Obligations (and, in the case of
    revolving obligations, to permanently reduce commitments with
    respect thereto) to the extent the assets sold were First
    Priority Collateral or (2)&#160;Indebtedness which had been
    secured by the assets sold in the relevant Asset Sale or other
    Indebtedness that is not subordinated in right of payment to the
    Notes or Subsidiary Guarantees, to the extent the assets sold
    were not Collateral (and, in the case of revolving obligations,
    to permanently reduce commitments with respect thereto);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;be applied to make an offer to purchase (in
    accordance with the terms set forth in the Indenture) Notes and,
    if the Company or a Restricted Subsidiary elects or is required
    to do so, offer to purchase, repay or redeem Other Pari Passu
    Lien Obligations (to the extent the assets sold were Collateral)
    on a <I>pro rata </I>basis if the amount available for such
    purchase, repayment or redemption is less than the aggregate
    amount of (i)&#160;the principal amount of the Notes tendered in
    such offer to purchase and (ii)&#160;the lesser of the principal
    amount, or accreted value, of such other Other Pari Passu Lien
    Obligations or other Indebtedness, as applicable, plus, in each
    case accrued interest to the date of repayment, purchase or
    redemption at 100% of the principal amount or accreted value
    thereof, as the case may be, plus accrued and unpaid interest,
    if any, to the date of repurchase or repayment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of such Net Proceeds neither used to repay the
    Indebtedness described above nor used or invested as set forth
    in the preceding paragraph constitutes &#147;Excess
    Proceeds.&#148; Notwithstanding the above, any Asset Sale that
    is subject to the &#147;Limitations on Mergers and
    Consolidations&#148; covenant set forth in the Indenture will
    not be subject to the &#147;Limitations on Asset Sales&#148;
    covenant set forth in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that, when the aggregate amount of Excess
    Proceeds equals $25,000,000 or more, the Company will so notify
    the Trustee in writing by delivery of an Officer&#146;s
    Certificate and will offer to purchase from all Holders (and, if
    the Company or a Restricted Subsidiary is required to do so,
    offer to purchase, repay or redeem Other Pari Passu Lien
    Obligations (to the extent the assets sold were Collateral) (an
    &#147;Excess Proceeds Offer&#148;), and will purchase from
    Holders and holders of any such Other Pari Passu Lien
    Obligations on a pro rata basis, accepting such Excess Proceeds
    Offer on the date fixed for the closing of such Excess Proceeds
    Offer (the &#147;Asset Sale Offer Date&#148;), the maximum
    principal amount (in $2,000 minimum denominations or in integral
    multiples of $1,000 in excess thereof) of Notes (and such Other
    Pari Passu Lien Obligations) plus accrued and unpaid interest
    thereon, if any, to the Asset Sale Offer Date that may be
    purchased and paid, as the case may be, out of the Excess
    Proceeds, at an offer price (the &#147;Asset Sale Offer
    Price&#148;) in cash in an amount equal to 100% of the principal
    amount thereof (or, if less, the accreted value) plus accrued
    and unpaid interest, if any, to the Asset Sale Offer Date, in
    accordance with the procedures set forth in the Indenture. To
    the extent that the aggregate amount of Notes (and such Other
    Pari Passu Lien Obligations) tendered pursuant to an Excess
    Proceeds Offer is less than the Excess Proceeds relating
    thereto, then the Company may use such Excess Proceeds, or a
    portion thereof, for general corporate purposes in the business
    of the Company and its Restricted Subsidiaries existing on the
    date of the Indenture. Upon completion of an Excess Proceeds
    Offer, the amount of Excess Proceeds will be reset at zero.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that, notwithstanding the foregoing,
    to the extent the Company or any of its Restricted Subsidiaries
    receives securities or other noncash property or assets as
    proceeds of an Asset Sale, the Company will not be required to
    make any application of such noncash proceeds required by this
    covenant until it receives cash or cash equivalent proceeds from
    a sale, repayment, exchange, redemption or retirement of or
    extraordinary dividend or return of capital on such noncash
    property. Any amounts deferred pursuant to the preceding
    sentence will be applied in accordance with this covenant
    (within the time periods set forth in this covenant as if the
    date of such receipt was the date of an Asset Sale) when cash or
    cash equivalent proceeds are thereafter received from a sale,
    repayment, exchange, redemption or retirement of or
    extraordinary dividend or return of capital on such noncash
    property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pending any such application under this covenant, Net Proceeds
    may be used to temporarily reduce Indebtedness or otherwise be
    invested in any manner not prohibited by the Indenture.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company will comply with the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Exchange Act and any other securities laws and
    regulations thereunder to the extent such laws or regulations
    are applicable in connection with the repurchase of the Notes
    pursuant to an Excess Proceeds Offer. To the extent that the
    provisions of any securities laws or regulations conflict with
    the provisions of the Indenture, the Company will comply with
    the applicable securities laws and regulations and shall not be
    deemed to have breached its obligations described in the
    Indenture by virtue thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Restricted Payments.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    cause or permit any of its Restricted Subsidiaries to, make any
    Restricted Payment, directly or indirectly, after the date of
    the Indenture if at the time of such Restricted Payment:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the amount of such proposed Restricted Payment (the
    amount of such Restricted Payment, if other than in cash, will
    be determined in good faith by a majority of the disinterested
    members of the Board of Directors of the Company), when added to
    the aggregate amount of all Restricted Payments (excluding
    Restricted Payments permitted by clauses (ii), (iii), (iv),
    (vi)&#160;and (vii)&#160;of the next succeeding paragraph)
    declared or made after the Covenant Trigger Date exceeds the sum
    of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;$40.0&#160;million, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;50% of the Company&#146;s Consolidated Net Income
    accrued during the period (taken as a single period) commencing
    on the first day of the fiscal quarter in which the Covenant
    Trigger Date occurs and ending on the last day of the fiscal
    quarter immediately preceding the fiscal quarter in which the
    Restricted Payment is to occur (or, if such aggregate
    Consolidated Net Income is a deficit, minus 100% of such
    aggregate deficit), plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;the net cash proceeds derived from the issuance and
    sale of Capital Stock of the Company and its Restricted
    Subsidiaries (or any capital contribution to the Company or a
    Restricted Subsidiary) that is not Disqualified Stock (other
    than a sale to, or a contribution by, a Subsidiary of the
    Company) after the Covenant Trigger Date, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;100% of the principal amount of, or, if issued at a
    discount, the accreted value of, any Indebtedness of the Company
    or a Restricted Subsidiary which is issued (other than to a
    Subsidiary of the Company) after the Covenant Trigger Date that
    is converted into or exchanged for Capital Stock of the Company
    that is not Disqualified Stock, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;100% of the aggregate amounts received by the Company
    or any Restricted Subsidiary from the sale, disposition or
    liquidation (including by way of dividends) of any Investment
    (other than to any Subsidiary of the Company and other than to
    the extent sold, disposed of or liquidated with recourse to the
    Company or any of its Subsidiaries or to any of their respective
    properties or assets) but only to the extent (x)&#160;not
    included in clause&#160;(2) above and (y)&#160;that the making
    of such Investment constituted a permitted Restricted
    Investment, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;100% of the principal amount of, or if issued at a
    discount, the accreted value of, any Indebtedness or other
    obligation that is the subject of a guarantee by the Company
    which is released (other than due to a payment on such
    guarantee) after the Covenant Trigger Date, but only to the
    extent that such guarantee constituted a permitted Restricted
    Payment, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;with respect to any Unrestricted Subsidiary that is
    redesignated as a Restricted Subsidiary in accordance with the
    definition of &#147;Unrestricted Subsidiary&#148; (so long as
    the designation of such Subsidiary as an Unrestricted Subsidiary
    was treated as a Restricted Payment made after the IssueDate,
    and only to the extent not included in clause&#160;(2) above),
    an amount equal to the lesser of (x)&#160;the proportionate
    interest of the Company or a Restricted Subsidiary in an amount
    equal to the excess of (I)&#160;the total assets of such
    Subsidiary, valued on an aggregate basis at the lesser of Book
    Value and Fair Market Value thereof, over (II)&#160;the total
    liabilities of such Subsidiary, determined in
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    accordance with GAAP, and (y)&#160;the amount of the Restricted
    Payment deemed to be made upon such Subsidiary&#146;s
    designation as an Unrestricted Subsidiary;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the Company would be unable to incur $1.00 of
    additional Indebtedness under the Consolidated Fixed Charge
    Coverage Ratio contained in the &#147;Limitations on Additional
    Indebtedness&#148; covenant set forth in the Indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;a Default or Event of Default has occurred and is
    continuing or occurs as a consequence thereof;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;the Covenant Trigger Date has not occurred.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, the provisions of the
    &#147;Limitation on Restricted Payments&#148; covenant set forth
    in the Indenture do not prevent:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the payment of any dividend within 60&#160;days after
    the date of declaration thereof if the payment thereof would
    have complied with the limitations of the Indenture on the date
    of declaration;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the purchase, repayment, redemption, repurchase,
    defeasance or other acquisition or retirement of shares of the
    Company&#146;s Capital Stock or the Company&#146;s or a
    Restricted Subsidiary&#146;s Indebtedness for, or out of the net
    proceeds of a substantially concurrent sale (other than a sale
    to a Subsidiary of the Company) of, other shares of its Capital
    Stock (other than Disqualified Stock), <I>provided </I>that the
    proceeds of any such sale will be excluded in any computation
    made under clause&#160;(3) above;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the purchase, repayment, redemption, repurchase,
    defeasance or other acquisition or retirement for value of
    Indebtedness, including premium, if any, with the proceeds of
    Refinancing Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;payments or distributions pursuant to or in connection
    with a merger, consolidation or transfer of assets that complies
    with the provisions of the Indenture applicable to mergers,
    consolidations and transfers of all or substantially all of the
    property and assets of the Company or any Guarantor;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;any purchase, redemption, retirement or other
    acquisition for value of Capital Stock of the Company or any
    Subsidiary held by officers or employees or former officers or
    employees of the Company or any Subsidiary (or their estates or
    beneficiaries under their estates) not to exceed $500,000 in any
    calendar year and $5.0&#160;million in the aggregate since the
    Issue Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;repurchases of Capital Stock deemed to occur upon the
    exercise of stock options, warrants or similar instruments if
    such Capital Stock represents a portion of the exercise price of
    such options, warrants or similar instruments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;the payment by the Company of cash in lieu of the
    issuance of fractional shares upon the exercise of options,
    warrants or similar instruments or upon the conversion or
    exchange of Capital Stock of the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;the payment of dividends on Preferred Stock and
    Disqualified Stock up to an aggregate amount of
    $10.0&#160;million in any fiscal year; <I>provided </I>that
    immediately after giving effect to any declaration of such
    dividend, the Company could incur at least $1.00 of Indebtedness
    under the Consolidated Fixed Charge Coverage Ratio contained in
    the &#147;Limitations on Additional Indebtedness&#148; covenant
    set forth in the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;payments not to exceed $40.0&#160;million in the
    aggregate for the purchase, repayment, redemption, repurchase,
    defeasance or other acquisition or retirement for value of the
    Company&#146;s junior subordinated notes due July&#160;30, 2036
    (or the related trust preferred securities issued by Beazer
    Homes Capital Trust&#160;I), as such securities may be amended
    or modified from time to time;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;other Restricted Payments made after the Issue Date in
    an amount not to exceed $20.0&#160;million in the aggregate.
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Additional Indebtedness.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    cause or permit any of its Restricted Subsidiaries, directly or
    indirectly, to, Incur any Indebtedness including Acquired
    Indebtedness; <I>provided </I>that the Company and the
    Subsidiary Guarantors may Incur Indebtedness, including Acquired
    Indebtedness, if, after giving effect thereto and the
    application of the proceeds therefrom, either (i)&#160;the
    Company&#146;s Consolidated Fixed Charge Coverage Ratio on the
    date thereof would be at least 2.0 to 1.0 or (ii)&#160;the ratio
    of Indebtedness of the Company and the Restricted Subsidiaries
    to Consolidated Tangible Net Worth is less than 2.25 to 1.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, the provisions of the Indenture
    do not prevent:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the Company or any Restricted Subsidiary from Incurring
    (A)&#160;Refinancing Indebtedness or (B)&#160;Non-Recourse
    Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the Company from Incurring Indebtedness evidenced by
    the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the Company or any Subsidiary Guarantor from
    Incurring Indebtedness under Credit Facilities not to exceed the
    greater of $150.0&#160;million and 7.5% of Consolidated Tangible
    Assets;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any Subsidiary Guarantee of Indebtedness of the
    Company under the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;the Company and its Restricted Subsidiaries from
    Incurring Indebtedness under any deposits made to secure
    performance of tenders, bids, leases, statutory obligations,
    surety and appeal bonds, progress statements, government
    contracts and other obligations of like nature (exclusive of the
    obligation for the payment of borrowed money);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;any Subsidiary Guarantor from guaranteeing
    Indebtedness of the Company or any other Subsidiary Guarantor,
    or the Company from guaranteeing Indebtedness of any Subsidiary
    Guarantor, in each case permitted to be Incurred under the
    Indenture (other than Non-Recourse Indebtedness);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;(a)&#160;any Restricted Subsidiary from Incurring
    Indebtedness owing to the Company or any Subsidiary Guarantor
    that is both a Wholly Owned Subsidiary and a Restricted
    Subsidiary; <I>provided </I>that
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (I)&#160;such Indebtedness is subordinated to any Subsidiary
    Guarantee of such Restricted Subsidiary, if any,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (II)&#160;such Indebtedness shall only be permitted pursuant to
    this clause (vii)(a) for so long as the Person to whom such
    Indebtedness is owing is the Company or a Subsidiary Guarantor
    that is both a Wholly Owned Subsidiary and a Restricted
    Subsidiary,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the Company from Incurring Indebtedness owing to any
    Subsidiary Guarantor that is both a Wholly Owned Subsidiary and
    a Restricted Subsidiary; <I>provided </I>that
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (I)&#160;such Indebtedness is subordinated to the Company&#146;s
    obligations under the Notes and the Indenture,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (II)&#160;such Indebtedness shall only be permitted pursuant to
    this clause (vii)(b) for so long as the Person to whom such
    Indebtedness is owing is a Subsidiary Guarantor that is both a
    Wholly Owned Subsidiary and a Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;the Company and any Restricted Subsidiary from
    Incurring Indebtedness under Capitalized Lease Obligations or
    purchase money obligations, in each case Incurred for the
    purpose of acquiring or financing all or any part of the
    purchase price or cost of construction or improvement of
    property or equipment used in the business of the Company or
    such Restricted Subsidiary, as the case may be, in an aggregate
    amount not to exceed $20.0&#160;million;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;the Company or any Restricted Subsidiary from
    Incurring obligations for, pledge of assets in respect of, and
    guaranties of, bond financings of political subdivisions or
    enterprises thereof in the ordinary course of business;
</DIV>
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    <BR>
    79
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;Company or any Restricted Subsidiary from incurring
    Indebtedness owed to a seller of entitled land, lots under
    development or finished lots under the terms of which the
    Company or such Restricted Subsidiary, as obligor, is required
    to make a payment upon the future sale of such land or
    lots;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xi)&#160;the Company or any Restricted Subsidiary from
    Incurring Indebtedness in an aggregate principal amount at any
    time outstanding not to exceed $20.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company shall not, and the Company will not cause or permit
    any Subsidiary Guarantor that is a Restricted Subsidiary to,
    directly or indirectly, in any event Incur any Indebtedness that
    purports to be by its terms (or by the terms of any agreement
    governing such Indebtedness) subordinated to any other
    Indebtedness of the Company or of such Subsidiary Guarantor, as
    the case may be, unless such Indebtedness is also by its terms
    (or by the terms of any agreement governing such Indebtedness)
    made expressly subordinated to the Notes or the Subsidiary
    Guarantee of such Subsidiary Guarantor, as the case may be, to
    the same extent and in the same manner as such Indebtedness is
    subordinated to such other Indebtedness of the Company or such
    Subsidiary Guarantor, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of determining compliance with this
    &#147;Limitations on Additional Indebtedness&#148; covenant, in
    the event an item of Indebtedness meets the criteria of more
    than one of the types of Indebtedness described in the above
    clauses of this covenant, the Company, in its sole discretion,
    shall classify such item of Indebtedness in any manner that
    complies with this covenant and may from time to time reclassify
    such item of Indebtedness in any manner in which such item could
    be Incurred at the time of such reclassification.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    and Restrictions on Issuance of Capital Stock of Restricted
    Subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not permit any
    Restricted Subsidiary to issue, or permit to be outstanding at
    any time, Preferred Stock or any other Capital Stock
    constituting Disqualified Stock other than any such Capital
    Stock issued to or held by the Company or any Restricted
    Subsidiary of the Company which is a Wholly Owned Subsidiary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Change
    of Control.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that, following the occurrence of any
    Change of Control, the Company will so notify the Trustee in
    writing by delivery of an Officers&#146; Certificate and will
    offer to purchase (a &#147;Change of Control Offer&#148;) from
    all Holders, and will purchase from Holders accepting such
    Change of Control Offer on the date fixed for the closing of
    such Change of Control Offer (the &#147;Change of Control
    Payment Date&#148;), the outstanding principal amount of Notes
    at an offer price (the &#147;Change of Control Price&#148;) in
    cash in an amount equal to 101% of the aggregate principal
    amount thereof plus accrued and unpaid interest, if any, to the
    Change of Control Payment Date in accordance with the procedures
    set forth in the &#147;Change of Control&#148; covenant of the
    Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Indenture provides that, within 30&#160;days
    after the date on which a Change of Control occurs, the Company
    (with Notice to the Trustee) or the Trustee at the
    Company&#146;s request (and at the expense of the Company) will
    send or cause to be sent by first-class mail, postage pre-paid,
    to all Persons who were Holders on the date of the Change of
    Control at their respective addresses appearing in the Security
    Register, a notice of such occurrence and of such Holder&#146;s
    rights arising as a result thereof. Such notice shall specify,
    among other items, the Change of Control Payment Date, which
    shall be no earlier than 45&#160;days nor later than
    60&#160;days from the date such notice is mailed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;In the event of a Change of Control Offer, the Company
    will only be required to accept Notes in minimum denominations
    of $2,000 and integral multiples of $1,000 in excess thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Not later than one Business Day after the Change of
    Control Payment Date in connection with which the Change of
    Control Offer is being made, the Company will (i)&#160;accept
    for payment Notes or portions thereof tendered pursuant to the
    Change of Control Offer, (ii)&#160;deposit with the Paying Agent
    money sufficient, in immediately available funds, to pay the
    purchase price of all Notes or portions
</DIV>
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    <BR>
    80
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    thereof so accepted and (iii)&#160;deliver to the Paying Agent
    an Officers&#146; Certificate identifying the Notes or portions
    thereof accepted for payment by the Company. The Paying Agent
    will promptly mail or deliver to Holders of Notes so accepted
    payment in an amount equal to the Change of Control Price of the
    Notes purchased from each such Holder, and the Company will
    execute and, upon receipt of an Officer&#146;s Certificate of
    the Company, the Trustee will promptly authenticate and mail or
    deliver to such Holder a new Note equal in principal amount to
    any unpurchased portion of the Note surrendered. Any Notes not
    so accepted will be promptly mailed or delivered by the Paying
    Agent at the Company&#146;s expense to the Holder thereof. The
    Company will publicly announce the results of the Change of
    Control Offer promptly after the Change of Control Payment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Any Change of Control Offer will be conducted by the
    Company in compliance with applicable law, including, without
    limitation, Section&#160;14(e) of the Exchange Act and Rule
    <FONT style="white-space: nowrap">14e-1</FONT>
    thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company may enter into other arrangements or Incur other
    Indebtedness with similar change of control obligations. There
    can be no assurance that sufficient funds will be available at
    the time of a Change of Control to make any required
    repurchases. The Company&#146;s failure to make any required
    repurchases in the event of a Change of Control Offer will
    create an Event of Default under the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No quantitative or other established meaning has been given to
    the phrase &#147;all or substantially all&#148; (which appears
    in the definition of Change of Control) by courts which have
    interpreted this phrase in various contexts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In interpreting this phrase, courts make a subjective
    determination as to the portion of assets conveyed, considering
    such factors as the value of the assets conveyed and the
    proportion of an entity&#146;s income derived from the assets
    conveyed. Accordingly, there may be uncertainty as to whether a
    Holder of Notes can determine whether a Change of Control has
    occurred and exercise any remedies such Holder may have upon a
    Change of Control. In addition, in a recent decision, the
    Chancery Court of Delaware raised the possibility that a change
    of control as a result of a failure to have &#147;continuing
    directors&#148; comprising a majority of the Board of Directors
    may be unenforceable on public policy grounds.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Transactions with Affiliates.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    permit any of its Subsidiaries to, make any Investment, loan,
    advance, guarantee or capital contribution to or for the benefit
    of, or sell, lease, transfer or otherwise dispose of any of its
    properties or assets to, or for the benefit of, or purchase or
    lease any property or assets from, or enter into or amend any
    contract, agreement or understanding with, or for the benefit
    of, (i)&#160;any Affiliate of the Company or any Affiliate of
    the Company&#146;s Subsidiaries or (ii)&#160;any Person (or any
    Affiliate of such Person) holding 10% or more of the Common
    Equity of the Company or any of its Subsidiaries (each an
    &#147;Affiliate Transaction&#148;), except on terms that are no
    less favorable to the Company or the relevant Subsidiary, as the
    case may be, than those that could have been obtained in a
    comparable transaction on an arm&#146;s length basis from a
    Person that is not an Affiliate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that the Company will not, and will
    not permit any of its Subsidiaries to, enter into any Affiliate
    Transaction involving or having a value of more than
    $5.0&#160;million, unless, in each case, such Affiliate
    Transaction has been approved by a majority of the disinterested
    members of the Company&#146;s Board of Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that the Company will not, and will
    not permit any of its Subsidiaries to, enter into an Affiliate
    Transaction involving or having a value of more than
    $20.0&#160;million unless the Company has delivered to the
    Trustee an opinion of an Independent Financial Advisor to the
    effect that the transaction is fair to the Company or the
    relevant Subsidiary, as the case may be, from a financial point
    of view.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that, notwithstanding the foregoing,
    an Affiliate Transaction will not include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;any contract, agreement or understanding with, or for
    the benefit of, or plan for the benefit of, employees of the
    Company or its Subsidiaries (in their capacity as such) that has
    been approved by the Company&#146;s Board of Directors;
</DIV>
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    81
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Capital Stock issuances to members of the Board of
    Directors, officers and employees of the Company or its
    Subsidiaries pursuant to plans approved by the stockholders of
    the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;any Restricted Payment otherwise permitted under the
    &#147;Limitations on Restricted Payments&#148; covenant set
    forth in the Indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any transaction between the Company and a Restricted
    Subsidiary or a Restricted Subsidiary and another Restricted
    Subsidiary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Liens.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    permit any of its Restricted Subsidiaries to, create, incur,
    assume or suffer to exist any Liens, other than Permitted Liens,
    on any of its or their assets, property, income or profits
    therefrom, except, in the case of any asset or property not part
    of the Collateral, any Lien if the Notes are equally and ratably
    secured with (or on a senior basis to, if such Lien secures
    subordinated Indebtedness) the obligations secured by such Lien.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Lien created for the benefit of the Holders of the Notes
    pursuant to the preceding paragraph shall provide by its terms
    that such Lien shall be automatically and unconditionally
    released and discharged upon the release and discharge of the
    Lien securing such other obligations, which release and
    discharge in the case of any sale of any such asset or property
    shall not affect any Lien that the Notes Collateral Agent may
    have on the proceeds of such sale.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Restrictions on Distributions from Restricted
    Subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    permit any of its Restricted Subsidiaries to, create, assume or
    otherwise cause or suffer to exist or become effective any
    consensual encumbrance or restriction on the ability of any
    Restricted Subsidiary to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;pay dividends or make any other distributions on its
    Capital Stock or any other interest or participation in, or
    measured by, its profits, owned by the Company or any of its
    other Restricted Subsidiaries, or pay interest on or principal
    of any Indebtedness owed to the Company or any of its other
    Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;make loans or advances to the Company or any of its
    other Restricted Subsidiaries;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;transfer any of its properties or assets to the
    Company or any of its other Restricted Subsidiaries, except for
    encumbrances or restrictions existing under or by reason of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;applicable law;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;covenants or restrictions contained in the agreements
    evidencing Existing Indebtedness as in effect on the date of the
    Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;any restrictions or encumbrances arising under Acquired
    Indebtedness; <I>provided </I>that such encumbrance or
    restriction applies only to the obligor on such Indebtedness and
    its Subsidiaries and that such Acquired Indebtedness was not
    incurred by the Company or any of its Subsidiaries or by the
    Person being acquired in connection with or in anticipation of
    such acquisition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;any restrictions or encumbrances arising in connection
    with Refinancing Indebtedness; <I>provided </I>that any
    restrictions and encumbrances of the type described in this
    clause&#160;(d) that arise under such Refinancing Indebtedness
    are not materially more restrictive than those under the
    agreement creating or evidencing the Indebtedness being
    refunded, refinanced, replaced or extended;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;any Permitted Lien, or any other agreement restricting
    the sale or other disposition of property, securing Indebtedness
    permitted by the Indenture if such agreement does not expressly
    restrict the ability of a Subsidiary of the Company to pay
    dividends or make loans or advances prior to default thereunder;
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;reasonable and customary borrowing base covenants set
    forth in agreements evidencing Indebtedness otherwise permitted
    by the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;customary non-assignment provisions in leases,
    licenses, encumbrances, contracts or similar assets entered into
    or acquired in the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;any restriction with respect to a Restricted Subsidiary
    imposed pursuant to an agreement entered into for the sale or
    disposition of all or substantially all of the Capital Stock or
    assets of such Restricted Subsidiary pending the closing of such
    sale or disposition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;encumbrances or restrictions existing under or by
    reason of the Indenture, the Notes, the Subsidiary Guarantees or
    the Security Documents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;purchase money obligations that impose restrictions on
    the property so acquired of the nature described in
    clause&#160;(iii) of this covenant;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;Liens permitted under the Indenture securing
    Indebtedness that limit the right of the debtor to dispose of
    the assets subject to such Lien;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;provisions with respect to the disposition or
    distribution of assets or property in joint venture agreements,
    assets sale agreements, stock sale agreements and other similar
    agreements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;customary provisions of any franchise, distribution or
    similar agreements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;restrictions on cash or other deposits or net worth
    imposed by contracts entered into in the ordinary course of
    business;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (o)&#160;any encumbrance or restrictions of the type referred to
    in clauses (i), (ii)&#160;or (iii)&#160;of this covenant imposed
    by any amendments, modifications, restatements, renewals,
    supplements, refinancings, replacements or refinancings of the
    contracts, instruments or obligations referred to in
    clauses&#160;(a) through (n)&#160;of this paragraph,
    <I>provided</I>, that such amendments, modifications,
    restatements, renewals, supplements, refundings, replacements or
    refinancings are, in the good faith judgment of the
    Company&#146;s Board of Directors, no more restrictive with
    respect to such dividend and other payment restrictions than
    those contained in the dividend or other payment restrictions
    prior to such amendment, modification, restatement, renewal,
    supplement, refunding, replacement or refinancing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Mergers and Consolidations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that neither the Company nor any
    Subsidiary Guarantor will consolidate or merge with or into, or
    sell, lease, convey or otherwise dispose of all or substantially
    all of its assets (including, without limitation, by way of
    liquidation or dissolution), or assign any of its obligations
    under the Notes, the Guarantees or the Indenture (as an entirety
    or substantially in one transaction or series of related
    transactions), to any Person (in each case other than with the
    Company or another Wholly Owned Restricted Subsidiary) unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the Person formed by or surviving such consolidation or
    merger (if other than the Company or such Subsidiary Guarantor,
    as the case may be), or to which such sale, lease, conveyance or
    other disposition or assignment will be made (collectively, the
    &#147;Successor&#148;), is a solvent corporation or other legal
    entity organized and existing under the laws of the United
    States or any state thereof or the District of Columbia, and the
    Successor assumes by supplemental indenture in a form reasonably
    satisfactory to the Trustee all of the obligations of the
    Company or such Subsidiary Guarantor, as the case may be, under
    the Notes or such Subsidiary Guarantor&#146;s Subsidiary
    Guarantee, as the case may be, and the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;immediately after giving effect to such transaction,
    no Default or Event of Default has occurred and is
    continuing;&#160;and
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;immediately after giving effect to such transaction
    and the use of any net proceeds therefrom, on a pro forma basis,
    the Consolidated Fixed Charge Coverage Ratio of the Company or
    the Successor (in the case of a transaction involving the
    Company), as the case may be, would be either (x)&#160;such that
    the Company or the Successor (in the case of a transaction
    involving the Company), as the case may be, would be entitled to
    Incur at least $1.00 of additional Indebtedness under such
    Consolidated Fixed Charge Coverage Ratio test in the
    &#147;Limitations on Additional Indebtedness&#148; covenant set
    forth in the Indenture or (y)&#160;greater than the Consolidated
    Fixed Charge Coverage Ratio of the Company immediately prior to
    such transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing provisions do not apply to a transaction involving
    the consolidation or merger of a Subsidiary Guarantor with or
    into another Person, or the sale, lease, conveyance or other
    disposition of all or substantially all of the assets of such
    Subsidiary Guarantor, that results in such Subsidiary Guarantor
    being released from its Subsidiary Guarantee as provided under
    &#147;The Subsidiary Guarantees&#148; above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No quantitative or other established meaning has been given to
    the phrase &#147;all or substantially all&#148; by courts which
    have interpreted this phrase in various contexts. In
    interpreting this phrase, courts make a subjective determination
    as to the portion of assets conveyed, considering such factors
    as the value of the assets conveyed and the proportion of an
    entity&#146;s income derived from the assets conveyed.
    Accordingly, there may be uncertainty as to whether a Holder of
    Notes can determine whether the Company has sold, leased,
    conveyed or otherwise disposed of all or substantially all of
    its assets and exercise any remedies such Holder may have upon
    the occurrence of any such transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following are Events of Default under the Indenture:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the failure by the Company to pay interest on any Note
    when the same becomes due and payable and the continuance of any
    such failure for a period of 30&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the failure by the Company to pay the principal or
    premium of any Note when the same becomes due and payable at
    maturity, upon acceleration or otherwise (including the failure
    to make payment pursuant to a Change of Control Offer or an
    Excess Proceeds Offer);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the failure by the Company or any of its Subsidiaries
    to comply with any of its agreements or covenants in, or
    provisions of, the Notes, the Subsidiary Guarantees, the
    Indenture or any of the Security Documents and such failure
    continues for the period and after the notice specified below;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;the acceleration of any Indebtedness (other than
    Non-Recourse Indebtedness) of the Company or any of its
    Subsidiaries that has an outstanding principal amount of
    $25.0&#160;million or more in the aggregate;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;the failure by the Company or any of its Subsidiaries
    to make any principal or interest payment in respect of
    Indebtedness (other than Non-Recourse Indebtedness) of the
    Company or any of its Subsidiaries with an outstanding aggregate
    amount of $25.0&#160;million or more within five days of such
    principal or interest payment becoming due and payable (after
    giving effect to any applicable grace period set forth in the
    documents governing such Indebtedness); <I>provided</I>, that if
    such failure to pay shall be remedied, waived or extended, then
    the Event of Default hereunder shall be deemed likewise to be
    remedied, waived or extended without further action by the
    Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;a final judgment or judgments that exceed
    $25.0&#160;million or more in the aggregate, for the payment of
    money, having been entered by a court or courts of competent
    jurisdiction against the Company or any of its Subsidiaries and
    such judgment or judgments is not satisfied, stayed, annulled or
    rescinded within 60&#160;days of being entered;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;the Company or any Material Subsidiary pursuant to or
    within the meaning of any Bankruptcy Law:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;commences a voluntary case;
</DIV>
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    84
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;consents to the entry of an order for relief against it
    in an involuntary case;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;consents to the appointment of a Custodian of it or for
    all or substantially all of its property;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;makes a general assignment for the benefit of its
    creditors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;court of competent jurisdiction enters an order or
    decree under any Bankruptcy Law that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;is for relief against the Company or any Material
    Subsidiary as debtor in an involuntary case;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;appoints a Custodian of the Company or any Material
    Subsidiary or a Custodian for all or substantially all of the
    property of the Company or any Material Subsidiary;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;orders the liquidation of the Company or any Material
    Subsidiary and the order or decree remains unstayed and in
    effect for 60&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;any Subsidiary Guarantee ceases to be in full force
    and effect (other than in accordance with the terms of such
    Subsidiary Guarantee and the Indenture) or is declared null and
    void and unenforceable or found to be invalid or any Subsidiary
    Guarantor denies its liability under its Subsidiary Guarantee
    (other than by reason of release of a Subsidiary Guarantor from
    its Subsidiary Guarantee in accordance with the terms of the
    Indenture and the Subsidiary Guarantee);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;the Liens created by the Security Documents shall at
    any time not constitute a valid and perfected Lien on any
    material portion of the Collateral intended to be covered
    thereby (to the extent perfection by filing, registration,
    recordation or possession is required by the Indenture or the
    Security Documents) other than in accordance with the terms of
    the relevant Security Document and the Indenture and other than
    the satisfaction in full of all Obligations under the Indenture
    or the release or amendment of any such Lien in accordance with
    the terms of the Indenture or the Security Documents, or, except
    for expiration in accordance with its terms or amendment,
    modification, waiver, termination or release in accordance with
    the terms of the Indenture and the relevant Security Document,
    any of the Security Documents shall for whatever reason be
    terminated or cease to be in full force and effect, if in either
    case, such default continues for 30&#160;days after notice, or
    the enforceability thereof shall be contested by the Company or
    any Subsidiary Guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Default as described in
    <FONT style="white-space: nowrap">sub-clause&#160;(iii)</FONT>
    above is not deemed an Event of Default until the Trustee
    notifies the Company, or the Holders of at least 25% in
    principal amount of the then outstanding Notes notify the
    Company and the Trustee, of the Default and the Company does not
    cure the Default within 60&#160;days after receipt of the
    notice. The notice must specify the Default, demand that it be
    remedied and state that the notice is a &#147;Notice of
    Default.&#148; If such a Default is cured within such time
    period, it ceases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an Event of Default (other than an Event of Default specified
    in
    <FONT style="white-space: nowrap">sub-clauses&#160;(vii)</FONT>
    and (viii)&#160;above) shall have occurred and be continuing
    under the Indenture, the Trustee by notice to the Company, or
    the Holders of at least 25% in principal amount of the Notes
    then outstanding by notice to the Company and the Trustee, may
    declare all Notes to be due and payable immediately. Upon such
    declaration of acceleration, the amounts due and payable on the
    Notes, as determined pursuant to the provisions of the
    &#147;Acceleration&#148; section of the Indenture, will be due
    and payable immediately. If an Event of Default with respect to
    the Company specified in
    <FONT style="white-space: nowrap">sub-clauses&#160;(vii)</FONT>
    and (viii)&#160;above occurs, such an amount will ipso facto
    become and be immediately due and payable without any
    declaration, notice or other act on the part of the Trustee and
    the Company or any Holder. The Holders of a majority in
    principal amount of the Notes then outstanding by written notice
    to the Trustee and the Company may waive such Default or Event
    of Default (other than any Default or Event of Default in
    payment of principal or interest) on the Notes under the
    Indenture. Holders of a majority in principal amount of the then
    outstanding Notes may rescind an acceleration and its
    consequence (except an acceleration due to nonpayment of
    principal or interest on the Notes) if the rescission would not
    conflict with any judgment or decree and if all existing Events
    of Default have been cured or waived.
</DIV>
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    <BR>
    85
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Holders may not enforce the provisions of the Indenture, the
    Notes or the Subsidiary Guarantees except as provided in the
    Indenture. Subject to certain limitations, Holders of a majority
    in principal amount of the Notes then outstanding may direct the
    Trustee in its exercise of any trust or power; <I>provided,
    however</I>, that such direction does not conflict with the
    terms of the Indenture. The Trustee may withhold from the
    Holders notice of any continuing Default or Event of Default
    (except any Default or Event of Default in payment of principal
    or interest on the Notes or that resulted from the failure to
    comply with the covenant entitled &#147;Change of Control&#148;)
    if the Trustee determines that withholding such notice is in the
    Holders&#146; interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is required to deliver to the Trustee a quarterly
    statement regarding compliance with the Indenture, and include
    in such statement, if any Officer of the Company is aware of any
    Default or Event of Default, a statement specifying such Default
    or Event of Default and what action the Company is taking or
    proposes to take with respect thereto. In addition, the Company
    is required to deliver to the Trustee prompt written notice of
    the occurrence of any Default or Event of Default and any other
    development, financial or otherwise, which might materially
    affect its business, properties or affairs or the ability of the
    Company to perform its obligations under the Indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Reports</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that, as long as any of the Notes are
    outstanding, the Company will deliver to the Trustee and mail to
    each Holder within 15&#160;days after the filing of the same
    with the SEC copies of the quarterly and annual reports and of
    the information, documents and other reports with respect to the
    Company and the Subsidiary Guarantors, if any, which the Company
    and the Subsidiary Guarantors may be required to file with the
    SEC pursuant to Section&#160;13 or 15(d) of the Exchange Act.
    The Indenture further provides that, notwithstanding that
    neither the Company nor any of the Guarantors may be required to
    remain subject to the reporting requirements of Section&#160;13
    or 15(d) of the Exchange Act, the Company will continue to file
    with the SEC and provide the Trustee and Holders with such
    annual and quarterly reports and such information, documents and
    other reports with respect to the Company and the Subsidiary
    Guarantors as are required under Sections&#160;13 and 15(d) of
    the Exchange Act. If filing of documents by the Company with the
    SEC as aforementioned in this paragraph is not permitted under
    the Exchange Act, the Company shall promptly upon written notice
    supply copies of such documents to any prospective holder. The
    Company and each Subsidiary Guarantor will also continue to
    comply with the other provisions of Section&#160;314(a) of the
    Trust&#160;Indenture Act. For the avoidance of doubt, this
    covenant does not require the Company to file any such reports,
    information or documents with the SEC within any specified time
    period and the obligation to deliver such reports, information
    or documents to the Trustee and Holders shall only arise after
    (and only to the extent) such reports, information or documents
    are filed with the SEC.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Discharge
    and Defeasance of Indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company and the Subsidiary Guarantors may discharge their
    obligations under the Notes, the Subsidiary Guarantees, the
    Indenture and the Security Documents and cause the release of
    all Liens on the Collateral granted under the Security Documents
    by irrevocably depositing in trust with the Trustee money or
    U.S.&#160;Government Obligations sufficient to pay principal of,
    premium and interest on the Notes to maturity or redemption and
    the Notes mature or are to be called for redemption within one
    year, subject to meeting certain other conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture permits the Company and the Subsidiary Guarantors
    to terminate all of their respective obligations under the
    Indenture with respect to the Notes and the Subsidiary
    Guarantees and under the Security Documents and cause the
    release of all Liens on the Collateral granted under the
    Security Documents, other than the obligation to pay interest on
    and the principal of the Notes and certain other obligations
    <B>(&#147;legal defeasance&#148;)</B>, at any time by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;depositing in trust with the Trustee, under an
    irrevocable trust agreement, cash or U.S.&#160;Government
    Obligations in an amount sufficient to pay principal of and
    premium and interest on the Notes to their maturity or
    redemption, as the case may be,&#160;and
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;complying with certain other conditions, including
    delivery to the Trustee of an opinion of counsel or a ruling
    received from the Internal Revenue Service, to the effect that
    Holders will not recognize income, gain or loss for federal
    income tax purposes as a result of the Company&#146;s exercise
    of such right and will be subject to federal income tax on the
    same amount and in the same manner and at the same times as
    would have been the case otherwise, which opinion of counsel is
    based upon a change in the applicable federal tax law since the
    Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Indenture permits the Company and the
    Subsidiary Guarantors to terminate all of their obligations
    under the Indenture with respect to certain covenants and Events
    of Default specified in the Indenture, and the Subsidiary
    Guarantees and the Liens on the Collateral granted under the
    Security Documents will be released <B>(&#147;covenant
    defeasance&#148;)</B>, at any time by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;depositing in trust with the Trustee, under an
    irrevocable trust agreement, cash or U.S.&#160;government
    obligations in an amount sufficient to pay principal of, premium
    and interest on the Notes to their maturity or redemption, as
    the case may be,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;complying with certain other conditions, including
    delivery to the Trustee of an opinion of counsel or a ruling
    received from the Internal Revenue Service, to the effect that
    Holders will not recognize income, gain or loss for federal
    income tax purposes as a result of the Company&#146;s exercise
    of such right and will be subject to federal income tax on the
    same amount and in the same manner and at the same times as
    would have been the case otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, no discharge, legal defeasance or
    covenant defeasance described above will affect the following
    obligations to, or rights of, the Holders of the Notes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights of registration of transfer and exchange of Notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights of substitution of mutilated, defaced, destroyed, lost or
    stolen Notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights of Holders of the Notes to receive payments of principal
    thereof, premium, if any, and interest thereon, upon the
    original due dates therefor, but not upon acceleration;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights, obligations, duties and immunities of the Trustee;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights of Holders of Notes that are beneficiaries with respect
    to property so deposited with the Trustee payable to all or any
    of them;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    obligations of the Company to maintain an office or agency in
    respect of the Notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company or the Subsidiary Guarantors may exercise the legal
    defeasance option with respect to the Notes notwithstanding the
    prior exercise of the covenant defeasance option with respect to
    the Notes. If the Company or the Subsidiary Guarantors exercise
    the legal defeasance option with respect to the Notes, payment
    of the Notes may not be accelerated due to an Event of Default
    with respect to the Notes. If the Company or the Subsidiary
    Guarantors exercise the covenant defeasance option with respect
    to the Notes, payment of the Notes may not be accelerated due to
    an Event of Default with respect to the covenants to which such
    covenant defeasance is applicable. However, if acceleration were
    to occur by reason of another Event of Default, the realizable
    value at the acceleration date of the cash and
    U.S.&#160;Government Obligations in the defeasance trust could
    be less than the principal of, premium, if any, and interest
    then due on the Notes, in that the required deposit in the
    defeasance trust is based upon scheduled cash flow rather than
    market value, which will vary depending upon interest rates and
    other factors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    and Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Holder is able to transfer or exchange Notes only in
    accordance with the provisions of the Indenture. The Registrar
    may require a Holder, among other things, to furnish appropriate
    endorsements and transfer documents, and to pay any taxes and
    fees required by law or permitted by the Indenture.
</DIV>
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    <BR>
    87
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment,
    Supplement and Waiver</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to certain exceptions, the Indenture, the Notes or the
    Security Documents may be amended or supplemented with the
    consent (which may include consents obtained in connection with
    a tender offer or exchange offer for Notes) of the Holders of at
    least a majority in principal amount of the Notes then
    outstanding, and any existing Default or Event of Default (other
    than any continuing Default or Event of Default in the payment
    of interest on or the principal of the Notes) under, or
    compliance with any provision of, the Indenture or any Security
    Document may be waived with the consent (which may include
    consents obtained in connection with a tender offer or exchange
    offer for Notes) of the Holders of a majority in principal
    amount of the Notes then outstanding. Without the consent of any
    Holder, the Company, the Subsidiary Guarantors and the Trustee
    may amend the Indenture, the Notes or the Security Documents or
    waive any provision thereof to cure any ambiguity, defect or
    inconsistency, to comply with the &#147;Limitations on Mergers
    and Consolidations&#148; section set forth in the Indenture; to
    provide for uncertificated Notes in addition to or in place of
    certificated Notes; to provide for any Subsidiary Guarantee of
    the Notes; to add security to or for the benefit of the Notes
    and, in the case of the Security Documents, to or for the
    benefit of the other secured parties named therein or holders of
    Other Pari Passu Lien Obligations or to confirm and evidence the
    release, termination or discharge of any Subsidiary Guarantee of
    or Lien securing the Notes when such release, termination or
    discharge is permitted by the Indenture and the Security
    Documents; to add covenants or new events of default for the
    protection of the Holders of the Notes; to make any change that
    does not adversely affect the legal rights under the Indenture
    of any Holder; or to comply with or qualify the Indenture under
    the Trust&#160;Indenture Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without the consent of each Holder affected, the Company may not:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;reduce the amount of Notes whose Holders must consent
    to an amendment, supplement or waiver;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;reduce the rate of or change the time for payment of
    interest, including default interest, on any Note;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;reduce the principal of or change the fixed maturity
    of any Note or alter the provisions with respect to redemption
    under the &#147;Optional Redemption&#148; section set forth in
    the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;make any Note payable in money other than that stated
    in the Note;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;make any change in the &#147;Waiver of Past Defaults
    and Compliance with Indenture Provisions,&#148; &#147;Rights of
    Holders to Receive Payment&#148; or, in part, the &#147;With
    Consent of Holders&#148; sections set forth in the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;modify the ranking or priority of the Notes or any
    Subsidiary Guarantee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;modify any of the provisions with respect to
    mandatory offers to repurchase Notes pursuant to the
    &#147;Limitations on Asset Sales&#148; or &#147;Change of
    Control&#148; covenants set forth in the Indenture after the
    obligation to make such mandatory offer to repurchase has arisen;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;release any Subsidiary Guarantor from any of its
    obligations under its Subsidiary Guarantee or the Indenture
    otherwise than in accordance with the terms of the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;waive a continuing Default or Event of Default in the
    payment of principal of or interest on the Notes;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;effect a release of all or substantially all of the
    Collateral other than pursuant to the terms of the Security
    Documents or as otherwise permitted by the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The right of any Holder to participate in any consent required
    or sought pursuant to any provision of the Indenture (and the
    obligation of the Company to obtain any such consent otherwise
    required from such Holder) may be subject to the requirement
    that such Holder shall have been the Holder of record of any
    Notes with respect to which such consent is required or sought
    as of a date identified by the Trustee in a notice furnished to
    Holders in accordance with the terms of the Indenture.
</DIV>
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    <BR>
    88
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Intercreditor Agreement may be amended from time to time
    with the consent of certain parties thereto. In addition, the
    Intercreditor Agreement and Security Documents may be amended
    from time to time at the sole request and expense of the
    Company, and without the consent of any First Priority
    Collateral Agent or the Notes Collateral Agent (A)&#160;to add
    other parties (or any authorized agent thereof or trustee
    therefor) holding First Priority Obligations or Other Pari Passu
    Lien Obligations that are incurred in compliance with the First
    Priority Documents, the Indenture and the Security Documents,
    (B)&#160;to establish that the Liens on any First Priority
    Collateral securing any such First Priority Obligations shall be
    senior under the Intercreditor Agreement to the Liens on such
    First Priority Collateral securing the Obligations under the
    Indenture, the Notes and the Subsidiary Guarantees on the terms
    provided for in the Intercreditor Agreement in effect
    immediately prior to such amendment and (C)&#160;to establish
    that the Liens on any Notes Collateral securing any such Other
    Pari Passu Lien Obligations shall be pari passu under the
    Intercreditor Agreement with the Liens on such Notes Collateral
    securing the Obligations under the Indenture, the Notes and the
    Subsidiary Guarantees on the terms provided for in the
    Intercreditor Agreement in effect immediately prior to such
    amendment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">No
    Personal Liability of Incorporators, Shareholders, Officers,
    Directors or Employees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that no recourse for the payment of the
    principal of, premium, if any, or interest on any of the Notes,
    or for any claim based thereon or otherwise in respect thereof,
    and no recourse under or upon any obligation, covenant or
    agreement of the Company or any Subsidiary Guarantor in the
    Indenture or in any of the Notes or because of the creation of
    any Indebtedness represented thereby, shall be had against any
    incorporator, shareholder, officer, director, employee or
    controlling person of the Company, any Subsidiary Guarantor or
    any successor Person thereof. Each Holder, by accepting such
    Notes waives and releases all such liability.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Concerning
    the Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture contains certain limitations on the rights of the
    Trustee, should it become a creditor of the Company, to obtain
    payment of claims in certain cases, or to realize on certain
    property received in respect of any such claim as security or
    otherwise. The Trustee is permitted to engage in other
    transactions; however, if it acquires any conflicting interest
    (as defined in the Indenture), it must eliminate such conflict
    or resign.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the provisions of the Intercreditor Agreement and the
    Security Documents, the Holders of a majority in principal
    amount of the then outstanding Notes have the right to direct
    the time, method and place of conducting any proceeding for
    exercising any remedy available to the Trustee, subject to
    certain exceptions. The Indenture provides that in case an Event
    of Default occurs and is not cured, the Trustee is required, in
    the exercise of its power, to use the degree of care of a
    prudent person in similar circumstances in the conduct of his
    own affairs. Subject to such provisions, the Trustee is under no
    obligation to exercise any of its rights or powers under the
    Indenture at the request of any Holder, unless such Holder shall
    have offered to the Trustee security and indemnity satisfactory
    to the Trustee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture, the Notes and the Subsidiary Guarantees are
    governed by the laws of the State of New&#160;York.
</DIV>

<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a general discussion of certain material United
    States federal income tax considerations relating to the
    exchange of original notes for new notes and the ownership and
    disposition of the new notes by an initial beneficial owner of
    the original notes. This summary is limited to holders who will
    hold the notes as &#147;capital assets&#148; within the meaning
    of Section&#160;1221 of the Internal Revenue Code of 1986, as
    amended (the &#147;Code&#148;). This summary does not deal with
    the United States federal income tax considerations that may be
    relevant to holders subject to special treatment under the
    United States federal income tax laws, such as dealers in
    securities or foreign currency, tax exempt entities, banks,
    thrifts, insurance companies, retirement
</DIV>
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    <BR>
    89
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    plans, regulated investment companies, traders in securities
    that elect to apply a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    method of accounting, persons that hold the notes as part of a
    &#147;straddle,&#148; a &#147;hedge&#148; against currency risk,
    a &#147;conversion transaction&#148; or other integrated
    transaction, holders subject to the alternative minimum tax,
    partnerships or other pass-through entities (or investors in
    such entities), certain financial institutions, expatriates and
    former citizens or long-term residents of the United States and
    United States Holders that have a &#147;functional
    currency&#148; other than the U.S.&#160;dollar, all within the
    meaning of the Code. In addition, this discussion does not
    describe United States federal gift or estate tax consequences
    or any tax consequences arising out of the tax laws of any
    state, local or foreign jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The federal income tax considerations set forth below are based
    upon the Code, existing and proposed regulations thereunder, and
    current administrative rulings and court decisions, all of which
    are subject to change. Holders should particularly note that any
    such change could have retroactive application so as to result
    in federal income tax consequences different from those
    discussed below. We have not and will not seek any rulings from
    the Internal Revenue Service (&#147;IRS&#148;) regarding the
    matters discussed below. There can be no assurance that the IRS
    will not take positions concerning the tax consequences of the
    exchange of the old notes and the purchase, ownership or
    disposition of the new notes that are different from those
    discussed below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, &#147;United States Holders&#148; are beneficial
    owners of the notes, that are, for United States federal income
    tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    individuals who are citizens or residents of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    corporations or other entities taxable as corporations created
    or organized in, or under the laws of, the United States, any
    state thereof or the District of Columbia;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    estates, the income of which is subject to United States federal
    income taxation regardless of its source;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    trusts if (i) (A)&#160;a court within the United States is able
    to exercise primary supervision over the administration of the
    trust and (B)&#160;one or more U.S.&#160;persons have the
    authority to control all substantial decisions of the trust, or
    (ii)&#160;the trust was in existence on August&#160;20, 1996,
    was treated as a U.S.&#160;person prior to such date, and
    validly elected to continue to be so treated.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, a
    <FONT style="white-space: nowrap">&#147;non-United</FONT>
    States Holder&#148; is a beneficial owner of the notes that is
    an individual, corporation, estate or trust for United States
    federal income tax purposes and is not a United States Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any entity taxable as a partnership holds notes, the tax
    treatment of a partner in the partnership will generally depend
    upon the status of the partner and the activities of the
    partnership. If you are a partner of a partnership holding the
    notes, you should consult your tax advisor regarding the tax
    consequences of the purchase, ownership and disposition of the
    notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Persons considering participating in the exchange offer, or
    considering the purchase, ownership or disposition of the notes
    should consult their own tax advisors concerning the United
    States federal income tax consequences in light of their
    particular situations as well as any consequences arising under
    the laws of any other taxing jurisdiction.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange of the original notes for the new notes should not
    constitute a taxable event to a holder and a holder should not
    recognize any taxable gain or loss or any interest income as a
    result of such exchange. The holding period for the new note
    received in the exchange should include the holding period for
    the original note exchange therefore, and a holder&#146;s
    adjusted tax basis in the new note should be the same as the
    adjusted tax basis of the original notes exchange therefor.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain circumstances, we may be obligated to pay amounts in
    excess of stated interest or principal on the new notes. Our
    obligation to pay such excess amounts may implicate the
    provisions of the Treasury
</DIV>
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    <BR>
    90
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    regulations relating to &#147;contingent payment debt
    instruments.&#148; Under these regulations, however, one or more
    contingencies will not cause a debt instrument to be treated as
    a contingent payment debt instrument if, as of the issue date,
    each such contingency is &#147;remote&#148; or is considered to
    be &#147;incidental.&#148; We believe and intend to take the
    position that the foregoing contingencies should be treated as
    remote
    <FONT style="white-space: nowrap">and/or</FONT>
    incidental. Our position is binding on a holder, unless the
    holder discloses in the proper manner to the IRS that it is
    taking a different position. However, this determination is
    inherently factual and we can give you no assurance that our
    position would be sustained if challenged by the IRS. A
    successful challenge of this position by the IRS could affect
    the timing and amount of a holder&#146;s income and could cause
    the gain from the sale or other disposition of a note to be
    treated as ordinary income, rather than capital gain. This
    disclosure assumes that the new notes will not be considered
    contingent payment debt instruments. Holders are urged to
    consult their own tax advisors regarding the potential
    application to the notes of the contingent payment debt
    regulations and the consequences thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of United States Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Stated Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stated interest on the new notes will be treated as
    &#147;qualified stated interest&#148; (i.e., stated interest
    that is unconditionally payable at least annually at a single
    fixed rate over the entire term of the note) and will be taxable
    to United States Holders as ordinary interest income as the
    interest accrues or is paid, in accordance with the
    holder&#146;s regular method of tax accounting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Original Issue Discount</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The original notes were treated as issued OID for United States
    federal income tax purposes because their &#147;issue
    price&#148; was less than their stated principal amount by more
    than a <I>de minimis</I> amount. (The issue price of a note
    equals the first price at which a substantial amount of the
    notes are sold for cash to investors (not including bond houses,
    brokers, or similar persons or organizations acting in the
    capacity of underwriters, placement agents, or wholesalers).)
    This treatment will carry over to the new notes issued in
    exchange for the original notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A United States Holder (whether a cash or accrual method
    taxpayer) will be required to include in gross income (as
    ordinary income) any OID as it accrues on a constant yield to
    maturity basis, before the receipt of cash payments attributable
    to this income. The amount of OID includible in gross income for
    a taxable year will be the sum of the daily portions of OID with
    respect to the note for each day during that taxable year on
    which the United States Holder holds the note. The daily portion
    is determined by allocating to each day in an &#147;accrual
    period&#148; a pro rata portion of the OID allocable to that
    accrual period. The OID allocable to any accrual period will
    equal (a)&#160;the product of the &#147;adjusted issue
    price&#148; of the note as of the beginning of such period and
    the note&#146;s yield to maturity (determined on the basis of
    compounding at the close of each accrual period and properly
    adjusted for the length of the accrual period) less (b)&#160;the
    qualified stated interest allocable to the accrual period. The
    &#147;adjusted issue price&#148; of a note as of the beginning
    of any accrual period will equal its issue price, increased by
    previously accrued OID.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A United States Holder will not be required to recognize any
    additional income upon the receipt of any payment on the notes
    that is attributable to previously accrued OID.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale,
    Exchange, Retirement or Redemption of the Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the disposition of a note by sale, exchange, retirement or
    redemption, a United States Holder will generally recognize gain
    or loss equal to the difference between (1)&#160;the amount
    realized on the disposition of the note (other than amounts
    attributable to accrued and unpaid stated interest on the note,
    which will be treated as ordinary interest income for federal
    income tax purposes if not previously included in income) and
    (2)&#160;the United States Holder&#146;s adjusted tax basis in
    the note. A United States Holder&#146;s adjusted tax basis in a
    note generally will equal the cost of the note to such United
    States Holder, increased by any OID previously includible in
    income by the United States Holder.
</DIV>
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    <BR>
    91
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gain or loss from the taxable disposition of a note generally
    will be capital gain or loss and will be long-term capital gain
    or loss if the note was held by the United States Holder for
    more than one year at the time of the disposition. For
    non-corporate holders, certain preferential tax rates may apply
    to gain recognized as long-term capital gain. The deductibility
    of capital losses is subject to certain limitations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding and Information Reporting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Where required, information will be reported to both United
    States Holders and the IRS regarding the amount of interest
    (including OID) on, and the proceeds from the disposition
    (including a retirement or redemption) of, the notes in each
    calendar year as well as the corresponding amount of tax
    withheld, if any exists.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the backup withholding provisions of the Code and the
    applicable Treasury regulations, a United&#160;States Holder of
    notes may be subject to backup withholding at a rate currently
    equal to 28% with respect to interest (including OID) on,
    <FONT style="white-space: nowrap">and/or</FONT> the
    proceeds from dispositions (including a retirement or
    redemption) of, the notes. Certain holders (including
    corporations) are generally not subject to backup withholding.
    United States Holders will be subject to this backup withholding
    tax if such holder is not otherwise exempt and any of the
    following conditions exist: (1)&#160;such holder fails to
    furnish its taxpayer identification number, or TIN, which, for
    an individual, is ordinarily his or her social security number;
    (2)&#160;the IRS notifies the payor that such holder furnished
    an incorrect TIN; (3)&#160;the payor is notified by the IRS that
    such holder is subject to backup withholding because the holder
    has previously failed to properly report payments of interest or
    dividends; or (4)&#160;such holder fails to certify, under
    penalties of perjury, that it has furnished a correct TIN and
    that the IRS has not notified the holder that it is subject to
    backup withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules from a payment to a
    United States Holder will be allowed as a credit against such
    holder&#146;s United States federal income tax liability and may
    entitle such holder to a refund, provided that the required
    information is timely furnished to the IRS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of
    <FONT style="white-space: nowrap">Non-United</FONT>
    States Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the following discussion, interest (including
    OID) and gain on the sale, exchange or other disposition
    (including a retirement or redemption) of a note will be
    considered &#147;U.S.&#160;trade or business income&#148; if the
    income or gain is effectively connected with the conduct of a
    U.S.&#160;trade or business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All references to interest in this discussion also refer to any
    OID.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interest income will qualify for the &#147;portfolio
    interest&#148; exception, and therefore will not be subject to
    United States withholding tax, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the interest income is not &#147;U.S.&#160;trade or business
    income&#148; of the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder does not actually or constructively own 10% or
    more of the total combined voting power of the Company&#146;s
    stock entitled to vote;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is not, for United States federal income tax
    purposes, a controlled foreign corporation that is related to
    the Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is not a bank which acquired the note in
    consideration for an extension of credit made pursuant to a loan
    agreement entered into in the ordinary course of its trade or
    business;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    either (A)&#160;the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder certifies, under penalty of perjury, to the
    Company or the Company&#146;s agent that it is not a
    U.S.&#160;person and such
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder provides its name, address and certain other
    information on a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or an applicable substitute form), or (B)&#160;a securities
    clearing organization, bank or other financial institution that
    holds customers&#146;
</TD>
</TR>
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</TABLE>
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    <BR>
    92
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    securities in the ordinary course of its trade or business holds
    the note on behalf of the beneficial owner and provides a
    statement to the Company or the Company&#146;s agent signed
    under the penalties of perjury in which the organization, bank
    or financial institution certifies that
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or a suitable substitute has been received by it from the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder or from another financial institution entity on
    behalf of the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder and furnishes the Company or the Company&#146;s
    agent with a copy.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder cannot satisfy the requirements for the portfolio
    interest exception as described above, the gross amount of
    payments of interest to such
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder that is not &#147;U.S.&#160;trade or business
    income&#148; will be subject to United States federal
    withholding tax at the rate of 30%, unless a U.S.&#160;income
    tax treaty applies to reduce or eliminate withholding.
    U.S.&#160;trade or business income will not be subject to United
    States federal withholding tax but will be taxed on a net income
    basis in generally the same manner as a United States Holder
    (unless an applicable income tax treaty provides otherwise), and
    if the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is a foreign corporation, such U.S.&#160;trade or
    business income may be subject to the branch profits tax equal
    to 30% of its effectively connected earnings and profits
    attributable to such interest, or a lower rate provided by an
    applicable treaty. In order to claim the benefit provided by a
    tax treaty or to claim exemption from withholding because the
    income is U.S.&#160;trade or business income, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder must provide either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or suitable substitute form) claiming an exemption from or
    reduction in withholding under the benefit of an applicable tax
    treaty;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    (or suitable substitute form) stating that interest paid on the
    note is not subject to withholding tax because it is
    &#147;U.S.&#160;trade or business income.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale,
    Exchange, Retirement or Redemption of Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the discussion of backup withholding below,
    generally, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder will not be subject to United States federal
    income tax or withholding tax on any gain realized on the sale,
    exchange, retirement or redemption of a note unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain is &#147;U.S.&#160;trade or business
    income;&#148;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is an individual who is present in the United
    States for 183&#160;days or more during the taxable year in
    which the disposition of the note is made and certain other
    requirements are met.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder described in the first bullet point above will be
    required to pay United States federal income tax on the net gain
    derived from the sale in the same manner as a United States
    Holder, except as otherwise required by an applicable tax
    treaty, and if such holder is a foreign corporation, it may also
    be required to pay a branch profits tax equal to 30% of its
    effectively connected earnings and profits attributable to such
    gain, or a lower rate provided by an applicable income tax
    treaty. A holder described in the second bullet point above will
    be subject to a 30% United States federal income tax on the gain
    derived from the sale, which may be offset by certain
    U.S.&#160;source capital losses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting and Backup Withholding</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Where required, information will be reported annually to each
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder as well as the IRS regarding any interest
    (including OID) that is either subject to withholding or exempt
    from United States withholding tax pursuant to a tax treaty or
    to the portfolio interest exception. Copies of these information
    returns may also be made available to the tax authorities of the
    country in which the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder resides under the provisions of a specific treaty
    or agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the backup withholding provisions of the Code and the
    applicable Treasury regulations, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder of notes may be subject to backup withholding at a
    rate currently equal to 28% with respect to interest (including
    OID) paid on the notes. However, the regulations provide that
    payments of interest to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder will not be subject to backup withholding and
    related information
</DIV>
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    <BR>
    93
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    reporting if the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder certifies its
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    under penalties of perjury or satisfies the requirements of an
    otherwise established exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The payment of the proceeds from the disposition (including a
    retirement or redemption) of notes to or through the
    U.S.&#160;office of any broker, United States or foreign, will
    be subject to information reporting and possible backup
    withholding unless the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder certifies its
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    under penalty of perjury or satisfies the requirements of an
    otherwise established exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The payment of the proceeds from the disposition of a note to or
    through a
    <FONT style="white-space: nowrap">non-U.S.&#160;office</FONT>
    of a
    <FONT style="white-space: nowrap">non-U.S.&#160;broker</FONT>
    that does not have certain enumerated relationships with the
    United States will not be subject to information reporting or
    backup withholding. When a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder receives a payment of proceeds from the
    disposition of notes either to or through a
    <FONT style="white-space: nowrap">non-U.S.&#160;office</FONT>
    of a broker that is either a U.S.&#160;person or a person who
    has certain enumerated relationships with the United States, the
    regulations require information reporting (but not backup
    withholding) on the payment, unless the broker has documentary
    evidence in its files that the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is not a U.S.&#160;person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules from a payment to a
    holder will be allowed as a credit against such holder&#146;s
    United States federal income tax liability and may entitle such
    holder to a refund, provided that the required information is
    timely furnished to the IRS.
</DIV>

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you wish to exchange your original notes in the exchange
    offer, you will be required to make representations to us as
    described in &#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures&#148; in this prospectus and in the letter of
    transmittal. In addition, each broker-dealer that receives new
    notes for its own account pursuant to the exchange offer must
    acknowledge that it will deliver a prospectus in connection with
    any resale of such new notes. This prospectus, as it may be
    amended or supplemented from time to time, may be used by a
    broker-dealer in connection with resales of new notes received
    in exchange for original notes where such original notes were
    acquired as a result of market-making activities or other
    trading activities. We have agreed to use our reasonable best
    efforts to make this prospectus, as amended or supplemented,
    available to any broker-dealer for a period of 210&#160;days
    after the date of this prospectus for use in connection with any
    such resale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not receive any proceeds from any sale of new notes by
    broker-dealers. New notes received by broker-dealers for their
    own account pursuant to the exchange offer may be sold from time
    to time in one or more transactions in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market, in negotiated transactions, through the writing of
    options on the new notes or a combination of such methods of
    resale, at market prices prevailing at the time of resale, at
    prices related to such prevailing market prices or negotiated
    prices. Any such resale may be made directly to purchasers or to
    or through brokers or dealers who may receive compensation in
    the form of commissions or concessions from any such
    broker-dealer or the purchasers of any such new notes. Any
    broker-dealer that resells new notes that were received by it
    for its own account pursuant to the exchange offer and any
    broker or dealer that participates in a distribution of such new
    notes may be deemed to be an &#147;underwriter&#148; within the
    meaning of the Securities Act and any profit on any such resale
    of new notes and any commission or concessions received by any
    such persons may be deemed to be underwriting compensation under
    the Securities Act. The letter of transmittal states that, by
    acknowledging that it will deliver and by delivering a
    prospectus, a broker-dealer will not be deemed to admit that it
    is an &#147;underwriter&#148; within the meaning of the
    Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A broker-dealer that acquired original notes directly from us
    cannot exchange the original notes in the exchange offer. Any
    holder who tenders in the exchange offer for the purpose of
    participating in a distribution of the new notes cannot rely on
    the no-action letters of the staff of the SEC and must comply
    with the registration and prospectus delivery requirements of
    the Securities Act in connection with any resale transaction.
</DIV>
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    <BR>
    94
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a period of 180&#160;days after the date of this prospectus,
    we will promptly send additional copies of this prospectus and
    any amendment or supplement to this prospectus to any
    broker-dealer that requests such documents in the letter of
    transmittal. We have agreed to pay all expenses incident to the
    exchange offer, including the expenses of one counsel for the
    holders of the original notes, other than commissions or
    concessions of any brokers or dealers, and will indemnify the
    holders of the original notes, including any broker-dealers,
    against certain liabilities, including liabilities under the
    Securities Act.
</DIV>

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The enforceability of the new notes and the guarantees offered
    in this prospectus, the binding obligations of Beazer Homes and
    the Subsidiary Guarantors pertaining to such notes and
    guarantees and other matters will be passed upon for us by
    Troutman Sanders LLP, Atlanta, Georgia. Certain legal matters as
    to the guarantees given by the Subsidiary Guarantors will be
    passed upon by Tune, Entrekin&#160;&#038; White,&#160;P.C.,
    Nashville, Tennessee; Barnes&#160;&#038; Thornburg LLP,
    Indianapolis, Indiana; Gardere Wynne Sewell LLP, Dallas, Texas;
    Holland&#160;&#038; Knight LLP, Orlando, Florida;
    Hogan&#160;&#038; Hartson L.L.P., Denver, Colorado; Greenbaum,
    Rowe, Smith&#160;&#038; Davis LLP, Woodbridge, New Jersey; and
    Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC, Prince
    William, Virginia.
</DIV>

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements, incorporated in this
    prospectus by reference from our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2009, and the
    effectiveness of our internal control over financial reporting
    have been audited by Deloitte&#160;&#038; Touche LLP, an
    independent registered public accounting firm, as stated in
    their reports (which report on the consolidated financial
    statements expresses an unqualified opinion and includes an
    explanatory paragraph relating to the adoption of new accounting
    guidance on the accounting for uncertainty in income taxes on
    October&#160;1, 2007), which are incorporated herein by
    reference. Such financial statements have been so incorporated
    in reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing.
</DIV>

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly and current reports, proxy statements
    and other information with the SEC. We also filed a registration
    statement on
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    including exhibits, under the Securities Act with respect to the
    securities offered by this prospectus. This prospectus is a part
    of the registration statement, but does not contain all of the
    information included in the registration statement or the
    exhibits. You may read and copy the registration statement and
    any other document that we file at the SEC&#146;s public
    reference room at 100&#160;F&#160;Street, N.E., Washington D.C.
    20549. You can call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation of the public reference
    room. You can also find our public filings with the SEC on the
    internet at a web site maintained by the SEC located at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    We also make available on our Internet website our annual,
    quarterly and current reports and amendments as soon as
    reasonably practicable after such documents are electronically
    filed with, or furnished to, the SEC. Our Internet address is
    <FONT style="white-space: nowrap">http://www.beazer.com.</FONT>
    The information on our website is not incorporated by reference
    into this prospectus and does not constitute a part of this
    prospectus.
</DIV>

<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement filed with
    the SEC. The SEC allows us to &#147;incorporate by
    reference&#148; selected documents we file with it, which means
    that we can disclose important information to you by referring
    you to those documents. The information in the documents
    incorporated by reference is considered to be part of this
    prospectus, and information in documents that we file later with
    the SEC will automatically update and supersede this
    information. We incorporate by reference the documents listed
    below filed by us under Section&#160;13(a), 13(c), 14 or 15(d)
    of the Exchange Act.
</DIV>
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    <BR>
    95
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2009, Registration
    File
    <FONT style="white-space: nowrap">No.&#160;001-12822,</FONT>
    filed on November&#160;10, 2009, as amended December&#160;7,
    2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Quarterly Report on Form
    <FONT style="white-space: nowrap">10-Q</FONT> for the
    fiscal quarter ended December&#160;31, 2009, Registration File
    No.&#160;001-12822, filed on February&#160;5, 2010; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on November&#160;16, 2009, November&#160;23, 2009,
    December&#160;17, 2009, December&#160;22, 2009, January&#160;12,
    2010, January&#160;19, 2010, and January&#160;21, 2010;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All documents filed by us pursuant to Section&#160;13(a), 13(c),
    14 or 15(d) of the Exchange Act subsequent to the date of this
    prospectus and prior to the termination of the offering made by
    this prospectus are to be incorporated herein by reference. Any
    statement contained in a document incorporated or deemed to be
    incorporated by reference herein shall be deemed to be modified
    or superseded for purposes of this prospectus to the extent that
    a statement contained herein or in any other subsequently filed
    document which also is incorporated or deemed to be incorporated
    by reference herein modifies or supersedes such statement. Any
    such statement so modified or superseded shall not be deemed,
    except as so modified or superseded, to constitute a part of
    this prospectus.
</DIV>
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    <BR>
    96
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No dealer, salesperson or other person has been authorized to
    give any information or to make any representation not contained
    in this prospectus and, if given or made, such information or
    representations must not be relied upon as having been
    authorized by the company or the initial purchasers. This
    prospectus does not constitute an offer to sell, or a
    solicitation of an offer to buy any of the securities offered
    hereby in any jurisdiction to any person to whom it is unlawful
    to make such offer or solicitation in such jurisdiction. Neither
    the delivery of this prospectus nor any sale made hereunder
    shall under any circumstances create any implication that the
    information herein is correct as of any time after the date
    hereof or that there has not been a change in the affairs of the
    company since the date hereof.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g21823a2g2182300.gif" alt="(BEAZER HOMES LOGO)">
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 33%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">PRELIMINARY
    PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">Beazer Homes USA,
    Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Offer to Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12%&#160;Senior Secured Notes
    due 2017,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">which have been registered
    under the Securities Act of 1933,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">for any and all
    outstanding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12%&#160;Senior Notes due
    2017,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">which have not been registered
    under the Securities Act of 1933</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (90&#160;days after the date of this prospectus), all
    dealers that effect transactions in the new notes, whether or
    not participating in this distribution, may be required to
    deliver a prospectus. This is in addition to dealers&#146;
    obligation to deliver a prospectus when acting as underwriters
    and with respect to their unsold allotments or subscriptions.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;, 2010
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
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    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

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    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

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    <TD width="9%"></TD>
    <TD width="91%"></TD>
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<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;20.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Homes USA, Inc., Beazer
    Homes Holdings Corp., Beazer Homes Sales, Inc. and Beazer Homes
    Texas Holdings, Inc. under Delaware Law.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes USA, Inc., Beazer Homes Holdings Corp., Beazer
    Homes Sales, Inc. and Beazer Homes Texas Holdings, Inc. are
    corporations organized under the laws of the State of Delaware.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;102(b)(7) of the Delaware General Corporation Law,
    the DGCL, enables a corporation incorporated in the State of
    Delaware to eliminate or limit, through provisions in its
    original or amended certificate of incorporation, the personal
    liability of a director for violations of the director&#146;s
    fiduciary duties, except (i)&#160;for any breach of the
    director&#146;s duty of loyalty to the corporation or its
    stockholders, (ii)&#160;for acts or omissions not in good faith
    or which involve intentional misconduct or a knowing violation
    of law, (iii)&#160;any liability imposed pursuant to
    Section&#160;174 of the DGCL (providing for liability of
    directors for unlawful payment of dividends or unlawful stock
    purchases or redemptions) or (iv)&#160;for any transaction from
    which a director derived an improper personal benefit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;145 of the DGCL provides that a corporation
    incorporated in the State of Delaware may indemnify any person
    or persons, including officers and directors, who are, or are
    threatened to be made, parties to any threatened, pending or
    completed legal action, suit or proceeding, whether civil,
    criminal, administrative, or investigative (other than an action
    by or in the right of such corporation), by reason of the fact
    that such person is or was an officer, director, employee or
    agent of such corporation, or is or was serving at the request
    of such corporation as a director, officer, employee or agent of
    another corporation or enterprise. The indemnity may include
    expenses (including attorneys&#146; fees), judgments, fines, and
    amounts paid in settlement actually and reasonably incurred by
    such person in connection with such action, suit or proceeding,
    provided such officer, director, employee, or agent acted in
    good faith and in a manner he or she reasonably believed to be
    in or not opposed to the corporation&#146;s best interests and,
    for criminal proceedings, had no reasonable cause to believe
    that the challenged conduct was unlawful. A corporation
    incorporated in the State of Delaware may indemnify officers and
    directors in an action by or in the right of the corporation
    under the same conditions, except that no indemnification is
    permitted without judicial approval if the officer or director
    is adjudged to be liable to the corporation. Where an officer or
    director is successful on the merits or otherwise in the defense
    of any action referred to above, the corporation must provide
    indemnification against the expenses that such officer or
    director actually and reasonably incurred.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;145(g) of the DGCL authorizes a corporation
    incorporated in the State of Delaware to provide liability
    insurance for directors and officers for certain losses arising
    from claims or charges made against them while acting in their
    capacities as directors or officers of the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The certificates of incorporation of Beazer Homes USA, Inc.,
    Beazer Homes Holdings Corp., Beazer Homes Sales, Inc. and Beazer
    Homes Texas Holdings, Inc. provide that no director shall be
    personally liable to the corporation or its stockholders for
    violations of the director&#146;s fiduciary duties, except to
    the extent that a director&#146;s liability may not be limited
    as described above in the discussion of Section&#160;102(b)(7)
    of the DGCL.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Homes USA,
    Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes USA, Inc., provide that the
    corporation shall indemnify and hold harmless to the fullest
    extent authorized by Delaware law or by other applicable law as
    then in effect, any person who was or is a party to or is
    threatened to be made a party to or is involved in (including,
    without limitation, as a witness) any proceeding, by reason of
    the fact that he or she, or a person for whom he or she is the
    legal representative, is or was a director, officer, or employee
    of the corporation or, while a director, officer, or employee of
    the corporation, is or was serving at the request of the
    corporation as a director, officer, employee, agent or manager
    of another corporation, partnership, limited liability company,
    joint venture, trust or other enterprise or nonprofit entity,
    including service with respect to an employee benefit plan
    (hereinafter,
</DIV>
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    <BR>
    II-1
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    an &#147;Indemnitee&#148;), whether the basis of such proceeding
    is alleged action in an official capacity as a director,
    officer, employee, agent or manager or in any other capacity
    while serving as a director, officer, employee, agent or
    manager, against all expense, liability and loss (including
    attorneys&#146; and other professionals&#146; fees, judgments,
    fines, ERISA taxes or penalties and amounts to be paid in
    settlement) actually and reasonably incurred or suffered by such
    person in connection therewith.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, the bylaws of Beazer Homes USA, Inc., provide that
    the corporation shall, to the fullest extent authorized by
    Delaware law, advance (or if previously paid by any Indemnitee
    who serves or served as a director or executive officer of the
    corporation on or after June&#160;30, 2008 (each a
    &#147;Class&#160;1 Indemnitee&#148;), reimburse) to any
    Class&#160;1 Indemnitee funds sufficient for the payment of all
    expenses (including attorneys&#146; and other
    professionals&#146; fees and disbursements and court costs)
    actually and reasonably incurred by such Class&#160;1 Indemnitee
    in connection with the investigation of, response to, defense
    (including any appeal) of or settlement of any proceeding, in
    the case of each such proceeding upon receipt of an undertaking
    by or on behalf of such Class&#160;1 Indemnitee to repay such
    amount if it shall ultimately be determined that such
    Class&#160;1 Indemnitee is not entitled to be indemnified by the
    corporation against such expenses. No collateral securing or
    other assurance of performance of such undertaking shall be
    required of such Class&#160;1 Indemnitee by the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes USA, Inc., also provide that the
    corporation may, by action of its Board of Directors, grant
    rights to advancement of expenses to any Indemnitee who is not a
    Class&#160;1 Indemnitee and rights to indemnification and
    advancement of expenses to any agents of the corporation with
    the same scope and effect as the provisions with respect to the
    indemnification of and advancement of expenses to Class&#160;1
    Indemnitees. By resolution adopted by affirmative vote of a
    majority of the Board of Directors, the Board of Directors may
    delegate to the appropriate officers of the corporation the
    decision to grant from time to time rights to advancement of
    expenses to any Indemnitee who is not a Class&#160;1 Indemnitee
    and rights to indemnification and advancement of expenses to any
    agents of the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the bylaws of Beazer Homes USA, Inc., no Indemnitee shall
    be entitled to any advance or reimbursement by the corporation
    of expenses, or to indemnification from or to be held harmless
    by the corporation against expenses, incurred by him or her in
    asserting any claim or commencing or prosecuting any suit,
    action or proceeding (or part thereof) against the corporation
    (except as provided below) or any subsidiary of the corporation
    or any current or former director, officer, employee or agent of
    the corporation or of any subsidiary of the corporation, but
    such advancement (or reimbursement) and indemnification and hold
    harmless rights may be provided by the corporation in any
    specific instance as permitted by the Bylaws, or in any specific
    instance in which the Board shall first authorize the
    commencement or prosecution of such a suit, action or proceeding
    (or part thereof) or the assertion of such a claim.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the above, if a claim is not timely paid in full
    by Beazer Homes USA, Inc. after a written claim has been
    received by the corporation, an Indemnitee or Class&#160;1
    Indemnitee (as appropriate) may at any time thereafter bring
    suit against the corporation to recover the unpaid amount of the
    claim and, to the extent successful in whole or in part, the
    Indemnitee or Class&#160;1 Indemnitee (as appropriate) shall be
    entitled to be paid also the expense of prosecuting such suit.
    The Indemnitee or Class&#160;1 Indemnitee (as appropriate) shall
    be presumed to be entitled to indemnification and advancement of
    expenses under upon submission of a written claim (and, in an
    action brought to enforce a claim for an advancement of expenses
    where the required undertaking, if any is required, has been
    tendered to the corporation), and thereafter the corporation
    shall have the burden of proof to overcome the presumption that
    the Indemnitee or Class&#160;1 Indemnitee (as appropriate) is
    not so entitled. Neither the failure of the corporation
    (including its Board of Directors, independent legal counsel or
    its stockholders) to have made a determination prior to the
    commencement of such suit that indemnification of the Indemnitee
    is proper in the circumstances nor an actual determination by
    the corporation (including its Board of Directors, independent
    legal counsel or its stockholders) that the Indemnitee is not
    entitled to indemnification shall be a defense to the suit or
    create a presumption that the Indemnitee is not so entitled.
    These rights to indemnification and advancement (or
    reimbursement) of expenses shall be enforceable by any person
    entitled to such indemnification or advancement (or
    reimbursement) of expenses in any court of competent
    jurisdiction. Notice of any application to a court by an
    Indemnitee shall be given to the corporation promptly upon the
    filing of such application; <U>provided</U>, <U>however</U>,
    that such notice shall
</DIV>
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    <BR>
    II-2
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    not be a requirement for an award of or a determination of
    entitlement to indemnification or advancement (or reimbursement)
    of expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indemnification and advancement of expenses provided in the
    Beazer Homes USA, Inc. bylaws shall be deemed independent of,
    and shall not be deemed exclusive of or a limitation on, any
    other rights to which any person seeking indemnification or
    advancement of expenses may be entitled or acquired under any
    statute, provision of the certificate of incorporation, bylaw,
    agreement, vote of stockholders or of disinterested directors or
    otherwise, both as to such person&#146;s official capacity and
    as to action in another capacity while holding such office.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the bylaws of Beazer Homes USA, Inc., provide that
    the corporation may purchase and maintain liability insurance
    for directors and officers for certain losses arising from
    claims or charges made against them while acting in their
    capacities as directors or officers of the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes USA, Inc. has also entered into indemnification
    agreements with each of its executive officers and directors
    providing such officers and directors indemnification and
    expense advancement and for the continued coverage of such
    person under its directors&#146; and officers&#146; insurance
    programs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Homes Holdings Corp.,
    Beazer Homes Sales, Inc., Beazer Mortgage Corporation and Beazer
    Homes Texas Holdings, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc. provide that the corporation shall indemnify each
    person who is or was a party or is threatened to be made a party
    to any threatened, pending or completed action, suit or
    proceeding, whether civil, criminal, administrative or
    investigative (other than an action by or in the right of the
    corporation) by reason of the fact that such person is or was a
    director, officer, employee or agent of the corporation, or is
    or was serving at the request of the corporation as a director,
    officer, employee or agent of another corporation, partnership,
    joint venture, trust or other enterprise (an
    &#147;Indemnitee&#148;), against expenses (including
    attorneys&#146; and other professionals&#146; fees), judgments,
    fines and amounts paid in settlement actually and reasonably
    incurred by the Indemnitee in connection with such action, suit
    or proceeding, if the Indemnitee acted in good faith and in a
    manner reasonably believed to be in or not opposed to the best
    interests of the corporation, and with respect to any criminal
    action or proceeding, had no reasonable cause to believe the
    conduct was unlawful. The corporation shall indemnify an
    Indemnitee in an action by or in the right of the corporation
    under the same conditions, except that no indemnification shall
    be made in respect of any claim, issue or matter as to which the
    Indemnitee shall have been adjudged liable to the corporation
    unless and only to the extent that the Court of Chancery or the
    court in which such action or suit was brought shall determine
    upon application, that despite the adjudication of liability,
    but in view of all the circumstances of the case, the Indemnitee
    is fairly and reasonably entitled to indemnity for such expenses
    which the Court of Chancery or such other court shall deem
    proper.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc. provide that any indemnification pursuant to the
    bylaws (except indemnification ordered by a court) shall be made
    by the corporation only as authorized in the specific case upon
    a determination the indemnification of the Indemnitee is proper
    in the circumstances because the Indemnitee has met the
    applicable standard of conduct described above. However, to the
    extent that an Indemnitee is successful on the merits or
    otherwise in the defense of any action, suit or proceeding
    described above, or in the defense of any claim, issue or matter
    therein, the Indemnitee shall be indemnified against reasonable
    expenses (including attorneys&#146; and other
    professionals&#146; fees) actually and reasonably incurred by
    the Indemnitee in connection therewith, without the necessity of
    authorization in the specific case.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, the bylaws of Beazer Homes Holdings Corp., Beazer
    Homes Sales, Inc., Beazer Mortgage Corporation and Beazer Homes
    Texas Holdings, Inc. provide that the expenses (including
    attorney&#146;s and other professionals&#146; fees) incurred by
    an officer or director in defending any threatened or pending
    civil, criminal, administrative or investigative action, suit or
    proceeding may, but shall not be required to, be paid by the
    corporation in advance of the final disposition of the suit,
    action or proceeding upon receipt of an undertaking
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-3
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    by or on behalf of such officer or director to repay such amount
    if it shall ultimately be determined that such person is not
    entitled to indemnification by the corporation pursuant to the
    bylaws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc. also provide that the indemnification and
    advancement of expenses provided in the bylaws shall not be
    deemed to be exclusive of any other rights to which those
    seeking indemnification or advancement of expenses may be
    entitled under any other provision of the bylaws, agreement or
    contract, by vote of the stockholders or of the disinterested
    directors or pursuant to the direction of any court of competent
    jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the bylaws of Beazer Homes Holdings Corp., Beazer
    Homes Sales, Inc., Beazer Mortgage Corporation and Beazer Homes
    Texas Holdings, Inc. provide that the corporation may purchase
    and maintain liability insurance for directors and officers for
    certain losses arising from claims or charges made against them
    while acting in their capacities as directors or officers of the
    corporation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Allied Companies
    Holdings, Inc., Beazer Homes Indiana Holdings Corp., Beazer
    General Services, Inc., Beazer Realty Los Angeles, Inc. and
    Beazer Realty Sacramento, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Allied Companies Holdings, Inc., Beazer Homes Indiana
    Holdings Corp., Beazer General Services, Inc., Beazer Realty Los
    Angeles, Inc. and Beazer Realty Sacramento, Inc. are
    corporations organized under the laws of the State of Delaware.
    For a description of the provisions of the DGCL addressing the
    indemnification of directors and officers see the discussion in
    &#147;Indemnification of Officers and Directors of Beazer Homes
    USA, Inc., Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc.&#148; above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The certificates of incorporation of Beazer Allied Companies
    Holdings, Inc., Beazer Homes Indiana Holdings Corp., Beazer
    General Services, Inc., Beazer Realty Los Angeles, Inc. and
    Beazer Realty Sacramento, Inc. provide that no director shall be
    personally liable to the corporation or its stockholders for
    monetary damages for breach of fiduciary duty as a director,
    except to the extent such exemption from liability thereof is
    not permitted under the DGCL. The bylaws of these entities
    provide that the corporation shall indemnify members of the
    board of directors to the fullest extent permitted by the DGCL
    and that the corporation may, if authorized by the board of
    directors, indemnify its officers, employees, agents and any and
    all other persons who may be indemnified by the corporation
    against any and all expenses and liabilities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Homebuilders
    Title&#160;Services, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Homebuilders Title&#160;Services, Inc. is a corporation
    organized under the laws of the State of Delaware. For a
    description of the provisions of the DGCL addressing the
    indemnification of directors and officers see the discussion in
    &#147;Indemnification of Officers and Director of Beazer Homes
    USA, Inc., Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc.&#148; above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The certificate of incorporation of Homebuilders
    Title&#160;Services, Inc. provides that that no director shall
    be personally liable to the corporation or its stockholders for
    violations of the director&#146;s fiduciary duties to the
    fullest extent permitted by the DGCL.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Homebuilders Title&#160;Services, Inc. provide
    that the corporation shall indemnify any director or officer who
    is or was a party or is threatened to be made a party to any
    threatened, pending or completed action suit or proceeding,
    whether civil, criminal, administrative or investigative (other
    than an action by or in the right of the corporation) by reason
    of the fact that such person is or was a director or officer of
    the corporation, or is or was serving at the request of the
    corporation as a director or officer of another corporation,
    partnership, joint venture, trust or other enterprise, against
    expenses (including attorneys&#146; fees), judgments, fines and
    amounts paid in settlement actually and reasonably incurred by
    such person in connection with such action, suit or proceeding
    <FONT style="white-space: nowrap">and/or</FONT> the
    defense or settlement of such action or suit if such person
    acted in good faith and in a manner reasonably believed to be in
    or not opposed to the best interests of the corporation, and
    with respect to any criminal action or proceeding, had no
    reasonable cause to believe the
</DIV>
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    <BR>
    II-4
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    conduct was unlawful. The corporation shall indemnify officers
    and directors in an action by or in the right of the corporation
    under the same conditions, except that no indemnification shall
    be made in respect of any claim, issue or matter as to which
    such person shall have been adjudged liable to the corporation
    unless and only to the extent that a court in which such action
    or suit is brought determines that such person is fairly and
    reasonably entitled to indemnity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, the bylaws of Homebuilders Title&#160;Services,
    Inc. provide that the expenses incurred by a director or officer
    in defending any civil, criminal, administrative or
    investigative action, suit or proceeding shall be paid by the
    corporation in advance of the final disposition of such action,
    suit or proceeding upon receipt of an undertaking by or on
    behalf of such director or officer to repay such amount if it is
    ultimately determined that such director or officer is not
    entitled to be indemnified by the corporation. The
    indemnification and advancement of expenses provided in the
    bylaws is not be deemed to be exclusive of any other rights to
    which those seeking indemnification or advancement of expenses
    may be entitled under any other provision of the bylaws,
    agreement, contract or by vote of the stockholders or of the
    disinterested directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the General Partners of Beazer Homes Texas, L.P. and BH
    Building Products, LP</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes Texas, L.P. and BH Building Products, LP are
    limited partnerships organized under the laws of the State of
    Delaware. Pursuant to
    <FONT style="white-space: nowrap">Section&#160;17-108</FONT>
    of the Delaware Revised Uniform Limited Partnership Act (the
    &#147;Act&#148;), a limited partnership may, subject to the
    standards set forth in the partnership agreement, indemnify and
    hold harmless any partner or other person from and against any
    and all claims and demands.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the agreements of limited partnership of Beazer
    Homes Texas, L.P. and BH Building Products, LP, neither their
    respective general partners nor any affiliate of the general
    partners shall have any liability to the limited partnership or
    any partner for any loss suffered by the applicable limited
    partnership which arises out of any action or inaction of the
    applicable general partner, so long as such general partner or
    its affiliates in good faith has determined that such action or
    inaction did not constitute fraud or misconduct. Further,
    pursuant to such agreements of limited partnership, each general
    partner and its affiliates shall be indemnified by the limited
    partnership to the fullest extent permitted by law against any
    losses, judgments, liabilities, damages, expenses and amounts
    paid in settlement of any claims sustained in connection with
    acts performed or omissions that are within the scope of the
    applicable limited partnership agreement, provided that such
    claims are not the result of fraud or willful misconduct. The
    limited partnerships may advance to their respective general
    partners or their affiliates any amounts required to defend any
    claim for which they may be entitled to indemnification. If it
    is ultimately determined that their respective general partners
    or their affiliates are not entitled to indemnification, then
    such person must repay any amounts advanced by the limited
    partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of April Corporation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    April Corporation is a corporation organized under the laws of
    the State of Colorado.
    <FONT style="white-space: nowrap">Sections&#160;7-109-101</FONT>
    through 7-109-110 of the Colorado Business Corporation Act
    (&#147;CBCA&#148;) provide for the indemnification of officers
    and directors by the corporation under certain circumstances
    against expenses and liabilities incurred in legal proceedings
    involving such persons because of their being or having been an
    officer or director of the corporation. Under the CBCA, a
    corporation may purchase insurance on behalf of an officer or
    director of the corporation against any liability incurred in
    his or her capacity as an officer or director regardless of
    whether the person could be indemnified under the CBCA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of incorporation of April Corporation provide that
    the corporation may indemnify each person who is or was a party
    or is threatened to be made a party to any threatened, pending
    or completed action, suit or proceeding, whether civil,
    criminal, administrative or investigative (other than an action
    by or in the right of the corporation) by reason of the fact
    that such person is or was a director, officer, employee,
    fiduciary or agent of the corporation, or is or was serving at
    the request of the corporation as a director, officer, employee,
    fiduciary or agent of another corporation, partnership, joint
    venture, trust or other enterprise, against expenses (including
    attorneys&#146; fees), judgments, fines and amounts paid in
    settlement actually and
</DIV>
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    <BR>
    II-5
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    reasonably incurred by such person in connection with such
    action, suit or proceeding, if such person acted in good faith
    and in a manner reasonably believed to be in the best interests
    of the corporation, and with respect to any criminal action or
    proceeding, had no reasonable cause to believe the conduct was
    unlawful. The corporation shall indemnify directors, officers,
    employees, fiduciaries and agents of the corporation in an
    action by or in the right of the corporation under the same
    conditions, except that no indemnification shall be made in
    respect of any claim, issue or matter as to which such person
    shall have been adjudged liable for negligence or misconduct in
    the performance of the persons duty to the corporation unless
    and only to the extent that the court in which such action or
    suit was brought shall determine upon application, that despite
    the adjudication of liability but in view of all the
    circumstances of the case, such person is fairly and reasonably
    entitled to indemnity for those expenses which the court deems
    proper.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of April Corporation provide that any
    indemnification pursuant to the articles (except indemnification
    ordered by a court) shall be made by the corporation only as
    authorized in the specific case upon a determination the
    indemnification of the director, employee, fiduciary or agent is
    proper in the circumstances because that person has met the
    applicable standard of conduct described above. However, to the
    extent that a director, employee, fiduciary or agent is
    successful on the merits or otherwise in the defense of any
    action, suit or proceeding described above, or in the defense of
    any claim, issue or matter therein, that person shall be
    indemnified against reasonable expenses (including
    attorneys&#146; and other professionals&#146; fees) actually and
    reasonably incurred by in connection therewith, without the
    necessity of authorization in the specific case.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, the articles of April Corporation provide that the
    expenses (including attorney&#146;s and other
    professionals&#146; fees) incurred by an officer or director in
    defending any threatened or pending civil, criminal,
    administrative or investigative action, suit or proceeding may,
    but shall not be required to, be paid by the corporation in
    advance of the final disposition of the suit, action or
    proceeding upon receipt of an undertaking by or on behalf of
    such officer or director to repay such amount if it shall
    ultimately be determined that such person is not entitled to
    indemnification by the corporation pursuant to the bylaws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of April Corporation also provide that the
    indemnification and advancement of expenses shall not be deemed
    to be exclusive of any other rights to which those seeking
    indemnification or advancement of expenses may be entitled under
    any other provision of the bylaws, agreement or contract, by
    vote of the stockholders or of the disinterested directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the articles of April Corporation provide that the
    corporation may purchase and maintain liability insurance for
    directors and officers for certain losses arising from claims or
    charges made against them while acting in their capacities as
    directors or officers of the corporation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Realty Corp.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Realty Corp. is a corporation organized under the laws of
    the State of Georgia.
    <FONT style="white-space: nowrap">Sections&#160;14-2-850</FONT>
    through
    <FONT style="white-space: nowrap">14-2-859</FONT> of
    the Georgia Business Corporation Code (&#147;GBCC&#148;)
    provides for the indemnification of officers and directors by
    the corporation under certain circumstances against expenses and
    liabilities incurred in legal proceedings involving such persons
    because of their being or having been an officer or director of
    the corporation. Under the GBCC, a corporation may purchase
    insurance on behalf of an officer or director of the corporation
    incurred in his or her capacity as an officer or director
    regardless of whether the person could be indemnified under the
    GBCC. The bylaws of Beazer Realty Corp. (&#147;Realty&#148;)
    provide that Realty shall indemnify each officer and director to
    the fullest extent allowed by Georgia law and that Realty may
    obtain insurance on behalf of such officers and directors
    against any liabilities asserted against such persons whether or
    not Realty would have the power to indemnify them.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Managers and Members of Beazer SPE, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer SPE, LLC is a limited liability company organized under
    the laws of the State of Georgia.
    <FONT style="white-space: nowrap">Section&#160;14-11-306</FONT>
    of the Georgia Limited Liability Company Act provides that
    subject to the standards and restrictions, if any, set forth in
    the article of organization or written operating agreement, a
    limited liability company may indemnify and hold harmless any
    member or manager or other person from and against any and
</DIV>
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    <BR>
    II-6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    all claims and demands whatsoever arising in connection with the
    limited liability company; provided that a limited liability
    company shall not have the power to indemnify any member or
    manager for (i)&#160;for his or her intentional misconduct or
    knowing violation of the law or (ii)&#160;for any transaction
    for which the person received a personal benefit in violation of
    any provision of a written operating agreement. The operating
    agreement of Beazer SPE, LLC provides that members, employees
    and agents shall be entitled to indemnification to the fullest
    extent permitted by law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Partners of Beazer Homes Indiana LLP</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes Indiana LLP is a limited liability partnership
    under the laws of the State of Indiana.
    <FONT style="white-space: nowrap">Section&#160;23-4-1-18</FONT>
    of the Indiana Uniform Partnership Act provides that a
    partnership must indemnify every partner in respect of payments
    made and personal liabilities reasonably incurred by him or her
    in the ordinary and proper conduct of its business, or for the
    preservation of its business or property. The partnership
    agreement of Beazer Homes Indiana LLP provides that it shall
    indemnify the managing partner and hold it harmless against
    liability to third parties for acts or omissions within the
    scope of authority of the managing partner.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Paragon Title, LLC and Trinity
    Homes, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Paragon Title, LLC and Trinity Homes, LLC are limited liability
    companies organized under the laws of the State of Indiana.
    <FONT style="white-space: nowrap">Section&#160;23-18-4-4</FONT>
    of the Indiana Limited Liability Company Act provides that the
    operating agreement of a limited liability company may provide
    for the indemnification of a member or manager for judgments,
    settlements, penalties, fines, or expenses incurred in a
    proceeding to which a person is a party because such person is
    or was a member or manager.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of organization of Paragon Title, LLC and Trinity
    Homes, LLC each provide that the company shall indemnify any
    member or manager (and the responsible officers and directors of
    such member or manager), to the greatest extent not inconsistent
    with the laws and public policies of the State of Indiana, who
    is made a party to any proceeding because such person was or is
    a member or manager (or the responsible officers and directors
    of such member or manager), as a matter of right against all
    liability incurred by such person in connection with such
    proceeding, provided that (i)&#160;the members determine that
    the person has met the standard required for indemnification or
    (ii)&#160;the person is wholly successful on the merits or
    otherwise in the defense of such proceeding. A person will meet
    the standard required for indemnification if (i)&#160;the person
    conducted himself or herself in good faith, (ii)&#160;such
    person reasonably believed that his or her conduct was in or at
    least not opposed to the company, (iii)&#160;in the case of any
    criminal proceeding, such person had no reasonable cause to
    believe his or her conduct was unlawful, and (iv)&#160;such
    person&#146;s liability was not the result of the person&#146;s
    willful misconduct, recklessness, violation of the
    company&#146;s operating agreement or any improperly obtained
    financial or other benefit to which the person was not legally
    entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of organization of Paragon Title, LLC and Trinity
    Homes, LLC also provide that each company shall reimburse or pay
    the expenses of any member or manager (and the responsible
    officers and directors of such member or manager) in advance of
    the final disposition of the proceeding, provided that
    (i)&#160;the members make a determination that such person met
    the applicable standard of conduct, (ii)&#160;the person
    provides a written undertaking to repay any advancements if it
    is ultimately determined that such person is not entitled to
    them, and (iii)&#160;the person provides the company with an
    affirmation that he or she has met the applicable standard of
    conduct. The company may purchase insurance for the benefit of
    any person entitled to indemnification under the articles of
    organization.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Beazer Clarksburg, LLC,
    Clarksburg Arora LLC and Clarksburg Skylark, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Clarksburg, LLC, Clarksburg Arora LLC and Clarksburg
    Skylark, LLC are limited liability companies organized under the
    laws of the State of Maryland.
    <FONT style="white-space: nowrap">Section&#160;4A-203</FONT>
    permits a limited liability company to indemnify and hold
    harmless any member, agent or employee from and against all
    claims and demands, except in the case of action or failure to
    act by the member, agent or employee which constitutes
</DIV>
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    <BR>
    II-7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    willful misconduct or recklessness, and subject to the standards
    and restrictions, if any set forth in the articles of
    organization or operating agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating agreement of Beazer Clarksburg, LLC provides that
    no member or manager shall be liable, responsible or accountable
    in damages or otherwise to any other member or to the company
    for any act or omission performed or omitted by such person
    except for acts of gross negligence or intentional wrongdoing.
    The operating agreement also provides that the company shall
    endeavor to obtain liability or other insurance payable to the
    company (or as otherwise agreed by the members) to protect the
    company and the members from the acts or omissions of each of
    the members.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating agreements of Clarksburg Arora LLC and Clarksburg
    Skylark, LLC provide that each company will indemnify its member
    and its manager for all costs, expenses (including
    attorney&#146;s fees and disbursements), losses, liabilities and
    damages in connection with any act or omission performed by such
    person in good faith on behalf of the company. In addition, to
    the extent not prohibited by applicable law and upon approval by
    the member, expenses incurred by the member or the manager in
    defending any claim, demand, action, suit or proceeding may be
    advanced by the company prior to a final disposition of such a
    claim, demand, action, suit or proceeding, subject to recapture
    if it is later determined that the member or the manager was not
    entitled to indemnification. The operating agreement of
    Clarksburg Arora LLC also extends the described indemnification
    terms to each officer of the company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer/Squires Realty,
    Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer/Squires Realty, Inc. is a corporation organized under the
    laws of the State of North Carolina.
    <FONT style="white-space: nowrap">Sections&#160;55-8-50</FONT>
    through
    <FONT style="white-space: nowrap">55-8-58</FONT> of
    the North Carolina Business Corporation Act (&#147;NCBA&#148;)
    provide for the indemnification of officers and directors by the
    corporation under certain circumstances against expenses and
    liabilities incurred in legal proceedings involving such persons
    because of their being or having been an officer or director of
    the corporation. Under the NCBA, a corporation may purchase
    insurance on behalf of an officer or director of the corporation
    for amounts incurred in his or her capacity as an officer or
    director regardless of whether the person could be indemnified
    under the NCBA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer/Squires Realty, Inc. provide that any
    person who serves or has served as a director or who while
    serving as a director serves or has served, at the request of
    the corporation as a director, officer, partner, trustee,
    employee or agent of another entity or trustee or administrator
    under an employee benefit plan, shall have the right to be
    indemnified by the corporation to the fullest extent of the law
    for reasonable expenses, including attorneys&#146; fees, and
    reasonable payments for judgments, decrees, fines, penalties or
    settlements of proceedings seeking to hold him or her liable as
    a result of his or her service to the corporation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Realty, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Realty, Inc. (&#147;Beazer Realty&#148;) is a corporation
    organized under the laws of the State of New Jersey.
    <FONT style="white-space: nowrap">Section&#160;14A:3-5</FONT>
    of the New Jersey Business Corporation Act (&#147;NJBA&#148;)
    provides for the indemnification of officers and directors by
    the corporation under certain circumstances against expenses and
    liabilities incurred in legal proceedings involving such persons
    because of their being or having been an officer or director of
    the corporation. Under the NJBA, a corporation may purchase
    insurance on behalf of an officer or director of the corporation
    against incurred in his or her capacity as an officer or
    director regardless of whether the person could be indemnified
    under the NJBA. The certificate of incorporation and the bylaws
    of Beazer Realty provide that Beazer Realty shall indemnify its
    officers and directors to the fullest extent allowed by law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of the Beazer Homes
    Corp.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes Corp. is a corporation organized under the laws of
    the State of Tennessee.
    <FONT style="white-space: nowrap">Sections&#160;48-18-501</FONT>
    through
    <FONT style="white-space: nowrap">48-18-509</FONT> of
    the Tennessee Business Corporation Act (&#147;TBCA&#148;)
    provide for the indemnification of officers and directors by the
    corporation under certain circumstances against expenses and
    liabilities incurred in legal proceedings involving such persons
    because of their being or having been an officer or director of
    the corporation. Under the TBCA, a corporation may purchase
    insurance on behalf of an officer or director of the corporation
    against incurred in his or her capacity as an officer or
    director regardless of whether the person could
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    be indemnified under the TBCA. The charter and bylaws of Beazer
    Homes Corp. do not address the indemnification of officers and
    directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of General Partner and Employees of Texas Lone Star Title,
    L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Texas Lone Star Title, L.P. is a limited partnership organized
    under the laws of the State of Texas. Article&#160;11 of the
    Texas Revised Limited Partnership Act (&#147;TRLPA&#148;)
    provides for the indemnification of a general partner, limited
    partner, employee or agent by the limited partnership under
    certain circumstances against expenses and liabilities incurred
    in legal proceedings involving such persons because of their
    being or having been a general partner, limited partner,
    employee or agent of the limited partnership. Under the TRLPA, a
    limited partnership may purchase insurance on behalf of a
    general partner, limited partner, employee or agent of the
    limited partnership against any liability incurred regardless of
    whether the person could be indemnified under the TRLPA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The limited partnership agreement of Texas Lone Star Title, L.P.
    provides that in any threatened, pending or completed proceeding
    to which the general partner was or is a party or is threatened
    to be made a party by reason of the fact that the general
    partner was or is acting in such capacity (other than an action
    by or in the right of the limited partnership), the limited
    partnership shall indemnify the general partner against
    expenses, including attorney&#146;s fees, judgments and amounts
    paid in settlement actually and reasonably incurred by such
    general partner in connection with such action, suit or
    proceeding if the general partner acted in good faith and in a
    manner reasonably believed to be in or not opposed to the best
    interests of the limited partnership, and provided that the
    conduct does not constitute fraud, gross negligence or gross
    misconduct.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Homebuilders
    Title&#160;Services of Virginia Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Homebuilders Title&#160;Services of Virginia Inc. is a
    corporation organized under the laws of the State of Virginia.
    <FONT style="white-space: nowrap">Sections&#160;13.1-697</FONT>
    through 13.1-704 of the Virginia Stock Corporation Act
    (&#147;VSCA&#148;) provide for the indemnification of officers
    and directors by the corporation under certain circumstances
    against expenses and liabilities incurred in legal proceedings
    involving such persons because of their being or having been an
    officer or director of the corporation. Under the VSCA, a
    corporation may purchase insurance on behalf of an officer or
    director of the corporation against any liability incurred in an
    official capacity regardless of whether the person could be
    indemnified under the VSCA. The bylaws of Homebuilders
    Title&#160;Services of Virginia Inc. provide that the
    corporation shall indemnify officers and directors to the
    fullest extent allowed by law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Beazer Commercial Holdings, LLC,
    Beazer Homes Investments, LLC, Beazer Realty Services, LLC,
    Beazer Homes Michigan, LLC, Dove Barrington Development LLC and
    BH Procurement Services, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Commercial Holdings, LLC, Beazer Homes Investments, LLC,
    Beazer Realty Services, LLC, Beazer Homes Michigan, LLC, Dove
    Barrington Development LLC and BH Procurement Services, LLC are
    limited liability companies organized under the laws of the
    State of Delaware.
    <FONT style="white-space: nowrap">Section&#160;18-108</FONT>
    of the Delaware Limited Liability Company Act provides that,
    subject to such standards and restrictions, if any, as are set
    forth in its limited liability company agreement, a limited
    liability company may, and shall have the power to, indemnify
    and hold harmless any member or manager or other person from and
    against any and all claims and demands whatsoever. Neither the
    certificate of formation nor the operating agreement of any of
    Beazer Commercial Holdings, LLC, Beazer Homes Investments, LLC,
    Beazer Realty Services, LLC or BH Procurement Services, LLC
    address indemnification of members or managers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating agreement of Dove Barrington Development LLC
    provides that the company will indemnify, defend and hold
    harmless members and their partners, officers, directors,
    shareholders, members, managers, employees and agents from and
    against any and all claims, demands, obligations, damages,
    actions, causes of action, suits, losses, judgments, fines,
    penalties liabilities, costs and expenses (including, without
    limitation, attorneys&#146; fees, court costs and other
    professional fees and costs incurred as a result of such claims)
    arising out of a good faith act or omission by such indemnified
    person.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Elysian Heights Potomia,
    LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Elysian Heights Potomia, LLC is a limited liability company
    organized under the laws of the State of Virginia.
    <FONT style="white-space: nowrap">Section&#160;13.1-1025</FONT>
    of the Virginia Limited Liability Company Act
    (&#147;VLLCA&#148;) provides for a limitation on the amount of
    damages that can be assessed against a member of manager to the
    lesser of (i)&#160;the monetary amount provided for in the
    articles of organization or operating agreement or (ii)&#160;or
    the greater of $100,000 or the amount of compensation provided
    to the member or manager by the limited liability company in the
    preceding twelve months. However, under the VLLCA, the liability
    of a manager or member will not be limited if the manager or
    member engaged in willful misconduct or a knowing violation of
    criminal law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating agreement for Elysian Heights Potomia, LLC
    provides that the company will indemnify the sole member, the
    manager and any officers appointed by the manager for any acts
    performed within the scope of the operating agreement and taken
    in good faith. However, the company will not indemnify any act
    determined by a court of law to be grossly negligent or
    unlawful, unless the court determines the act was one that is
    entitled to be indemnified, despite being grossly negligent or
    unlawful act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Arden Park Ventures,
    LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Arden Park Ventures, LLC is a limited liability company
    organized under the laws of the State of Florida.
    Section&#160;608.4229 of the Florida Limited Liability Company
    Act (the &#147;FLLCA&#148;) provides that, subject to such
    standards and restrictions, if any, as are set forth in its
    articles of organization or operating agreement, a limited
    liability company shall have the power to indemnify and hold
    harmless any member or manager or other person from and against
    any and all claims and demands whatsoever. Notwithstanding the
    foregoing, indemnification or advancement of expenses shall not
    be made to or on behalf of any member, manager, managing member,
    officer, employee, or agent if a judgment or other final
    adjudication establishes that the actions, or omissions to the
    act, of such person were material to the cause of action so
    adjudicated and certain additional requirements are met. The
    articles of organization of Arden Park Ventures, LLC does not
    address indemnification of members or managers. Arden Park
    Ventures, LLC does not currently have an operating agreement in
    place.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;21.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The following exhibits are filed as a part of this
    registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(a)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Certificate of Incorporation of Beazer
    Homes USA, Inc.(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(b)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of April Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(c)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Allied Companies
    Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(d)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Beazer Clarksburg, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(e)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Charter of Beazer Homes Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(f)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Holdings Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(g)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Homes Investments, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(h)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Sales, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Texas Holdings,
    Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(j)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Beazer Homes Texas, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(k)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Beazer Realty Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(l)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(m)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Realty Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(n)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Beazer SPE, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(o)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Beazer/Squires Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(p)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration to qualify as a limited liability partnership for
    Beazer Homes Indiana LLP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(q)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Commercial Holdings, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(r)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation Beazer General Services, Inc.(3)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(s)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Indiana Holdings
    Corp.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(t)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty Los Angeles,
    Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(u)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty Sacramento, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(v)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of BH Building Products, LP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(w)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Homebuilders Title&#160;Services
    of Virginia, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(x)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Homebuilders Title&#160;Services,
    Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(y)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Paragon Title, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(z)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of BH Procurement Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(aa)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Texas Lone Star Title,
    L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ab)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Trinity Homes LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ac)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Arden Park Ventures, LLC(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ad)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Mortgage Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ae)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Dove Barrington Development LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(af)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Homes Michigan, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ag)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Elysian Heights Potomia, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ah)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Clarksburg Arora LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ai)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Clarksburg Skylark, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(a)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amended and Restated By-laws of Beazer Homes USA, Inc.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(b)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of April Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(c)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Allied Companies Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(d)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Clarksburg, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(e)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(f)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Holdings Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(g)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Homes Investments, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(h)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Sales, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Texas Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(j)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement of Limited Partnership of Beazer Homes Texas, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(k)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(l)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(m)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Realty Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(n)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer SPE, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(o)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer/Squires Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(p)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partnership Agreement of Beazer Homes Indiana LLP(13)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(q)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Commercial Holdings, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(r)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Indiana Holdings Corp.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(s)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Los Angeles, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(t)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Sacramento, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(u)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of BH Building Products, LP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(v)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of BH Procurement Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(w)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Homebuilders Title&#160;Services of Virginia, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(x)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Homebuilders Title&#160;Services, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(y)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Paragon Title, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(aa)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of Texas Lone Star Title, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ab)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Operating Agreement of Trinity Homes
    LLC(2)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ac)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer General Services, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ae)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Mortgage Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(af)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Liability Company Agreement of Dove Barrington
    Development LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ag)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Homes Michigan, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ah)***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Operating Agreement of Elysian
    Heights Potomia, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ai)***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Clarksburg Arora LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(aj)***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Clarksburg Skylark,
    LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated as of September&#160;11, 2009, among Beazer,
    the Guarantors party thereto and U.S. Bank Trust&#160;National
    Association, as trustee, and Wilmington Trust&#160;FSB, as notes
    collateral agent(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Senior Secured Note due 2017 (included in
    Exhibit&#160;4.1 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement, dated September&#160;11, 2009, by
    and among Beazer Homes USA, Inc., the guarantors party thereto,
    Citigroup Global Markets Inc. and Moelis&#160;&#038; Company
    LLC(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Troutman Sanders LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Tune, Entrekin&#160;&#038; White,&#160;P.C.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .3***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Barnes&#160;&#038; Thornburg LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .4***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Gardere Wynne Sewell LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .5***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Holland&#160;&#038; Knight LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .6**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Hogan&#160;&#038; Hartson L.L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Greenbaum, Rowe, Smith&#160;&#038; Davis LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 1994 Stock Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of
    Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2005 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Non-Employee Director Stock Option Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.2 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2001 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 1999 Stock Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.2 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on August&#160;8, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2005 Value Created Incentive Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.4 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Corporate Management Stock Purchase
    Program&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.5 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Customer Survey Incentive Plan&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.6 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director Stock Purchase Program&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.7 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Option and Restricted Stock Award
    Agreement&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.8 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Option Award Agreement&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.9 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement of Ian J. McCarthy
    dated as of September&#160;1, 2004&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.01 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on September&#160;1, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Amended and Restated Employment Agreement of
    Ian J. McCarthy dated as of February&#160;3, 2006&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.11 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment to Amended and Restated Employment Agreement of
    Ian J. McCarthy dated as of December&#160;31, 2008&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.31 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement of Michael H. Furlow
    dated as of August&#160;6, 2009 &#151;&#160;incorporated herein
    by reference to Exhibit&#160;10.3 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement effective May&#160;1, 2007 for Allan P.
    Merrill&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.01 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Employment Agreement effective
    December&#160;31, 2008 for Allan P. Merrill
    &#151;&#160;incorporated herein by reference to
    Exhibit&#160;10.5 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Supplemental Employment Agreement of Ian J.
    McCarthy dated as of February&#160;3, 2006&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Amended and Restated Supplemental Employment
    Agreement of Ian J. McCarthy effective December&#160;31,
    2008&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.6 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Supplemental Employment Agreement of
    Michael H. Furlow dated as of August&#160;6, 2009&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.4 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Employment Agreement effective May&#160;1,
    2007 for Allan P. Merrill&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.02 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Employment Agreement effective May&#160;1,
    2007 for Allan P. Merrill&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.02 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .21
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Letter for Kenneth F. Khoury effective
    January&#160;5, 2009&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Agreement for Kenneth F. Khoury effective
    December&#160;5, 2008&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.2 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Performance Shares&#160;Award Agreement dated as of
    February&#160;2, 2006&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.18 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .24
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Award Agreement dated as of February&#160;2,
    2006&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.19 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .25
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2005 Executive Value Created Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on February&#160;9, 2005 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .26
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indemnification Agreement&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;1, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .27
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Credit Agreement dated as of July&#160;25, 2007 between the
    Company, the lenders thereto, and Wachovia Bank, National
    Association, as Agent, BNP Paribas, The Royal Bank of Scotland,
    and Guaranty Bank, as Documentation Agents, Regions Bank, as
    Senior Managing Agent, and JPMorgan Chase Bank, as Managing
    Agent&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;26, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .28
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Waiver and First Amendment, dated as of October&#160;10, 2007,
    to and under the Credit Agreement, dated as of July&#160;25,
    2007, among the Company, the lenders thereto and Wachovia Bank,
    National Association, as Agent&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on October&#160;11, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .29
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment, dated October&#160;26, 2007, to and under the
    Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on October&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .30
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amendment, dated as of August&#160;7, 2008, to and under
    the Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on August&#160;8, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .31
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Fourth Amendment, dated as of July&#160;31, 2009, to and under
    the Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .32**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Credit Agreement, dated August&#160;5,
    2009, between the Company, the lenders and issuers thereto and
    CITIBANK, N.A., as Swing Line Lender and Agent.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .33
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2008 Beazer Homes USA, Inc. Deferred Compensation Plan, adopted
    effective January&#160;1, 2008 &#151;&#160;incorporated herein
    by reference to Exhibit&#160;10.27 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .34
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Discretionary Employee Bonus Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.28 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Computation of Ratio of Earnings to Fixed Charges
    and Earnings to Combined Fixed Charges and Preferred Dividends.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of Beazer Homes USA, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte&#160;&#038; Touche LLP, Independent
    Registered Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Troutman Sanders LLP (included in Exhibit&#160;5.1
    hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Tune, Entrekin&#160;&#038; White,&#160;P.C. (included
    in Exhibit&#160;5.2 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Barnes&#160;&#038; Thornburg LLP (included in
    Exhibit&#160;5.3 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .5***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Gardere Wynne Sewell LLP (included in
    Exhibit&#160;5.4 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .6***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Holland&#160;&#038; Knight LLP (included in
    Exhibit&#160;5.5 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Hogan&#160;&#038; Hartson L.L.P. (included in
    Exhibit&#160;5.6 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Greenbaum, Rowe, Smith&#160;&#038; Davis LLP
    (included in Exhibit&#160;5.7 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .9**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC
    (included in Exhibit&#160;5.8 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included in Part&#160;II of the registration
    statement)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    Statement of Eligibility and Qualification of the Trustee under
    the Indenture with respect to the Senior Secured Notes due 2017
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Registered Holders
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Notice of Guaranteed Delivery
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment or as an exhibit to a current report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    of the registrant in connection with the issuance of securities.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    filed on December&#160;2, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated herein by reference to the exhibits to
    Beazer&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    (Registration
    <FONT style="white-space: nowrap">No.&#160;333-112147)</FONT>
    filed on January&#160;23, 2004.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    (Registration
    <FONT style="white-space: nowrap">No.&#160;333-127165)</FONT>
    filed on August&#160;3, 2005.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    filed on August&#160;15, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;1, 2008.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on September&#160;16, 2009.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    filed on November&#160;13, 2009.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;22.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act of 1933;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;to reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&#160;424(b) if, in the aggregate, the changes in volume and
    price represent no more than 20% change in the maximum aggregate
    offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;to include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Provided, however, that paragraphs (i), (ii)&#160;and
    (iii)&#160;do not apply if the information required to be
    included in a post-effective amendment by those paragraphs is
    contained in reports filed with or furnished to the Commission
    by the Registrant pursuant to Section&#160;13 or
    Section&#160;15(d) of the Securities Exchange Act of 1934 that
    are incorporated by reference in the registration statement, or
    is contained in a form of prospectus filed pursuant to
    Rule&#160;424(b) that is part of the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;That, for the purpose of determining any liability under
    the Securities Act, each such post-effective amendment shall be
    deemed to be a new registration statement relating to the
    securities offered therein, and the offering of such securities
    at that time shall be deemed to be the initial bona fide
    offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;To remove from registration by means of a post-effective
    amendment any of the securities being registered which remain
    unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;That, for the purpose of determining liability under the
    Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Each prospectus filed by the registrant pursuant to
    Rule&#160;424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration
    statement;&#160;and
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-15
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Each prospectus required to be filed pursuant to
    Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration
    statement in reliance on Rule&#160;430B relating to an offering
    made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for
    the purpose of providing the information required by
    section&#160;10(a) of the Securities Act of 1933 shall be deemed
    to be part of and included in the registration statement as of
    the earlier of the date such form of prospectus is first used
    after effectiveness or the date of the first contract of sale of
    securities in the offering described in the prospectus. As
    provided in Rule&#160;430B, for liability purposes of the issuer
    and any person that is at that date an underwriter, such date
    shall be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof. Provided, however, that no statement
    made in a registration statement or prospectus that is part of
    the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities, the undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser: (i)&#160;any preliminary
    prospectus or prospectus of the undersigned registrant relating
    to the offering required to be filed pursuant to Rule&#160;424;
    (ii)&#160;any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant; (iii)&#160;the
    portion of any other free writing prospectus relating to the
    offering containing material information about the undersigned
    registrant or its securities provided by or on behalf of the
    undersigned registrant; and (iv)&#160;any other communication
    that is an offer in the offering made by the undersigned
    registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes that, for purposes
    of determining any liability under the Securities Act of 1933,
    each filing of the registrant&#146;s annual report pursuant to
    Section&#160;13(a) or 15(d) of the Securities Exchange Act of
    1934 (and, where applicable, each filing of an employee benefit
    plan&#146;s annual report pursuant to Section&#160;15(d) of the
    Securities Exchange Act of 1934)&#160;that is incorporated by
    reference in the registration statement shall be deemed to be a
    new registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant, hereby undertakes to file an
    application for the purpose of determining the eligibility of
    the trustee to act under subsection&#160;(a) of Section&#160;310
    of the Trust&#160;Indenture Act in accordance with the rules and
    regulations prescribed by the Commission under
    Section&#160;305(b)(2) of the Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933&#160;may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the foregoing provisions or otherwise, the registrant has been
    advised that in the opinion of the Securities and Exchange
    Commission such indemnification is against public policy as
    expressed in the Securities Act of 1933 and is therefore
    unenforceable. In the event that a claim for indemnification
    against such liabilities (other than the payment by the
    registrant of expenses incurred or paid by a director, officer
    or controlling person of the registrant in the successful
    defense of any action, suit or proceeding) is asserted by such
    director, officer or controlling person in connection with the
    securities being registered, the registrant will, unless in the
    opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate
    jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Securities Act of
    1933, and will be governed by the final adjudication of such
    issue.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-16
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes that, for purposes
    of determining any liability under the Securities Act of 1933:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;The information omitted from the form of prospectus
    filed as part of this registration statement in reliance upon
    Rule&#160;430A and contained in a form of prospectus filed by
    the registrant pursuant to Rule&#160;424(b)(1) or (4)&#160;or
    497(h) under the Securities Act shall be deemed to be part of
    this registration statement as of the time it was declared
    effective;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Each post-effective amendment that contains a form of
    prospectus shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes to respond to
    requests for information that is incorporated by reference into
    the prospectus pursuant to Item&#160;4, 10(b), 11, or 13 of this
    form, within one business day of receipt of such request, and to
    send the incorporated documents by first class mail or other
    equally prompt means. This includes information contained in
    documents filed subsequent to the effective date of the
    registration statement through the date of responding to the
    request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes to supply by means
    of a post-effective amendment all information concerning a
    transaction, and the company being acquired involved therein,
    that was not the subject of and included in the registration
    statement when it became effective.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-17
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the city of Atlanta, state of Georgia, on
    February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER HOMES USA, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Ian J. McCarthy</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>President and Chief Executive Officer</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="33%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    President, Chief Executive Officer and Director<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President and Chief Financial Officer <BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President, Chief Accounting Officer and
    Controller<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Non-Executive Chairman, Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Laurent
    Alpert</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Peter
    G. Leemputte</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Norma
    A. Provencio</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Larry
    T. Solari</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Stephen
    P. Zelnak, Jr.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, each
    of the following registrants has duly caused this registration
    statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>APRIL CORPORATION<BR>
    BEAZER ALLIED COMPANIES HOLDINGS, INC.<BR>
    BEAZER GENERAL SERVICES, INC.<BR>
    BEAZER HOMES CORP.<BR>
    BEAZER HOMES HOLDINGS CORP.<BR>
    BEAZER HOMES INDIANA HOLDINGS CORP.<BR>
    BEAZER HOMES SALES, INC.<BR>
    BEAZER HOMES TEXAS HOLDINGS, INC.<BR>
    BEAZER REALTY CORP.<BR>
    BEAZER REALTY, INC.<BR>
    BEAZER REALTY LOS ANGELES, INC.<BR>
    BEAZER REALTY SACRAMENTO, INC.<BR>
    BEAZER/SQUIRES REALTY, INC.<BR>
    HOMEBUILDERS TITLE&#160;SERVICES OF<BR>
    VIRGINIA, INC.<BR>
    HOMEBUILDERS TITLE&#160;SERVICES, INC.</B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="33%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 23pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President <BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, each
    of the following registrants has duly caused this registration
    statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER MORTGAGE CORPORATION</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    F. Khoury</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Kenneth F. Khoury</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President and Assistant Secretary</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer and Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    F. Khoury</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    F. Khoury</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President and Assistant Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Jeffrey
    Hoza</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Vice President and Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    F. Khoury</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER HOMES INDIANA LLP</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By: BEAZER HOMES INVESTMENTS, LLC,<BR>
    its Managing Partner
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By: BEAZER HOMES CORP.,<BR>
    its Sole Member
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 13pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 13pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 13pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 13pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ARDEN PARK VENTURES, LLC<BR>
    BEAZER CLARKSBURG, LLC<BR>
    BEAZER COMMERCIAL HOLDINGS, LLC<BR>
    DOVE BARRINGTON DEVELOPMENT LLC<BR>
    BEAZER HOMES INVESTMENTS, LLC<BR>
    BEAZER HOMES MICHIGAN, LLC<BR>
    ELYSIAN HEIGHTS POTOMIA, LLC</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By: BEAZER HOMES CORP.,<BR>
    its Sole Member
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 10pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER HOMES TEXAS, L.P.<BR>
    TEXAS LONE STAR TITLE, L.P.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By: BEAZER HOMES TEXAS HOLDINGS, INC.,<BR>
    its General Partner
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER REALTY SERVICES, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES INVESTMENTS, LLC,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President <BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER SPE, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES HOLDINGS CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President <BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BH BUILDING PRODUCTS, LP<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BH PROCUREMENT SERVICES, LLC,<BR>
    its General Partner<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES TEXAS, L.P.,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES TEXAS HOLDINGS, INC.,<BR>
    its General Partner
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President <BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BH PROCUREMENT SERVICES, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES TEXAS, L.P.,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES TEXAS HOLDINGS, INC.,<BR>
    its General Partner
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PARAGON TITLE, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES INVESTMENTS, LLC,<BR>
    its Sole Member and Manager<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>TRINITY HOMES, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES INVESTMENTS, LLC,<BR>
    its Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLARKSBURG ARORA LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER CLARKSBURG, LLC,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on February&#160;23, 2010.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLARKSBURG SKYLARK, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    CLARKSBURG ARORA LLC,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER CLARKSBURG, LLC,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="7%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="16%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President <BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President <BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    February&#160;23, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(a)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Certificate of Incorporation of Beazer
    Homes USA, Inc.(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(b)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of April Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(c)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Allied Companies
    Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(d)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Beazer Clarksburg, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(e)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Charter of Beazer Homes Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(f)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Holdings Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(g)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Homes Investments, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(h)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Sales, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Texas Holdings,
    Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(j)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Beazer Homes Texas, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(k)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Beazer Realty Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(l)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(m)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Realty Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(n)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Beazer SPE, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(o)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Beazer/Squires Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(p)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration to qualify as a limited liability partnership for
    Beazer Homes Indiana LLP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(q)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Commercial Holdings, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(r)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation Beazer General Services, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(s)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Indiana Holdings
    Corp.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(t)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty Los Angeles,
    Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(u)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty Sacramento, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(v)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of BH Building Products, LP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(w)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Homebuilders Title&#160;Services
    of Virginia, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(x)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Homebuilders Title&#160;Services,
    Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(y)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Paragon Title, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(z)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of BH Procurement Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(aa)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Texas Lone Star Title,
    L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ab)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Trinity Homes LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ac)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Arden Park Ventures, LLC(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ad)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Mortgage Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ae)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Dove Barrington Development LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(af)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Homes Michigan, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ag)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Elysian Heights Potomia, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ah)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Clarksburg Arora LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ai)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Clarksburg Skylark, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(a)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amended and Restated By-laws of Beazer Homes USA, Inc.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(b)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of April Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(c)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Allied Companies Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(d)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Clarksburg, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(e)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(f)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Holdings Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(g)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Homes Investments, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(h)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Sales, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Texas Holdings, Inc.(2)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(j)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement of Limited Partnership of Beazer Homes Texas, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(k)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(l)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(m)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Realty Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(n)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer SPE, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(o)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer/Squires Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(p)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partnership Agreement of Beazer Homes Indiana LLP(13)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(q)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Commercial Holdings, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(r)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Indiana Holdings Corp.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(s)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Los Angeles, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(t)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Sacramento, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(u)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of BH Building Products, LP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(v)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of BH Procurement Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(w)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Homebuilders Title&#160;Services of Virginia, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(x)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Homebuilders Title&#160;Services, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(y)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Paragon Title, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(aa)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of Texas Lone Star Title, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ab)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Operating Agreement of Trinity Homes
    LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ac)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer General Services, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ae)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Mortgage Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(af)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Liability Company Agreement of Dove Barrington
    Development LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ag)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Homes Michigan, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ah)***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Operating Agreement of Elysian
    Heights Potomia, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ai)***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Clarksburg Arora LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(aj)***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Clarksburg Skylark,
    LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Indenture, dated as of September&#160;11, 2009, among Beazer,
    the Guarantors party thereto and U.S. Bank Trust&#160;National
    Association, as trustee, and Wilmington Trust&#160;FSB, as notes
    collateral agent(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Senior Secured Note due 2017 (included in
    Exhibit&#160;4.1 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration Rights Agreement, dated September&#160;11, 2009, by
    and among Beazer Homes USA, Inc., the guarantors party thereto,
    Citigroup Global Markets Inc. and Moelis&#160;&#038; Company
    LLC(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Troutman Sanders LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Tune, Entrekin&#160;&#038; White,&#160;P.C.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .3***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Barnes&#160;&#038; Thornburg LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .4***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Gardere Wynne Sewell LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .5***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Holland&#160;&#038; Knight LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .6**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Hogan&#160;&#038; Hartson L.L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Greenbaum, Rowe, Smith&#160;&#038; Davis LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 1994 Stock Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of
    Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2005 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Non-Employee Director Stock Option Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.2 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2001 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 1999 Stock Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.2 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on August&#160;8, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2005 Value Created Incentive Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.4 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Corporate Management Stock Purchase
    Program&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.5 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Customer Survey Incentive Plan&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.6 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director Stock Purchase Program&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.7 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Option and Restricted Stock Award
    Agreement&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.8 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Option Award Agreement&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.9 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement of Ian J. McCarthy
    dated as of September&#160;1, 2004&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.01 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on September&#160;1, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Amended and Restated Employment Agreement of
    Ian J. McCarthy dated as of February&#160;3, 2006&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.11 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment to Amended and Restated Employment Agreement of
    Ian J. McCarthy dated as of December&#160;31, 2008&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.31 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement of Michael H. Furlow
    dated as of August&#160;6, 2009 &#151;&#160;incorporated herein
    by reference to Exhibit&#160;10.3 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement effective May&#160;1, 2007 for Allan P.
    Merrill&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.01 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Employment Agreement effective
    December&#160;31, 2008 for Allan P.
    Merrill&#160;&#151;&#160;incorporated herein by reference to
    Exhibit&#160;10.5 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Supplemental Employment Agreement of Ian J.
    McCarthy dated as of February&#160;3, 2006&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Amended and Restated Supplemental Employment
    Agreement of Ian J. McCarthy effective December&#160;31,
    2008&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.6 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Supplemental Employment Agreement of
    Michael H. Furlow dated as of August&#160;6, 2009&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.4 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Employment Agreement effective May&#160;1,
    2007 for Allan P. Merrill&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.02 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Employment Agreement effective May&#160;1,
    2007 for Allan P. Merrill&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.02 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .21
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Letter for Kenneth F. Khoury effective
    January&#160;5, 2009&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Agreement for Kenneth F. Khoury effective
    December&#160;5, 2008&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.2 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
</TABLE>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Performance Shares&#160;Award Agreement dated as of
    February&#160;2, 2006&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.18 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .24
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Award Agreement dated as of February&#160;2,
    2006&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.19 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .25
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2005 Executive Value Created Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on February&#160;9, 2005 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .26
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indemnification Agreement&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;1, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .27
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Credit Agreement dated as of July&#160;25, 2007 between the
    Company, the lenders thereto, and Wachovia Bank, National
    Association, as Agent, BNP Paribas, The Royal Bank of Scotland,
    and Guaranty Bank, as Documentation Agents, Regions Bank, as
    Senior Managing Agent, and JPMorgan Chase Bank, as Managing
    Agent&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;26, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .28
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Waiver and First Amendment, dated as of October&#160;10, 2007,
    to and under the Credit Agreement, dated as of July&#160;25,
    2007, among the Company, the lenders thereto and Wachovia Bank,
    National Association, as Agent&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on October&#160;11, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .29
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment, dated October&#160;26, 2007, to and under the
    Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on October&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .30
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amendment, dated as of August&#160;7, 2008, to and under
    the Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on August&#160;8, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .31
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Fourth Amendment, dated as of July&#160;31, 2009, to and under
    the Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .32**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Credit Agreement, dated August&#160;5,
    2009, between the Company, the lenders and issuers thereto and
    CITIBANK, N.A., as Swing Line Lender and Agent.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .33
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2008 Beazer Homes USA, Inc. Deferred Compensation Plan, adopted
    effective January&#160;1, 2008&#160;&#151;&#160;incorporated
    herein by reference to Exhibit&#160;10.27 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .34
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Discretionary Employee Bonus Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.28 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Computation of Ratio of Earnings to Fixed Charges
    and Earnings to Combined Fixed Charges and Preferred Dividends.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of Beazer Homes USA, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte&#160;&#038; Touche LLP, Independent
    Registered Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Troutman Sanders LLP (included in Exhibit&#160;5.1
    hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Tune, Entrekin&#160;&#038; White,&#160;P.C. (included
    in Exhibit&#160;5.2 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Barnes&#160;&#038; Thornburg LLP (included in
    Exhibit&#160;5.3 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .5***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Gardere Wynne Sewell LLP (included in
    Exhibit&#160;5.4 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .6***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Holland&#160;&#038; Knight LLP (included in
    Exhibit&#160;5.5 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Hogan&#160;&#038; Hartson L.L.P. (included in
    Exhibit&#160;5.6 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Greenbaum, Rowe, Smith&#160;&#038; Davis LLP
    (included in Exhibit&#160;5.7 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .9**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC
    (included in Exhibit&#160;5.8 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included in Part&#160;II of the registration
    statement)
</TD>
</TR>
</TABLE>
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1***
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    Statement of Eligibility and Qualification of the Trustee under
    the Indenture with respect to the Senior Secured Notes due 2017
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Registered Holders
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Notice of Guaranteed Delivery
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment or as an exhibit to a current report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    of the registrant in connection with the issuance of securities.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed.</TD>
</TR>

<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    filed on December&#160;2, 2008.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated herein by reference to the exhibits to
    Beazer&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    <FONT style="white-space: nowrap">(Registration&#160;No.&#160;333-112147)</FONT>
    filed on January&#160;23, 2004.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    <FONT style="white-space: nowrap">(Registration&#160;No.&#160;333-127165)</FONT>
    filed on August&#160;3, 2005.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    filed on August&#160;15, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;1, 2008.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on September&#160;16, 2009.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    filed on November&#160;13, 2009.</TD>
</TR>

</TABLE>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.6
<SEQUENCE>2
<FILENAME>g21823a2exv5w6.htm
<DESCRIPTION>EX-5.6
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.6</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Letterhead of Hogan &#038; Hartson L.L.P.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;23, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
100 Abernathy Road<BR>
Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="right" style="margin-top: 12pt">
<TABLE width="90%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Guaranty made as of the date hereof under that certain
Indenture dated as of September&nbsp;11, 2009, among Beazer Homes USA, Inc., the
Subsidiary Guarantors named on Schedule&nbsp;I thereto, U.S. Bank National
Association, as Trustee and Wilmington Trust FSB, as Notes Collateral Agent</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 16pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This firm has acted as special counsel, solely with respect to the matters addressed in this
letter, to April Corporation, a Colorado corporation (the &#147;Guarantor&#148;), and a subsidiary of Beazer
Homes USA, Inc., a Delaware corporation (&#147;Beazer&#148;), in connection with the Registration Statement
on Form S-4 (the &#147;Registration Statement&#148;) filed by Beazer and the subsidiaries of Beazer listed in
the Registration Statement, including the Guarantor, with the Securities and Exchange Commission
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Registration Statement
relates to the issuance by Beazer of up to $250,000,000 aggregate principal amount of its 12%
Senior Secured Notes due 2017 (the &#147;New Notes&#148;) and the issuance by the Guarantor and certain other
subsidiaries listed in the Registration Statement of a guarantee as prescribed by the Indenture (as
defined below) and in the form attached to the Indenture (the &#147;New Guarantee&#148;) with respect to the
New Notes. The New Notes will be offered by Beazer in exchange for $250,000,000 aggregate
principal amount of its outstanding 12% Senior Secured Notes due 2017 which have not been
registered under the Securities Act. All capitalized terms used and not otherwise defined herein
shall have the meanings assigned to such terms in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes and the New Guarantee will be issued under an indenture, dated September&nbsp;11,
2009 (the &#147;Indenture&#148;) among Beazer, the Guarantor, certain other subsidiary guarantors listed in
the Registration Statement, U.S. Bank National Association, as trustee and Wilmington Trust FSB, as
Notes Collateral Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the opinions, which are set forth in paragraphs (a)&nbsp;through (c)&nbsp;below (the
&#147;Opinions&#148;), and other statements made in this letter, we have examined copies of the documents
listed on <U>Schedule&nbsp;1</U> attached hereto (the &#147;Documents&#148;). We believe the Documents provide
an appropriate basis on which to render the opinions hereinafter expressed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination of the New Guarantee and the other Documents, we have assumed the
genuineness of all signatures, the legal capacity of all natural persons, the accuracy and
completeness of all of the Documents, the authenticity of all originals of the Documents and
the conformity to authentic originals of all of the Documents submitted to us as copies (including
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
February&nbsp;23, 2010<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 16pt">telecopies). As to all matters of fact relevant to the Opinions and other statements made herein,
we have relied on the representations and statements of fact made in the Documents, we have not
independently established the facts so relied on, and we have not made any investigation or inquiry
other than our examination of the Documents.<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this opinion letter, we have assumed that (i)&nbsp;each party to the Indenture
other than the Guarantor has all requisite power and authority under all applicable laws,
regulations and governing documents to execute, deliver and perform its obligations under the
Indenture, and each of such other parties has complied with all legal requirements pertaining to
its status as such status relates to its rights to enforce the Indenture against the Company, (ii)
each of such other parties has duly authorized, executed and delivered the Indenture to which it is
a party, (iii)&nbsp;each party to the Indenture is validly existing and in good standing in all
necessary jurisdictions (except for the Guarantor in the State of Colorado), (iv)&nbsp;the Indenture
constitutes a valid and binding obligation, enforceable against each of such other parties in
accordance with its terms, (v)&nbsp;there has been no mutual mistake of fact or misunderstanding, or
fraud, duress or undue influence, in connection with the negotiation, execution or delivery of the
Indenture, and the conduct of all parties to the Indenture has complied with any requirements of
good faith, fair dealing and conscionability, and (vi)&nbsp;there are and have been no agreements or
understandings among the parties, written or oral, and there is and has been no usage of trade or
course of prior dealing among the parties, that would, in either case, define, supplement or
qualify the terms of the Indenture. We have also assumed the validity and constitutionality of
each relevant statute, rule, regulation and agency action covered by this opinion letter. The
Opinions are given, and other statements are made, in the context of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the opinions set forth in paragraph (c)&nbsp;below, we have made the following
further assumptions: (i)&nbsp;that all agreements and contracts would be enforced as written; (ii)&nbsp;that
the consideration or other benefits received by the Guarantor under the New Guaranty is adequate;
(iii)&nbsp;that the Gurantor will not in the future take any discretionary action (including a decision
not to act) permitted under the Indenture, the New Notes or the New Gurantee (the &#147;Operative
Agreements&#148;) that would result in a violation of law or constitute a breach or default under any
order, judgment, decree, agreement or contract; (iv)&nbsp;that the Gurantor will obtain all permits,
consents, and governmental approvals required in the future, and take all actions required, which
are relevant to subsequent consummation of the transactions contemplated under the Operative
Agreements or performance of the Operative Agreements; and (v)&nbsp;that all parties to the Operative
Agreements will act in accordance with, and will refrain from taking any action that is forbidden
by, the terms and conditions of the Operative Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Opinions are based as to matters of law solely on applicable provisions of internal
Colorado law, as currently in effect, subject to the exclusions and limitations set forth in this
opinion letter (&#147;Applicable State Law&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon, subject to and limited by the assumptions, qualifications, exceptions, and
limitations set forth in this opinion letter, we are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company is validly existing as a corporation and in good standing under the laws of
the State of Colorado.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
February&nbsp;23, 2010<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 16pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The execution, delivery and performance by the Guarantor of the Indenture and the New
Guarantee have been duly authorized by all necessary corporate action of the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The execution, delivery and performance by the Guarantor of the Indenture did not, and the
New Guarantee does not, (i)&nbsp;require any approval of the Guarantor&#146;s shareholders that has not been
obtained, (ii)&nbsp;violate the Articles of Incorporation or Bylaws of the Guarantor, or (iii)&nbsp;violate
Applicable State Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the assumptions, qualifications, exceptions and limitations elsewhere set forth
in this opinion letter, our opinions expressed above are also subject to the effect of: (i)
bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
creditors&#146; rights (including, without limitation, the effect of statutory and other law regarding
fraudulent conveyances, fraudulent transfers and preferential transfers); and (ii)&nbsp;the exercise of
judicial discretion and the application of principles of equity, good faith, fair dealing,
reasonableness, conscionability and materiality (regardless of whether the applicable agreements
are considered in a proceeding in equity or at law).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We express no opinion in this letter as to any other laws and regulations not specifically
identified above as being covered hereby (and in particular, we express no opinion as to any effect
that such other laws and regulations may have on the opinions expressed herein). We express no
opinion in this letter as to federal or state securities laws or regulations, antitrust, unfair
competition, banking, or tax laws or regulations, or laws or regulations of any political
subdivision below the state level. The opinions set forth in paragraph (c)&nbsp;are based upon a review
of only those laws and regulations (not otherwise excluded in this letter) that, in our experience,
are generally recognized as applicable to transactions of the type contemplated in the Indenture
and New Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter has been prepared for use in connection with the Registration Statement.
This Opinion letter speaks as of the date hereof. We assume no obligation to advise you of any
changes in the foregoing subsequent to the effective date of the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the reliance on this opinion letter by Troutman Sanders LLP; provided,
that no such reliance will have any effect on the scope, phrasing or originally intended use of
this opinion letter. We hereby consent to the filing of this opinion letter as an exhibit to the
Registration Statement and to the reference to this firm under the caption &#147;Legal Matters&#148; in the
prospectus constituting a part of the Registration Statement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
February&nbsp;23, 2010<BR>
Page 4

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 16pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall be construed to cause us to be considered &#147;experts&#148; within the meaning of
Section&nbsp;11 of the Securities Act of 1933, as amended.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 59%; margin-top: 16pt">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 59%; margin-top: 6pt">/s/ HOGAN &#038; HARTSON L.L.P.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 59%; margin-top: 6pt">HOGAN &#038; HARTSON L.L.P.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Schedule&nbsp;1</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executed copy of the Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executed copy of the New Guarantee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Articles of Incorporation of the Guarantor, as certified by
the Secretary of State of the State of Colorado on December&nbsp;31, 2009, and as
certified by the Secretary of the Guarantor on the date hereof as being
complete, accurate, and in effect on September&nbsp;11, 2009, and on the date
hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bylaws of the Guarantor, as certified by the Secretary of
the Guarantor on the date hereof as being complete, accurate, and in effect on
September&nbsp;11, 2009, and on the date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certificate of good standing of the Guarantor issued by the
Secretary of State of the State of Colorado dated as of the date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Joint Resolution of the Board of Directors of the Guarantor
adopted by unanimous written consent on August&nbsp;5, 2009, as certified by the
Secretary of the Guarantor on the date hereof as being complete, accurate, and
in effect relating to, among other things, authorization of the Indenture and
arrangements in connection therewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Joint Resolution of the Board of Directors of the Guarantor
adopted by unanimous written consent on January&nbsp;21, 2010, as certified by the
Secretary of the Guarantor on the date hereof as being complete, accurate, and
in effect relating to, among other things, authorization of the New Guarantee
and arrangements in connection therewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificate of Secretary of the Guarantor dated
February&nbsp;23,
2010 as to certain facts relating to the Guarantor and the incumbency and
signatures of certain officers of the Guarantor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certificate of certain officers of the Guarantor dated as of
the date hereof as to certain facts relating to the Guarantor.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.7
<SEQUENCE>3
<FILENAME>g21823a2exv5w7.htm
<DESCRIPTION>EX-5.7
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.7</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;22, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
1000 Abernathy Road, Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Troutman Sanders LLP<BR>
600 Peachtree Street, N.E., Suite&nbsp;5200<BR>
Atlanta, Georgia 30308-2216

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Form&nbsp;S-4 Registration Statement Under the Securities Act of 1933 filed by Beazer</B><br> <U><B>Homes
USA, Inc. and Certain Subsidiary Guarantors, including, Beazer Realty, Inc.</B></U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Beazer Realty, Inc., a New Jersey corporation (the &#147;<B>Guarantor</B>&#148;), a
subsidiary of Beazer Homes USA, Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;) in connection with
that certain registration statement on Form S-4 (the &#147;<B>Registration Statement</B>&#148;) to be filed by the
Company and the subsidiary guarantors listed in the Registration Statement, including the
Guarantor, with the Securities and Exchange Commission under the Securities Act of 1933, as
amended. The Registration Statement relates to the issuance by the Company of up to $250,000,000
aggregate principal amount of its Senior Secured Notes due 2017 (the &#147;<B>New Notes</B>&#148;) and the issuance
by the subsidiary guarantors named in the Registration Statement, including the Guarantor, of
guarantees (each, a &#147;<B>Guaranty</B>&#148; and collectively, the &#147;<B>Guarantees</B>&#148;) with respect to the New Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes and the Guarantees will be issued pursuant to that certain indenture dated as of
September&nbsp;11, 2009 (the &#147;<B>Indenture</B>&#148;) by and among the Company, the Guarantor, the other subsidiary
guarantors named therein, U.S. Bank National Association, as trustee and Wilmington Trust FSB, as
Notes Collateral Agent (as defined in the Indenture). The New Notes and the Guarantees will be
offered by the Company in exchange for $250,000,000&nbsp;million aggregate principal amount of their
outstanding 12% Senior Secured Notes due 2017 and the related guarantees of those notes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
Troutman Sanders LLP<BR>
February&nbsp;22, 2010<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our opinion, we have examined copies, certified or otherwise identified to
our satisfaction, of the following documents: (i)&nbsp;the Indenture; (ii)&nbsp;the Guaranty; (iii)&nbsp;the
Certificate of Good Standing of the Guarantor dated January&nbsp;7, 2010; (iv)&nbsp;the corporate resolutions
of the board of directors of the Guarantor, authorizing and approving (a)&nbsp;the Guarantor&#146;s
execution, delivery and performance of the Indenture and its Guaranty, and (b)&nbsp;the filing of the
Registration Statement with the Securities and Exchange Commission under the Securities Act of
1933, as amended; (v)&nbsp;the Certificate of Incorporation of the Guarantor (the &#147;<B>Certificate of
Incorporation</B>&#148;); and (vi)&nbsp;the Amended and Restated By-laws of the Guarantor (the &#147;<B>By-Laws</B>&#148;). We
have also examined that certain draft of the Registration Statement to be filed with the Securities
and Exchange Commission under the Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination, we have assumed the genuineness of all signatures, the legal capacity of
all natural persons, the authenticity of all documents submitted to us as originals, the conformity
to original documents submitted to us as certified, photostatic or facsimile copies and the
authenticity of the originals of such documents. As to any facts relevant to the opinions expressed
below that we did not independently establish or verify, we have relied upon statements and
representations of the Guarantor or others, including the representations of the Guarantor in the
documents referenced above and the representations set forth in that certain Officer&#146;s Certificate
of the Guarantor dated January&nbsp;21, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the limitations and qualifications set forth below,
we are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Guarantor is validly existing as a corporation and in good standing under the laws of
the State of New Jersey, and the Guarantor has the corporate power to execute, deliver and perform
its obligations under the Guaranty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The execution, delivery and performance of the Indenture and the Guaranty by the Guarantor
has been duly authorized by all necessary corporate action on the part of the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The execution and delivery by the Guarantor of the Indenture and the Guaranty and the
performance of its obligations thereunder do not and will not (i)&nbsp;require any consent or approval
of Guarantor&#146;s stockholders, or (ii)&nbsp;violate any provision of any law, rule, or regulation of the
State of New Jersey or, to our knowledge, any order, writ, judgment, injunction, decree,
determination or award presently in effect having applicability to the Guarantor, which violation
would impair its ability to perform its obligations under the Guaranty, or (iii)&nbsp;violate either the
Certificate of Incorporation or the By-laws.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
Troutman Sanders LLP<BR>
February&nbsp;22, 2010<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are members of the Bar of the State of New Jersey, and we express no opinion to the laws of
any jurisdiction except the laws of the State of New Jersey and the United States of America. We
note that the documents referenced in this opinion provide that that they are to be governed by New
York law, with certain qualifications and exceptions. We express no opinion as to the
interpretation of the choice of law provisions in the documents referenced herein, including,
without limitation, which provisions of such documents a court would deem subject to New Jersey
rather than New York law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed herein represent the judgment of this law firm as to certain legal
matters, but such opinions are not guarantees or warranties and should not in any respect be
construed as such.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion has been prepared for your use in connection with the Registration Statement and
may be relied upon by Troutman Sanders LLP for purposes of its opinion to be filed as Exhibit&nbsp;5.1
of the Registration Statement. We consent to the inclusion of this opinion as an exhibit to the
Registration Statement and to the reference to this firm under the caption &#147;Legal Matters&#148; in the
prospectus constituting a part of the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion speaks as of the date hereof. We assume no obligation to advise you of any change
in the foregoing subsequent to the effectiveness of the Registration Statement even though the
change may affect the legal analysis or a legal conclusion or other matters in this opinion letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ Greenbaum, Rowe, Smith &#038; Davis LLP

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.8
<SEQUENCE>4
<FILENAME>g21823a2exv5w8.htm
<DESCRIPTION>EX-5.8
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Letterhead of Walsh, Colucci, Lubeley, Emrich &#038; Walsh. P.C.&#093;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">January&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
1000 Abernathy Road<BR>
Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="right" style="margin-top: 12pt">
<TABLE width="95%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Beazer Homes USA, Inc.<br>
Registration Statement on Form&nbsp;S-4</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special Maryland counsel to Beazer Clarksburg, LLC, a Maryland limited
liability company, Clarksburg Arora, LLC, a Maryland limited liability company , and Clarksburg
Skylark, LLC, a Maryland limited liability company (each a &#147;Guarantor&#148; and, collectively, the
&#147;Guarantors&#148;), each a subsidiary of Beazer Homes USA, Inc. (&#147;Beazer&#148;), in connection with the
Registration Statement on Form S-4 (the &#147;Registration Statement&#148;) filed by Beazer and the
subsidiaries of Beazer listed in the Registration Statement, including the Guarantors, with the
Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;). The Registration Statement relates to the issuance by Beazer of up to
$250,000,000 aggregate principal amount of its 12% Senior Notes due 2017 (the &#147;New Notes&#148;) and the
issuance by each of the Guarantors and certain other subsidiaries listed in the Registration
Statement of guarantees (individually, a &#147;New Guarantee&#148; and, collectively, the &#147;New Guarantees&#148;)
with respect to the New Notes. The New Notes will be offered by Beazer in exchange for its
outstanding 12 % Senior Notes due 2017 which have not been registered under the Securities Act. All
capitalized terms used and not otherwise defined herein shall have the meanings assigned to such
terms in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is our understanding that the New Notes and the New Guarantees will be issued under an
indenture, dated September&nbsp;11, 2009 (the &#147;Indenture&#148;) among Beazer, the Guarantors, certain other
subsidiary guarantors listed in the Registration Statement and U.S. Bank National Association, as
trustee (the &#147;Trustee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering our opinions expressed below, we have examined such documents and have reviewed
such questions of law as we have considered necessary and appropriate for the purposes of our
opinions set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion, we have examined copies or originals of such documents,
resolutions, certificates and instruments of each of the Guarantors as we have deemed necessary to
form a basis for the opinions hereinafter expressed. In addition, we have reviewed certificates of
public officials, statutes, records and other instruments and documents as we have deemed necessary
to form a basis for the opinion hereinafter expressed. In our examination of the foregoing, we have
assumed, without independent investigation, (i)&nbsp;the genuineness of all signatures, (ii)&nbsp;the legal
capacity of natural persons, (iii)&nbsp;the authenticity of all documents submitted to us as originals,
(iv)&nbsp;the conformity to original documents of all documents
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 2 of 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 16pt">submitted to us as duplicates or certified or conformed copies, and (v)&nbsp;the authenticity of
the originals of such latter documents. With regard to certain factual matters, we have relied,
without independent investigation or verification, upon statements and representations of
representatives of each of the Guarantors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, we are of the opinion that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each of the Guarantors is validly existing as a limited liability company, and in
good standing under the laws of the jurisdiction of its formation and has all requisite power
and authority, limited liability company or otherwise, to conduct its business, to own its
properties, and to execute, deliver and perform all of its obligations under its respective New
Guarantee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each of the Guarantors has duly authorized, executed and delivered the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The execution and delivery by each of the Guarantors of the Indenture and the New
Guarantees and the performance of each Guarantor&#146;s respective obligations thereunder have been
duly authorized by all necessary limited liability company or other action and do not and will
not (i)&nbsp;require any additional consent or approval of its members, or (ii)&nbsp;violate any
provision of any law, rule or regulation of the State of Maryland or, to our knowledge, any
order, writ, judgment, injunction, decree, determination or award presently in effect having
applicability to each Guarantor which violation would impair its ability to perform its
obligations under its respective New Guarantee or (iii)&nbsp;or violate any of its articles of
organization or limited liability company operating agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions set forth above are subject to the following qualifications and exceptions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Counsel is a member of the Bar of the State of Maryland. In rendering the foregoing
opinions we express no opinion as to the effect (if any) of laws of any jurisdiction except
those of the State of Maryland. The undersigned expresses no opinion as to any matter relating
to any state or federal securities law or regulation. Our opinions are rendered only with
respect to such laws, and the rules, regulations and orders thereunder, that are currently in
effect, and we disclaim any obligation to advise you of any change in law or fact that occurs
after the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The opinions set forth herein are subject to applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance and transfer, moratorium or other laws now or hereafter
in effect relating to or affecting the rights or remedies of creditors generally and by general
principles of equity (whether applied in a proceeding at law or in equity) including, without
limitation, standards of materiality, good faith and reasonableness in the interpretation and
enforcement of contracts, and the application of such principles to limit the availability of
equitable remedies such as specific performance.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 3 of 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The undersigned expresses no opinion as to any matter other than as expressly set
forth above, and no opinion is or may be implied or inferred herefrom, and specifically we
express no opinion as to (a)&nbsp;the financial ability of each of the Guarantors to meet its
obligations under the Indenture, the New Guarantees or any other document related thereto, (b)
the truthfulness or accuracy of any applications, reports, plans, documents, financial
statements or other matters furnished by or on behalf of each of the Guarantors in connection
with the Indenture, the New Guarantees or any other document related thereto, or (c)&nbsp;the
truthfulness or accuracy of any representation or warranty as to matters of fact made by each
of the Guarantors in the New Guarantees or any other document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the references in the Registration Statement, to our Firm under the
caption &#147;Legal Matters&#148; and to the inclusion of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not thereby admit that we are within the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act, or the rules and
regulations of the Commission thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed in this letter are limited to the matters set forth herein and no other
opinion should be inferred beyond the matters expressed as stated. This opinion letter has been
prepared for your use in connection with the Registration Statement and may not be relied upon for
any other purpose. This opinion speaks as of the date hereof. We assume no obligation to advise you
of any changes in the foregoing subsequent to the effectiveness of the Registration Statement.
Troutman Sanders LLP may rely on this opinion in connection with the issuance of its opinion to be
given in connection with the Registration Statement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 59%; margin-top: 26pt">Very truly yours,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 59%; margin-top: 16pt">WALSH, COLUCCI, LUBELEY,<BR>
EMRICH &#038; WALSH, P.C.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.32
<SEQUENCE>5
<FILENAME>g21823a2exv10w32.htm
<DESCRIPTION>EX-10.32
<TEXT>
<HTML>
<HEAD>
<TITLE>exv10w32</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit
10.32</b>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>Execution Version</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">AMENDED AND RESTATED CREDIT AGREEMENT
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">Dated as of August&nbsp;5, 2009
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BEAZER HOMES USA, INC.,
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE LENDERS PARTY HERETO,
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE ISSUERS PARTY HERETO,
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CITIBANK, N.A.,<BR>
as Swing Line Lender,
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CITIBANK, N.A.,
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Agent
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CITIGROUP GLOBAL MARKETS INC.<BR>
Lead Arranger and Bookrunner
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">$22,000,000 364-DAY REVOLVING CREDIT FACILITY
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Table of Contents</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE I DEFINITIONS AND ACCOUNTING TERMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.01 Defined Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.02 Accounting Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;1.03 Rules of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE II AMOUNTS AND TERMS OF THE LOANS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.01 The Facility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.02 Reductions of and Increases in Aggregate Commitment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.03 Notice and Manner of Borrowing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.04 Non-Receipt of Funds by Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.05 &#091;Intentionally Deleted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.06 Conversions and Renewals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.07 Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.08 Interest Rate Determination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.09 Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.10 Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.11 Prepayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.12 Method of Payment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.13 Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.14 Yield Protection</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.15 Changes in Capital Adequacy Regulations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.16 Availability of Eurodollar Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.17 Funding Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.18 Lender Statements; Survival of Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.19 Extension of Termination Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.20 Replacement of Certain Lenders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.21 Swing Line</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;2.22 Facility Letters of Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE III CONDITIONS PRECEDENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.01 Conditions Precedent to Closing Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.02 Conditions Precedent to Cash Secured Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.03 Conditions Precedent to Secured Borrowing Base Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.04 Conditions Precedent to All Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;3.05 Conditions Precedent to Facility Letters of Credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IV REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.01 Incorporation, Formation, Good Standing, and Due Qualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.02 Power and Authority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.03 Legally Enforceable Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.04 Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.05 Labor Disputes and Acts of God</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.06 Other Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.07 Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.08 No Defaults on Outstanding Judgments or Orders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.09 Ownership and Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.10 Subsidiaries and Ownership of Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.11 ERISA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.12 Operation of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.13 Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.14 Laws; Environment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.15 Investment Company Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.16 OFAC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.17 Accuracy of Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;4.18 Security Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE V AFFIRMATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.01 Maintenance of Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.02 Maintenance of Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.03 Maintenance of Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.04 Conduct of Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.05 Maintenance of Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.06 Compliance with Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.07 Right of Inspection</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.08 Reporting Requirements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.09 &#091;Intentionally Deleted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.10 Environment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.11 Use of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.12 Ranking of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.13 Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.14 &#091;Intentionally Deleted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;5.15 New Subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VI NEGATIVE COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.01 Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.02 Secured Debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.03 Mergers, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.04 Leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.05 Sale and Leaseback</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.06 Sale of Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.07 Investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.08 Guaranties, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.09 Transactions with Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.10 &#091;Intentionally Deleted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.11 &#091;Intentionally Deleted&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.12 Non-Guarantors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;6.13 Negative Pledge</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VII FINANCIAL COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.01 Minimum Consolidated Tangible Net Worth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.02 Leverage Ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.03 Interest Coverage Ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;7.04 Minimum Liquidity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE VIII EVENTS OF DEFAULT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.01 Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;8.02 Set Off</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE IX AGENCY PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.01 Authorization and Action</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.02 Liability of Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.03 Rights of Agent Individually</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.04 Independent Credit Decisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.05 Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.06 Successor Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.07 Sharing of Payments, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.08 Withholding Tax Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;9.09 Syndication Agents, Documentation Agents, Managing Agents or Co-Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE X MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.01 Amendments, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.02 Notices, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.03 No Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.04 Costs, Expenses, and Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.05 Integration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.06 Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.07 CHOICE OF LAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.08 Severability of Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.09 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.10 Headings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.11 CONSENT TO JURISDICTION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.12 WAIVER OF JURY TRIAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.13 Governmental Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.14 No Fiduciary Duty</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.15 Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.16 USA Patriot Act Notification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.17 Register</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;10.18 Waiver of Consequential Damages, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ARTICLE XI BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;11.01 Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;11.02 Assignments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;11.03 Participations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Section&nbsp;11.04 Pledge to Federal Reserve Bank</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">LIST OF SCHEDULES AND EXHIBITS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Schedule</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Reference</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;I
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commitments
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;2.01</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;Intentionally Deleted&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definition</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;IV
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Secured Borrowing Base Conditions
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definition</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;V
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Metropolitan Statistical Areas
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;1.01</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;4.07
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Claims
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4.07</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subsidiaries of Borrower
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4.10</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Environmental Matters
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;4.10, 5.06, 5.10, 8.01(10)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;5.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Post-Closing Matters
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;5.16</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Reference</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;A-1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Amended and Restated Guaranty</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definition</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;A-2</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Cash Collateral Agreement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;A-3</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Amended and Restated
Collateral Agreement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;B</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Note</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definition</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;C</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Commitment and Acceptance</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.02.2(a)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;D</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Certificate for Borrowings
and Facility Letters of Credit</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.22.3(iii), 3.02</TD>
</TR>

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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Reference</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;E</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Borrower&#146;s Counsel</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.01(5)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;F</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assignment Agreement</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.02(b)(ii)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exhibit&nbsp;G</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Officer&#146;s Certification</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Schedule IV</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDED AND RESTATED CREDIT AGREEMENT dated as of August&nbsp;5, 2009 among BEAZER HOMES USA, INC.,
a Delaware corporation (the &#147;Borrower&#148;), the Lenders that are signatories hereto, the Issuers that
are signatories hereto, CITIBANK, N.A., a national banking association, as Swing Line Lender, and
CITIBANK, N.A., a Delaware corporation, as Agent (the &#147;Agent&#148;) for the Lenders and the Issuers.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>PRELIMINARY STATEMENTS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The Borrower entered into that certain Credit Agreement dated as of July&nbsp;25, 2007 (the
&#147;Original Credit Agreement&#148;), among the Borrower, the several lenders party thereto as lenders and
as issuers, and Wachovia Bank, National Association, as agent, as modified by (i)&nbsp;the First
Amendment, (ii)&nbsp;that certain Second Limited Waiver dated as of June&nbsp;30, 2009, (iii)&nbsp;the Second
Amendment, (iv)&nbsp;the Third Amendment, (v)&nbsp;that certain Third Limited Waiver dated as of May&nbsp;4, 2009,
and (vi)&nbsp;the Fourth Amendment, each entered into among the Borrower, the several lenders party
thereto as lenders and Wachovia Bank, National Association, as agent (the Original Credit
Agreement, as so modified, and as heretofore otherwise amended, supplemented or otherwise modified,
being hereinafter referred to as the &#147;Existing Credit Agreement&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Pursuant to that certain Successor Agency and Amendment Agreement dated as of the date
hereof among Wachovia Bank, National Association, Citibank, N.A., the lenders and issuers under the
Existing Credit Agreement, the Borrower and the Guarantors (as hereinafter defined), Wachovia Bank,
National Association resigned as agent under the Existing Credit Agreement and Citibank, N.A. was
appointed as successor agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;The Borrower, the Lenders, the Issuers and the Agent desire to amend and restate the
Existing Credit Agreement in the manner hereinafter set forth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth,
the parties hereto hereby agree as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I<BR>
DEFINITIONS AND ACCOUNTING TERMS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.01 </B><U><B>Defined Terms</B></U>. As used in this Agreement, the following terms have the
following meanings (terms defined in the singular shall have the same meaning when used in the
plural and vice versa):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;ABR Loan&#148; means a Loan which bears interest at the Alternate Base Rate, other than a Swing
Line Loan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Acceptable Appraisal&#148; means an appraisal commissioned by and addressed to the Agent
(reasonably acceptable to the Agent as to form, assumptions, substance, and appraisal
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">date), prepared by a qualified professional appraiser reasonably acceptable to the Agent, and
complying in all material respects with the requirements of the Federal Financial Institutions
Reform, Recovery and Enforcement Act of 1989.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Acquisition&#148; means any transaction, or any series of related transactions, consummated on or
after the date of this Agreement by which the Borrower or any of its Subsidiaries (i)&nbsp;acquires any
going concern or all or substantially all of the assets of any Person or division thereof, whether
through purchase of assets, merger or otherwise or (ii)&nbsp;directly or indirectly acquires (in one
transaction or as the most recent transaction in a series of transactions) at least a majority (in
number of votes or by percentage of voting power) of the Common Equity of another Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Adjusted Cash Flow from Operations&#148; means, for any period of four consecutive fiscal quarters
of the Borrower and its Subsidiaries (other than those Subsidiaries that are not Guarantors), the
sum of (a)&nbsp;the cash generated by (or used in) operating activities, as calculated on the quarterly
financial statements for the Borrower and its Subsidiaries, on a consolidated basis for such
period, as determined in accordance with GAAP, such amount being reflected in the line item
designated &#147;Net Cash (used in) provided by operating activities&#148; on the Borrower&#146;s quarterly
financial statements, plus (b)&nbsp;Interest Incurred of the Borrower and its Subsidiaries, on a
consolidated basis for such four consecutive fiscal quarters, as determined in accordance with
GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Adjusted LIBO Rate&#148; means, with respect to any Eurodollar Loan for any Interest Period, an
interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a)&nbsp;the
LIBO Rate for such Interest Period multiplied by (b)&nbsp;the Statutory Reserve Rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Administrative Questionnaire&#148; means an Administrative Questionnaire in a form supplied by the
Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affected Lender&#148; is defined in Section&nbsp;2.20(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148; means, with respect to any Person, any other Person (1)&nbsp;which directly or
indirectly controls, or is controlled by, or is under common control with, such Person or a
Subsidiary of such Person; (2)&nbsp;which directly or indirectly beneficially owns or holds five percent
(5%) or more of any class of voting equity interests of such Person or any Subsidiary of such
Person; or (3)&nbsp;five percent (5%) or more of the voting equity interests of which is directly or
indirectly beneficially owned or held by such Person or a Subsidiary of such Person. The term
&#147;control&#148; means the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agent&#148; has the meaning assigned to such term in the opening paragraph of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agent&#146;s Fee Letter&#148; means that certain fee letter dated August&nbsp;3, 2009 from the Agent and
Arranger to the Borrower and accepted by the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Aggregate Commitment&#148; means, at any time after the Effective Date, the aggregate Commitments
of all the Lenders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Aggregate Outstanding Extensions of Credit&#148; means, at any time, the sum of the aggregate
principal amount of all Loans (including all Swing Line Loans) and the Facility Letter of Credit
Obligations, in each case outstanding at such time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agreement&#148; means the Existing Credit Agreement, as amended and restated by this Amended and
Restated Credit Agreement, as further amended, supplemented or otherwise modified from time to
time; except that any reference to the date of this Agreement shall mean the date of this Amended
and Restated Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Alternate Base Rate&#148; means, for any day, the sum of (a)&nbsp;a rate per annum equal to the greater
of (i)&nbsp;the Base Rate in effect on such day and (ii)&nbsp;the Federal Funds Effective Rate in effect on
such day plus <FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT> of 1%, plus (b)&nbsp;the Applicable Margin. Any change in the Alternate Base Rate due
to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective from and
including the effective date of such change in the Prime Rate or the Federal Funds Effective Rate,
respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Amended and Restated Guaranty&#148; means the Amended and Restated Guaranty dated as of the date
hereof among each Guarantor identified on Schedule&nbsp;III and the Agent, substantially in the form
attached as <U>Exhibit&nbsp;A-1</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Applicable Letter of Credit Rate&#148; means, as at any date of determination, a rate per annum
equal to the then effective Applicable Margin for Eurodollar Loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Applicable Margin&#148; means, as at any date of determination, the margin indicated below for the
applicable type of Loan for each of the Cash Secured Option and the Secured Borrowing Base Option,
as applicable:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><DIV STYLE="MARGIN-LEFT: 40PX"><B>Pricing Option</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Eurodollar Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Base Rate Loans</B></TD>
</TR>

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<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash Secured Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.50</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Secured Borrowing Base
Option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Appraised Value&#148; means, with respect to any Real Property or any portion thereof, the
appraised value of such Real Property or portion thereof set forth in the most-recent Acceptable
Appraisal obtained by the Agent pursuant to the Loan Documents. The Appraised Value of (a)&nbsp;a Real
Property shall be adjusted to take into account any portion that has been sold or otherwise
transferred, and (b)&nbsp;a portion of a Real Property shall be calculated based upon the Acceptable
Appraisal for such Real Property and allocated to such portion of such Real Property by the
Borrower based upon a reasonable methodology approved by the Agent, including a methodology to
reflect the value of ongoing or completed construction of Housing Units and improvements to Lots
Under Development.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Approved Electronic Communications&#148; means each Communication that the Borrower or any
Guarantor is obligated to, or otherwise chooses to, provide to the Agent pursuant to any Loan
Document or the transactions contemplated therein, including any financial statement, financial and
other report, notice, request, certificate and other information material; <U>provided</U>,
<U>however</U>, that, solely with respect to delivery of any such Communication by the Borrower or
any Guarantor to the Agent and without limiting or otherwise affecting either the Agent&#146;s right to
effect delivery of such Communication by posting such Communication to the Approved Electronic
Platform or the protections afforded hereby to the Agent in connection with any such posting,
&#147;Approved Electronic Communication&#148; shall exclude (i)&nbsp;any notice of borrowing, letter of credit
request, notice of conversion or continuation, and any other notice, demand, communication,
information, document and other material relating to a request for a new, or a conversion of an
existing, Borrowing, (ii)&nbsp;any notice of prepayment pursuant to Section&nbsp;2.11 and any other notice
relating to the payment of any principal or other amount due under any Loan Document prior to the
scheduled date therefor, (iii)&nbsp;all notices of any Default or Event of Default and (iv)&nbsp;any notice,
demand, communication, information, document and other material required to be delivered to satisfy
any of the conditions set forth in Article&nbsp;III or any other condition to any Borrowing or other
extension of credit hereunder or any condition precedent to the effectiveness of this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Approved Electronic Platform&#148; is defined in Section&nbsp;10.02(d).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Approved Fund&#148; means any Person (other than a natural person) that is engaged in making,
purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary
course of its business and that is administered or managed by (a)&nbsp;a Lender, (b)&nbsp;an Affiliate of a
Lender or (c)&nbsp;an entity or an Affiliate of an entity that administers or manages a Lender.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Arranger&#148; means Citigroup Global Markets Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Assignment and Assumption&#148; is defined in Section&nbsp;11.02(b)(ii).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Base Indenture 2001&#148; has the meaning set forth in the definition of the term &#147;Senior Notes&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Base Indenture 2002&#148; has the meaning set forth in the definition of the term &#147;Senior Notes&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Base Indenture 2004&#148; has the meaning set forth in the definition of the term &#147;Senior Notes&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Base Rate&#148; means the fluctuating rate of interest announced publicly by Citibank, N.A. in New
York, New York from time to time as its base rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board&#148; means the Board of Governors of the Federal Reserve System of the United States of
America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;BMC&#148; means Beazer Mortgage Corporation, a Delaware corporation and Wholly-Owned Subsidiary of
the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Borrowing&#148; means a borrowing consisting of Loans of the same type made, renewed or converted
on the same day.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business Day&#148; means (i)&nbsp;with respect to any Borrowing, payment or rate selection of
Eurodollar Loans, a day (other than a Saturday or Sunday) on which banks generally are open in New
York City for the conduct of substantially all of their commercial lending activities and on which
dealings in United States dollars are carried on in the London interbank market and (ii)&nbsp;for all
other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in New
York City for the conduct of substantially all of their commercial lending activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capital Lease&#148; means all leases which have been or should be capitalized on the books of the
lessee in accordance with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Cash Collateral Account&#148; means the Account (as such term is defined in the Cash Collateral
Agreement) maintained under the Cash Collateral Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Cash Collateral Agreement&#148; means the Cash Collateral Agreement to be executed and delivered
by the Borrower in accordance with Section&nbsp;3.01, substantially in the form of <U>Exhibit&nbsp;A-2</U>.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Cash Equivalents&#148; means:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;certificates of deposit, time deposits, bankers acceptances, and other obligations placed
with commercial banks organized under the laws of the United States of America or any state
thereof, or branches or agencies of foreign banks licensed under the laws of the United States of
America or any state thereof, having a short-term rating of not less than A- by each of Moody&#146;s and
S&#038;P at the time of acquisition, and having a maturities of not more than one year; <U>provided
that</U> the aggregate principal Investment at any one time in any one such institution shall not
exceed the Borrower&#146;s specified investment limit for such institution under the Borrower&#146;s
investment policy as in effect from time to time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;direct obligation of the United States or any agency thereof with maturities of one year
or less from the date of acquisition;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;money market funds provided that such funds (A)&nbsp;have total net assets of at least $2
billion, (B)&nbsp;have investment objectives and policies that substantially conform with the Borrower&#146;s
investment policy as in effect from time to time, (C)&nbsp;purchase only first-tier or U.S. government
obligations as defined by Rule&nbsp;2a-7 of the Securities and Exchange Commission promulgated under the
Investment Company Act of 1940, and (D)&nbsp;otherwise comply with such Rule&nbsp;2a-7; <U>provided that</U>
the aggregate principal Investment at any one time in any one such money market fund shall not
exceed $100,000,000, if the Investment is to be for more than three Business Days;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;investments in other short-term securities permitted as investments under the Borrower&#146;s
investment policy in effect from time to time and consented to by Required Lenders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Cash Secured Option&#148; means the option of the Borrower to designate pursuant to Section&nbsp;2.03
that availability of the Facility will be conditioned upon Aggregate Outstanding Extensions of
Credit at all times being fully secured by Unrestricted Cash Collateral under the Cash Collateral
Agreement in an amount equal to or greater than 105% of the Aggregate Outstanding Extensions of
Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change of Control&#148; means any of the following: (i)&nbsp;the sale, lease, conveyance or other
disposition of all or substantially all of the assets of the Borrower or (except for an Internal
Reorganization) of a Significant Guarantor or Significant Subsidiary, as an entirety or
substantially as an entirety to any Person or &#147;group&#148; (within the meaning of Section&nbsp;13(d)(3) of
the Exchange Act) in one or a series of transactions; (ii)&nbsp;the acquisition by any Person or group
of fifty percent (50%) or more of the aggregate voting power of all classes of Common Equity of the
Borrower or (except for an Internal Reorganization) of a Significant Guarantor or Significant
Subsidiary in one transaction or a series of related transactions; (iii)&nbsp;the liquidation or
dissolution of the Borrower or (except for an Internal Reorganization) of a Significant Guarantor
or Significant Subsidiary; (iv)&nbsp;any transaction or a series of related transactions (as a result of
a
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">tender offer, merger, consolidation or otherwise but excluding an Internal Reorganization)
that results in, or that is in connection with, (a)&nbsp;any Person or group acquiring &#147;beneficial
ownership&#148; (as defined in Rule&nbsp;13d-3 under the Exchange Act), directly or indirectly, of fifty
percent (50%) or more of the aggregate voting power of all classes of Common Equity of the
Borrower, a Significant Guarantor or a Significant Subsidiary, or of any Person or group that
possesses &#147;beneficial ownership&#148; (as defined in Rule&nbsp;13d-3 under the Exchange Act), directly or
indirectly, of fifty percent (50%) or more of the aggregate voting power of all classes of Common
Equity of the Borrower, a Significant Guarantor or a Significant Subsidiary, or (b)&nbsp;less than fifty
percent (50%) (measured by the aggregate voting power of all classes) of the Common Equity of the
Borrower being registered under Section 12(b) or 12(g) of the Exchange Act; (v)&nbsp;a majority of the
Board of Directors of the Borrower, a Significant Guarantor or a Significant Subsidiary, not being
comprised of persons who (a)&nbsp;were members of the Board of Directors of such Borrower, Significant
Guarantor or Significant Subsidiary, as of the date of this Agreement (&#147;Original Directors&#148;), or
(b)&nbsp;were nominated for election or elected to the Board of Directors of such Borrower, Significant
Guarantor, or Significant Subsidiary, with the affirmative vote of at least a majority of the
directors who themselves were Original Directors or who were similarly nominated for election or
elected; or (vi)&nbsp;with respect to any Significant Guarantor or Significant Subsidiary which is not a
corporation, any loss by the Borrower of the right or power directly, or indirectly through one or
more intermediaries, to control the activities of any such Significant Guarantor or Significant
Subsidiary. Nothing herein contained shall modify or otherwise affect the provisions of Section
6.06.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Closing Date&#148; is defined in Section&nbsp;3.01.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Code&#148; means the Internal Revenue Code of 1986, as amended from time to time, and the
regulations and published interpretations thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Collateral&#148; means all property of the Loan Parties, now owned or hereafter acquired, upon
which a Lien is purported to be created by any Security Document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Collateral Agreement&#148; means the Amended and Restated Collateral Agreement dated as of the
date hereof among the Borrower, each Guarantor identified on Schedule&nbsp;III and the Agent,
substantially in the form of <U>Exhibit&nbsp;A-3</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Collateral Shortfall Amount&#148; has the meaning assigned to that term in Section&nbsp;8.01.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commitment&#148; means, for each of the Lenders, the obligation of such Lender to make Loans and
to purchase participations in Facility Letters of Credit in the aggregate not exceeding the amount
set forth in Schedule&nbsp;I hereto as its &#147;Commitment,&#148; as such amount may be decreased from time to
time pursuant to the terms of Section&nbsp;2.02.1 or increased pursuant to
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Section&nbsp;2.02.2; <U>provided</U>, <U>however</U>, that the Commitment of a Lender may not be
increased without its prior written approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commitment and Acceptance&#148; is defined in Section&nbsp;2.02.2(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Common Equity&#148; of any Person means any and all shares, rights to purchase, warrants or
options (whether or not currently exercisable), participations, or other equivalents of or
interests in (however designated) the equity (which includes, but is not limited to, common stock,
preferred stock and partnership and joint venture interests) of such Person (excluding any debt
securities convertible into, or exchangeable for, such equity) to the extent that the foregoing is
entitled to (i)&nbsp;vote in the election of directors of such Person or (ii)&nbsp;if such Person is not a
corporation, vote or otherwise participate in the selection of the governing body, partners,
managers or other persons that will control the management and policies of such Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commonly Controlled Entity&#148; means an entity, whether or not incorporated, which is under
common control with the Borrower within the meaning of Section 414(b) or 414(c) of the Code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Communications&#148; means each notice, demand, communication, information, document and other
material provided for under this Agreement or under any other Loan Document or otherwise
transmitted between the parties hereto relating this Agreement, the other Loan Documents, the
Borrower or any Guarantor or their respective Affiliates, or the transactions contemplated by this
Agreement or the other Loan Documents including, without limitation, all Approved Electronic
Communications.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated Debt&#148; means the Debt of the Borrower and its Subsidiaries determined on a
consolidated basis (but shall not include Debt of any Subsidiary which is not a Guarantor, except
to the extent that such Debt is guaranteed by the Borrower or a Guarantor).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated Tangible Assets&#148; of the Borrower means, as of any date, the total amount of
assets of the Borrower and its Subsidiaries (less applicable reserves) on a consolidated basis at
the end of the fiscal quarter immediately preceding such date (or on such date if such date is the
last day of the fiscal quarter), as determined in accordance with GAAP, less (i)&nbsp;Intangible Assets
and (ii)&nbsp;appropriate adjustments on account of minority interests of other Persons holding equity
Investments in Subsidiaries, in the case of each of clauses (i)&nbsp;and (ii)&nbsp;above, as would be
reflected on a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of the
fiscal quarter immediately preceding such date (or on such date if such date is the last day of the
fiscal quarter), prepared in accordance with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated Tangible Net Worth&#148; of the Borrower means, at any date, the consolidated
stockholders&#146; equity of the Borrower determined in accordance with GAAP, less Intangible Assets,
all determined as of the last day of the most recently ended fiscal quarter for
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which financial statements have been delivered (or were required to have been delivered)
pursuant to Section&nbsp;5.08(1) or (2).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Construction Inspector&#148; means the architectural or engineering firm or such party which the
Agent shall designate to perform various services on behalf of the Agent and the Lenders. The
services to be performed by the Construction Inspector shall include inspections, review of the
plans and all proposed changes to them, preparation of a &#147;cost breakdown&#148; construction analysis,
periodic inspections of construction work for conformity with the plans, approval of draw requests
and the issuance of reports and certifications solely for the benefit of the Agent and the Lenders
and shall not impose upon the Agent or any Lender any obligation to make inspections, or to correct
or require any other Person to correct any defects, or to notify any Person with respect to such
defects.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Debt&#148; means, without duplication, with respect to any Person (1)&nbsp;indebtedness or liability
for borrowed money, including, without limitation, subordinated indebtedness (other than trade
accounts payable and accruals incurred in the ordinary course of business); (2)&nbsp;obligations
evidenced by bonds, debentures, notes, or other similar instruments; (3)&nbsp;obligations for the
deferred purchase price of property (including, without limitation, seller financing of any
Inventory) or services, <U>provided</U>, <U>however</U>, that Debt shall not include (A)
obligations with respect to options to purchase real property that have not been exercised, or (B)
trade payables arising in the ordinary course of business that are no more than 90&nbsp;days overdue;
(4)&nbsp;obligations as lessee under Capital Leases to the extent that the same would, in accordance
with GAAP, appear as liabilities in the Borrower&#146;s consolidated balance sheet; (5)&nbsp;current
liabilities in respect of unfunded vested benefits under Plans and incurred withdrawal liability
under any Multiemployer Plan; (6)&nbsp;reimbursement obligations under letters of credit (including
contingent obligations with respect to letters of credit not yet drawn upon); (7)&nbsp;obligations under
acceptance facilities; (8)&nbsp;all guaranties, endorsements (other than for collection or deposit in
the ordinary course of business), and other contingent obligations to purchase, to provide funds
for payment, to supply funds to invest in any other Person or entity, or otherwise to assure a
creditor against loss, <U>provided</U>, <U>however</U>, that &#147;Debt&#148; shall not include guaranties
of performance obligations; (9)&nbsp;obligations secured by any Liens on any property of such Person,
whether or not the obligations have been assumed; and (10)&nbsp;net liabilities under interest rate
swap, exchange or cap agreements (valued as the termination value thereof, computed in accordance
with a method approved by the International Swaps and Derivatives Association and agreed to by such
Person in the applicable agreement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Default&#148; means any of the events specified in Section&nbsp;8.01, whether or not any requirement
for the giving of notice, the lapse of time, or both, or any other condition, has been satisfied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Defaulting Lender&#148; means any Lender that has (a)&nbsp;failed to fund any portion of its Loans or
participations in Facility Letters of Credit within three (3)&nbsp;Business Days of the date
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">required to be funded by it hereunder, which failure has not been cured, (b)&nbsp;otherwise failed
to pay to the Agent or any other Lender any other amount required to be paid by it hereunder within
three (3)&nbsp;Business Days of the date when due, unless the subject of a good faith dispute, which
failure has not been cured, or (c) (i)&nbsp;become insolvent or has a parent company that has become or
is insolvent or (ii)&nbsp;become the subject of a bankruptcy or insolvency proceeding, or has had a
receiver, conservator, trustee or custodian appointed for it, or has taken any action in
furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or
appointment or has a parent company that has become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken
any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such
proceeding or appointment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Deferred Tax Valuation Allowance&#148; means any valuation allowance applied to deferred tax
assets as determined in accordance with GAAP and included in the financial statements of the
Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Disqualified Stock&#148; means any equity interest which, by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable), or upon the happening of
any event, (a)&nbsp;matures or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, in whole or in part, on or prior to the date which is six months after the Termination
Date, (b)&nbsp;is convertible into or exchangeable (unless at the sole option of the issuer thereof) for
(i)&nbsp;debt securities or (ii)&nbsp;any equity interests referred to in (a)&nbsp;above, in each case at any time
on or prior to the date which is six months after the Termination Date, or (c)&nbsp;contains any
repurchase obligation which may come into effect prior to payment in full of all Obligations and
termination of all Commitments; <U>provided, however</U>, that any equity interests that would not
constitute Disqualified Stock but for provisions thereof giving holders thereof (or the holders of
any security into or for which such equity interests is convertible, exchangeable or exercisable)
the right to require the issuer thereof to redeem such equity interests upon the occurrence of a
change in control or an asset sale occurring prior to the Termination Date shall not constitute
Disqualified Stock if such equity interests provide that the issuer thereof will not redeem any
such equity interests pursuant to such provisions prior to the repayment in full of the Obligations
and termination of all Commitments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Dollars&#148; and the sign &#147;$&#148; mean lawful money of the United States of America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;EBITDA&#148; means, for any period, on a consolidated basis for the Borrower and its Subsidiaries
(other than those Subsidiaries that are not Guarantors), the sum of the amounts for such period of
(i)&nbsp;Net Income (but excluding from such Net Income for the applicable period any income derived
from any Investment in a Joint Venture referred to in Section&nbsp;6.07(10) to the extent that such
income exceeds the cash distributions thereof received by the Borrower or its Subsidiaries (other
than those Subsidiaries that are not Guarantors) in such period), <U>plus</U> (ii)&nbsp;charges against
income for foreign, federal, state and local taxes, <U>plus</U> (iii)&nbsp;Interest Expense,
<U>plus</U>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(iv)&nbsp;depreciation, <U>plus</U> (v)&nbsp;amortization expense, including, without limitation,
amortization of goodwill and other intangible assets and amortization of deferred compensation
expense, <U>plus</U> (vi)&nbsp;extraordinary losses (and all other non-cash items reducing Net Income,
including but not limited to impairment charges for land and other long-lived assets and option
deposit forfeitures), <U>minus</U> (vii)&nbsp;interest income, <U>minus</U> (viii)&nbsp;extraordinary gains
(and any unusual gains and non-cash credits arising in or outside of the ordinary course of
business not included in extraordinary gains that have been included in the determination of such
Net Income), all determined in accordance with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Entitled Land&#148; means all Lots that are neither Lots Under Development nor Finished Lots.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;ERISA&#148; means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and the regulations and published interpretations thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Eurodollar Loan&#148; means any Loan when and to the extent that the interest rate therefor is
determined by reference to the Eurodollar Rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Eurodollar Rate&#148; means, with respect to a Eurodollar Loan for the relevant Interest Period,
the sum of (a)&nbsp;the Adjusted LIBO Rate applicable to such Interest Period plus (b)&nbsp;the Applicable
Margin.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event of Default&#148; means any of the events specified in Section&nbsp;8.01, provided that any
requirement for the giving of notice, the lapse of time, or both, or any other condition, has been
satisfied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Exchange Act&#148; means the Securities Exchange Act of 1934, as amended from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Extension Request&#148; is defined in Section&nbsp;2.19(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Facility&#148; means the revolving credit and letter of credit facilities described in Section
2.01, together with the Swing Line facility described in Section&nbsp;2.21.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Facility Increase&#148; is defined in Section&nbsp;2.02.2(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Facility Letter of Credit&#148; means any Letter of Credit issued by an Issuer for the account of
the Borrower in accordance with Section&nbsp;2.22.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Facility Letter of Credit Collateral Account&#148; is defined in Section&nbsp;2.22.13.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Facility Letter of Credit Fee&#148; means a fee, payable with respect to each Facility Letter of
Credit issued by an Issuer, in an amount per annum equal to the product of (i)&nbsp;the
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Applicable Letter of Credit Rate (determined as of the date on which the quarterly installment
of such fee is due) and (ii)&nbsp;the undrawn outstanding amount of such Facility Letter of Credit,
which fee shall be calculated in the manner provided in Section&nbsp;2.22.7.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Facility Letter of Credit Obligations&#148; means, at any date, the sum of (i)&nbsp;the aggregate
undrawn face amount of all outstanding Facility Letters of Credit, and (ii)&nbsp;the aggregate amount
paid by an Issuer on any Facility Letters of Credit to the extent (if any) not reimbursed by the
Borrower or by the Lenders under Section&nbsp;2.22.4.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Facility Letter of Credit Sublimit&#148; means an amount equal to the Aggregate Commitment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Federal Funds Effective Rate&#148; means, for each day, a fluctuating interest rate per annum
equal to the weighted average of the rates on overnight Federal Funds transactions with members of
the Federal Reserve System arranged by Federal Funds brokers, as published for such day (or, if
such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve
Bank of New York, or, if such rate is not so published for any day which is a Business Day, the
average of the quotations at approximately 11:00&nbsp;A.M. New York City time on such day on such
transactions received by the Agent from three Federal Funds brokers of recognized standing selected
by the Agent in its sole discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Financial Letter of Credit&#148; means any Letter of Credit of the Borrower or a Guarantor that is
not a Performance Letter of Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Finished Lots&#148; means Lots in respect of which a building permit, from the applicable local
governmental authority, has been or could be obtained; <U>provided</U>, <U>however</U>, that the
term &#147;Finished Lots&#148; shall not include any Land upon which the construction of a Housing Unit has
commenced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;First Amendment&#148; means the Waiver and First Amendment, dated as of October&nbsp;10, 2007, to and
under the Original Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;First Amendment Effective Date&#148; means the date that the First Amendment becomes effective in
accordance with its terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Fourth Amendment&#148; means the Fourth Amendment, dated as of the date hereof, to and under the
Original Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;GAAP&#148; means generally accepted accounting principles in the United States in effect from time
to time (subject to the provisions of Section&nbsp;1.02).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Guarantor&#148; means (a)&nbsp;the Subsidiaries of Borrower identified on <U>Schedule&nbsp;III</U> hereto
and (b)&nbsp;any Person that, pursuant to a Supplemental Guaranty, guarantees the Obligations.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Guaranty&#148; means (a)&nbsp;the Amended and Restated Guaranty or (b)&nbsp;a Supplemental Guaranty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Housing Unit&#148; means a dwelling, including the Land on which such dwelling is located, whether
such dwelling is a Single Family Housing Unit or a Multifamily Housing Unit (including condominiums
but excluding mobile homes), which dwelling is either under construction or completed and is (or,
upon completion of construction thereof, will be) available for sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Housing Unit Under Contract&#148; means a Housing Unit owned by the Borrower or a Subsidiary as to
which the Borrower or such Subsidiary has a <U>bona</U> <U>fide</U> contract of sale, in a form
customarily employed by the Borrower or such Subsidiary and reasonably satisfactory to the Agent
with a Person who is not an Affiliate, under which contract no defaults then exist and not less
than $1,000.00 toward the purchase price has been paid; <U>provided</U>, <U>however</U>, that in
the case of any Housing Unit the purchase of which is to be financed in whole or in part by a loan
insured by the Federal Housing Administration or guaranteed by the Veterans Administration, the
required minimum down payment shall be the amount (if any) required under the rules of the relevant
agency.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Housing Unit Closing&#148; means a closing of the sale of a Housing Unit by the Borrower or a
Subsidiary (including any company or other entity acquired in an Acquisition by the Borrower or a
Subsidiary) to a <U>bona</U> <U>fide</U> purchaser for value that is not an Affiliate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Incur&#148; means to, directly or indirectly, create, incur, assume, guarantee, extend the
maturity of or otherwise become liable with respect to any Debt; provided, however, that neither
the accrual of interest (whether such interest is payable in cash or kind) nor the accretion of
original issue discount shall be considered an Incurrence of Debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Intangible Assets&#148; means, at any time, the amount (to the extent reflected in determining
consolidated stockholders equity of the Borrower and its Subsidiaries) of (i)&nbsp;Investments in any
Subsidiaries that are not Guarantors and (ii)&nbsp;all unamortized debt discount and expense,
unamortized deferred charges, good will, patents, trademarks, service marks, trade names,
copyrights and all other items which would be treated as intangibles on a consolidated balance
sheet of the Borrower and its Subsidiaries prepared in accordance with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Coverage Ratio&#148; means, for any period, the ratio of (a)&nbsp;EBITDA to (b)&nbsp;the sum (on a
consolidated basis for the Borrower and its Subsidiaries (other than those Subsidiaries that are
not Guarantors)) of all interest incurred (whether expensed or capitalized), less the amount of
interest income for such period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Deficit&#148; is defined in Section&nbsp;2.08(b).
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Expense&#148; means, for any period, the total interest expense of the Borrower and its
Subsidiaries (other than those Subsidiaries that are not Guarantors), whether paid directly or
amortized through cost of sales (including the interest component of Capital Leases).
Notwithstanding that GAAP may otherwise provide, the Borrower shall not be required to include in
Interest Expense the amount of any premium paid to prepay Debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Incurred&#148; means, for any period, the sum (on a consolidated basis for the Borrower
and its Subsidiaries (other than those Subsidiaries which are not Guarantors)) of all interest
incurred (whether expensed or capitalized) of the Borrower and its Subsidiaries, less the amount of
interest income for such period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Period&#148; means, with respect to any Eurodollar Loan, the period commencing on the
date of such Eurodollar Loan and ending on the numerically corresponding day in the calendar month
that is one, two, three or six months thereafter, as the Borrower may elect; <U>provided</U>, that
(i)&nbsp;if any Interest Period would end on a day other than a Business Day, such Interest Period shall
be extended to the next succeeding Business Day unless, in the case of a Eurodollar Loan only, such
next succeeding Business Day would fall in the next calendar month, in which case such Interest
Period shall end on the next preceding Business Day and (ii)&nbsp;any Interest Period pertaining to a
Eurodollar Loan that commences on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period. For purposes, the
date of a Eurodollar Loan initially shall be the date on which such Eurodollar Loan is made and
thereafter shall be the effective date of the most recent conversion or continuation of such
Eurodollar Loan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Internal Reorganization&#148; means any reorganization between or among the Borrower and any
Subsidiary or Subsidiaries or between or among any Subsidiary and one or more other Subsidiaries or
any combination thereof by way of liquidations, mergers, consolidations, conveyances, assignments,
sales, transfers and other dispositions of all or substantially all of the assets of a Subsidiary
(whether in one transaction or in a series of transactions); <U>provided</U> <U>that</U> (a)&nbsp;the
Borrower shall preserve and maintain its status as a validly existing corporation and (b)&nbsp;all
assets, liabilities, obligations and guarantees of any Subsidiary party to such reorganization will
continue to be held by such Subsidiary or be assumed by the Borrower or a Wholly-Owned Subsidiary
of the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Inventory&#148; means all Housing Units, Lots, goods, merchandise and other personal property
wherever located to be used for or incorporated into any Housing Unit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Inventory Valuation Date&#148; means the last day of the most recent calendar month of the
Borrower with respect to which the Borrower is required to have delivered a Secured Borrowing Base
Certificate pursuant to Section&nbsp;5.08(6) and Section&nbsp;2.01.2(b)(ix).
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment&#148; has the meaning provided therefor in Section&nbsp;6.07. The amount of any Investment
shall include (a)&nbsp;in the case of any loan or advance, the outstanding amount of such loan or
advance and (b)&nbsp;in the case of any equity Investment, the amount of the &#147;net equity investment&#148; as
determined in accordance with GAAP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Issuance Date&#148; means the date on which a Facility Letter of Credit is issued, amended or
extended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Issuer&#148; means, with respect to each Facility Letter of Credit Citibank, N.A. or such other
Lender selected by the Borrower with the approval of the Agent to issue such Facility Letter of
Credit, <U>provided</U> such other Lender consents to act in such capacity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Joint Venture&#148; means any Person (other than a Subsidiary) in which the Borrower or a
Subsidiary holds any stock, partnership interest, joint venture interest, limited liability company
interest or other equity interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Land&#148; means land owned by the Borrower or a Subsidiary, which land is being developed or is
held for future development or sale.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lenders&#148; means each of the Persons listed on <U>Schedule&nbsp;I</U> and any other Person that
shall have become a party hereto pursuant to a Commitment and Acceptance or pursuant to an
Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to
an Assignment and Assumption.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lending Office&#148; means, with respect to any Lender, the Lending Office of such Lender (or of
an affiliate of such Bank) heretofore designated in writing by such Lender to the Agent or such
other office or branch of such Lender (or of an affiliate of such Lender) as that Lender may from
time to time specify to the Borrower and the Agent as the office or branch at which its Loans (or
Loans of a type designated in such notice) are to be made and maintained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Letter of Credit&#148; of a Person means a letter of credit or similar instrument which is issued
by a financial institution upon the application of such Person or upon which such Person is an
account party or for which such Person is in any way liable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lender Party&#148; means any Lender, any Issuer or the Swing Line Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Leverage Ratio&#148; means, as of any date, the ratio of (a)&nbsp;an amount equal to (i)&nbsp;Consolidated
Debt <U>minus</U> (ii)&nbsp;the excess (if any) of (A)&nbsp;the average of the month-end balances of
Unrestricted Cash for the fiscal quarter then, or most recently, ended, over (B) $20,000,000 to
(b)&nbsp;Consolidated Tangible Net Worth.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;LIBO Rate&#148; means, with respect to any Eurodollar Loan for any Interest Period, the rate
appearing on Reuters Screen LIBOR01 Page, or on any successor or substitute page of
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such service, or any successor to or substitute for such service, providing rate quotations
comparable to those currently provided on such page of such service, as determined by the Agent
from time to time for purposes of providing quotations of interest rates applicable to dollar
deposits in the London interbank market, at approximately 11:00&nbsp;a.m., London time, two Business
Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period. In the event that such rate is not available at such
time for any reason, then the &#147;<U>LIBO Rate</U>&#148; with respect to such Eurodollar Loan for such
Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity
comparable to such Interest Period are offered by the principal London office of Citibank, N.A. in
immediately available funds in the London interbank market at approximately 11:00&nbsp;a.m., London
time, two Business Days prior to the commencement of such Interest Period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lien&#148; means any mortgage, deed of trust, pledge, security interest, hypothecation,
assignment, deposit arrangement, encumbrance, lien (statutory or other), or preference, priority,
or other security agreement or preferential arrangement, charge, or encumbrance of any kind or
nature whatsoever (including, without limitation, any conditional sale or other title retention
agreement, any financing lease having substantially the same economic effect as any of the
foregoing, and the filing of any financing statement under the Uniform Commercial Code or
comparable law of any jurisdiction to evidence any of the foregoing).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Loan&#148; means, with respect to a Lender, a Loan made by such Lender pursuant to Section&nbsp;2.01.1
and any conversion or continuation thereof and, unless the context otherwise indicates, shall
include Swing Line Loans made pursuant to Section&nbsp;2.21.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Loan Documents&#148; means this Agreement, the Notes, the Guaranties, the Security Documents, the
Reimbursement Agreements, and any and all documents delivered hereunder or pursuant hereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Loan Party&#148; means the Borrower and each Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lots&#148; means all Land owned by the Borrower and/or a Subsidiary which is zoned by the
municipality in which such real property is located for residential building and use, and with
respect to which the Borrower or such Subsidiary has obtained all necessary approvals for its
subdivision for Housing Units; <U>provided</U>, <U>however</U>, that the term &#147;Lots&#148; shall not
include any Land upon which the construction of a Housing Unit has commenced.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lots Under Development&#148; means Lots with respect to which construction of streets or other
subdivision improvements has commenced but which are not Finished Lots.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Moody&#146;s&#148; means Moody&#146;s Investors Service, Inc.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Mortgaged Property&#148; means the real estate of the Loan Parties, as to which the Agent for the
benefit of the Lenders has been granted a Lien pursuant to a Mortgage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Mortgages&#148; means each of the mortgages, deeds of trust and similar instruments (including any
spreader, amendment, restatement or similar modification of any existing Mortgage) made by any Loan
Party in favor of the Agent or for the benefit of the Agent, for the benefit of the Lenders, in
form and substance reasonably satisfactory to the Agent and the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Multiemployer Plan&#148; means a plan described in Section&nbsp;4001(a)(3) of ERISA in respect of which
the Borrower, a Subsidiary or a Commonly Controlled Entity is an &#147;employer&#148; as defined in Section
3(5) of ERISA.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Multifamily Housing Unit&#148; means any residential dwelling that has twenty (20)&nbsp;or more units
or four (4)&nbsp;or more stories<B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Net Income&#148; means, for any period, the net earnings (or loss) after taxes of the Borrower and
its Subsidiaries on a consolidated basis for such period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;New Lender&#148; means a Lender or other entity (in each case approved by the Agent, which
approval shall not be unreasonably withheld) that elects, upon request by Borrower, to issue a
Commitment or, in the case of an existing Lender, to increase its existing Commitment, pursuant to
Section&nbsp;2.02.2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Note&#148; means a promissory note in substantially the form of <U>Exhibit&nbsp;B</U> hereto, executed
and delivered by the Borrower payable to the order of a Lender in the amount of its Commitment,
including any amendment, modification, restatement, renewal or replacement of such promissory note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Obligations&#148; means (a)&nbsp;the due and punctual payment of principal of and interest on the Loans
and the Notes, (b)&nbsp;the due and punctual payment of the Facility Letter of Credit Obligations, and
(c)&nbsp;the due and punctual payment of fees, expenses, reimbursements, indemnifications and other
present and future monetary obligations of the Borrower and each Guarantor to the Lenders or to any
Lender, the Agent, any Issuer or any indemnified party, in each case arising under the Loan
Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Participant&#148; is defined in Section&nbsp;11.03.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;PBGC&#148; means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all
of its functions under ERISA.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Performance Letter of Credit&#148; means any Letter of Credit of the Borrower or a Guarantor that
is issued for the benefit of a municipality, other governmental authority, utility,
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">water or sewer authority, or other similar entity for the purpose of assuring such beneficiary
of the Letter of Credit of the proper and timely completion of construction work.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Permitted Acquisition&#148; means any Acquisition (other than by means of a hostile takeover,
hostile tender offer or other similar hostile transaction) of a business or entity engaged
primarily in the business of home building; provided that, immediately before and after giving
effect to such Acquisition, no Default or Event of Default has occurred and is continuing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Permitted Secured Debt Conditions&#148; means, with respect to any Secured Debt permitted to be
incurred under Section&nbsp;6.02, the collective reference to the following conditions: (i)&nbsp;no Default
or Event of Default shall have occurred and be continuing, (ii)&nbsp;all representations and warranties
shall be true and correct in all material respects immediately prior to, and immediately after
giving effect to, the incurrence of such Secured Debt and (iii)&nbsp;all covenants in Article&nbsp;VII shall
continue to be in compliance immediately after giving effect to the incurrence of such Secured
Debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; means an individual, partnership, corporation, business trust, joint stock company,
trust, limited liability company, unincorporated association, joint venture, governmental
authority, or other entity of whatever nature.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Plan&#148; means any pension plan which is covered by Title IV of ERISA and in respect of which
(a)&nbsp;the Borrower or a Subsidiary or a Commonly Controlled Entity is an &#147;employer&#148; as defined in
Section&nbsp;3(5) of ERISA and (b)&nbsp;the Borrower or a Subsidiary has any material liability;
<U>provided</U>, <U>however</U>, that the term &#147;Plan&#148; shall not include any Multiemployer Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Prohibited Transaction&#148; means any transaction set forth in Section&nbsp;406 of ERISA or Section
4975 of the Code that could subject the Borrower or any Subsidiary to any material liability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Pro Rata Share&#148; means, at any time for any Lender, the ratio that such Lender&#146;s Commitment
bears to the Aggregate Commitment; <U>provided</U>, <U>however</U>, that if the Aggregate
Commitment has terminated or been terminated in full, the Pro Rata Share shall be the ratio that
(x)&nbsp;the sum of such Lender&#146;s outstanding Loans and Facility Letter of Credit Obligations bears to
(y)&nbsp;the sum of all outstanding Loans and Facility Letter of Credit Obligations; and
<U>provided</U>, <U>further</U>, that this definition is subject to the provisions of Section
2.02.2(c) (if and when applicable).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Quarterly Payment Date&#148; means October&nbsp;1, 2009 and the first day of each January, April, July
and October thereafter.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Real Property&#148; means all of those plots, pieces or parcels of land now owned, leased or
hereafter acquired or leased by a Loan Party (the &#147;<U>Land</U>&#148;), together with the right, title
and interest of such Loan Party in and to the streets, the land lying in the bed of any streets,
roads or avenues, opened or proposed, in front of, the air space and development rights pertaining
to the Land and the right to use such air space and development rights, all rights of way,
privileges, liberties, tenements, hereditaments and appurtenances belonging or in any way
appertaining thereto, all fixtures, all easements now or hereafter benefiting the Land and all
royalties and rights appertaining to the use and enjoyment of the Land necessary for the
residential development of such Land, together with all of the buildings and other improvements now
or hereafter erected on the Land, and any fixtures appurtenant thereto. It is understood that any
calculation of the book value of Real Property shall be calculated as of the month end last
reported in a Secured Borrowing Base Certificate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Receivables&#148; means the net proceeds payable to, but not yet received by, the Borrower or a
Subsidiary following a Housing Unit Closing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Refinancing Debt&#148; means Debt that refunds, refinances or extends any applicable Debt
(&#147;Refinanced Debt&#148;) but only to the extent that (i)&nbsp;the Refinancing Debt is subordinated in right
of payment to or <U>pari passu</U> in right of payment with the Obligations to the same extent as
such Refinanced Debt, if at all, (ii)&nbsp;such Refinancing Debt is in an aggregate amount that is equal
to or less than the sum of (A)&nbsp;the aggregate amount then outstanding under the Refinanced Debt,
<U>plus</U> (B)&nbsp;accrued and unpaid interest on such Refinanced Debt, <U>plus</U> (C)&nbsp;reasonable
fees and expenses incurred in obtaining such Refinancing Debt, it being understood that this clause
(ii)&nbsp;shall not preclude the Refinancing Debt from being a part of a Debt financing that includes
other or additional Debt otherwise permitted herein, (iii)&nbsp;such Refinancing Debt is Incurred by the
same Person that initially Incurred such Refinanced Debt or by another Person of which the Person
that initially Incurred such Refinanced Debt is a Subsidiary, and (iv)&nbsp;such Refinancing Debt is
Incurred within 60&nbsp;days after such Refinanced Debt is so refunded, refinanced or extended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Register&#148; is defined in Section&nbsp;10.17.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regulation&nbsp;D&#148; means Regulation&nbsp;D of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor thereto or other regulation or official
interpretation of said Board of Governors relating to reserve requirements applicable to member
banks of the Federal Reserve System.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regulation&nbsp;U&#148; means Regulation&nbsp;U of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor or other regulation or official interpretation of
said Board of Governors relating to the extension of credit by banks for the purpose of purchasing
or carrying margin stocks applicable to member banks of the Federal Reserve System.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regulation&nbsp;X&#148; means Regulation&nbsp;X of the Board of Governors of the Federal Reserve System as
from time to time in effect and any successor or other regulation or official interpretation of
said Board of Governors relating to the extension of credit by foreign lenders for the purpose of
purchasing or carrying margin stock (as defined therein).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reimbursement Agreement&#148; means, with respect to a Facility Letter of Credit, such form of
application therefor and form of reimbursement agreement therefor (whether in a single or several
documents, taken together) as the applicable Issuer may employ in the ordinary course of business
for its own account, with the modifications thereto as may be agreed upon by such Issuer and the
Borrower and as are not materially adverse (in the reasonable judgment of such Issuer and the
Agent) to the interests of the Lenders; <U>provided</U>, <U>however</U>, in the event of any
conflict between the terms of any Reimbursement Agreement and this Agreement, the terms of this
Agreement shall control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Rejecting Lender&#148; is defined in Section&nbsp;2.19(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Rejecting Lender&#146;s Termination Date&#148; is defined in Section&nbsp;2.19(a).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Related Parties&#148; means, with respect to any Person, such Person&#146;s Affiliates and such
Person&#146;s and such Person&#146;s Affiliates respective managers, administrators, trustees, partners,
directors, officers, employees, agents, fund managers and advisors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Replacement Lender&#148; is defined in Section&nbsp;2.20.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reportable Event&#148; means any of the events set forth in Section&nbsp;4043 of ERISA with respect to
a Plan (excluding any such event with respect to which the PBGC has waived the 30-day notice
requirement).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Required Lenders&#148; means Lenders whose Pro Rata Shares are equal to or greater than 66-2/3%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;S&#038;P&#148; means Standard &#038; Poor&#146;s Rating Services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Second Amendment&#148; means the Second Amendment, dated as of October&nbsp;26, 2007, to and under the
Original Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Secured Borrowing Base&#148; means, with respect to any date of determination, an amount equal to
the sum of (x)&nbsp;100% of Unrestricted Cash then held in the Cash Collateral Account <U>plus</U> (y)
22.5% of all other Secured Borrowing Base Assets, valued at the lesser of book or Appraised Value;
<U>provided</U>, <U>however</U>, that (i)&nbsp;if any Secured Borrowing Base Asset is subject to a
Lien permitted under Section&nbsp;6.01(7), the book and Appraised Value of such Secured Borrowing Base
Asset shall be reduced by (A)&nbsp;the amount to be paid by the Borrower or any Subsidiary under any
profit sharing, deferred consideration, marketing or similar agreement with
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the seller of such Secured Borrowing Base Assets if the amount due under such agreement is a
determined dollar amount or (B)&nbsp;if the amount to be paid by the Borrower or any Subsidiary under
any profit sharing, deferred consideration, marketing or similar agreement with the seller of such
Secured Borrowing Base Asset is a percentage of book value or gross sales price of such Secured
Borrowing Base Asset, the agreed upon percentage multiplied by the book value of such Secured
Borrowing Base Asset; (ii)&nbsp;if any Secured Borrowing Base Asset is subject to a Lien to secure a
repurchase right permitted under Section&nbsp;6.01(8), the book and Appraised Value of such Secured
Borrowing Base Asset shall be reduced by the amount (if any) by which the value of such Secured
Borrowing Base Asset in the Secured Borrowing Base exceeds the repurchase price; (iii)&nbsp;not more
than 30% of the total aggregate Secured Borrowing Base shall be comprised of Finished Lots; and
(iv)&nbsp;not more than 50% of the total aggregate Secured Borrowing Base shall be comprised of
Speculative Housing Units.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Secured Borrowing Base Assets&#148; means those assets of the Loan Parties with respect to which
the Secured Borrowing Base Conditions shall have been satisfied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Secured Borrowing Base Certificate&#148; means a written certificate in a form acceptable to the
Required Lenders setting forth the amount of the Secured Borrowing Base with respect to the
calendar month most recently completed, certified as true and correct by the Chief Financial
Officer or other officer of the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Secured Borrowing Base Conditions&#148; means those conditions set forth on Schedule&nbsp;IV.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Secured Borrowing Base Option&#148; means the option of the Borrower to designate pursuant to
Section&nbsp;2.03 that availability of the Facility will be conditioned upon Aggregate Outstanding
Extensions of Credit at all times being fully secured by Secured Borrowing Base Assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Secured Debt&#148; means all Debt of the Borrower or any of its Subsidiaries (excluding the
Obligations and Debt owing to the Borrower or any of its Subsidiaries) that is secured by a Lien on
assets of the Borrower or any of its Subsidiaries, including amounts owing under letter of credit
reimbursement arrangements, purchase money indebtedness, secured project loans and junior Lien
Debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Security Documents&#148; means the collective reference to the Cash Collateral Agreement, the
Collateral Agreement, the Mortgages and all other security documents hereafter delivered to the
Agent granting a Lien on any property of any Person to secure the Obligations of the Loan Parties
under any Loan Document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Senior Debt&#148; means the Senior Notes or, if the Senior Notes are refinanced, the Refinancing
Debt with respect thereto.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Senior Indentures&#148; means the Base Indenture 2001, the Base Indenture 2002, the Base Indenture
2004, the Supplemental Indentures and any other Indenture hereafter entered into by the Borrower
pursuant to which the Borrower Incurs any Refinancing Debt with respect to any of the Senior Notes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Senior Notes&#148; means (i)&nbsp;the 8-3/8% Senior Notes due 2012 of the Borrower issued in the
original principal amount of $350,000,000, pursuant to the Indenture dated April&nbsp;17, 2002 (the
&#147;<U>Base Indenture 2002</U>&#148;) and First Supplemental Indenture dated April&nbsp;17, 2002, (ii)&nbsp;the
8-5/8% Senior Notes due 2011 of the Borrower issued in the original principal amount of
$200,000,000 pursuant to the Indenture dated May&nbsp;21, 2001 (the &#147;<U>Base Indenture 2001</U>&#148;) and
First Supplemental Indenture dated May&nbsp;21, 2001, (iii)&nbsp;the 6<FONT style="font-size: 70%"><SUP>1</SUP></FONT>/<FONT style="font-size: 60%">2</FONT>% Senior Notes due 2013 of the
Borrower issued in the original principal amount of $200,000,000 pursuant to the Base Indenture
2002 and Second Supplemental Indenture dated November&nbsp;13, 2003, (iv)&nbsp;the 4-5/8% Convertible Senior
Notes due 2024 of the Borrower issued in the original principal amount of $180,000,000 pursuant to
the Indenture dated June&nbsp;8, 2004 (the &#147;<U>Base Indenture 2004</U>&#148;), (v)&nbsp;the 6-7/8% Senior Notes
due 2015 of the Borrower issued in the original principal amount of $350,000,000 pursuant to the
Base Indenture 2002 and Fifth Supplemental Indenture dated June&nbsp;8, 2005, and (vi)&nbsp;the 8.125% Senior
Notes due 2016 of the Borrower issued in the original principal amount of $275,000,000 pursuant to
the Base Indenture 2002 and the Eighth Supplemental Indenture dated June&nbsp;6, 2006.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Significant Guarantor&#148; means, at any date of determination thereof, any Guarantor that
(together with its Subsidiaries) accounts for ten percent (10%) or more of the Consolidated
Tangible Assets as of the last day of the most recent fiscal quarter then ended and ten percent
(10%) or more of the consolidated net revenues for the twelve-month period ending on the last day
of the most recent fiscal quarter then ended, in each case of the Borrower and its Subsidiaries
taken as a whole. Such percentage shall be determined on the basis of financial reports that shall
be available not later than 25&nbsp;days (or, in the case of the last fiscal quarter of the fiscal year,
35&nbsp;days) following the end of such fiscal quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Significant Subsidiary&#148; means, at any date of determination thereof, any Subsidiary that
(together with its Subsidiaries) accounts for five percent (5%) or more of the Consolidated
Tangible Assets as of the last day of the most recent fiscal quarter then ended and five percent
(5%) or more of the consolidated net revenues for the twelve-month period ending on the last day of
the most recent fiscal quarter then ended, in each case of the Borrower and its Subsidiaries taken
as a whole. Such percentage shall be determined on the basis of financial reports that shall be
available not later than 25&nbsp;days (or, in the case of the last fiscal quarter of the fiscal year, 35
days) following the end of such fiscal quarter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Single Family Housing Unit&#148; means any residential dwelling that is not a Multifamily Housing
Unit.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Speculative Housing Unit&#148; means any Housing Unit owned by the Borrower or a Subsidiary that
is not a Housing Unit Under Contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Statutory Reserve Rate&#148; means a fraction (expressed as a decimal), the numerator of which is
the number one and the denominator of which is the number one minus the aggregate of the maximum
reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board to which the Agent is subject for eurocurrency funding
(currently referred to as &#147;Eurocurrency Liabilities&#148; in Regulation&nbsp;D of the Board). Such reserve
percentages shall include those imposed pursuant to such Regulation&nbsp;D. Eurodollar Loans shall be
deemed to constitute eurocurrency funding and to be subject to such reserve requirements without
benefit of or credit for proration, exemptions or offsets that may be available from time to time
to any Lender under such Regulation&nbsp;D or any comparable regulation. The Statutory Reserve Rate
shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148; means, as to the Borrower or a Guarantor, in the case of a corporation, a
corporation of which shares of stock having ordinary voting power (other than stock having such
power only by reason of the happening of a contingency) to elect a majority of the board of
directors or other managers of such corporation are at the time owned, or the management of which
is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by
the Borrower or such Guarantor, as the case may be, or in the case of an entity which is not a
corporation, the activities of which are controlled directly, or indirectly through one or more
intermediaries, or both, by the Borrower or such Guarantor, as the case may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Supplemental Guaranty&#148; means a Supplemental Guaranty in the form provided for in, and
attached to, the form of Amended and Restated Guaranty attached hereto as <U>Exhibit&nbsp;A</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Supplemental Indentures&#148; means the Supplemental Indentures identified in the definition of
the term &#147;Senior Notes&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Swing Line Commitment&#148; means the commitment of the Swing Line Lender to make Swing Line Loans
pursuant to Section&nbsp;2.21(a). The Swing Line Commitment is in the amount of $5,000,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Swing Line Lender&#148; means Citibank, N.A. or any assignee to which Citibank, N.A. assigns the
Swing Line Commitment in accordance with Section&nbsp;11.02.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Swing Line Loan&#148; is defined in Section&nbsp;2.21(a).
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Taxes&#148; means any and all present or future taxes, duties, levies, imposts, deductions,
charges or withholdings, and any and all liabilities with respect to the foregoing, imposed by the
United States. but excluding, in the case of each Lender or applicable Lending Office, the Issuer
and the Agent, (a)&nbsp;taxes imposed on or measured by its overall net income, and franchise taxes
imposed on it, by (i)&nbsp;the jurisdiction under the laws of which such Lender, the Issuer or the Agent
is incorporated or organized or (ii)&nbsp;the jurisdiction in which the Agent&#146;s, Issuer&#146;s or such
Lender&#146;s principal executive office or such Lender&#146;s applicable Lending Office is located and (b)
taxes that are in effect and would apply at the time such Person becomes a Lender, Issuer or Agent
hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Termination Date&#148; means August&nbsp;4, 2010, subject, however, to earlier termination in whole of
the Aggregate Commitment pursuant to the terms of this Agreement and to extension of such date as
provided in Section&nbsp;2.19.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Third Amendment&#148; means the Third Amendment, dated as of August&nbsp;7, 2008, to and under the
Original Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Title Companies&#148; means Security Title Insurance Company, a Vermont corporation, and Beazer
Title Agency, LLC, a Nevada limited liability company, each of which is a Wholly-Owned Subsidiary
of Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;UHIC&#148; means United Homes Insurance Corporation, a Vermont corporation and Wholly-Owned
Subsidiary of the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Unrestricted Cash&#148; of a Person means the cash and Cash Equivalents of such Person that would
not be identified as &#147;restricted&#148; on a balance sheet of such Person prepared in accordance with
GAAP, except to the extent such cash is identified as &#147;restricted&#148; as a result of the Liens
pursuant to the Security Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Wholly-Owned Subsidiary&#148; of any Person means (i)&nbsp;a Subsidiary, of which one hundred percent
(100%) of the outstanding Common Equity (except for directors&#146; qualifying shares or certain
minority interests owned by other Persons solely due to local law requirements that there be more
than one stockholder, but which interest is not in excess of what is required for such purpose) is
owned directly by such Person or through one or more other Wholly-Owned Subsidiaries of such
Person, or (ii)&nbsp;any entity other than a corporation in which such Person, directly or indirectly,
owns all of the outstanding Common Equity of such entity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.02 </B><U><B>Accounting Terms</B></U>. (a)&nbsp;All accounting terms not specifically defined
herein shall be construed in accordance with GAAP consistent with those applied in the preparation
of the financial statements referred to in Section&nbsp;4.04, and all financial data submitted pursuant
to this Agreement shall be prepared in accordance with such principles.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding anything to the contrary contained in this Agreement, in determining the
Borrower&#146;s compliance with the provisions of Article&nbsp;VII hereof, GAAP shall not include
modifications of generally accepted accounting principles that become effective after the date
hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.03 </B><U><B>Rules of Construction</B></U>. (a)&nbsp;The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Whenever the context may require, any pronoun shall include the corresponding masculine,
feminine and neuter forms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The words &#147;include&#148;, &#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the
phrase &#147;without limitation&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The word &#147;will&#148; shall be construed to have the same meaning and effect as the word
&#147;shall&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Unless the context requires otherwise (i)&nbsp;any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument
or other document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein), (ii)&nbsp;any reference
herein to any person shall be construed to include such person&#146;s successors and assigns (subject to
any restrictions on such assignments set forth herein), (iii)&nbsp;the words &#147;herein&#148;, &#147;hereof&#148; and
&#147;hereunder&#148;, and words of similar import shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (iv)&nbsp;all references herein to Articles,
Sections, Schedules and Exhibits shall be construed to refer to Articles and Sections of, and
Schedules and Exhibits to, this Agreement, (v)&nbsp;the words &#147;asset&#148; and &#147;property&#148; shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, and (vi)&nbsp;any reference to any law, rule or regulation shall be construed to mean that
law, rule or regulation as amended and in effect from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Each covenant in this Agreement shall be given independent effect, and the fact that any
act or omission may be permitted by one covenant and prohibited or restricted by any other covenant
(whether or not dealing with the same or similar events) shall not be construed as creating any
ambiguity, conflict or other basis to consider any matter other than the express terms hereof in
determining the meaning or construction of such covenants and the enforcement thereof in accordance
with their respective terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;This Agreement is being entered into by and between competent and sophisticated parties
who are experienced in business matters and represented by legal counsel and other advisors, and
has been reviewed by the parties and their legal counsel and other
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">advisors. Therefore, any ambiguous language in this Agreement will not be construed against
any particular party as the drafter of the language.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II<BR>
AMOUNTS AND TERMS OF THE LOANS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.01 </B><U><B>The Facility</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.01.1 </B><U><B>Revolving Credit Facility</B></U>. (a)&nbsp;On and after the Closing Date and prior
to the Termination Date, upon the terms and conditions set forth in this Agreement and in reliance
upon the representations and warranties of the Borrower herein set forth, each Lender severally
agrees to make Loans to the Borrower, <U>provided</U> that (i)&nbsp;in no event may the aggregate
principal amount of all outstanding Loans (including, in the case of the Swing Line Lender,
outstanding Swing Line Loans) and the Facility Letter of Credit Obligations of any Lender exceed
its Commitment, and (ii)&nbsp;in no event may the sum of the aggregate principal amount of all
outstanding Loans, (including all outstanding Swing Line Loans) and the Facility Letter of Credit
Obligations exceed the Aggregate Commitment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;On and after the Closing Date and prior to the Termination Date, each Lender severally
agrees, on the terms and conditions set forth in this Agreement and in reliance upon the
representations and warranties of Borrower herein set forth, to participate in Facility Letters of
Credit issued pursuant to Section&nbsp;2.22 for the account of the Borrower, <U>provided</U> that (i)
in no event may the aggregate principal amount of all outstanding Loans and Facility Letter of
Credit Obligations of any Lender exceed its Commitment and (ii)&nbsp;in no event may the aggregate
amount of all Facility Letter of Credit Obligations exceed the lesser of (A)&nbsp;the Facility Letter of
Credit Sublimit and (B)&nbsp;an amount equal to the Aggregate Commitment minus the sum of all
outstanding Loans (including all outstanding Swing Line Loans).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Loans hereunder (other than Swing Line Loans) shall be made ratably by the several Lenders
in accordance with their respective Pro Rata Shares. Participations in Facility Letters of Credit
hereunder shall be ratable among the several Lenders in accordance with their respective Pro Rata
Shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;All Obligations shall be due and payable by the Borrower on the Termination Date unless
such Obligations shall sooner become due and payable pursuant to Section&nbsp;8.01 or as otherwise
provided in this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each Borrowing which shall not utilize the Aggregate Commitment in full shall be in an
amount not less than Two Hundred Fifty Thousand Dollars ($250,000) in the case of a Borrowing
consisting of Eurodollar Loans and One Hundred Thousand Dollars ($100,000) in the case of a
Borrowing consisting of ABR Loans. Each Borrowing shall consist of a Loan made by each Lender in
the proportion of its Pro Rata Share. Within the limits of the Aggregate
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commitment, the Borrower may borrow, repay pursuant to Section&nbsp;2.11, and reborrow Loans under
this Section&nbsp;2.01. On such terms and conditions, the Loans may be outstanding as ABR Loans or
Eurodollar Loans. Each type of Loan shall be made and maintained at the applicable Lender&#146;s
Lending Office for such type of Loan. The failure of any Lender to make any requested Loan to be
made by it on the date specified for such Loan shall not relieve any other Lender of its obligation
(if any) to make such Loan on such date, but no Lender shall be responsible for the failure of any
other Lender to make such Loan to be made by such other Lender. The provisions of this
Section&nbsp;2.01.1(e) shall not apply to Swing Line Loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No Loan shall be made at any time that any Swing Line Loan is outstanding, except for
Loans that are used, on the day on which made, to repay in full the outstanding principal balance
of the Swing Line Loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.01.2 </B><U><B>Facility Options</B></U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U><B>Cash Secured Option</B></U><B>.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On and after the date that the conditions set forth in Section&nbsp;3.02 have been
satisfied or waived by the Agent and the Lenders, the Cash Secured Option shall apply to
the Facility and be in effect when elected by the Borrower pursuant to
Section&nbsp;2.01.2(c). During all times that the Cash Secured Option applies to the
Facility, no Loan shall be made, and no Facility Letter of Credit shall be issued or
amended, if after giving effect to the incurrence of such Loan or the issuance or
amendment of such Facility Letter of Credit, the amount of Unrestricted Cash held in the
Cash Collateral Account under the Cash Collateral Agreement would be less than 105% of
the Aggregate Outstanding Extensions of Credit at such date; <U>provided that</U>, a
Loan shall not be deemed to have increased the amount of the Aggregate Outstanding
Extensions of Credit to the extent that the proceeds of such Loan are immediately used
to repay a Swing Line Loan theretofore included in the calculation of Aggregate
Outstanding Extensions of Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Not more than once during each calendar month, the Borrower may request that
the Agent release any amount of Unrestricted Cash held in the Cash Collateral Account
under the Cash Collateral Agreement in excess of an amount equal to 105% of the then
Aggregate Outstanding Extensions of Credit to the Borrower and the Agent shall promptly
release such excess amount, subject to the terms of the Cash Collateral Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U><B>Secured Borrowing Base Option</B></U><B>.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On and after the date that the conditions set forth in Section&nbsp;3.03 have been
satisfied or waived by the Agent and the Lenders, the Borrower may elect
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">pursuant to Section&nbsp;2.01.2(c) to have the Secured Borrowing Base Option apply to
the Facility. During all times that the Secured Borrowing Base Option applies to the
Facility, (A)&nbsp;the Secured Borrowing Base must exceed the Aggregate Outstanding Extension
of Credit as of the most recent date of determination, and (B)&nbsp;no Loan shall be made,
and no Facility Letter of Credit shall be issued or amended, if after giving effect to
the incurrence of such Loan or the issuance or amendment of such Facility Letter of
Credit, the then effective Secured Borrowing Base does not exceed the Aggregate
Outstanding Extensions of Credit as of the most recent date of determination;
<U>provided that</U>, a Loan shall not be deemed to have increased the amount of the
Aggregate Outstanding Extensions of Credit to the extent that the proceeds of such Loan
are immediately used to repay a Swing Line Loan theretofore included in the calculation
of Aggregate Outstanding Extensions of Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Borrower may, upon not less than seven days&#146; prior notice, request in
writing that the Agent release its Liens on Mortgaged Properties or any portion thereof
that the Borrower or the applicable Loan Party has a Housing Unit under Contract to be
sold in the ordinary course of business with a closing date that is within thirty days
of the requested release. In the event that the Agent receives such request in
accordance herewith, then the Agent shall release its Liens on such Mortgaged Property
(or the portion thereof, including any related personal property) within five Business
Days prior to the date of the Housing Unit Closing so long as no Default has occurred.
Upon the release of the Agent&#146;s Liens on any portion of the Mortgaged Properties, such
portion of the Mortgaged Properties shall no longer be included in the calculation of
the Secured Borrowing Base as reflected in the next Secured Borrowing Base Certificate
to be delivered by the Borrower. The Borrower shall be deemed to have represented and
warranted to the Agent and the Lenders that as of the effective date of each release the
Secured Borrowing Base, after giving effect to such release and all other releases of
Mortgaged Property since the date of the most recent Secured Borrowing Base Certificate,
exceeds the Aggregate Outstanding Extensions of Credit as of the effective date of such
release. Notwithstanding the foregoing, if the Secured Borrowing Base value of a
Housing Unit requested to be released under this Section&nbsp;2.01.2(b)(ii) plus the
aggregate Secured Borrowing Base value of all Housing Units previously released by the
Agent under this Section&nbsp;2.01.2(b)(ii) during any period between delivery of the Secured
Borrowing Base Certificate then in effect and the next Secured Borrowing Base
Certificate scheduled to be delivered by the Borrower exceeds 10% of the value of the
aggregate Borrowing Base Assets (excluding Unrestricted Cash) used in the calculation of
the Secured Borrowing Base, then the Agent shall have no obligation to deliver such
requested release until the Borrower shall have provided to the Agent an updated Secured
Borrowing Base Certificate demonstrating that the Secured
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Borrowing Base, after giving effect to such additional requested release, would
exceed the Aggregate Outstanding Extensions of Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) With respect to Unrestricted Cash or Mortgaged Property included in the
calculation of the Secured Borrowing Base, from time to time, the Borrower may request
in writing (which in the case of any release of Unrestricted Cash in exchange for the
pledge of Mortgaged Property, shall include a certification that any such Unrestricted
Cash released shall be paid in immediately available funds to the Loan Party which shall
have pledged such Mortgaged Property substituting therefor), that the Agent release its
Lien on (x)&nbsp;such Unrestricted Cash, (y)&nbsp;such Mortgaged Property (or any portion thereof,
including any related personal property) in order to substitute one or more Mortgaged
Properties in lieu thereof or (z)&nbsp;on Unrestricted Cash or Mortgaged Property (or any
portion thereof, including any related personal property), or any combination thereof as
the Borrower may determine in its sole discretion at any time that the Secured Borrowing
Base exceeds the Aggregate Outstanding Extensions of Credit as of the most recent date
of determination in an amount not to exceed such excess. In the event that the Agent
receives such request in accordance herewith, then (A)&nbsp;so long as no Event of Default
has occurred and is continuing or would result therefrom and (B)&nbsp;either (I)&nbsp;after giving
effect to such release and any substitution of Mortgaged Properties (or any portion
thereof) the Aggregate Outstanding Extensions of Credit does not exceed the Secured
Borrowing Base, or (II)&nbsp;the Required Lenders approve such release, the Agent shall,
within ten days of such request, release its Lien on such Unrestricted Cash or such
Mortgaged Property (or any portion thereof, including any related personal property);
<U>provided</U> that (X)&nbsp;if Unrestricted Cash is subject to the request for release,
(Y)&nbsp;in the case of a release described in clause (z)&nbsp;above or (Z)&nbsp;if Mortgaged Property
subject to the request for a release constitutes more than 10% of the book value of the
aggregate Secured Borrowing Base Assets used in the calculation of the Secured Borrowing
Base, then the Borrower shall provide to the Agent an updated Secured Borrowing Base
Certificate evidencing compliance with the Secured Borrowing Base as described above.
Any Unrestricted Cash released hereunder in exchange for Mortgaged Property shall be
paid in immediately available funds to the Loan Party which shall have pledged such
Mortgaged Property substituting therefor. Upon the release of the Agent&#146;s Liens on any
Unrestricted Cash or Mortgaged Property, such Unrestricted Cash or Mortgaged Property
shall no longer be included in the calculation of the Secured Borrowing Base.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A Loan Party may, without the consent of any Lender, the Agent or any other
Person, (A)&nbsp;make immaterial dispositions (including, but not limited to, lot line
adjustments) of portions of any Mortgaged Property for dedication or public use to, or
permit the creation of Liens to secure the levy of special assessments in favor of,
governmental authorities, community development districts and property owners&#146;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">associations, (B)&nbsp;make immaterial dispositions of portions of the Mortgaged
Property to third parties for the purpose of resolving any encroachment issues, (C)
grant easements, restrictions, covenants, reservations and rights-of-way for resolving
minor encroachment issues or for access, water and sewer lines, telephone, cable and
internet lines, electric lines or other utilities or for other similar purposes, and (D)
consent to or join in any land use or other development approval documents (including
subdivision plats, easements and the like) provided that such disposition, grant or
consent is usual and customary in the normal course of the Borrower&#146;s development
business and otherwise does not materially impair the value, utility or operation of the
applicable Mortgaged Property. In connection with any disposition or creation of any
Lien or any grant or consent permitted pursuant to this Section, the Agent shall execute
and deliver or cause to be executed and delivered any instrument reasonably necessary or
appropriate in the case of the dispositions referred to above to release the portion of
the Mortgaged Property affected by such disposition from the Lien of the applicable
Mortgage, or to subordinate the Lien of the applicable Mortgage, or acknowledge that the
Lien of any Mortgage is subordinate, to such Liens, easements, restrictions, covenants,
reservations and rights-of-way or other similar grants, or to evidence such consent or
joinder, in each case upon receipt by the Agent of (x)&nbsp;five Business Days&#146; prior written
notice thereof; (y)&nbsp;a copy of the applicable instrument or instruments of disposition or
subordination; and (z)&nbsp;a certificate from an officer of the Borrower stating that such
disposition is usual and customary in the normal course of the Borrower&#146;s development
business and otherwise does not materially impair the value, utility or operation of the
applicable Mortgaged Property.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Agent and the Lenders hereby agree that (A)&nbsp;upon satisfaction of the
Permitted Secured Debt Conditions, all of the security interests and Liens shall be
deemed to be forever released, discharged and terminated on the applicable Collateral
being pledged to the secured party providing the Secured Debt only to the extent such
Secured Debt is permitted under Section&nbsp;6.02 (it being understood that, in the case of
this clause (A), no Liens shall be released, discharged or terminated on Collateral
included in the Secured Borrowing Base and the proceeds thereof) and (B)&nbsp;upon the
occurrence of the Termination Date and payment in full of the all outstanding
Obligations (or, with respect to outstanding Facility Letters of Credit, cash
collateralization or other arrangements reasonably satisfactory to Issuer thereof and
the Agent) all of the security interests in, and Liens on, the Collateral, shall be
deemed to be forever released, discharged and terminated. From and after the date that
the Permitted Secured Debt Conditions shall have been satisfied or the Termination Date
shall have occurred and all outstanding Obligations shall have been paid in full (or,
with respect to outstanding Facility Letters of Credit, cash collateralized or provided
for pursuant to other arrangements reasonably satisfactory
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">to Issuer thereof and the Agent), the Agent shall (x)&nbsp;execute (as applicable) and
deliver Uniform Commercial Code termination statements (and to, the extent permitted
under the Uniform Commercial Code in effect in any relevant jurisdiction, does hereby
authorize the Loan Parties from and after the date that the Permitted Secured Debt
Conditions shall have been satisfied to file, or cause to be filed, such termination
statements), intellectual property release documents and such other instruments of
release and discharge pertaining to the security interests and other Liens granted to
the Agent pursuant to the Security Documents in any of the Collateral being so released
as the Borrower may reasonably request to effectuate, or reflect of public record, the
release and discharge of all such security interests and Liens and (y)&nbsp;deliver promptly
all Collateral in its possession to the extent that the Liens on such Collateral are
being released, discharged or terminated. All of the foregoing deliveries shall be at
the expense of the Borrower, with no liability to the Agent or any Lender, and with no
representation or warranty by or recourse to the Agent or any Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Agent will be entitled to obtain, and at the request of Required Lenders
shall obtain, at Borrower&#146;s expense a new Acceptable Appraisal of each Real Property (or
any portion thereof) included in the Secured Borrowing Base, but not more than once
every twelve (12)&nbsp;months during the term of this Agreement; <U>provided</U> that, in
addition to the foregoing, the Agent will be entitled to obtain, at the Borrower&#146;s
expense, additional Acceptable Appraisals of any such Real Property (or any portion
thereof) if (x)&nbsp;an Event of Default exists or (y)&nbsp;an appraisal is required under
applicable Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Secured Borrowing Base shall be administered by the Agent in accordance
with such requirements as may be established by the Agent from time to time.
Administration of the Secured Borrowing Base shall include, without limitation:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Inspections</U>. The Agent, Construction
Inspector or their respective employees, agents or representatives shall
be entitled to inspect the Collateral included in the Secured Borrowing
Base from time to time, as follows: (I)&nbsp;at the Agent&#146;s option, but
typically no more than once each quarter, the Construction Inspector may
review the inventory status from the financial records of the Loan
Parties, which will include sales reports, copies of contracts, paid
invoices, etc.; (II)&nbsp;at the Agent&#146;s option, a portion of the vertical
construction will be selected at random, but extensions will not be
predicated upon satisfactory inspections prior to the extension of such
credit; (III)&nbsp;at the Agent&#146;s option, at least once each quarter, the
Construction Inspector may review up to 5% of the Housing</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Units of two divisions of the Loan Parties included in the Secured
Borrowing Base; (IV)&nbsp;land development work for Mortgaged Properties
in which Loan proceeds are requested to be advanced will be inspected
periodically by the Construction Inspector at the Agent&#146;s sole
discretion; and (V)&nbsp;material negative variances will be discussed
with the Borrower and, if not satisfactorily resolved, will be
reflected in the current month&#146;s Secured Borrowing Base Certificate.
All inspections made by the Agent, Construction Inspector or their
respective employees, agents or representatives, shall be made solely
and exclusively for the protection and benefit of the Lenders and
neither the Borrower nor any other Person shall be entitled to claim
any loss or damage against the Agent, the Construction Inspector, any
Lender or any of their respective employees, agents or
representatives for failure to properly discharge any alleged duties
of the Agent.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Work-in-Progress Documentation</U>. The
Agent shall be entitled to inspect not more than once each quarter the
documentation with respect to all work-in-progress including, without
limitation, sales contracts, end loan commitments, buyer deposits, lot
purchase closing statements, certificates of occupancy, notices of
commencement, etc. Further, the Agent may request such documentation
monthly with respect to a random sample pool of such documentation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Budget</U>. Upon request of the Agent from
time to time, a budget setting forth the estimates of the total cost of
construction for specific Housing Units included in the Secured
Borrowing Base shall be provided by the Borrower to the Agent, at the
Borrower&#146;s sole expense.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Plan and Cost Review</U>. Upon request of
the Agent from time to time, plans and cost budgets with respect to land
development work in respect of Mortgaged Properties included in the
Secured Borrowing Base shall be provided by the Borrower to the Agent,
at the Borrower&#146;s expense.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U>Title Updates</U>. The Agent may require,
from time to time, such title updates (including without limitation,
ownership and encumbrance reports) with respect to the Collateral in the
Secured Borrowing Base to confirm the lien status of such Collateral (in
particular, that the Security Documents continue to constitute a</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>first lien on and security interest in such Collateral subject only
to Permitted Encumbrances), as the Agent deems reasonably prudent all
at the Borrower&#146;s sole expense.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Borrower shall pay all reasonable fees and expenses associated with any
of the actions taken under this Section&nbsp;2.01.2(b) including, without limitation, (A)&nbsp;all
reasonable fees and charges with respect to any appraisal, re-appraisal, and survey
costs, (B)&nbsp;title insurance charges and premiums, (C)&nbsp;title search or examination costs,
including abstracts, abstractors&#146; certificates and uniform commercial code searches,
(D)&nbsp;judgment and tax lien searches for each Loan Party, (E)&nbsp;reasonable fees and costs of
environmental investigations site assessments and remediations, (F)&nbsp;recordation taxes,
documentary taxes, transfer taxes and mortgage taxes, and (G)&nbsp;filing and recording fees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Secured Borrowing Base shall be calculated at the times and in the manner
set forth below in this Section:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Within thirty-five (35)&nbsp;days after the end of
each calendar month, beginning with the calendar month ending July&nbsp;31,
2009, and at such other times as the Agent or the Required Lenders may
reasonably require, the Borrower shall provide the Agent with a Secured
Borrowing Base Certificate showing the Borrower&#146;s calculations of the
components of the Secured Borrowing Base together with all documentation
and other data supporting such calculations as the Agent may require.
The Agent shall have a period of five Business Days following receipt of
a Secured Borrowing Base Certificate to notify the Borrower of its
disapproval thereof. Failure of the Agent to so notify the Borrower
within such five Business Day period shall be deemed approval and such
Secured Borrowing Base as set forth in such Secured Borrowing Base
Certificate shall be effective as of the date approved (or deemed
approved) by the Agent. The amount so approved (or deemed approved)
shall constitute the Secured Borrowing Base until such time as a new
Secured Borrowing Base Certificate is delivered and approved in
accordance with this Section.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the Agent timely notifies the
Borrower of its disapproval of a Secured Borrowing Base Certificate,
then the Agent shall notify the Borrower in writing of the amount of the
Secured Borrowing Base as reasonably determined by the Agent and the
basis of such determination, and the effective date thereof</TD>
</TR>

</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(which shall be the date of the giving of such notice by the Agent),
and such amount shall thereupon and thereafter constitute the Secured
Borrowing Base which shall remain in effect until such time as a new
Secured Borrowing Base Certificate is delivered and approved in
accordance with this Section.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each determination of the Secured Borrowing Base
in accordance with this Section shall be binding and conclusive upon the
parties hereto, <U>provided</U> that the Lenders are not bound to rely
on information and figures provided by the Borrower if the Agent
reasonably determines in good faith that it would be inappropriate to do
so. Nothing contained herein shall be deemed to restrict the Borrower
from submitting additional Secured Borrowing Base Certificates to the
Agent for its approval at times other than those required hereunder.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U><B>Designation of Facility Option</B></U>. Not more than once during each calendar month,
the Borrower may by written notice the Agent elect to designate that the Secured Borrowing Base
Option shall apply in substitution for the Cash Secured Option then in effect, or designate that
the Cash Secured Option shall apply in substitution for the Secured Borrowing Base Option then in
effect, as the case may be. Any such notice designating that the Secured Borrowing Base Option
shall apply shall be accompanied by a Secured Borrowing Base Certificate dated as of the date of
such notice. Any such designation shall apply to the Facility until a different designation is
made by the Borrower pursuant to this Section&nbsp;2.01.3. No such designation shall be required for
the Cash Secured Option to apply to the Facility prior to the date that the conditions set forth in
Section&nbsp;3.03 have been satisfied or waived by the Agent and the Lenders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.02 </B><U><B>Reductions of and Increases in Aggregate Commitment</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.02.1 </B><U><B>Reduction of Aggregate Commitment</B></U>. The Borrower shall have the right,
upon at least three (3)&nbsp;Business Days&#146; prior notice to the Agent, to terminate in whole or reduce
in part the unused portion of the Aggregate Commitment, <U>provided</U> that each partial
reduction shall be in the amount of at least Two Million Dollars ($2,000,000), and <U>provided</U>
<U>further</U> that no reduction shall be permitted if, after giving effect thereto, and to any
prepayment made therewith, the sum of (i)&nbsp;the outstanding and unpaid principal amount of the Loans
and (ii)&nbsp;the Facility Letter of Credit Obligations shall exceed the Aggregate Commitment. Each
reduction in part of the unused portion of each Lender&#146;s Commitment shall be made in the proportion
that such Commitment bears to the total amount of the Aggregate Commitment. Any Commitment, once
reduced or terminated, may not be reinstated (except as otherwise provided in Section&nbsp;8.01(v)) and
may not be increased (except in accordance with Section&nbsp;2.02.2).
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.02.2 </B><U><B>Increase in Aggregate Commitment</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U><B>Request for Facility Increase</B></U>. The Borrower may, at any time and from time to
time, request, by notice to the Agent, the Agent&#146;s approval of an increase of the Aggregate
Commitment (a &#147;Facility Increase&#148;) within the limitations hereafter described, which request shall
set forth the amount of each such requested Facility Increase. Within twenty (20)&nbsp;days of such
request, the Agent shall advise the Borrower of its approval or disapproval of such request;
failure to so advise the Borrower shall constitute disapproval. If the Agent approves any such
Facility Increase, then the Aggregate Commitment may be increased (up to the amount of such
approved Facility Increase, in the aggregate) by having one or more New Lenders increase the amount
of their then existing Commitments or become Lenders, subject to and in accordance with this
provisions of this Section&nbsp;2.02.2. Any Facility Increase shall be subject to the following
limitations and conditions: (i)&nbsp;any increase (in the aggregate) in the Aggregate Commitment, any
increase in any Commitment and any new Commitment shall (unless otherwise agreed to by the Borrower
and the Agent) not be less than $5,000,000 (and (unless otherwise agreed to by the Borrower and the
Agent) shall be in integral multiples of $1,000,000 if in excess thereof); (ii)&nbsp;no Facility
Increase pursuant to this Section&nbsp;2.02.2 shall increase the Aggregate Commitment to an amount in
excess of $700,000,000; (iii)&nbsp;the Borrower and each New Lender shall have executed and delivered a
commitment and acceptance (the &#147;Commitment and Acceptance&#148;) substantially in the form of
<U>Exhibit&nbsp;C</U> hereto, and the Agent shall have accepted and executed the same; (iv)&nbsp;the
Borrower shall have executed and delivered to the Agent such Note or Notes as the Agent shall
require to reflect such Facility Increase; (v)&nbsp;the Borrower shall have delivered to the Agent
opinions of counsel (substantially similar to the forms of opinions provided for in
Section&nbsp;3.01(6), modified to apply to the Facility Increase and each Note and Commitment and
Acceptance executed and delivered in connection therewith); (vi)&nbsp;the Guarantors shall have
consented in writing to the Facility Increase and shall have agreed that their Guaranties continue
in full force and effect; and (vii)&nbsp;the Borrower and each New Lender shall otherwise have executed
and delivered such other instruments and documents as the Agent shall have reasonably requested in
connection with such Facility Increase. The form and substance of the documents required under
clauses (iii)&nbsp;through (vii)&nbsp;above shall be fully acceptable to the Agent. The Agent shall provide
written notice to all of the Lenders hereunder of any Facility Increase.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U><B>New Lenders&#146; Loans and Participation in Facility Letters of Credit</B></U>. Upon the
effective date of any increase in the Aggregate Commitment pursuant to the provisions hereof (the
&#147;Increase Date&#148;), which Increase Date shall be mutually agreed upon by the Borrower, each New
Lender and the Agent, (i)&nbsp;such New Lender shall be deemed to have irrevocably and unconditionally
purchased and received, without recourse or warranty from the Lenders, an undivided interest and
participation in any Facility Letter of Credit then outstanding, ratably, such that each Lender
(including each New Lender) holds a participation interest in each such Facility Letter of Credit
in the amount of its then Pro Rata Share thereof; (ii)&nbsp;on such Increase Date, the Borrower shall
repay all outstanding ABR Loans and reborrow an ABR Loan
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in a like amount from the Lenders (including the New Lender); (iii)&nbsp;such New Lender shall not
participate in any then outstanding Loan that is a Eurodollar Loan; (iv)&nbsp;if the Borrower shall at
any time on or after such Increase Date convert or continue any Loan that is a Eurodollar Loan that
was outstanding on such Increase Date, the Borrower shall be deemed to repay such Loan on the date
of the conversion or continuation thereof and then to re-borrow as a Loan a like amount on such
date so that the New Lender shall make a Loan on such date in the amount of its Pro Rata Share of
such Borrowing; and (v)&nbsp;such New Lender shall make its Pro Rata Share of all Loans made on or after
such Increase Date (including those referred to in clauses (ii)&nbsp;and (iv)&nbsp;above) and shall otherwise
have all of the rights and obligations of a Lender hereunder on and after such Increase Date.
Notwithstanding the foregoing, upon the occurrence of a Default prior to the date on which such New
Lender is holding its Pro Rata Share of all Loans hereunder, such New Lender shall, upon notice
from the Agent given on or after the date on which the Obligations are accelerated or become due
following such Default, pay to the Agent (for the account of the other Lenders, to which the Agent
shall pay their ratable shares thereof upon receipt) a sum equal to such New Lender&#146;s Pro Rata
Share of each Loan that is a Eurodollar Loan then outstanding with respect to which such New Lender
does not then hold an interest; such payment by such New Lender shall constitute an ABR Loan
hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <U><B>Required Lenders</B></U>. Solely for purposes of the calculation of Pro Rata Shares as
used in the definition of &#147;Required Lenders,&#148; until such time as a New Lender holds its Pro Rata
Share of all outstanding Loans (if any), the amount of such New Lender&#146;s new Commitment or the
increased amount of its Commitment shall be excluded from the amount of the Commitments and
Aggregate Commitment and there shall be included in lieu thereof at any time an amount equal to the
sum of the outstanding Loans and the participation interests in Facility Letters of Credit held by
such New Lender with respect to its new Commitment or the increased amount of its Commitment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <U><B>No Obligation to Increase Commitment</B></U>. Nothing contained herein shall constitute,
or otherwise be deemed to be, a commitment or agreement on the part of the Borrower or the Agent to
give or grant any Lender the right to increase its Commitment hereunder at any time or a commitment
or agreement on the part of any Lender to increase its Commitment hereunder at any time, and no
Commitment of a Lender shall be increased without its prior written approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.03 </B><U><B>Notice and Manner of Borrowing</B></U>. The Borrower shall give the Agent notice
of any Loans under this Agreement, on the Business Day of each ABR Loan, and at least three (3)
Business Days before each Eurodollar Loan, specifying: (1)&nbsp;the date of such Loan; (2)&nbsp;the amount of
such Loan; (3)&nbsp;the type of Loan (whether an ABR Loan or a Eurodollar Loan); and (4)&nbsp;in the case of
a Eurodollar Loan, the duration of the Interest Period applicable thereto, <U>provided</U>,
<U>however</U>, that (a)&nbsp;no Interest Period may extend beyond the Termination Date and (b)&nbsp;not
more than eight (8)&nbsp;Interest Periods for Eurodollar Loans may be outstanding at any one time. All
notices given by the Borrower under this Section&nbsp;2.03 shall be irrevocable and shall be
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">given not later than 11:00&nbsp;A.M. New York City time on the day specified above for such notice.
The Agent shall notify each Lender of each such notice not later than noon New York City time on
the date it receives such notice from the Borrower if such notice is received by the Agent at or
before 11:00&nbsp;A.M. New York City time. In the event such notice from the Borrower is received after
11:00&nbsp;A.M. New York City time, it shall be treated as if received on the next succeeding Business
Day, and the Agent shall notify each Lender of such notice as soon as practicable but not later
than noon New York City time on the next succeeding Business Day. Not later than 2:00 P.M. New
York City time on the date of such Loans, each Lender will make available to the Agent in
immediately available funds, such Lender&#146;s Pro Rata Share of such Loans. After the Agent&#146;s receipt
of such funds, on the date of such Loans and upon fulfillment of the applicable conditions set
forth in Article&nbsp;III, the Agent will make such Loans available to the Borrower in immediately
available funds by crediting the amount thereof to the Borrower&#146;s account with the Agent. The
provisions of this Section&nbsp;2.03 shall not apply to Swing Line Loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.04 </B><U><B>Non-Receipt of Funds by Agent</B></U>. (a)&nbsp;Unless the Agent shall have received
notice from a Lender prior to the date (in the case of a Eurodollar Loan), or by 1:00 P.M. New York
City time on the date (in the case of an ABR Loan), on which such Lender is to provide funds to the
Agent for a Loan to be made by such Lender that such Lender will not make available to the Agent
such funds, the Agent may assume that such Lender has made such funds available to the Agent on the
date of such Loan in accordance with Section&nbsp;2.03 and the Agent in its sole discretion may, but
shall not be obligated to, in reliance upon such assumption, make available to the Borrower on such
date a corresponding amount. If and to the extent such Lender shall not have given the notice
provided for above and shall not have made such funds available to the Agent, such Lender agrees to
repay to the Agent forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to the Borrower until the date such amount
is repaid to the Agent, at the Federal Funds Effective Rate for three (3)&nbsp;Business Days and
thereafter at the Alternate Base Rate. If such Lender shall repay to the Agent such corresponding
amount, such amount so repaid shall constitute such Lender&#146;s applicable Loan for purposes of this
Agreement. If such Lender does not pay such corresponding amount forthwith upon Agent&#146;s demand
therefor, the Agent shall promptly notify the Borrower, and the Borrower shall immediately pay such
corresponding amount to the Agent with interest thereon, for each day from the date such amount is
made available to the Borrower until the date such amount is repaid to the Agent, at the rate of
interest applicable at the time to such proposed Loan. Nothing set forth in this Section shall
affect the rights of the Borrower with respect to any Lender that defaults in the performance of
its obligation to make a Loan hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless the Agent shall have received notice from the Borrower prior to the date on which
any payment is due to the Lenders hereunder that the Borrower will not make such payment in full,
the Agent may assume that the Borrower has made such payment in full to the Agent on such date and
the Agent in its sole discretion may, but shall not be obligated to, in reliance upon such
assumption, cause to be distributed to each Lender on such due date an
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amount equal to the amount then due such Lender. If and to the extent the Borrower shall not
have so made such payment in full to the Agent, each Lender shall repay to the Agent forthwith on
demand such amount distributed to such Lender together with interest thereon, for each day from the
date such amount is distributed to such Lender until the date such Lender repays such amount to the
Agent, at the Federal Funds Effective Rate for three Business Days and thereafter at the Alternate
Base Rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The provisions of this Section&nbsp;2.04 shall not apply to Swing Line Loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.05 </B>&#091;Intentionally Deleted&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.06 </B><U><B>Conversions and Renewals</B></U>. The Borrower may elect from time to time to
convert all or a part of one type of Loan into another type of Loan or to renew all or part of a
Loan by giving the Agent notice at least one (1)&nbsp;Business Day before conversion into an ABR Loan,
and at least three (3)&nbsp;Business Days before the conversion into or renewal of a Eurodollar Loan,
specifying: (1)&nbsp;the renewal or conversion date; (2)&nbsp;the amount of the Loan to be converted or
renewed; (3)&nbsp;in the case of conversions, the type of Loan to be converted into; and (4)&nbsp;in the case
of renewals of or a conversion into a Eurodollar Loan, the duration of the Interest Period
applicable thereto; <U>provided</U> that (a)&nbsp;the minimum principal amount of each Eurodollar Loan
outstanding after a renewal or conversion shall be One Million Dollars ($1,000,000) and the minimum
amount of each ABR Loan outstanding after a renewal or conversion shall be Two Hundred Fifty
Thousand Dollars ($250,000) and in each case in integral multiples of $100,000 if in excess of such
minimum amounts; (b)&nbsp;Eurodollar Loans may be converted on a Business Day that is not the last day
of the Interest Period for such Loan only if the Borrower pays on the date of conversion all
amounts due pursuant to Section&nbsp;2.17; (c)&nbsp;the Borrower may not renew a Eurodollar Loan or convert
an ABR Loan into a Eurodollar Loan at any time that a Default has occurred that is continuing; (d)
no Interest Period may extend beyond the Termination Date; and (e)&nbsp;not more than eight (8)&nbsp;Interest
Periods for Eurodollar Loans may be outstanding at any one time. At all times that Secured
Borrowing Base Option applies to the Facility, each such notice shall be accompanied by a Secured
Borrowing Base Certificate dated as of the date of such notice. All conversions and renewals shall
be made in the proportion of the Lenders&#146; respective Pro Rata Shares. All notices given by the
Borrower under this Section&nbsp;2.06 shall be irrevocable and shall be given not later than 11:00&nbsp;A.M.
New York City time on the day which is not less than the number of Business Days specified above
for such notice. The Agent shall notify each Lender of each such notice not later than noon
Charlotte, North Carolina time on the date it receives such notice from the Borrower if such notice
is received by the Agent at or before 11:00&nbsp;A.M. New York City time. In the event such notice from
the Borrower is received after 11:00&nbsp;A.M. New York City time, it shall be treated as if received on
the next succeeding Business Day, and the Agent shall notify each Lender of such notice as soon as
practicable but not later than noon New York time on the next succeeding Business Day.
Notwithstanding the foregoing, if the Borrower shall fail to give the Agent the notice as specified
above for the renewal or conversion of a Eurodollar Loan prior to the end of the Interest Period
with respect thereto, such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Eurodollar Loan shall automatically be converted into an ABR Loan on the last day of the
Interest Period for such Loan. The provisions of this Section&nbsp;2.06 shall not apply to Swing Line
Loans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.07 </B><U><B>Interest</B></U>. (a)&nbsp;The Borrower shall pay interest to the Agent, for the
account of the applicable Lender or Lenders on the outstanding and unpaid principal amount of the
Loans at the following rates:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If an ABR Loan or Swing Line Loan, then at a rate per annum equal to the
Alternate Base Rate in effect from time to time as interest accrues; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If a Eurodollar Loan, then at a rate per annum for the Interest Period
applicable to such Eurodollar Loan equal to the Eurodollar Rate for such Interest
Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any change in the interest rate based on the Alternate Base Rate resulting from a change
in the Alternate Base Rate shall be effective (without notice) as of the opening of business on the
day on which such change in the Alternate Base Rate becomes effective. Interest on each Eurodollar
Loan shall be calculated on the basis of a year of 360&nbsp;days for the actual number of days elapsed.
Interest on each ABR Loan and Swing Line Loan calculated on the basis of the Base Rate shall be
calculated on the basis of a year of 365 or 366&nbsp;days (as appropriate) for the actual number of days
elapsed and interest on each ABR Loan and Swing Line Loan calculated based on the Federal Funds
Effective Rate shall be calculated on the basis of a year of 360&nbsp;days for the actual number of days
elapsed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Interest on the Loans shall be paid (in an amount set forth in a statement delivered by
the Agent to the Borrower, <U>provided</U>, <U>however</U>, that the failure of the Agent to
deliver such statement shall not limit or otherwise affect the obligations of the Borrower
hereunder) in immediately available funds to the Agent at the office of Agent from time to time
designated by it in writing for the account of the applicable Lending Office of each applicable
Lender as follows:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each ABR Loan and Swing Line Loan on the first day of each calendar
month commencing on the first such date after such Loan is made;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For each Eurodollar Loan, on the last day of the Interest Period with
respect thereto, except that, if such Interest Period is longer than three months,
interest shall also be paid on the last day of the third month of such Interest
Period; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If not sooner paid, then on the Termination Date or such earlier date
as the Loans may be due or declared due hereunder.</TD>
</TR>




</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any principal amount of any Loan not paid when due (at maturity, by acceleration, or
otherwise) shall bear interest thereafter until paid in full, payable on demand, at a rate per
annum equal to the Alternate Base Rate or the applicable Eurodollar Rate, as the case may be, for
such Loan in effect from time to time as interest accrues, plus two percent (2%) per annum.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.08 </B><U><B>Interest Rate Determination</B></U>. (a)&nbsp;The Agent shall determine each Adjusted
LIBO Rate. The Agent shall give prompt notice to the Borrower and the Lenders of the applicable
interest rate determined by the Agent pursuant to the terms of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the provisions of this Agreement or any Note would at any time require payment by the
Borrower to a Lender of any amount of interest in excess of the maximum amount then permitted by
the law applicable to any Loan, the interest payments to such Lender shall be reduced to the extent
necessary so that such Lender shall not receive interest in excess of such maximum amount. If, as
a result of the foregoing a Lender shall receive interest payments hereunder or under a Note in an
amount less than the amount otherwise provided hereunder, such deficit (hereinafter called
&#147;Interest Deficit&#148;) will cumulate and will be carried forward (without interest) until the
termination of this Agreement. Interest otherwise payable to a Lender hereunder and under a Note
for any subsequent period shall be increased by the maximum amount of the Interest Deficit that may
be so added without causing such Lender to receive interest in excess of the maximum amount then
permitted by the law on the applicable Loans. The amount of the Interest Deficit relating to the
Loans shall be treated as a prepayment premium (to the extent permitted by law) and paid in full at
the time of any optional prepayment by the Borrower to the applicable Lenders of all the applicable
Loans at that time outstanding pursuant to Section&nbsp;2.11. The amount of the Interest Deficit
relating to the applicable Loans at the time of any complete payment of the Loans at that time
outstanding (other than an optional prepayment thereof pursuant to Section&nbsp;2.11) shall be canceled
and not paid.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.09 </B><U><B>Fees</B></U>. (a)&nbsp;The Borrower shall pay to each Issuer of a Facility Letter of
Credit the fee to paid by the Borrower to such Issuer on the date of the issuance of such Facility
Letter of Credit pursuant to Section&nbsp;2.22.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower agrees to pay to the Agent for the account of each Lender the Facility Letter
of Credit Fees pursuant to Section&nbsp;2.22.7.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Borrower shall pay to the Agent such additional fees as are specified in the Agent&#146;s
Fee Letter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.10 </B><U><B>Notes</B></U>. All Loans made by each Lender under this Agreement shall be
evidenced by, and repaid with interest in accordance with, a single Note of the Borrower in
substantially the form of <U>Exhibit&nbsp;B</U> hereto, in each case duly completed, dated the date of
this Agreement and payable to such Lender for the account of its applicable Lending Office, such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Note to represent the obligation of the Borrower to repay the Loans made by such Lender. Each
Lender is hereby authorized by the Borrower, but no Lender shall be required, to endorse on the
schedule attached to the Note or Notes held by it the amount and type of such applicable Loan and
each renewal, conversion, and payment of principal amount received by such applicable Lender for
the account of its applicable Lending Office on account of its applicable Loans, which endorsement
shall, in the absence of manifest error, be conclusive as to the outstanding balance of such Loans
made by such Lender; <U>provided</U>, <U>however</U>, that the failure to make such notation with
respect to any Loan or renewal, conversion, or payment shall not limit or otherwise affect the
obligations of the Borrower under this Agreement or the Note or Notes held by such Lender. All
Loans shall be repaid on the Termination Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.11 </B><U><B>Prepayments</B></U>. (a)&nbsp;The Borrower may, upon notice to the Agent not later
than noon New York City time on the date of prepayment in the case of ABR Loans and at least three
(3)&nbsp;Business Days&#146; prior notice to the Agent in the case of Eurodollar Loans, prepay (including,
without limitation, all amounts payable pursuant to the terms of Section&nbsp;2.17) the Loans in whole
or in part with accrued interest to the date of such prepayment on the amount prepaid,
<U>provided</U> that (1)&nbsp;each partial payment shall be in a principal amount of not less than One
Million Dollars ($1,000,000) in the case of a Eurodollar Loan and Two Hundred Fifty Thousand
Dollars ($250,000) in the case of an ABR Loan; and (2)&nbsp;Eurodollar Loans may be prepaid only on the
last day of the Interest Period for such Loans; <U>provided</U>, <U>however</U>, that such
prepayment of Eurodollar Loans may be made on any other Business Day if the Borrower pays at the
time of such prepayment all amounts due pursuant to Section&nbsp;2.17. Upon receipt of any such
prepayments, the Agent will promptly thereafter cause to be distributed the Pro Rata Share of such
prepayment to each Lender for the account of its applicable Lending Office, except that prepayments
of Swing Line Loans shall be made solely to the Swing Line Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower shall immediately upon a Change in Control prepay the Notes in full and all
accrued interest to the date of such prepayment, and in the case of Eurodollar Loans all amounts
due pursuant to Section&nbsp;2.17.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If (i) (A)&nbsp;during any time that the Cash Secured Option applies to the Facility, the
amount of Unrestricted Cash held in the Cash Collateral Account under the Cash Collateral Agreement
at any time is less than 105% of the Aggregate Outstanding Extensions of Credit at such time, or
(B)&nbsp;during any time that the Secured Borrowing Base Option applies to the Facility, the amount of
the Secured Borrowing Base as determined by the most recent Secured Borrowing Base Certificate is
less than the Aggregate Outstanding Extensions of Credit, or (ii)&nbsp;at any time, the Aggregate
Outstanding Extensions of Credit exceeds the Available Commitments, then the Borrower shall within
two (2)&nbsp;Business Days thereafter prepay Loans and/or cash collateralize the Facility Letter of
Credit Obligations in an aggregate amount equal to any such shortfall.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.12 </B><U><B>Method of Payment</B></U>. The Borrower shall make each payment under this
Agreement and under any of the Notes not later than noon New York city time on the date when
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">due in lawful money of the United States to the Agent for the account of the applicable
Lending Office of each Lender (or, in the case of Swing Line Loans, for the account of the Swing
Line Lender) in immediately available funds. The Agent will promptly thereafter cause to be
distributed (1)&nbsp;the Pro Rata Share of such payments of principal and interest with respect to Loans
(other than Swing Line Loans) in like funds to each Lender for the account of its applicable
Lending Office, (2)&nbsp;such payments of principal and interest with respect to Swing Line Loans solely
to the Swing Line Lender and (3)&nbsp;other fees payable to any Lender to be applied in accordance with
the terms of this Agreement. If any such payment is not received by a Lender on the Business Day
on which the Agent received such payment (or the following Business Day if the Agent&#146;s receipt
thereof occurs after 3:00 P.M. New York City time, such Lender shall be entitled to receive from
the Agent interest on such payment at the Federal Funds Effective Rate for three Business Days and
thereafter at the Alternate Base Rate (which interest payment shall not be an obligation for the
Borrower&#146;s account, including under Section&nbsp;10.04 or Section&nbsp;10.06). The Borrower hereby
authorizes each Lender, if and to the extent payment is not made when due under this Agreement or
under any of the Notes, to charge from time to time against any account of the Borrower with such
Lender any amount as due. Whenever any payment to be made under this Agreement or under any of the
Notes shall be stated to be due on a day other than a Business Day, such payment shall be made on
the next succeeding Business Day, and such extension of time shall be included in the computation
of the payment of interest and the commitment fee, as the case may be, except, in the case of a
Eurodollar Loan, if the result of such extension would be to extend such payment into another
calendar month, such payment shall be made on the immediately preceding Business Day.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.13 </B><U><B>Use of Proceeds</B></U>. The proceeds of the Loans hereunder shall be used by
the Borrower (a)&nbsp;for working capital and general corporate purposes of the Borrower and the
Guarantors to the extent permitted in this Agreement and (b)&nbsp;to repay Swing Line Loans. The
Borrower will not, directly or indirectly, use any part of such proceeds for the purpose of
repaying the Senior Notes or for purchasing or carrying any margin stock within the meaning of
Regulation&nbsp;U or to extend credit to any Person for the purpose of purchasing or carrying any such
margin stock, or for any purpose which violates, or is inconsistent with, Regulation&nbsp;X.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.14 </B><U><B>Yield Protection</B></U>. If any law or any governmental or quasi-governmental
rule, regulation, policy, guideline or directive (whether or not having the force of law), or any
interpretation thereof, or the compliance of any Lender or Issuer therewith,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subjects any Lender or Issuer or any applicable Lending Office to any tax,
duty, charge or withholding on or from payments due from the Borrower (excluding federal
taxation of the overall net income of any Lender or Issuer or applicable Lending
Office), or changes the basis of taxation of payments to any Lender or Issuer in respect
of its Loans or Facility Letters of Credit or other amounts due it hereunder, or
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) imposes or increases or deems applicable any reserve, assessment, insurance
charge, special deposit or similar requirement against assets of, deposits with or for
the account of, or credit extended by, any Lender or Issuer or any applicable Lending
Office (other than reserves and assessments taken into account in determining the
interest rate applicable to Loans), or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposes any other condition the result of which is to increase the cost to
any Lender or Issuer or any applicable Lending Office of making, funding or maintaining
loans or issuing or participating in letters of credit or reduces any amount receivable
by any Lender or Issuer or any applicable Lending Office in connection with loans, or
requires any Lender or Issuer or any applicable Lending Office to make any payment
calculated by reference to the amount of loans held, letters of credit issued or
interest received by it, by an amount deemed material by such Lender or Issuer,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, within fifteen (15)&nbsp;days of demand by such Lender or Issuer, the Borrower shall pay such
Lender or Issuer that portion of such increased expense incurred or reduction in an amount received
which such Lender or Issuer reasonably determines is attributable to making, funding and
maintaining its Loans and its Commitment and issuing or participating in Letters of Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.15 </B><U><B>Changes in Capital Adequacy Regulations</B></U>. If a Lender or Issuer
determines the amount of capital required or expected to be maintained by such Lender or Issuer,
any Lending Office of such Lender or Issuer or any corporation controlling such Lender or Issuer is
increased as a result of a Change, then, within 10&nbsp;days of demand by such Lender or Issuer, the
Borrower shall pay such Lender or Issuer the amount necessary to compensate for any shortfall in
the rate of return on the portion of such increased capital which such Lender or Issuer determines
is attributable to this Agreement, its Loans or its obligation to make Loans hereunder (after
taking into account such Lender&#146;s or Issuer&#146;s policies as to capital adequacy); <U>provided</U>,
<U>however</U>, that a Lender or Issuer shall impose such cost upon the Borrower only if such
Lender or Issuer is generally imposing such cost on its other borrowers having similar credit
arrangements. &#147;Change&#148; means (i)&nbsp;any change after the date of this Agreement in the Risk- Based
Capital Guidelines or (ii)&nbsp;any adoption of or change in any other law, governmental or
quasi-governmental rule, regulation, policy, guideline, interpretation, or directive (whether or
not having the force of law) after the date of this Agreement which affects the amount of capital
required or expected to be maintained by any Lender or Issuer or any Lending Office or any
corporation controlling any Lender or Issuer. &#147;Risk-Based Capital Guidelines&#148; means (i)&nbsp;the
risk-based capital guidelines in effect in the United States on the date of this Agreement,
including transition rules, and (ii)&nbsp;the corresponding capital regulations promulgated by
regulatory authorities outside the United States implementing the July&nbsp;1988 report of the Basle
Committee on Banking Regulation and Supervisory Practices Entitled &#147;International Convergence of
Capital Measurements and Capital Standards,&#148; including transition rules, and any amendments to such
regulations adopted prior to the date of this Agreement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.16 </B><U><B>Availability of Eurodollar Loans</B></U>. If any Lender determines that
maintenance of its Eurodollar Loans at the Lending Office selected by the Lender would violate any
applicable law, rule, regulation, or directive, whether or not having the force of law (and it is
not reasonably possible for the Lender to designate an alternate Lending Office without being
adversely affected thereby), or if the Required Lenders determine that (i)&nbsp;deposits of a type and
maturity appropriate to match fund Eurodollar Loans are not available or (ii)&nbsp;the interest rate
applicable to Eurodollar Loans does not accurately reflect the cost of making or maintaining such
Eurodollar Loans, then the Agent shall suspend the availability of Eurodollar Loans and require any
Eurodollar Loans to be repaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.17 </B><U><B>Funding Indemnification</B></U>. If any payment of a Eurodollar Loan occurs on a
date which is not the last day of the applicable Interest Period, whether because of acceleration,
prepayment or otherwise, or a Eurodollar Loan is not made on the date specified by the Borrower for
any reason other than default by the Lenders, the Borrower will indemnify each Lender for any loss
or cost incurred by it resulting therefrom, including, without limitation, any loss or cost in
liquidating or employing deposits required to fund or maintain the Eurodollar Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.18 </B><U><B>Lender Statements; Survival of Indemnity</B></U>. To the extent reasonably
possible, each Lender shall designate an alternate Lending Office with respect to its Eurodollar
Loans to reduce any liability of the Borrower to such Lender under Sections&nbsp;2.14 and 2.15 or to
avoid the unavailability of Eurodollar Loans. Each Lender shall deliver a written statement of
such Lender as to the amount due, if any, under Sections&nbsp;2.14, 2.15 or 2.17. Such written
statement shall set forth in reasonable detail the calculations upon which such Lender determined
such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest
error. Determination of amounts payable under such Sections in connection with a Eurodollar Loan
shall be calculated as though each Lender funded its Eurodollar Loan through the purchase of a
deposit of the type and maturity corresponding to the deposit used as a reference in determining
the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not. Unless
otherwise provided herein, the amount specified in the written statement shall be payable on demand
after receipt by the Borrower of the written statement. The obligations of the Borrower under
Sections&nbsp;2.14, 2.15 and 2.17 shall survive payment of the Obligations and termination of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.19 </B><U><B>Extension of Termination Date</B></U>. (a)&nbsp;Not more than once in any fiscal
year of the Borrower, the Borrower may request an extension of the Termination Date to a date that
is 364&nbsp;days after the then scheduled Termination Date by submitting a request for an extension to
the Agent not earlier than 45&nbsp;days prior to the then scheduled Termination Date. At the time of or
prior to the delivery of such request, the Borrower shall propose to the Agent the amount of the
fees that the Borrower would agree to pay with respect to such extension if approved by the
Lenders. Promptly upon (but not later than five Business Days after) the Agent&#146;s receipt and
approval of the extension request and fee proposal (as so approved, the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Extension Request&#148;), the Agent shall deliver to each Lender a copy of; and shall request each
Lender to approve, the Extension Request. Each Lender approving the Extension Request shall
deliver its written approval no earlier than 30&nbsp;days prior to the then scheduled Termination Date.
If the written approval of the Extension Request by the Lenders whose Pro Rata Shares equal or
exceed 66-2/3% in the aggregate is received by the then scheduled Termination Date, the Termination
Date shall be extended to a date that is 364&nbsp;days after the then scheduled Termination Date but
only with respect to the Lenders that have given such written approval. Except to the extent that
a Lender that did not give its written approval to such Extension Request (&#147;Rejecting Lender&#148;) is
replaced as provided in Section&nbsp;2.20, prior to the Termination Date (as determined prior to such
Extension Request), then on such date (the &#147;Rejecting Lender&#146;s Termination Date&#148;) (i)&nbsp;the
Commitment of each such Rejecting Lender shall terminate, (ii)&nbsp;the Aggregate Commitment shall be
reduced by the aggregate amount of such terminated Commitments and (iii)&nbsp;all Loans and other
Obligations to each such Rejecting Lender shall be paid in full by the Borrower. If the sum of the
principal balance of all Loans outstanding and all Facility Letter of Credit Obligations following
the payment provided for in clause (iii)&nbsp;above exceeds the Aggregate Commitment (as reduced as
provided in clause (ii)&nbsp;above), the Borrower shall, on the Rejecting Lender&#146;s Termination Date,
repay outstanding Loans or cause to be canceled, released and returned to the applicable Issuer
outstanding Facility Letters of Credit in the amounts necessary to cause the sum of the principal
balance of all Loans outstanding and all Facility Letter of Credit Obligations to equal but not
exceed the Aggregate Commitment (as reduced).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Within ten days of the Agent&#146;s notice to the Borrower that the Lenders whose Pro Rata
Shares equal or exceed 66-2/3% in the aggregate have approved an Extension Request, the Borrower
shall pay to the Agent for the account of each Lender that has approved the Extension Request the
applicable extension fees specified in the Extension Request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If Lenders whose Pro Rata Shares equal or exceed 66-2/3% in the aggregate approve the
Extension Request, the Borrower, upon notice to the Agent and any Rejecting Lender, may, subject to
the provisions of the last sentence of Section&nbsp;2.19(d), terminate the Commitment of such Rejecting
Lender (or such portion of such Commitment as is not assigned to a Replacement Lender in accordance
with Section&nbsp;2.20), which termination shall occur as of a date set forth in such Borrower&#146;s notice
but in no event more than thirty (30)&nbsp;days following such notice (subject to the provisions of
Section&nbsp;2.20(b)). The termination of a Rejecting Lender&#146;s Commitment shall be effected in
accordance with Section&nbsp;2.19(d).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If the Borrower elects to terminate the Commitment of a Rejecting Lender pursuant to
Section&nbsp;2.19(c), the Borrower shall pay to the Rejecting Lender all Obligations due and owing to it
hereunder or under any other Loan Document, including, without limitation, the aggregate
outstanding principal amount of the Loans owed to such Rejecting Lender, together with accrued
interest thereon through the date of such termination, amounts payable under Sections&nbsp;2.14 and 2.15
and the fees payable to such Rejecting Lender under Section&nbsp;2.09(b).
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon request by the Borrower or the Agent, the Rejecting Lender will deliver to the Borrower
and the Agent a letter setting forth the amounts payable to the Rejecting Lender as set forth
above. Upon the termination of such Rejecting Lender&#146;s Commitment and payment of the amounts
provided for in the immediately preceding sentence, the Borrower shall have no further obligations
to such Rejecting Lender under this Agreement and such Rejecting Lender shall cease to be a Lender,
<U>provided</U>, <U>however</U>, that such Rejecting Lender shall continue to be entitled to the
benefits of Sections&nbsp;2.14, 2.15, 2.17, 10.04 and 10.06, as well as to any fees accrued for its
account hereunder not yet paid, and shall continue to be obligated under Section&nbsp;9.05 with respect
to obligations and liabilities accruing prior to the termination of such Rejecting Lender&#146;s
Commitment. If, as a result of the termination of the Rejecting Lender&#146;s Commitment, any payment
of a Eurodollar Loan occurs on a day which is not the last day of the applicable Interest Period,
the Borrower shall pay to the Agent for the benefit of the Lenders (including any Rejecting Lender)
any loss or cost incurred by the Lenders (including any Rejecting Lender) resulting therefrom in
accordance with Section&nbsp;2.17. Upon the effective date of the termination of the Rejecting Lender&#146;s
Commitment, the Aggregate Commitment shall be reduced by the amount of the terminated Commitment of
the Rejecting Lender, and each other Lender shall be deemed to have irrevocably and unconditionally
purchased and received (subject to the provisions of the last sentence of this Section&nbsp;2.19(d)),
without recourse or warranty, from the Rejecting Lender, an undivided interest and participation in
any Facility Letter of Credit then outstanding, ratably, such that each Lender (excluding the
Rejecting Lender but including any Replacement Lender that acquires an interest in the Facility
hereunder from such Rejecting Lender) holds a participation interest in each Facility Letter of
Credit in proportion to the ratio that such Rejecting Lender&#146;s Commitment (upon the effective date
of such termination of the Rejecting Lender&#146;s Commitment) bears to the Aggregate Commitment (as
reduced by the termination of such Rejecting Lender&#146;s Commitment or a part thereof).
Notwithstanding the foregoing, if, upon the termination of the Commitment of such Rejecting Lender
under this Section&nbsp;2.19(d), the sum of the outstanding principal balance of the Loans and the
Facility Letter of Credit Obligations would exceed the Aggregate Commitment (as reduced), the
Borrower may not terminate such Rejecting Lender&#146;s Commitment unless the Borrower, on or prior to
the effective date of such termination, prepays, in accordance with the provisions of this
Agreement, outstanding Loans or causes to be canceled, released and returned to the applicable
Issuer outstanding Facility Letters of Credit in sufficient amounts such that, on the effective
date of such termination, the sum of the outstanding principal balance of the Loans and the
Facility Letter of Credit Obligations does not exceed the Aggregate Commitment (as reduced).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.20 </B><U><B>Replacement of Certain Lenders</B></U>. (a)&nbsp;In the event a Lender (&#147;Affected
Lender&#148;): (i)&nbsp;shall have requested compensation from the Borrower under Sections&nbsp;2.14 or 2.15 to
recover additional costs incurred by such Lender that are not being incurred generally by the other
Lenders, (ii)&nbsp;shall have delivered a notice pursuant to Section&nbsp;2.16 claiming that such Lender is
unable to extend Eurodollar Loans to the Borrower for reasons not generally applicable to the other
Lenders, (iii)&nbsp;shall have invoked Section&nbsp;10.13 or (iv)&nbsp;is a Rejecting Lender pursuant
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to Section&nbsp;2.19, then, in any such case, the Borrower or the Agent may effect the replacement
of such Affected Lender in accordance with the provisions of this Section&nbsp;2.20, <U>provided</U>,
<U>however</U>, that if the replacement of such Affected Lender is by reason of clause (iv)&nbsp;above,
the replacement of such Affected Lender shall be subject to the provisions of Section&nbsp;2.20(b). The
Borrower or the Agent may elect to replace an Affected Lender and make written demand on such
Affected Lender (with a copy to the Agent in the case of a demand by the Borrower and a copy to the
Borrower in the case of a demand by the Agent) for the Affected Lender to assign, and, if a
Replacement Lender (as hereinafter defined) notifies the Affected Lender of its willingness to
purchase the Affected Lender&#146;s interests in the Facility and the Agent and the Borrower consent
thereto in writing, then such Affected Lender shall assign pursuant to one or more duly executed
Assignment and Assumption in substantially and in all material respects in the form and substance
of <U>Exhibit&nbsp;F</U> five (5)&nbsp;Business Days after the date of such demand, to one or more financial
institutions that comply with the provisions of Section&nbsp;11.02 that the Borrower or the Agent, as
the case may be, shall have engaged for such purpose (each a &#147;Replacement Lender&#148;), all (or, to the
extent required or permitted under Section&nbsp;2.20(b), a part) of such Affected Lender&#146;s rights and
obligations (from and after the date of such assignment) under this Agreement and the other Loan
Documents in accordance with Section&nbsp;11.02. The Agent agrees, upon the occurrence of such events
with respect to an Affected Lender and upon the written request of the Borrower, to use its
reasonable efforts to obtain commitments from one or more financial institutions to act as a
Replacement Lender. As a condition to any such assignment, the Affected Lender shall have
concurrently received, in cash, all amounts (except as otherwise provided in Section&nbsp;2.20(b)) due
and owing to the Affected Lender hereunder or under any other Loan Document, including, without
limitation, the aggregate outstanding principal amount of the Loans owed to such Lender, together
with accrued interest thereon through the date of such assignment, amounts payable under
Sections&nbsp;2.14 and 2.15 with respect to such Affected Lender and the fees payable to such Affected
Lender under Section&nbsp;2.09(b); <U>provided</U> that upon such Affected Lender&#146;s replacement, such
Affected Lender shall (except as otherwise provided in Section&nbsp;2.20(b)) cease to be a party hereto
but shall continue to be entitled to the benefits of Sections&nbsp;2.14, 2.15, 2.17, 10.04 and 10.06, as
well as to any fees accrued for its account hereunder and not yet paid, and shall continue to be
obligated under Section&nbsp;9.05 with respect to obligations and liabilities accruing prior to the
replacement of such Affected Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In the event that the Affected Lender is a Rejecting Lender, the Borrower may elect to
have a part of the Rejecting Lender&#146;s rights and obligations under this Agreement and the other
Loan Documents assigned pursuant to this Section&nbsp;2.20, <U>provided</U> that the Borrower also
elects, pursuant to Section&nbsp;2.19(c), to terminate the entire amount of such Rejecting Lender&#146;s
Commitment not so assigned, which termination shall be effective on the date on which such
assignment of the Rejecting Lender&#146;s rights and obligations is consummated under this Section&nbsp;2.20.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding anything to the contrary contained in this Agreement, each Replacement
Lender must be approved by the Agent in its sole discretion.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.21 </B><U><B>Swing Line</B></U>. (a)&nbsp;The Swing Line Lender agrees, on the terms and
conditions hereinafter set forth, to make loans (&#147;Swing Line Loans&#148;) to the Borrower from time to
time during the period from the date of this Agreement, up to but not including the Termination
Date, in an aggregate principal amount not to exceed at any time outstanding the lesser of (i)&nbsp;the
Swing Line Commitment or (ii)&nbsp;the amount by which the Swing Line Lender&#146;s Commitment exceeds the
sum of (A)&nbsp;the outstanding principal amount of the Loans made by the Swing Line Lender pursuant to
Section&nbsp;2.01.1 and (B)&nbsp;the Swing Line Lender&#146;s Pro Rata Share of the outstanding Facility Letter of
Credit Obligations, subject in each case to the limitations set forth in Section&nbsp;2.01.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Swing Line Loan which shall not utilize the Swing Line Commitment in full shall be in
an amount not less than One Million Dollars ($1,000,000) and, if in excess thereof, in integral
multiples of One Million Dollars ($1,000,000). Within the limits of the Swing Line Commitment, the
Borrower may borrow, repay and reborrow under this Section&nbsp;2.21.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Borrower shall give the Swing Line Lender notice of any request for a Swing Line Loan
not later than 3:00 p.m. New York City time on the Business Day of such Swing Line Loan,
specifying the amount of such requested Swing Line Loan. Each such notice shall be accompanied by
a Secured Borrowing Base Certificate dated as of the date of such notice (and by the notice
provided for in Section&nbsp;2.21(d)). All notices given by the Borrower under this Section&nbsp;2.21(c)
shall be irrevocable. Upon fulfillment of the applicable conditions set forth in Article&nbsp;III, the
Swing Line Lender will make the Swing Line Loan available to the Borrower in immediately available
funds by crediting the amount thereof to the Borrower&#146;s account with the Swing Line Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;On the fifth Business Day following the making of a Swing Line Loan, such Swing Line Loan
shall be paid in full from the proceeds of a Loan made pursuant to Section&nbsp;2.01.1. Each notice
given by the Borrower under Section&nbsp;2.21(c) shall include, or, if it does not include, shall be
deemed to include, an irrevocable notice under Section&nbsp;2.03 requesting the Lenders to make an ABR
Loan on the fifth succeeding Business Day in the full amount of such Swing Line Loan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22 </B><U><B>Facility Letters of Credit</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.1 </B><U><B>Issuance of Facility Letters of Credit</B></U>. (a)&nbsp;Each Issuer agrees, on
the terms and conditions set forth in this Agreement, to issue from time to time for the account of
the Borrower, through such offices or branches as it and the Borrower may jointly agree, one or
more Facility Letters of Credit in accordance with this Section&nbsp;2.22, during the period commencing
on the date hereof and ending on the thirtieth (30th) day prior to the Termination Date.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower shall not request, and no Issuer shall issue, a Facility Letter of Credit for
any purpose other than for purposes for which Loan proceeds may by used, <U>provided</U> that, the
Borrower shall not request Facility Letters of Credit for any purposes other than for such purposes
which are permitted to be secured by a &#147;Permitted Lien&#148; under, and as defined in, the Base
Indenture 2002 as modified by the Ninth Supplemental Indenture dated October&nbsp;26, 2007 (without
regard to the provisions of clause (xi)&nbsp;thereunder), or any comparable provision of any other
Senior Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.2 </B><U><B>Limitations</B></U>. An Issuer shall not issue, amend or extend, at any time,
any Facility Letter of Credit:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the aggregate maximum amount then available for drawing under Letters of Credit
issued by such Issuer, after giving effect to the Facility Letter of Credit or amendment or
extension thereof requested hereunder, shall exceed any limit imposed by law or regulation
upon such Issuer;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if, after giving effect to the issuance, amendment or extension of the Facility
Letter of Credit requested hereunder, the aggregate principal amount of the Facility Letter
of Credit Obligations would exceed the Facility Letter of Credit Sublimit;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if, after giving effect to the issuance, amendment or extension of the Facility
Letter of Credit requested hereunder, (A)&nbsp;during any time the Cash Secured Option applies to
the Facility, the amount of Unrestricted Cash held in the Cash Collateral Account under the
Cash Collateral Agreement would be less than 105% of the then Aggregate Outstanding
Extensions of Credit, and (B)&nbsp;during any time the Secured Borrowing Base Option applies to
the Facility, the then Aggregate Outstanding Extensions of Credit would exceed the Secured
Borrowing Base as of the most recent Inventory Valuation Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if, after giving effect to the issuance, amendment or extension of the Facility
Letter of Credit requested hereunder, the Aggregate Outstanding Extensions of Credit would
exceed the Aggregate Commitment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) unless such Issuer receives written notice from the Agent on or before the proposed
Issuance Date of such Facility Letter of Credit that the issuance, amendment or extension of
such Facility Letter of Credit is within the limitations specified in clauses (ii), (iii)
and (iv)&nbsp;of this Section&nbsp;2.22.2;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) that has an expiration date (taking into account any automatic renewal provisions
thereof) later than one year after the date that is thirty (30)&nbsp;days prior to the scheduled
Termination Date; or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(vii)&nbsp;that is in a currency other than U.S. Dollars or that provides for drawings other
than by sight draft.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.3 </B><U><B>Conditions</B></U>. The issuance, amendment or extension of any Facility
Letter of Credit is subject to the satisfaction in full of the following conditions on the Issuance
Date:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have delivered to the Issuer at such times and in such manner as
the Issuer may reasonably prescribe a Reimbursement Agreement and such other documents and
materials as may be reasonably required pursuant to the terms thereof, and the proposed
Facility Letter of Credit shall be reasonably satisfactory to such Issuer in form and
content, provided, however, in the event of any conflict between the terms of this Agreement
and the terms of the Reimbursement Agreement, the terms of this Agreement shall control;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as of the Issuance Date no order, judgment or decree of any court, arbitrator or
governmental authority shall enjoin or restrain such Issuer from issuing the Facility Letter
of Credit and no law, rule or regulation applicable to the Issuer and no directive from any
governmental authority with jurisdiction over the Issuer shall prohibit such Issuer from
issuing Letters of Credit generally or from issuing that Facility Letter of Credit;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the following statements shall be true, and the Agent and such Issuer shall have
received a certificate, substantially in the form of the certificate attached hereto as
<U>Exhibit&nbsp;D</U>, signed by a duly authorized officer of the Borrower dated the Issuance
Date stating that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the representations and warranties contained in Article
IV of this Agreement are correct in all material respects on and as of such
Issuance Date as though made on and as of such Issuance Date except to the
extent that any such representation or warranty is stated to relate solely
to an earlier date, in which case such representation or warranty is
correct in all material respects as of such earlier date; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Default or Event of Default has occurred and is
continuing or would result from the issuance, amendment or extension of
such Facility Letter of Credit;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Issuer and the Agent shall have received such other approvals, opinions, or
documents as either may reasonably request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.4 </B><U><B>Procedure for Issuance of Facility Letters of Credit</B></U>. (a)&nbsp;The
Borrower shall give the applicable Issuer and the Agent not less than two (2)&nbsp;Business Days&#146;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prior written notice of any requested issuance of a Facility Letter of Credit under this
Agreement (except that, in lieu of such written notice, the Borrower may give the Issuer and the
Agent telephonic notice of such request if confirmed in writing by delivery to such Issuer and the
Agent (i)&nbsp;immediately (A)&nbsp;of a telecopy of the written notice required hereunder which has been
signed by an authorized officer of the Borrower or (B)&nbsp;of an e-mail containing all information
required to be contained in such written notice and (ii)&nbsp;promptly (but in no event later than the
requested Issuance Date) of the written notice required hereunder containing the original signature
of an authorized officer of the Borrower). Such notice shall specify (i)&nbsp;the stated amount of the
Facility Letter of Credit requested, which amount shall be in compliance with the requirements of
Section&nbsp;2.22.2, (ii)&nbsp;the requested Issuance Date, which shall be a Business Day, (iii)&nbsp;the date on
which such requested Facility Letter of Credit is to expire, which date shall be in compliance with
the requirements of Section&nbsp;2.22.2(vi), (iv)&nbsp;the purpose for which such Facility Letter of Credit
is to be issued, which purpose shall be in compliance with the requirements of Section&nbsp;2.22.1(b),
and (v)&nbsp;the Person for whose benefit the requested Facility Letter of Credit is to be issued. At
the time such request is made, the Borrower shall also provide the Agent with a copy of the form of
the Facility Letter of Credit it is requesting be issued. Such notice, to be effective, must be
received by the Issuer and the Agent not later than 3:00 p.m. New York City time on the last
Business Day on which notice can be given under this Section&nbsp;2.22.4. Promptly after receipt of
such notice, the Issuer shall confirm with the Agent (by telephone or in writing) that the Agent
has received a copy of such notice from the Borrower and, if not, the Issuer shall promptly provide
the Agent with a copy thereof
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Promptly following receipt of a request for issuance of a Facility Letter of Credit in
accordance with Section&nbsp;2.22.4(a), such Issuer shall approve or disapprove, in its reasonable
discretion, the issuance of such requested Facility Letter of Credit, but the issuance of such
approved Facility Letter of Credit shall continue to be subject to the provisions of this
Section&nbsp;2.22.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Subject to the terms and conditions of this Section&nbsp;2.22 (including, without limitation,
Sections&nbsp;2.22.2 and 2.22.3), the applicable Issuer shall, on the Issuance Date, issue the requested
Facility Letter of Credit in accordance with such Issuer&#146;s usual and customary business practices
unless such Issuer has actually received written or telephonic notice from the Borrower
specifically revoking the request to issue such Facility Letter of Credit. The Issuer shall
promptly give the Agent written notice, or telephonic notice confirmed promptly thereafter in
writing, of the issuance, amendment, extension or cancellation of a Facility Letter of Credit, and
the Agent shall promptly thereafter so notify all Lenders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No Issuer shall extend or amend any Facility Letter of Credit unless the requirements of
this Section&nbsp;2.22.4 are met as though a new Facility Letter of Credit were being requested and
issued.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any Lender may, but shall not be obligated to, issue to the Borrower or any of its
Subsidiaries Letters of Credit (that are not Facility Letters of Credit) for its own account, and
at its own risk. None of the provisions of this Section&nbsp;2.22 shall apply to any Letter of Credit
that is not a Facility Letter of Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.5 </B><U><B>Duties of Issuer</B></U>. Any action taken or omitted to be taken by an Issuer
under or in connection with any Facility Letter of Credit, if taken or omitted in the absence of
willful misconduct or gross negligence, shall not put such Issuer under any resulting liability to
any Lender or, assuming that such Issuer has complied in all material respects with the procedures
specified in Section&nbsp;2.22.4, relieve any Lender of its obligations hereunder to such Issuer. In
determining whether to pay under any Facility Letter of Credit, such Issuer shall have no
obligation to the Lenders other than to confirm that any documents required to be delivered under
such Facility Letter of Credit appear to have been delivered in compliance and that they appear to
comply on their face with the requirements of such Facility Letter of Credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.6 </B><U><B>Participation</B></U>. (a)&nbsp;Immediately upon the issuance by an Issuer of any
Facility Letter of Credit in accordance with Section&nbsp;2.22.4, each Lender shall be deemed to have
irrevocably and unconditionally purchased and received from such Issuer, without recourse or
warranty, an undivided interest and participation ratably (in the proportion of such Lender&#146;s Pro
Rata Share) in such Facility Letter of Credit (including, without limitation, all obligations of
the Borrower with respect thereto other than amounts owing to such Issuer under Section&nbsp;2.15).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In the event that an Issuer makes any payment under any Facility Letter of Credit and the
Borrower shall not have repaid such amount to such Issuer on or before the date of such payment by
such Issuer, such Issuer shall promptly so notify the Agent, which shall promptly so notify each
Lender. Upon receipt of such notice, each Lender shall promptly and unconditionally pay to the
Agent for the account of such Issuer the amount of such Lender&#146;s Pro Rata Share of such payment in
same day funds, and the Agent shall promptly pay such amount, and any other amounts received by the
Agent for such Issuer&#146;s account pursuant to this Section&nbsp;2.22.6, to such Issuer. If the Agent so
notifies such Lender prior to noon New York City time on any Business Day, such Lender shall make
available to the Agent for the account of such Issuer such Lender&#146;s ratable share of the amount of
such payment on such Business Day in same day funds. If and to the extent such Lender shall not
have so made its ratable share of the amount of such payment available to the Agent for the account
of the Issuer, such Lender agrees to pay to the Agent for the account of the Issuer forthwith on
demand such amount, together with interest thereon, for each day from the date such payment was
first due until the date such amount is paid to the Agent for the account of the Issuer, at the
Federal Funds Effective Rate. The failure of any Lender to make available to the Agent for the
account of an Issuer such Lender&#146;s ratable share of any such payment shall not relieve any other
Lender of its obligation hereunder to make available to the Agent for the account of such Issuer
its ratable share of any payment on the date such payment is to be made.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If any draft is paid under any Facility Letter of Credit, the Borrower shall reimburse the
Issuing Lender for the amount of (a)&nbsp;the draft so paid and (b)&nbsp;any taxes, fees, charges or other
costs or expenses incurred by the Issuing Lender in connection with such payment, not later than
12:00 Noon, Charlotte, North Carolina time, on (i)&nbsp;the Business Day immediately following the day
that the Borrower receives notice of such draft, if such notice is received on such day prior to
10:00&nbsp;A.M. New York City time, or (ii)&nbsp;if clause (i)&nbsp;above does not apply, the second Business Day
following the day that the Borrower receives such notice. Each such payment shall be made to the
Issuing Lender at its address for notices referred to herein in Dollars and in immediately
available funds. Interest shall be payable on any such amounts from the date on which the relevant
draft is paid until payment in full at the rate set forth in (x)&nbsp;until the Business Day next
succeeding the date when such payment is required as set forth above, Section&nbsp;2.07(a) and (y)
thereafter, Section&nbsp;2.07(d).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Upon the request of the Agent or any Lender, each Issuer shall furnish to the requesting
Agent or Lender copies of any Facility Letter of Credit or Reimbursement Agreement to which such
Issuer is party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The obligations of the Lenders to make payments to the Agent for the account of an Issuer
with respect to a Facility Letter of Credit shall be irrevocable, not subject to any qualification
or exception whatsoever and shall be made in accordance with the terms and conditions of this
Agreement under all circumstances, including, without limitation, the following:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of this Agreement or any of the other
Loan Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, setoff, defense or other right which the Borrower
may have at any time against a beneficiary named in a Facility Letter of Credit or any
transferee of any Facility Letter of Credit (or any Person for whom any such transferee
may be acting), the Issuer, the Agent, any Lender, or any other Person, whether in
connection with this Agreement, any Facility Letter of Credit, the transactions
contemplated herein or any unrelated transactions (including any underlying transactions
between the Borrower or any Subsidiary and the beneficiary named in any Facility Letter
of Credit);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, certificate or any other document presented under the Facility
Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any
respect or any statement therein being untrue or inaccurate in any respect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the surrender or impairment of any security for the performance or observance
of any of the terms of any of the Loan Documents;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any failure by the Agent or an Issuer to make any reports required pursuant to
Section&nbsp;2.22.8; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the occurrence of any Default or Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;For purposes of determining the unused portion of the Aggregate Commitment and the unused
portion of a Lender&#146;s Commitment under Sections&nbsp;2.02.1 and 2.09(b), the Aggregate Commitment shall
be deemed used to the extent of the aggregate undrawn face amount of the outstanding Facility
Letters of Credit and the Lender&#146;s Commitment shall be deemed used to the extent of such Lender&#146;s
Pro Rata Share of the aggregate undrawn face amount of the outstanding Facility Letters of Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.7 </B><U><B>Compensation for Facility Letters of Credit</B></U>. (a)&nbsp;The Borrower agrees
to pay to the Agent, in the case of each Facility Letter of Credit, the Facility Letter of Credit
Fee therefor, payable quarterly in arrears not later than five (5)&nbsp;Business Days following Agent&#146;s
delivery to Borrower of the quarterly statement specifying the amount of the Facility Letter of
Credit Fees properly due and payable hereunder with respect to the preceding calendar quarter
(which payment shall be a pro rata portion of the annual Facility Letter of Credit Fee for such
preceding calendar quarter) and on the Termination Date (which payment shall be in the amount of
all accrued and unpaid Facility Letter of Credit Fees). Facility Letter of Credit Fees shall be
calculated, on a pro rata basis for the period to which such payment applies, for actual days on
which such Facility Letter of Credit was outstanding during such period, on the basis of a 360-day
year. The Agent shall, with reasonable promptness following receipt from all Issuers of the
reports provided for in Section&nbsp;2.22.8 for the months of March, June, September and December,
respectively, deliver to the Borrower a quarterly statement of the Facility Letter of Credit Fees
then due and payable. The Agent shall promptly remit such Facility Letter of Credit Fees, when
received by the Agent, ratably to all Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower agrees to pay the applicable Issuer of each Facility Letter of Credit an
issuance fee of 0.125% of the stated amount of such Facility Letter of Credit, payable prior to the
issuance of such Letter of Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;An Issuer shall also have the right to receive, solely for its own account, its
out-of-pocket costs of issuing and servicing Facility Letters of Credit, as the Borrower may agree
in writing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.8 </B><U><B>Issuer Reporting Requirements</B></U>. Each Issuer shall, no later than the
third (3rd) Business Day following the last day of each month, provide to the Agent a schedule of
the Facility Letters of Credit issued by it showing the Issuance Date, account party, original face
amount, amount (if any) paid thereunder, expiration date and the reference number of each Facility
Letter of Credit outstanding at any time during such month (and indicating, with respect to each
Facility Letter of Credit, whether it is a Financial Letter of Credit or Performance
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Letter of Credit) and the aggregate amount (if any) payable by the Borrower to such Issuer
during the month pursuant to Section&nbsp;2.15. Copies of such reports shall be provided promptly to
each Lender by the Agent. The reporting requirements hereunder are in addition to those set forth
in Section&nbsp;2.22.4.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.9 </B><U><B>Indemnification; Nature of Issuer&#146;s Duties</B></U>. (a)&nbsp;In addition to
amounts payable as elsewhere provided in this Section&nbsp;2.22, the Borrower hereby agrees to protect,
indemnify, pay and save the Agent, each Issuer and each Lender harmless from and against any and
all claims, demands, liabilities, damages, losses, costs, charges and expenses (including
reasonable attorneys&#146; fees) arising from the claims of third parties against the Agent, any Issuer
or any Lender as a consequence, direct or indirect, of (i)&nbsp;the issuance of any Facility Letter of
Credit other than, in the case of an Issuer, as a result of its willful misconduct or gross
negligence, or (ii)&nbsp;the failure of an Issuer to honor a drawing under a Facility Letter of Credit
as a result of any act or omission, whether rightful or wrongful, of any government, court or other
governmental agency or authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;As among the Borrower, the Lenders, the Agent and each Issuer, the Borrower assumes all
risks of the acts and omissions of or misuse of Facility Letters of Credit by, the respective
beneficiaries of such Facility Letters of Credit. In furtherance and not in limitation of the
foregoing, neither an Issuer nor the Agent nor any Lender shall be responsible: (i)&nbsp;for the form,
validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party
in connection with the application for and issuance of the Facility Letters of Credit, even if it
should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or
forged; (ii)&nbsp;for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Facility Letter of Credit or the rights or benefits thereunder
or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any
reason; (iii)&nbsp;for failure of the beneficiary of a Facility Letter of Credit to comply fully with
conditions required in order to draw upon such Facility Letter of Credit; (iv)&nbsp;for errors,
omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable,
telegraph, telex, facsimile transmission or otherwise; (v)&nbsp;for errors in interpretation of
technical terms; (vi)&nbsp;for any loss or delay in the transmission or otherwise of any document
required in order to make a drawing under any Facility Letter of Credit or of the proceeds thereof;
(vii)&nbsp;for the misapplication by the beneficiary of a Facility Letter of Credit of the proceeds of
any drawing under such Facility Letter of Credit; or (viii)&nbsp;for any consequences arising from
causes beyond the control of the Agent, such Issuer and the Lenders including, without limitation,
any act or omission, whether rightful or wrongful, of any government, court or other governmental
agency or authority. None of the above shall affect, impair, or prevent the vesting of any of such
Issuer&#146;s rights or powers under this Section&nbsp;2.22.9.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In furtherance and extension and not in limitation of the specific provisions hereinabove
set forth, any action taken or omitted by an Issuer under or in connection with the Facility
Letters of Credit or any related certificates, if taken or omitted in good faith, shall not
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">put such Issuer, the Agent or any Lender under any resulting liability to the Borrower or
relieve the Borrower of any of its obligations hereunder to any such Person, but the foregoing
shall not relieve such Issuer of its obligation to confirm that any documents required to be
delivered under a Facility Letter of Credit appear to have been delivered in compliance and that
they appear to comply on their face with the requirements of such Facility Letter of Credit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Notwithstanding anything to the contrary contained in this Section&nbsp;2.22.9, the Borrower
shall have no obligation to indemnify an Issuer under this Section&nbsp;2.22.9 in respect of any
liability incurred by an Issuer arising primarily out of the willful misconduct or gross negligence
of such Issuer, as determined by a court of competent jurisdiction, or out of the wrongful dishonor
by such Issuer of a proper demand for payment made under the Facility Letters of Credit issued by
such Issuer, unless such dishonor was made at the request of the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.10 </B><U><B>Designation or Resignation of Issuer</B></U>. (a)&nbsp;Upon request by the
Borrower and approval by the Agent, a Lender may at any time agree to be designated as an Issuer
hereunder, which designation shall be set forth in a written instrument or instruments delivered by
the Borrower, the Agent and such Lender. The Agent shall promptly deliver to the other Lenders a
copy of such instrument or instruments. From and after such designation and unless and until such
Lender resigns as an Issuer in accordance with Section&nbsp;2.22.10(b), such Lender shall have all of
the rights and obligations of an Issuer hereunder,
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;An Issuer shall continue to be the Issuer unless and until (i)&nbsp;it shall have given the
Borrower and the Agent notice that it has elected to resign as Issuer and (ii)&nbsp;unless there is, at
the time of such notice, at least one other Issuer, another Lender shall have agreed to be the
replacement Issuer and shall have been approved in writing by the Agent and the Borrower. A
resigning Issuer shall continue to have the rights and obligations of the Issuer hereunder solely
with respect to Facility Letters of Credit theretofore issued by it notwithstanding the designation
of a replacement Issuer hereunder, but upon its notice of resignation (or, if at the time of such
notice, there is not at least one other Issuer, then upon such designation of a replacement
Issuer), the resigning Issuer shall not thereafter issue any Facility Letters of Credit (unless it
shall again thereafter be designated as an Issuer in accordance with the provisions of this
Section&nbsp;2.22.10). The assignment of, or grant of a participation interest in, or termination
pursuant to Section&nbsp;2.19 of, all or any part of its Commitment or Loans by a Lender that is also
the Issuer shall not constitute an assignment or transfer of any of its rights or obligations as an
Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.11 </B><U><B>Termination of Issuer&#146;s Obligation</B></U>. In the event that the Lenders&#146;
obligations to make Loans terminate or are terminated as provided in Section&nbsp;8.01, each Issuer&#146;s
obligation to issue Facility Letters of Credit shall also terminate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.12 </B><U><B>Obligations of Issuer and Other Lenders</B></U>. Except to the extent that a
Lender shall have agreed to be designated as an Issuer, no Lender shall have any obligation
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to accept or approve any request for, or to issue, amend or extend, any Letter of Credit, and
the obligations of an Issuer to issue, amend or extend any Facility Letter of Credit are expressly
limited by and subject to the provisions of this Section&nbsp;2.22.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.13 </B><U><B>Facility Letter of Credit Collateral Account</B></U>. The Borrower agrees
that it will, during any time the Secured Borrowing Base Option applies to the Facility, upon the
request of the Agent or the Required Lenders and until the final expiration date of any Facility
Letter of Credit and thereafter as long as any amount is payable to the Issuer or the Lenders in
respect of any Facility Letter of Credit, maintain a special collateral account pursuant to
arrangements satisfactory to the Agent (the &#147;Facility Letter of Credit Collateral Account&#148;) at the
Agent&#146;s office at the address specified pursuant to Section&nbsp;10.02, in the name of the Borrower but
under the sole dominion and control of the Agent, for the benefit of the Lenders and in which such
Borrower shall have no interest other than as set forth in Section&nbsp;8.01. The Borrower hereby
pledges, assigns and grants to the Agent, on behalf of and for the ratable benefit of the Lenders
and the Issuer, a security interest in all of the Borrower&#146;s right, title and interest in and to
all funds which may from time to time be on deposit in the Facility Letter of Credit Collateral
Account to secure the prompt and complete payment and performance of (a)&nbsp;the obligations of the
Borrower to reimburse the Issuer and (if applicable) the Lenders for amounts (if any) from time to
time drawn on Facility Letters of Credit and interest thereon and other sums from time to time
payable under Reimbursement Agreements, and (b)&nbsp;if and when all such obligations of the Borrower
have been paid in full and no Facility Letters of Credit remain outstanding, all other Obligations.
The Agent will invest any funds on deposit from time to time in the Facility Letter of Credit
Collateral Account in Cash Equivalents reasonably acceptable the agent having a maturity not
exceeding 30&nbsp;days. Nothing in this Section&nbsp;2.22.13 shall either obligate the Agent to require the
Borrower to deposit any funds in the Facility Letter of Credit Collateral Account or limit the
right of the Agent to release any funds held in the Facility Letter of Credit Collateral Account in
each case other than as required by Section&nbsp;22.15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.14 </B><U><B>Issuer&#146;s Rights</B></U>. All of the representations, warranties, covenants
and agreements of the Borrower to the Lenders under this Agreement and of the Borrower under any
other Loan Document shall inure to the benefit of each Issuer (unless the context otherwise
indicates).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.15 </B><U><B>Defaulting Lenders</B></U>. Notwithstanding any provision of this Agreement
to the contrary, if during the any time the Secured Borrowing Base Option applies to the Facility
any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as
such Lender is a Defaulting Lender:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject to the provisions of Section&nbsp;2.22.15(c), if any Facility Letter of Credit
Obligations are outstanding at the time a Lender is a Defaulting Lender, the Borrower shall within
three (3)&nbsp;Business Days following notice by the Agent cash collateralize such Defaulting Lender&#146;s
Facility Letter of Credit Obligations by paying to the Agent an amount in immediately
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">available funds equal to such Defaulting Lender&#146;s Facility Letter of Credit Obligations, which
funds shall be held in the Facility Letter of Credit Collateral Account in accordance with Section
2.22.13 for so long as such Facility Letter of Credit Obligations are outstanding and such Lender
is a Defaulting Lender;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to the provisions of Section&nbsp;2.22.15(c), no Issuer shall be required to issue,
amend (other than to reduce) or increase any Facility Letter of Credit unless cash collateral has
been provided by the Borrower in accordance with Section&nbsp;2.22.15(a); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding the provisions of Sections&nbsp;2.22.15(a) and (b), if within three (3)
Business Days following the Agent&#146;s notice under Section&nbsp;2.22.15(a) the Borrower shall by notice to
the Agent advise the Agent that the Borrower intends to effect the assignment by such Defaulting
Lender of all of its right, title and interest under this Agreement to a Person that is not a
Defaulting Lender (subject to and in accordance with the provisions of Section&nbsp;11.02), the date by
which the Borrower shall be required to comply with the provisions of Section&nbsp;2.22.15(a) shall be
extended to the 14th day after the date of the Agent&#146;s notice; provided, however, that such
extension shall not extend the date by which the Borrower is obligated to cash collateralize
Facility Letters of Credit pursuant to any other provisions of this Agreement. A Defaulting Lender
shall not be obligated to assign its interest under this Agreement except to the extent that the
provisions of Section&nbsp;2.20 require an assignment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22.16 </B><U><B>End of Term Cash Collateralization</B></U>. On the date that is 30&nbsp;days prior
to the scheduled Termination Date, if the Secured Borrowing Base Option is then in effect, the
Borrower shall deposit in the Cash Collateral Account an amount not less than 105% of the Facility
Letter of Credit Obligations as of such date. Not more than once during each calendar month
following the Termination Date, provided that no Event of Default has occurred and is then
continuing, the Borrower may request that the Agent release any amount of Unrestricted Cash held in
the Cash Collateral Account under the Cash Collateral Agreement in excess of an amount equal to
105% of the then Facility Letter of Credit Obligations to the Borrower, and the Agent shall
promptly release such excess amount, subject to the terms of the Cash Collateral Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III<BR>
CONDITIONS PRECEDENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.01 </B><U><B>Conditions Precedent to Closing Date</B></U>. This Agreement and the Commitments
of each Lender shall be effective on the date (the &#147;Closing Date&#148;) on which each of the following
conditions precedent shall have been satisfied or waived by the Agent and each Lender:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <B>Fourth Amendment and Successor Agency and Amendment Agreement</B>. The &#147;Fourth Amendment
Effective Date&#148; shall have occurred under the Fourth Amendment and
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the &#147;Effective Date&#148; shall have occurred under the Successor Agency and Amendment Agreement in
accordance with their respective terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <B>Credit Agreement</B>. The Agent shall have received this Agreement duly executed by each of
the parties hereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <B>Replacement Note</B>. A Note payable to each Lender duly executed by the Borrower, and the
original promissory note issued to such Lender under the Existing Credit Agreement to be delivered
to the Borrower for cancellation upon the Closing Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <B>Amended and Restated Guaranty</B>. The Agent shall have received the Amended and Restated
Guaranty, duly executed by each Guarantor listed in <U>Schedule&nbsp;III</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <B>Amended and Restated Collateral Agreement</B>. The Agent shall have received the Amended and
Restated Collateral Agreement, duly executed by each party thereto (<U>provided that</U> the
Borrower may designate one or more schedules as to be updated as required pursuant to Section&nbsp;3.02)
;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <B>No Default or Event of Default</B>. After giving effect to this Agreement, no Default or
Event of Default shall have occurred and be continuing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <B>Closing Fee</B>. The Borrower shall have paid a cash fee to the Agent in accordance with the
terms of the Agent&#146;s Fee Letter; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <B>Other Documents</B>. The Agent shall have received such other documents as the Agent, its
counsel or any Lender may reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.02 </B><U><B>Conditions Precedent to Cash Secured Option</B></U>. The Lenders shall not be
required to make Loans or participate in any Facility Letters of Credit under the Cash Secured
Option, and the Issuers shall not be required to issue any Facility Letters of Credit under the
Cash Secured Option, unless and until the Closing Date has occurred and the Agent shall have
received each of the following, in form and substance satisfactory to the Agent:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <B>Secretary&#146;s Certificate of the Borrower</B>. A certificate of the Secretary or an Assistant
Secretary of the Borrower certifying (A)&nbsp;the names and true signatures of each officer of the
Borrower who has been authorized to execute and deliver this Agreement and any other Loan Document
or other document required to be executed and delivered by or on behalf of the Borrower under this
Agreement, (B)&nbsp;that the attached copies of the certificate of incorporation and by-laws of the
Borrower have not been amended except as set forth therein and remain in full force and effect and
(C)&nbsp;the attached copy of resolutions of the Board of Directors of the Borrower approving and
authorizing the execution, delivery and performance of this Agreement and the other Loan Documents
to which it is a party;
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <B>Good Standing Certificate of the Borrower</B>. A currently dated certificate of good standing
for the Borrower issued by the Secretary of State of the State of Delaware;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <B>Secretary&#146;s Certificates of the Guarantors</B>. A certificate of the Secretary or an
Assistant Secretary of each corporate Guarantor or the general partner of each limited partnership
Guarantor or managing member of each limited liability company Guarantor certifying (A)&nbsp;the names
and true signatures of each officer, partner, member or other representative of such Guarantor who
has been authorized to execute and deliver the Amended and Restated Guaranty and any other Loan
Document or other document required to be executed and delivered by or on behalf of such Guarantor
under this Agreement, (B)&nbsp;that the attached copies of the certificate of incorporation and by-laws
of such corporate Guarantor, or certificate of limited partnership and limited partnership
agreement of such limited partnership Guarantor, or certificate of formation and limited liability
company or operating agreement of each limited liability company guarantor, or equivalent
applicable constituent documents of such Guarantor, have not been amended except as set forth
therein and remain in full force and effect and (C)&nbsp;the attached copy of resolutions of the Board
of Directors of such corporate Guarantor, or the consents of such limited partnership or limited
liability company Guarantor, approving and authorizing the execution, delivery and performance of
the Amended and Restated Guaranty and the other Loan Documents to which it is a party;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <B>Good Standing Certificate of the Borrower</B>. A currently dated certificate of good standing
for each Guarantor issued by the secretary of state or other appropriate governmental officer in
its jurisdiction of incorporation or formation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <B>Updated Schedules to Amended and Restated Collateral Agreement</B>. The Borrower shall have
delivered updated schedules to the Amended and Restated Collateral Agreement if so noted as
referred to in clause (6)&nbsp;of Section&nbsp;3.01;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <B>Cash Collateral Agreement</B>. The Agent shall have received the Cash Collateral Agreement
duly executed by each of the Borrower and the Agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <B>Opinions of Counsel</B>. A favorable opinion of (A)&nbsp;Troutman Sanders LLP, counsel for the
Borrower and for certain of the Guarantors, in substantially the form
of <U>Exhibit&nbsp;E</U> and (B)
counsel to each other Guarantor that is formed or organized to do business in the State of Indiana
or in the State of Tennessee (as approved by the Agent), in form similar to that furnished pursuant
to clause (A)&nbsp;and reasonably satisfactory to the Agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <B>Costs and Expenses</B>. The Borrower shall have paid all costs and invoiced out-of-pocket
expenses of the Agent in connection with the execution and delivery of the documents and
instruments described in Section&nbsp;3.01 and clauses (1)&nbsp;through (6)&nbsp;of this Section&nbsp;3.02, including,
without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Agent; and
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <B>Other Documents</B>. Such other and further documents as any Lender or the Agent or its
counsel may have reasonably requested.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.03 </B><U><B>Conditions Precedent to Secured Borrowing Base Option</B></U>. The Lenders shall
not be required to make Loans or participate in any Facility Letters of Credit under the Secured
Borrowing Base Option, and the Issuers shall not be required to issue any Facility Letters of
Credit under the Secured Borrowing Base Option, unless and until the Closing Date has occurred, the
condition precedent set forth in Section&nbsp;3.02 have been satisfied or waived by the Agent and the
Lenders, and the Agent shall have received each of the following, in form and substance
satisfactory to the Agent:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <B>Assignments of Financing Statements</B>. Recorded or file-stamped copies of assignments from
Wachovia Bank, National Association, as original secured party, to the Agent of each financing
statement filed or recorded with respect to any Security Document;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <B>Assignments of Mortgages</B>. Recorded copies of assignments by Wachovia Bank, National
Association, to the Agent of all Mortgages delivered under the Existing Credit Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <B>Endorsements to Title Insurance Policies</B>. Endorsements to all title insurance policies
referred to in subclause (c)&nbsp;of item (4)&nbsp;of the Secured Borrowing Base Conditions previously issued
by the Title Insurance Company, reflecting Agent as the holder of the Mortgage insured under such
title insurance policy;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <B>Other Secured Borrowing Base Conditions</B>. With respect to all Mortgaged Property covered
by the Mortgages referred to in clause (2)&nbsp;above, evidence satisfactory to the Agent that all other
Secured Borrowing Base Conditions have been satisfied with respect to such Mortgaged Property; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <B>Costs and Expenses</B>. The Borrower shall have paid all costs and invoiced out-of-pocket
expenses of the Agent in connection with the execution and delivery of the documents and
instruments described in clauses (1)&nbsp;through (4)&nbsp;of this Section&nbsp;3.03, including, without
limitation, the reasonable fees and out-of-pocket expenses of counsel for the Agent; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <B>Other Documents</B>. Such other and further documents as any Lender or the Agent or its
counsel may have reasonably requested.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.04 </B><U><B>Conditions Precedent to All Loans</B></U>. The obligation of each Lender to make
each Loan (including, in the case of the Swing Line Lender, any Swing Line Loan) shall be subject
to the further conditions precedent that (except as hereinafter provided) on the date of such Loan:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The following statements shall be true and the Agent shall have received a certificate,
substantially in the form of the certificate attached hereto as <U>Exhibit&nbsp;D</U>, signed by a duly
authorized officer of the Borrower dated the date of such Loan, stating that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The representations and warranties contained in
Article&nbsp;IV of this Agreement are correct in all material respects on and
as of the date of such Loan as though made on and as of such date except
to the extent that any such representation or warranty is stated to relate
solely to an earlier date, in which case such representation or warranty
is correct in all material respects as of such earlier date; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No Default or Event of Default has occurred and is
continuing, or would result from such Loan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;The Agent shall have received such other approvals, opinions, or documents as any Lender
through the Agent may reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in the case of a Loan (provided for in Section&nbsp;2.21(d)) made to
repay a Swing Line Loan, the satisfaction of the foregoing conditions with respect to such Swing
Line Loan shall constitute satisfaction of such conditions with respect to the Loan made pursuant
to Section&nbsp;2.21(d) to repay such Swing Line Loan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.05 </B><U><B>Conditions Precedent to Facility Letters of Credit</B></U>. The obligations of
each Issuer to issue, amend or extend any Facility Letter of Credit shall be subject to the
conditions precedent set forth in Section&nbsp;2.22.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV<BR>
REPRESENTATIONS AND WARRANTIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower represents and warrants that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.01 </B><U><B>Incorporation, Formation, Good Standing, and Due Qualification</B></U>. The
Borrower, each Subsidiary, and each of the Guarantors is (in the case of a corporation) a
corporation duly incorporated or (in the case of a limited partnership) a limited partnership duly
formed or (in the case of a limited liability company) a limited liability company duly formed,
validly existing, and in good standing under the laws of the jurisdiction of its incorporation or
formation; has the power and authority to own its assets and to transact the business in which it
is now engaged or proposed to be engaged; and is duly qualified and in good standing under the laws
of each other jurisdiction in which such qualification is required, except where the failure to be
so qualified could not reasonably be expected to result in a Material Adverse Effect.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.02 </B><U><B>Power and Authority</B></U>. The execution, delivery and performance by the
Borrower and the Guarantors of the Loan Documents to which each is a party have been duly
authorized by all necessary corporate, partnership or limited liability company action, as the case
may be, and do not and will not (1)&nbsp;require any consent or approval of the stockholders of such
corporation, partners of such partnership or members of such limited liability company (except such
consents as have been obtained as of the date hereof); (2)&nbsp;contravene such corporation&#146;s charter or
bylaws, such partnership&#146;s partnership agreement or such limited liability company&#146;s articles or
certificate of formation or operating agreement; (3)&nbsp;violate, in any material respect, any
provision of any law, rule, regulation (including, without limitation, Regulations U and X of the
Board of Governors of the Federal Reserve System), order, writ, judgment, injunction, decree,
determination, or award presently in effect having applicability to such corporation, partnership
or limited liability company; (4)&nbsp;result in a breach of or constitute a default under any indenture
or loan or credit agreement or any other material agreement, lease, or instrument to which such
corporation, partnership or limited liability company is a party or by which it or its properties
may be bound or affected; (5)&nbsp;result in, or require, the creation or imposition of any Lien, upon
or with respect to any of the properties now owned or hereafter acquired by such corporation,
partnership or limited liability company, other than Liens securing the Obligations; and (6)&nbsp;cause
such corporation, partnership or limited liability company to be in default, in any material
respect, under any such law, rule, regulation, order, writ, judgment, injunction, decree,
determination, or award or any such indenture, agreement, lease or instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.03 </B><U><B>Legally Enforceable Agreement</B></U>. This Agreement is, and each of the other
Loan Documents when delivered under this Agreement will be legal, valid, and binding obligations of
the Borrower or each Guarantor, as the case may be, enforceable against the Borrower or each
Guarantor, as the case may be, in accordance with their respective terms, except to the extent that
such enforcement may be limited by applicable bankruptcy, insolvency, and other similar laws
affecting creditors&#146; rights generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.04 </B><U><B>Financial Statements</B></U>. The consolidated balance sheet of the Borrower and
its Subsidiaries as at March&nbsp;31, 2009, and the consolidated statements of operations, cash flow and
changes to stockholders&#146; equity of the Borrower and its Subsidiaries for the period of two fiscal
quarters ended March&nbsp;31, 2009, are complete and correct and fairly present as at such date the
financial condition of the Borrower and its Subsidiaries and the results of their operations for
the periods covered by such statements, all in accordance with GAAP consistently applied (subject
to the absence of footnotes and year-end adjustments), and since March&nbsp;31, 2009, there has been no
material adverse change in the condition (financial or otherwise), business, or operations of the
Borrower and its Subsidiaries. There are no liabilities of the Borrower or any Subsidiary, fixed
or contingent, which are material but are not reflected in the financial statements or in the notes
thereto, other than liabilities arising in the ordinary course of business since March&nbsp;31, 2009.
No information, exhibit, or report furnished by the Borrower to any Lender in connection with the
negotiation of this Agreement, taken together, contained any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">material misstatement of fact or omitted to state a material fact or any fact necessary to
make the statements contained therein not materially misleading.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.05 </B><U><B>Labor Disputes and Acts of God</B></U>. Neither the business nor the properties
of the Borrower or any Subsidiary or any Guarantor are affected by any fire, explosion, accident,
strike, lockout, or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or
of the public enemy, or other casualty (whether or not covered by insurance), materially and
adversely affecting such business or properties or the operation of the Borrower or such Subsidiary
or such Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.06 </B><U><B>Other Agreements</B></U>. Neither the Borrower nor any Significant Subsidiary
nor any Significant Guarantor is a party to any indenture, loan, or credit agreement, or to any
lease or other agreement or instrument or subject to any charter, corporate or other restriction
which could reasonably be expected to have a material adverse effect on the business, properties,
assets, operations, or conditions, financial or otherwise, of the Borrower or any Significant
Subsidiary or any Significant Guarantor, or the ability of the Borrower or any Significant
Guarantor to carry out its obligations under the Loan Documents to which it is a party. Neither
the Borrower nor any Significant Subsidiary nor any Significant Guarantor is in default in any
material respect in the performance, observance, or fulfillment of any of the obligations,
covenants, or conditions contained in any agreement or instrument material to its business to which
it is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.07 </B><U><B>Litigation</B></U>. Except as disclosed in <U>Schedule&nbsp;4.07</U> or
<U>Schedule&nbsp;4.14</U>, or reflected in or reserved for in the financial statements referred to in
Section&nbsp;4.04, there is no pending or, to the knowledge of the Borrower or any Guarantor, threatened
action or proceeding against or affecting the Borrower or any Significant Subsidiary or any
Significant Guarantor before any court, governmental agency, or arbitrator, which could reasonable
be expected, in any one case or in the aggregate, to materially adversely affect the financial
condition, operations, properties, or business of the Borrower or any Significant Subsidiary or any
Significant Guarantor or the ability of the Borrower or any Significant Guarantor to perform its
obligations under the Loan Documents to which it is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.08 </B><U><B>No Defaults on Outstanding Judgments or Orders</B></U>. Except for judgments
with respect to which the uninsured liability of the Borrower, each Significant Subsidiary and each
Significant Guarantor does not exceed $10,000,000 in the aggregate for all such judgments, (a)&nbsp;the
Borrower, each Significant Subsidiary and each Significant Guarantor have satisfied all judgments,
and (b)&nbsp;neither the Borrower nor any Significant Subsidiary nor any Significant Guarantor is in
default with respect to any judgment, writ, injunction, decree, ruling or order of any court,
arbitrator, or federal, state, municipal, or other governmental authority, commission, board,
bureau, agency, or instrumentality, domestic or foreign.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.09 </B><U><B>Ownership and Liens</B></U>. The Borrower and each Subsidiary and each Guarantor
have title to, or valid leasehold interests in, all of their respective properties and assets, real
and personal, including the properties and assets and leasehold interests reflected in the
financial statements referred to in Section&nbsp;4.04 (other than any properties or assets disposed of
in the ordinary course of business), and none of the properties and assets owned by the Borrower or
any Subsidiary or any Guarantor and none of their leasehold interests is subject to any Lien,
except such as may be permitted pursuant to Section&nbsp;6.01.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.10 </B><U><B>Subsidiaries and Ownership of Stock</B></U>. Set forth in <U>Schedule&nbsp;4.10</U>
hereto is a complete and accurate list, as of the date hereof, of the Subsidiaries of the Borrower,
showing the jurisdiction of incorporation or formation of each and showing the percentage of the
Borrower&#146;s ownership of the outstanding stock or partnership interest or membership interest of
each Subsidiary. All of the outstanding capital stock of each such corporate Subsidiary has been
validly issued, is fully paid and nonassessable, and is owned by the Borrower free and clear of all
Liens. The limited partnership agreement of each such limited partnership Subsidiary is in full
force and effect and has not been amended or modified, except for such amendments or modifications
as are delivered to the Agent under Section&nbsp;3.02. Each of the Guarantors is a Wholly-Owned
Subsidiary of the Borrower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.11 </B><U><B>ERISA</B></U>. The Borrower and each Subsidiary and each Guarantor are in
compliance in all material respects with all applicable provisions of ERISA. Neither a Reportable
Event nor a Prohibited Transaction has occurred and is continuing with respect to any Plan; no
notice of intent to terminate a Plan has been filed, nor has any Plan been terminated; no
circumstances exist which constitute grounds entitling the PBGC to institute proceedings to
terminate, or appoint a trustee to administer, a Plan, nor has the PBGC instituted any such
proceedings; neither the Borrower nor any Commonly Controlled Entity has completely or partially
withdrawn from a Multiemployer Plan under circumstances that could subject the Borrower or any
Subsidiary to material withdrawal liability; the Borrower and each Commonly Controlled Entity have
met their minimum funding requirements under ERISA with respect to all of their Plans and the
present value of all vested benefits under each Plan does not materially exceed the fair market
value of all Plan assets allocable to such benefits, as determined on the most recent valuation
date of the Plan and in accordance with the provisions of ERISA; and neither the Borrower nor any
Commonly Controlled Entity has incurred any material liability to the PBGC under ERISA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.12 </B><U><B>Operation of Business</B></U>. The Borrower, each Subsidiary and each Guarantor
possess all material licenses, permits, franchises, patents, copyrights, trademarks, and trade
names, or rights thereto, to conduct their respective businesses substantially as now conducted and
as presently proposed to be conducted and the Borrower and each of its Subsidiaries and each
Guarantor are not in violation of any valid rights of others with respect to any of the foregoing
where the failure to possess such licenses, permits, franchises, patents, copyrights, trademarks,
trade names or rights thereto or the violation of the valid rights of others
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with respect thereto could reasonably be expected to, in any one case or in the aggregate,
adversely affect in any material respect the financial condition, operations, properties, or
business of the Borrower or any Significant Subsidiary or any Significant Guarantor or the ability
of the Borrower or any Significant Guarantor to perform its obligation under the Loan Documents to
which it is a party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.13 </B><U><B>Taxes</B></U>. All federal and state income tax liabilities or income tax
obligations, and all other material income tax liabilities or material income tax obligations, of
the Borrower, each Subsidiary and each Guarantor have been paid or have been accrued by or reserved
for by the Borrower. The Borrower constitutes the parent of an affiliated group of corporations
for purposes of filing a consolidated United States federal income tax return.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.14 </B><U><B>Laws; Environment</B></U>. Except as disclosed in <U>Schedule&nbsp;4.14</U> hereto,
(a)&nbsp;the Borrower, each Subsidiary and each Guarantor have duly complied, and their businesses,
operations, assets, equipment, property, leaseholds, or other facilities are in compliance, in all
material respects, with the provisions of all federal, state, and local statutes, laws, codes, and
ordinances and all rules and regulations promulgated thereunder (including without limitation those
relating to the environment, health and safety), except where the failure to so comply could not
reasonably be expected to, in any one case or in the aggregate, adversely affect in any material
respect the financial condition, operations, properties or business of the Borrower or any
Subsidiary or the ability of the Borrower or any Guarantor to perform its obligations under the
Loan Documents to which it is a party; (b)&nbsp;the Borrower, each Subsidiary and each Guarantor have
been issued and will maintain all required federal, state, and local permits, licenses,
certificates, and approvals relating to (1)&nbsp;air emissions; (2)&nbsp;discharges to surface water or
groundwater; (3)&nbsp;noise emissions; (4)&nbsp;solid or liquid waste disposal; (5)&nbsp;the use, generation,
storage, transportation, or disposal of toxic or hazardous substances or hazardous wastes (intended
hereby and hereafter to include any and all such materials listed in any federal, state, or local
law, code, or ordinance and all rules and regulations promulgated thereunder as hazardous); or (6)
other environmental, health or safety matters, to the extent for any of the foregoing that failure
to maintain the same could reasonably be expected to, in any one case or in the aggregate,
adversely affect in any material respect the financial condition, operations, properties, or
business of the Borrower or any Significant Subsidiary or any Significant Guarantor or the ability
of the Borrower or any Significant Guarantor to perform its obligations under the Loan Documents to
which it is a party; (c)&nbsp;neither the Borrower nor any Subsidiary nor any Guarantor has received
notice of, or has actual knowledge of any violations of any federal, state, or local environmental,
health, or safety laws, codes or ordinances or any rules or regulations promulgated thereunder with
respect to its businesses, operations, assets, equipment, property, leaseholds, or other
facilities, which violation could reasonably be expected to, in any one case or in the aggregate,
adversely affect in any material respect the financial condition, operations, properties, or
business of the Borrower or any Significant Subsidiary or any Significant Guarantor or the ability
of the Borrower or any Significant Guarantor to perform its obligations under the Loan Documents to
which it is a party; (d)&nbsp;except in accordance with a valid
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">governmental permit, license, certificate or approval, there has been no material emission,
spill, release, or discharge into or upon (1)&nbsp;the air; (2)&nbsp;soils, or any improvements located
thereon; (3)&nbsp;surface water or groundwater; or (4)&nbsp;the sewer, septic system or waste treatment,
storage or disposal system servicing the premises, of any toxic or hazardous substances or
hazardous wastes at or from the premises, in each case related to the premises of the Borrower,
each Subsidiary and each Guarantor; and accordingly the premises of the Borrower, each Subsidiary
and each Guarantor have not been adversely affected, in any material respect, by any toxic or
hazardous substances or wastes; (e)&nbsp;there has been no complaint, order, directive, claim, citation,
or notice by any governmental authority or any person or entity with respect to material violations
of law or material damages by reason of Borrower&#146;s or any Subsidiary&#146;s (1)&nbsp;air emissions; (2)
spills, releases, or discharges to soils or improvements located thereon, surface water,
groundwater or the sewer, septic system or waste treatment, storage or disposal systems servicing
the premises; (3)&nbsp;noise emissions; (4)&nbsp;solid or liquid waste disposal; (5)&nbsp;use, generation,
storage, transportation, or disposal of toxic or hazardous substances or hazardous waste; or (6)
other environmental, health or safety matters affecting the Borrower, any Subsidiary or any
Guarantor or its business, operations, assets, equipment, property, leaseholds, or other
facilities; and (f)&nbsp;neither the Borrower nor any Subsidiary nor any Guarantor has any material
indebtedness, obligation, or liability, absolute or contingent, matured or not matured, with
respect to the storage, treatment, cleanup, or disposal of any solid wastes, hazardous wastes, or
other toxic or hazardous substances (including without limitation any such indebtedness,
obligation, or liability with respect to any current regulation, law, or statute regarding such
storage, treatment, cleanup, or disposal).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.15 </B><U><B>Investment Company Act</B></U>. Neither the Borrower nor any Subsidiary thereof
is an &#147;investment company&#148; or a company &#147;controlled&#148; by an &#147;investment company,&#148; within the meaning
of the Investment Company Act of 1940, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.16 </B><U><B>OFAC</B></U>. Neither Borrower nor any Guarantor is (or will be) a person with
whom any Lender is restricted from doing business under regulations of the Office of Foreign Asset
Control (&#147;OFAC&#148;) of the Department of the Treasury of the United States of America (including,
those Persons named on OFAC&#146;s Specially Designated and Blocked Persons list) or under any statute,
executive order (including, the September&nbsp;24, 2001 Executive Order Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or
other governmental action and is not and shall not engage in any dealings or transactions or
otherwise be associated with such persons. In addition, Borrower hereby agrees to provide to any
Lender with any additional information that such Lender deems necessary from time to time in order
to ensure compliance with all applicable Laws concerning money laundering and similar activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.17 </B><U><B>Accuracy of Information</B></U>. The representations and warranties by the
Borrower or any Guarantor contained herein or in any other Loan Document or made hereunder or in
any other Loan Document and the certificates, schedules, exhibits, reports or other
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">documents provided or to be provided by the Borrower or any Guarantor in connection with the
transactions contemplated hereby or thereby (including, without limitation, the negotiation of and
compliance with the Loan Documents), when taken together as a whole, do not contain and will not
contain a misstatement of a material fact or omit to state a material fact required to be stated
therein in order to make the statements contained therein, in the light of the circumstances under
which made, not materially misleading at the time such statements were made or are deemed made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.18 </B><U><B>Security Documents</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each of the Cash Collateral Agreement and the Collateral Agreement is effective until
release thereof permitted under this Agreement to create in favor of the Agent, for the benefit of
the Lenders, a legal, valid and enforceable security interest in the Collateral described therein
and proceeds thereof. In the case of the Collateral described in the Collateral Agreement, the
Collateral Agreement constitutes a fully perfected Lien on all right, title and interest of the
Borrower and the Guarantors in such Collateral (other than such Collateral in which a security
interest cannot be perfected by filing of a financing statement under the UCC as in effect at the
relevant time in the relevant jurisdiction) and the proceeds thereof, as security for the
Obligations (as defined in the Collateral Agreement), in each case prior and superior in right to
any other Person except Liens permitted under Section&nbsp;6.01(1) through (7). In the case of the
Collateral described in the Cash Collateral Agreement, the Cash Collateral Agreement constitutes a
fully perfected Lien on all right, title and interest of the Borrower and the Guarantors in such
Collateral and the proceeds thereof, as security for the Obligations (as defined in the Cash
Collateral Agreement), in each case prior and superior in right to any other Person.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon execution and delivery thereof until release thereof permitted under this Agreement,
each of the Mortgages is effective to create in favor of the Agent, for the benefit of the Lenders,
a legal, valid and enforceable Lien on the Mortgaged Properties described therein and proceeds
thereof, and when the Mortgages are filed in the appropriate recording offices, each such Mortgage
shall constitute a fully perfected Lien on, and security interest in, all right, title and interest
of Borrower and the Guarantors in the Mortgaged Properties and the proceeds thereof, as security
for the Obligations (as defined in the relevant Mortgage), in each case prior and superior in right
to any other Person (other than those exceptions to title set forth in the applicable title
insurance policy described in subclause (c)&nbsp;of item (4)&nbsp;of the Secured Borrowing Base Conditions
and other than Liens permitted pursuant to clause (g)&nbsp;of the definition of Mortgage Conditions or
Section&nbsp;6.01(7)).
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V<BR>
AFFIRMATIVE COVENANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any Note shall remain unpaid or any Facility Letter of Credit Obligations shall
remain outstanding or any Lender shall have any Commitment under this Agreement, the Borrower will
(unless otherwise agreed to by the Required Lenders in writing):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.01 </B><U><B>Maintenance of Existence</B></U>. Preserve and maintain, and cause each
Subsidiary to preserve and maintain (except for a Subsidiary that ceases to maintain its existence
solely as a result of an Internal Reorganization), its corporate, limited partnership or limited
liability company existence and good standing in the jurisdiction of its incorporation or formation
and qualify and remain qualified to transact business in each jurisdiction in which such
qualification is required except where the failure to so qualify to transact business could not
reasonably be expected to affect in any material respect the financial condition, operations,
properties or business of the Borrower or any Subsidiary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.02 </B><U><B>Maintenance of Records</B></U>. Keep and cause each Subsidiary to keep, adequate
records and books of account, in which complete entries will be made in accordance with GAAP
consistently applied, reflecting all financial transactions of the Borrower and its Subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.03 </B><U><B>Maintenance of Properties</B></U>. Maintain, keep, and preserve, and cause each
Subsidiary to maintain, keep, and preserve, all of its properties (tangible and intangible)
necessary or useful in the proper conduct of its business in good working order and condition,
ordinary wear and tear excepted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.04 </B><U><B>Conduct of Business</B></U>. Continue, and cause each Subsidiary to continue
(except in the case of a Subsidiary that ceases to engage in business solely as a result of an
Internal Reorganization), to engage in a business of the same general type and in the same manner
as conducted by it on the date of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.05 </B><U><B>Maintenance of Insurance</B></U>. Maintain, and cause each Subsidiary to
maintain, insurance with financially sound reputable insurance companies or associations (or, in
the case of insurance for construction warranties and builder default protection for buyers of
Housing Units from the Borrower or any of its Subsidiaries or UHIC) in such amounts and covering
such risks as are usually carried by companies engaged in the same or a similar business and
similarly situated, which insurance may provide for reasonable deductibility from coverage thereof.
In addition, if any structure on any Mortgaged Property is located in an area identified by the
Federal Emergency Management Agency as a special flood hazard area and in which flood insurance has
been made available under the National Flood Insurance Act of 1968, then the Borrower shall
maintain or cause its applicable Subsidiary to maintain, a policy of flood insurance as described
in subclause (c)&nbsp;of item (4)&nbsp;of the Secured Borrowing Base Conditions.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.06 </B><U><B>Compliance with Laws</B></U>. Comply, and cause each Subsidiary to comply, in
all material respects with all applicable laws, rules, regulations, and orders, the noncompliance
with which could not reasonably be expected to, in any one case or in the aggregate, adversely
affect in any material respect the financial condition, operations, properties or business of the
Borrower or any Subsidiary or the ability of the Borrower or any Guarantor to perform its
obligations under the Loan Documents to which it is a party, and such compliance to include,
without limitation, paying before the same become delinquent all taxes, assessments and
governmental charges imposed upon it or upon its property, other than any such taxes, assessments
and charges being contested by the Borrower in good faith which will not have a material adverse
effect on the financial condition of the Borrower; and with respect to the matters disclosed in
<U>Schedule&nbsp;4.14</U>, implement prudent measures to achieve compliance with all relevant laws and
regulations within a reasonable time and in accordance with requirements negotiated with applicable
regulatory agencies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.07 </B><U><B>Right of Inspection</B></U>. At any reasonable time and from time to time,
permit any Lender or any agent or representative thereof to examine and make copies of and
abstracts from the records and books of account of, and visit the properties of, the Borrower and
any Subsidiary, and to discuss the affairs, finances, and accounts of the Borrower and any
Subsidiary with any of their respective officers and directors and the Borrower&#146;s independent
accountants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.08 </B><U><B>Reporting Requirements</B></U>. Furnish to the Agent for delivery to each of the
Lenders:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <B>Quarterly financial statements</B>. As soon as available and in any event within fifty (50)
days after the end of each of the first three quarters of each fiscal year of the Borrower, an
unaudited condensed consolidated balance sheet of the Borrower and its Subsidiaries as of the end
of such quarter, unaudited condensed consolidated statements of operations and cash flow of the
Borrower and its Subsidiaries for the period commencing at the end of the previous fiscal year and
ending with the end of such quarter, and unaudited condensed consolidated statements of changes in
stockholders&#146; equity of the Borrower and its Subsidiaries for the portion of the fiscal year ended
with the last day of such quarter, all in reasonable detail and stating in comparative form the
respective figures for the corresponding date and period in the previous fiscal year and all
prepared in accordance with GAAP consistently applied and certified by the chief financial officer
of the Borrower (subject to year-end adjustments); the timely filing by the Borrower of the
Borrower&#146;s quarterly 10-Q report with the Securities and Exchange Commission shall satisfy the
foregoing requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <B>Annual financial statements</B>. As soon as available and in any event within ninety-five
(95)&nbsp;days after the end of each fiscal year of the Borrower, a consolidated balance sheet of the
Borrower and its Subsidiaries as of the end of such fiscal year, consolidated statements of
operations and cash flow of the Borrower and its Subsidiaries for such fiscal year,
</DIV>




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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and consolidated statements of changes in stockholders&#146; equity of the Borrower and its
Subsidiaries for such fiscal year, all in reasonable detail and stating in comparative form the
respective figures for the corresponding date and period in the prior fiscal year and all prepared
in accordance with GAAP consistently applied and accompanied by an opinion thereon acceptable to
the Agent by Deloitte &#038; Touche or other independent accountants selected by the Borrower and
acceptable to the Agent; the timely filing by the Borrower of the
Borrower&#146;s annual <font style="white-space: nowrap">10-K
report</font> with the Securities and Exchange Commission shall satisfy the foregoing requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &#091;Intentionally deleted.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) &#091;Intentionally deleted.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <B>Management letters</B>. Promptly upon receipt thereof, copies of any reports submitted to the
Borrower or any Subsidiary by independent certified public accountants in connection with
examination of the financial statements of the Borrower or any Subsidiary made by such accountants.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) &#091;Intentionally deleted.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <B>Compliance certificate</B>. Within fifty (50)&nbsp;days after the end of each of the first three
quarters, and within ninety-five (95)&nbsp;days after the end of each fourth quarter, of each fiscal
year of the Borrower, a certificate of the President or chief financial officer of the Borrower
certifying (a)&nbsp;the Borrower&#146;s compliance with all financial covenants including, without
limitation, those set forth in Section&nbsp;6.10 and Article&nbsp;VII hereof, which certificate shall set
forth in reasonable detail the computation thereof and (b)&nbsp;certifying that to the best of his
knowledge no Default or Event of Default has occurred and is continuing, or if a Default or Event
of Default has occurred and is continuing, a statement as to the nature thereof and the action
which is proposed to be taken with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) &#091;Intentionally deleted.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) &#091;Intentionally deleted.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <B>Notice of litigation</B>. Promptly after the commencement thereof, notice of all actions,
suits, and proceedings before any court or governmental department, commission, board, bureau,
agency, or instrumentality, domestic or foreign, affecting the Borrower or any Subsidiary which, if
determined adversely to the Borrower or such Subsidiary, would reasonably be expected to result in
a judgment against the Borrower or such Subsidiary in excess of $10,000,000 (to the extent not
covered by insurance) or would reasonably be expected to have a material adverse effect on the
financial condition, properties, or operations of the Borrower or such Subsidiary.
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <B>Notice of Defaults and Events of Default</B>. As soon as possible and in any event within
ten (10)&nbsp;days after the occurrence of each Default or Event of Default, a written notice setting
forth the details of such Default or Event of Default and the action which is proposed to be taken
by the Borrower with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <B>ERISA reports</B>. As soon as possible, and in any event within thirty (30)&nbsp;days after the
Borrower knows or has reason to know that any circumstances exist that constitute grounds entitling
the PBGC to institute proceedings to terminate a Plan subject to ERISA with respect to the Borrower
or any Commonly Controlled Entity, and promptly but in any event within two (2)&nbsp;Business Days of
receipt by the Borrower or any Commonly Controlled Entity of notice that the PBGC intends to
terminate a Plan or appoint a trustee to administer the same, and promptly but in any event within
five (5)&nbsp;Business Days of the receipt of notice concerning the imposition of withdrawal liability
in excess of $50,000 with respect to the Borrower or any Commonly Controlled Entity, the Borrower
will deliver to each Lender a certificate of the chief financial officer of the Borrower setting
forth all relevant details and the action which the Borrower proposes to take with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) &#091;Intentionally deleted.&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <B>Proxy statements, etc</B>. Promptly after the sending or filing thereof, copies of all proxy
statements, financial statements, and reports which the Borrower or any Subsidiary sends to its
stockholders, and copies of all regular, periodic, and special reports, and all registration
statements which the Borrower or any Subsidiary files with the Securities and Exchange Commission
or any governmental authority which may be substituted therefor, or with any national securities
exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) &#091;Intentionally deleted&#093;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) <B>General information</B>. Such other information respecting the condition or operations,
financial or otherwise, of the Borrower or any Subsidiary as any Lender may from time to time
reasonably request.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.09 </B><U>&#091;Intentionally Deleted&#093;</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.10 </B><U><B>Environment</B></U>. Be and remain, and cause each Subsidiary to be and remain,
in compliance with the provisions of all federal, state, and local environmental, health, and
safety laws, codes and ordinances, and all rules and regulations issued thereunder, except where
the failure to so comply could not reasonably be expected to, in any one case or in the aggregate,
adversely affect in any material respect the financial condition, operations, properties or
business of the Borrower or any Subsidiary or the ability of the Borrower or any Guarantor to
perform its obligations under the Loan Documents to which it is a party; with respect to matters
disclosed in <U>Schedule&nbsp;4.14</U>, implement prudent measures to achieve compliance with all
relevant
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">laws and regulations within a reasonable time and in accordance with requirements negotiated
with applicable regulatory agencies; notify the Agent promptly of any notice of a hazardous
discharge or environmental complaint received from any governmental agency or any other party (and
the Agent shall notify the Lenders promptly following its receipt of any such notice from the
Borrower); notify the Agent promptly of any hazardous discharge from or affecting its premises if
(i)&nbsp;the storage, treatment or cleanup of such hazardous discharge (all in accordance with
applicable laws and regulations) or (ii)&nbsp;the diminution in the value of the assets affected by such
hazardous discharge, is reasonably expected to exceed $10,000 (and the Agent shall notify the
Lenders promptly following its receipt of any such notice from the Borrower); promptly contain and
remove the same, in compliance with all applicable laws; promptly pay any fine or penalty assessed
in connection therewith; permit any Lender to inspect the premises, to conduct tests thereon, and
to inspect all books, correspondence, and records pertaining thereto; and at such Lender&#146;s request,
and at the Borrower&#146;s expense, provide a report of a qualified environmental engineer, satisfactory
in scope, form, and content to the Required Lenders, and such other and further assurances
reasonably satisfactory to the Required Lenders that the condition has been corrected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.11 </B><U><B>Use of Proceeds</B></U>. Use the proceeds of the Loans solely as provided in
Section&nbsp;2.13.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.12 </B><U><B>Ranking of Obligations</B></U>. Ensure that at all times its Obligations under
the Loan Documents shall be and constitute unconditional general obligations of the Borrower
ranking at least <U>pari passu</U> with all its other unsecured Debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.13 </B><U><B>Taxes</B></U>. Pay and cause each Subsidiary to pay when due all taxes,
assessments and governmental charges and levies upon it or its income, profits or property, except
those which are being contested in good faith by appropriate proceedings and with respect to which
adequate reserves have been set aside.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.14 </B>&#091;Intentionally Deleted&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.15 </B><U><B>New Subsidiaries</B></U>. Within fifty (50)&nbsp;days after the end of any fiscal
quarter of the Borrower during which any Person shall have become a Subsidiary, cause such
Subsidiary to (i)&nbsp;execute and deliver to the Agent, for the benefit of the Lenders, a Supplemental
Guaranty, (ii)&nbsp;become a Grantor under the Collateral Agreement by executing and delivering an
assumption agreement to the Collateral Agreement substantially in the form of Annex I thereto, and
(iii)&nbsp;deliver or cause to be delivered an opinion of counsel, certified copies of resolutions,
articles of incorporation or other formation documents, incumbency certificates and other documents
with respect to such Subsidiary and its Guaranty substantially similar to the documents delivered
pursuant to Section&nbsp;3.02 with respect to the Guarantors, all of which shall be reasonably
satisfactory to the Agent in form and substance; provided that if and so long as any such
Subsidiary has total assets the book value of which is not more than $5,000,000, the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Borrower shall not be required to comply with this Section. None of the Title Companies nor
UHIC nor BMC shall be required to deliver a Guaranty.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI<BR>
NEGATIVE COVENANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except during any period when the Cash Secured Option shall apply to the Facility, so long as
any Note shall remain unpaid or any Facility Letter of Credit Obligations shall remain outstanding
or any Lender shall have any Commitment under this Agreement, the Borrower and each Guarantor will
not (unless otherwise agreed to by the Required Lenders in writing):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.01 </B><U><B>Liens</B></U>. Create, incur, assume, or suffer to exist, or permit any
Subsidiary to create, incur, assume, or suffer to exist, any Lien, upon or with respect to any of
its properties, now owned or hereafter acquired, except the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Liens for taxes or assessments or other government charges or levies if not yet due and
payable or, if due and payable, if they are being contested in good faith by appropriate
proceedings and for which appropriate reserves are maintained;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Liens imposed by law, such as mechanics&#146;, materialmen&#146;s, landlords&#146;, warehousemen&#146;s, and
carriers&#146; Liens, and other similar Liens, securing obligations incurred in the ordinary course of
business which are not past due for more than ninety (90)&nbsp;days or which are being contested in good
faith by appropriate proceedings and for which appropriate reserves have been established;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;Liens under workers&#146; compensation, unemployment insurance, Social Security, or similar
legislation (other than Liens imposed by ERISA);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;Liens, deposits, or pledges to secure the performance of bids, tenders, contracts (other
than contracts for the payment of money), Capital Leases (permitted under the terms of this
Agreement), public or statutory obligations, surety, stay, appeal, indemnity, performance, or other
similar bonds, or other similar obligations arising in the ordinary course of business;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;Judgment and other similar Liens arising in connection with any court proceeding, provided
the execution or other enforcement of such Liens is effectively stayed and the claims secured
thereby are being actively contested in good faith and by appropriate proceedings;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;Easements, rights-of-way, restrictions (including zoning, building and land use
restrictions), restrictive covenants (including, without limitation, any Lien rights granted
pursuant to any recorded declaration of covenants, conditions and restrictions to any property
owners&#146; association or similar Person that has authority to impose and collect dues or
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">assessments), and other similar encumbrances which, in the aggregate, do not materially
interfere with the occupation, use, and enjoyment by the Borrower or any Subsidiary of the property
or assets encumbered thereby in the normal course of its business or materially impair the value of
the property subject thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;Liens in favor of a seller of Entitled Land, Lots Under Development or Finished Lots
requiring the Borrower or any Subsidiary to make a payment upon the future sale of such Entitled
Land, Lots Under Development or Finished Lots;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;Rights of repurchase and/or rights of first refusal in favor of sellers of property or
assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;Liens securing Secured Debt (A)&nbsp;permitted under clause (1)&nbsp;of Section&nbsp;6.02, but only to
the extent such Liens are limited to (i)&nbsp;Real Property that is not a Secured Borrowing Base Asset,
(ii)&nbsp;personal property rights arising solely from Real Property described in clause (A), and
(iii)&nbsp;Cash Equivalents not constituting Collateral, and (B)&nbsp;permitted under clause (2)&nbsp;of Section
6.02, but only to the extent such Liens are subordinated in the manner required under clause (2)&nbsp;of
Section&nbsp;6.02; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;Liens pursuant to the Security Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.02 </B><U><B>Secured Debt</B></U>. Create, incur, assume or suffer to exist, or permit any
Subsidiary to create, incur, assume or suffer to exist, any Secured Debt, except for:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Secured Debt in an aggregate principal amount outstanding at any one time not exceeding
(A)&nbsp;if no Secured Debt referred to in clause (2)&nbsp;of this Section&nbsp;6.02 is then outstanding, a
principal amount equal to $200,000,000 <U>minus</U> the Aggregate Commitments or (B)&nbsp;if Secured
Debt referred to in clause (2)&nbsp;of this Section&nbsp;6.02 is then outstanding, a principal amount equal
to $700,000,000 <U>minus</U> the then outstanding principal amount of such Secured Debt referred
to in clause (2)&nbsp;of this Section&nbsp;6.02 <U>minus</U> the Aggregate Commitments, and such Secured
Debt either:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is (i)&nbsp;Secured Debt the proceeds of which are used by the
Borrower and its Subsidiaries solely for working capital purposes and general
corporate purposes and (ii)&nbsp;secured only by Liens permitted under clause (9)(A)
of Section&nbsp;6.; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is Secured Debt of an entity acquired by Borrower or any of its
Subsidiaries after the Closing Date; <U>provided that</U>, (i)&nbsp;such Secured
Debt was in existence prior to the date of such Acquisition and was not
incurred in anticipation thereof and (ii)&nbsp;the Liens securing such Secured Debt
do not</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend to any other assets other than those theretofore encumbered by such
Liens; and</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Junior lien Secured Debt in an aggregate principal amount outstanding at any one time not
exceeding $700,000,000 <U>minus</U> the aggregate then outstanding principal amount of Secured
Debt described in clause (1)&nbsp;above; <U>provided that</U> (A)&nbsp;the Agent is granted first priority
Liens on all assets of the Borrower and its Subsidiaries granted to the holders of such junior Lien
Debt, other than assets encumbered by Liens described in clause (1)&nbsp;and clause (2)&nbsp;above, and (B)
Liens securing such Secured Debt shall be fully subordinated silent junior Liens subordinated to
all Liens securing the Obligations pursuant to an intercreditor agreement to be entered into
between the Agent and the agent or indenture trustee for such junior lien Secured Debt, which shall
be in form and substance satisfactory to the Agent and the Lenders in their respective sole and
absolute discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.03 </B><U><B>Mergers, Etc</B></U>. Wind up, liquidate or dissolve itself, reorganize, merge
or consolidate with or into, or convey, sell, assign, transfer, lease, or otherwise dispose of
(whether in one transaction or in a series of transactions) all or substantially all of its assets
(whether now owned or hereafter acquired) to any Person, or acquire all or substantially all the
assets or the business of any Person, or permit any Subsidiary to do so, except (1)&nbsp;for any
Permitted Acquisition, (2)&nbsp;that any Guarantor may merge into or transfer assets to the Borrower as
a result of an Internal Reorganization or otherwise and (3)&nbsp;that any Guarantor may merge into or
consolidate with or transfer assets to any other Guarantor as a result of an Internal
Reorganization or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.04 </B><U><B>Leases</B></U>. Create, incur, assume, or suffer to exist, or permit any
Subsidiary to create, incur, assume, or suffer to exist, any obligation as lessee for the rental or
hire of any real or personal property, except (1)&nbsp;Capital Leases not otherwise prohibited by the
terms of this Agreement; (2)&nbsp;leases existing on the date of this Agreement and any extension or
renewals thereof; (3)&nbsp;leases between the Borrower and any Subsidiary or between any Subsidiaries;
(4)&nbsp;operating leases entered into in the ordinary course of business; and (5)&nbsp;any lease of property
having a value of $500,000 or less.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.05 </B><U><B>Sale and Leaseback</B></U>. Sell, transfer or otherwise dispose of, or permit
any Subsidiary to sell, transfer, or otherwise dispose of, any real or personal property to any
Person and thereafter directly or indirectly lease back the same or similar property, except for
the sale and leaseback of model homes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.06 </B><U><B>Sale of Assets</B></U>. Sell, lease, assign, transfer, or otherwise dispose of,
or permit any Subsidiary to sell, lease, assign, transfer, or otherwise dispose of, any of its now
owned or hereafter acquired assets (including, without limitation, shares of stock and indebtedness
of subsidiaries, receivables, and leasehold interests), except (a)&nbsp;for (1)&nbsp;Inventory disposed of in
the ordinary course of business; (2)&nbsp;the sale or other disposition of assets no
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">longer used or useful in the conduct of its business, <U>provided that</U> the Borrower is in
compliance with Section&nbsp;2.01.2(b)(i) hereof and no Event of Default has occurred and is continuing;
or (3)&nbsp;the sale and leaseback of model homes; (b)&nbsp;that any Guarantor may sell, lease, assign, or
otherwise transfer its assets to the Borrower or any other Guarantor in connection with an Internal
Reorganization or otherwise; and (c)&nbsp;that the provisions of this Section&nbsp;6.06 shall not affect or
limit the Borrower&#146;s obligations under Section&nbsp;6.03.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.07 </B><U><B>Investments</B></U>. Make, or permit any Subsidiary to make, any loan or advance
to any Person, or purchase or otherwise acquire, or permit any Subsidiary to purchase or otherwise
acquire, any capital stock, assets (other than assets acquired in the ordinary course of business),
obligation, or other securities of, make any capital contribution to, or otherwise invest in or
acquire any interest in any Person including, without limitation, any hostile takeover, hostile
tender offer or similar hostile transaction (collectively, &#147;Investments&#148;), except:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;Cash Equivalents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;securities permitted as investments under the Borrower&#146;s investment policy in effect from
time to time and consented to by Required Lenders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;stock, obligation, or securities received in settlement of debts (created in the ordinary
course of business) owing to the Borrower or any Subsidiary provided such issuance is approved by
the board of directors of the issuer thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;a loan or advance from the Borrower to a Subsidiary, or from a Subsidiary to a Subsidiary,
or from a Subsidiary to the Borrower (subject, however, to the limitations set forth below in the
case of Investments in Subsidiaries that are not Guarantors);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;any Permitted Acquisition;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;an Investment in a Wholly-Owned Subsidiary, which Investment is, or constitutes a part of,
an Internal Reorganization (subject, however, to the limitations set forth below in the case of
Investments in Subsidiaries that are not Guarantors);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;redemptions and repurchases of senior Debt; <U>provided that</U> in each instance the
Borrower shall continue to be in compliance with the minimum liquidity covenant in Section&nbsp;7.04
immediately after giving effect to such redemption or repurchase;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;redemption and repurchases in respect of any subordinated Debt of Borrower or any of its
Wholly-Owned Subsidiaries; <U>provided that</U> in each instance the Borrower shall continue to be
in compliance with the minimum liquidity covenant in Section&nbsp;7.04 immediately after giving effect
to such redemption or repurchase;
</DIV>





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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;any redemption, repurchase, exchange or refinancing of Debt (A)&nbsp;in exchange for, or out of
the proceeds of the substantially concurrent issuance and sale of, equity interests (other than
Disqualified Stock), or (B)&nbsp;in exchange for, or out of the proceeds of the substantially concurrent
incurrence of, Refinancing Debt;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;Investments in Subsidiaries that are not Guarantors and Investments in Joint Ventures
(including Guarantees of Debt and other obligations of Joint Ventures);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;any other Investment not identified in clauses (1)&nbsp;though (9)&nbsp;above (subject; however, to
the limitations set forth below);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>provided, that</U> the aggregate amount of all Investments by the Borrower and its Subsidiaries
permitted under clauses (10)&nbsp;and (11)&nbsp;above and the contingent obligations under guaranties
permitted under clause (3)&nbsp;of Section&nbsp;6.08 below does not at any time exceed $100,000,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.08 </B><U><B>Guaranties, Etc</B></U>. Assume, guarantee, endorse, or otherwise be or become
directly or contingently responsible or liable, or permit any Subsidiary to assume, guarantee,
endorse, or otherwise be or become directly or contingently responsible or liable (including, but
not limited to, an agreement to purchase any obligation, stock, assets, goods, or services, or to
supply or advance any funds, assets, goods, or services, or an agreement to maintain or cause such
Person to maintain a minimum working capital or net worth or otherwise to assure the creditors of
any Person against loss), for obligations of any Person, except: (1)&nbsp;guaranties by endorsement of
negotiable instruments for deposit or collection or similar transactions in the ordinary course of
business; (2)&nbsp;guaranties of performance obligations in the ordinary course of business; (3)
guaranties of the Debt or other obligations of any Joint Venture or any Subsidiary that is not a
Guarantor, and (4)&nbsp;that the Borrower or any Subsidiary or any Guarantor may, whether as a result of
an Internal Reorganization or otherwise, guarantee the Debt of any other Subsidiary (other than any
Subsidiary that is not a Guarantor) or Guarantor or the Borrower permitted under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.09 </B><U><B>Transactions with Affiliates</B></U>. Enter into any transaction, including,
without limitation, the purchase, sale, or exchange of property or the rendering of any service,
with any Affiliate, or permit any Subsidiary to enter into any transaction, including, without
limitation, the purchase, sale, or exchange of property or the rendering of any service, with any
Affiliate, except in the ordinary course of and pursuant to the reasonable requirements of the
Borrower&#146;s or such Guarantor&#146;s or any Subsidiary&#146;s business and upon fair and reasonable terms no
less favorable to the Borrower or such Guarantor or any Subsidiary than would obtain in a
comparable arm&#146;s-length transaction with a Person not an Affiliate (which exception shall include
the payment of insurance premiums to UHIC for the purchase of construction warranties and builder
default protection for buyers of Housing Units from the Borrower or any of its Subsidiaries and to
the Title Companies for title insurance); <U>provided, however, that</U>, the following
transactions shall not be prohibited by this Section&nbsp;6.09: (i)&nbsp;transactions involving the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">purchase, sale or exchange of property having a value of $500,000 or less; (ii)&nbsp;transactions
otherwise permitted by this Agreement; (iii)&nbsp;the issuance of any equity interests (whether common
or preferred), other than Disqualified Stock, to Affiliates that are not officers or directors of
Borrower or any Guarantor; and (iv)&nbsp;the execution of customary agreements entered into with
shareholders relating to (x)&nbsp;registration rights and, related to such registration rights,
reasonable indemnification rights and reasonable cost reimbursements, (y)&nbsp;board observation rights
and (z)&nbsp;other provisions reasonably acceptable to the Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.10 </B>&#091;Intentionally Deleted&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.11 </B>&#091;Intentionally Deleted&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.12 </B><U><B>Non-Guarantors</B></U>. Permit UHIC to engage in any business other than the
issuance of construction warranties and builder default protection for buyers of Housing Units from
the Borrower or any of its Subsidiaries or permit any of the Title Companies to engage in any
business other than title insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.13 </B><U><B>Negative Pledge</B></U>. Directly or indirectly enter into any agreement with
any Person that prohibits or restricts or limits the ability of the Borrower or any Guarantor to
create, incur, pledge or suffer to exist any Lien upon any assets of the Borrower or any Guarantor
in favor of or for the benefit of the Agent for the benefit of the Lenders and the Issuers, as
contemplated by clause (2)&nbsp;of Section&nbsp;6.02 or as required to satisfy any condition of the Cash
Secured Option or with respect to any Facility Letter of Credit.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII<BR>
FINANCIAL COVENANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as any Note shall remain unpaid or any Facility Letter of Credit shall remain
outstanding or any Lender shall have any Commitment under this Agreement (unless otherwise agreed
to by the Required Lenders in writing):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.01 </B><U><B>Minimum Consolidated Tangible Net Worth</B></U>. The Borrower will, as of the
last day of each fiscal quarter, maintain a Consolidated Tangible Net Worth of not less than: (a)
during any time that the Cash Secured Option applies to the Facility, $1, and (b)&nbsp;during any time
that the Secured Borrowing Base Option applies to the Facility, $85,000,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.02 </B><U><B>Leverage Ratio</B></U>. The Borrower will not permit the Leverage Ratio to
exceed at any time (a)&nbsp;during any time that the Cash Secured Option applies to the Facility, 100.0
to 1.0, and (b)&nbsp;during any time that the Secured Borrowing Base Option applies to the Facility, 8.0
to 1.0.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.03 </B><U><B>Interest Coverage Ratio</B></U>. The Borrower shall maintain an Interest
Coverage Ratio of not less than (a)&nbsp;during any time that the Cash Secured Option applies to the
Facility, -10.0 to 1.0, and (b)&nbsp;during any time that the Secured Borrowing Base Option applies to
the Facility, -10.0 to 1.0.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.04 </B><U><B>Minimum Liquidity</B></U>. If, as of the last day of the fiscal quarter most
recently ended, the Interest Coverage Ratio is less than 2.0 to 1.0, the Borrower shall maintain
Unrestricted Cash not included in the Secured Borrowing Base in an amount of not less than
$120,000,000.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII<BR>
EVENTS OF DEFAULT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.01 </B><U><B>Events of Default</B></U>. If any of the following events shall occur:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;The Borrower shall fail to pay (a)&nbsp;the principal of any Note, or any amount of a
commitment or other fee, as and when due and payable or (b)&nbsp;interest on any Note within five (5)
Business Days after the same is due and payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;Any representation or warranty made or deemed made by the Borrower or by any Guarantor in
any Loan Document or which is contained in any certificate, document, opinion, or financial or
other statement furnished at any time under or in connection with this Agreement shall prove to
have been incorrect, incomplete, or misleading in any material respect on or as of the date made or
deemed made;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;The Borrower or any Guarantor shall fail to perform or observe any term, covenant, or
agreement contained in Articles V, VI or VII hereof, and such failure shall continue for a period
of thirty (30)&nbsp;consecutive days after delivery of written notice thereof from the Agent to the
Borrower or such Guarantor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;The Borrower or any Significant Subsidiary or any Significant Guarantor shall (a)&nbsp;fail to
pay (within the applicable cure period, if any) any amount in respect of indebtedness for borrowed
money equal to or in excess of $25,000,000 in the aggregate (other than the Notes) of the Borrower
or such Significant Subsidiary or such Significant Guarantor, as the case may be, or any interest
or premium thereon, when due (whether by scheduled maturity, required prepayment, acceleration,
demand, or otherwise); or (b)&nbsp;fail to perform or observe any term, covenant, or condition on its
part to be performed or observed (within the applicable cure period, if any) under any agreement or
instrument relating to any such indebtedness, when required to be performed or observed, if the
effect of such failure to perform or observe is to accelerate the maturity of such indebtedness, or
to permit the acceleration of the maturity of such indebtedness after the giving of notice or
passage of time, or both, and after giving effect to any amendment or waiver; or (c)&nbsp;any such
indebtedness shall be declared to be due and payable, or required to be
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prepaid (other than by a regularly scheduled required prepayment), repurchased (or an offer to
repurchase to be made) or redeemed prior to the stated maturity thereof (other than as otherwise
permitted under the terms of this Agreement);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;The Borrower or any Significant Subsidiary or any Significant Guarantor (a)&nbsp;shall
generally not pay, or shall be unable to pay, or shall admit in writing its inability to pay its
debts as such debts become due; or (b)&nbsp;shall make an assignment for the benefit of creditors, or
petition or apply to any tribunal for the appointment of a custodian, receiver, or trustee for it
or a substantial part of its assets; or (c)&nbsp;shall commence any proceeding under any bankruptcy,
reorganization, arrangement, readjustment of debt, dissolution, or liquidation law or statute of
any jurisdiction, whether now or hereafter in effect; or (d)&nbsp;shall have had any such petition or
application filed or any such proceeding commenced against it in which an order for relief is
entered or an adjudication or appointment is made and which remains undismissed for a period of
sixty (60)&nbsp;days or more; or (e)&nbsp;shall take any corporate partnership, limited liability company or
similar organizational action indicating its consent to, approval of, or acquiescence in any such
petition, application, proceeding, or order for relief or the appointment of a custodian, receiver,
or trustee for all or any substantial part of its properties; or (f)&nbsp;shall suffer any such
custodianship, receivership, or trusteeship to continue undischarged for a period of sixty (60)
days or more. If the Borrower is required to provide an amount of cash collateral pursuant to
Section&nbsp;2.22.15, such amount shall be returned to the Borrower from the Facility Letter of Credit
Collateral Account from time to time to the extent that no Event of Default is continuing and
either the amount deposited shall exceed the Defaulting Lender&#146;s Facility Letter of Credit
Obligations or if such Lender ceases to be a Defaulting Lender;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;One or more judgments, decrees, or orders for the payment of money in excess of
$25,000,000 in the aggregate shall be rendered against the Borrower and/or any Subsidiary and/or
any Guarantor, and such judgments, decrees, or orders shall continue unsatisfied and in effect for
a period of twenty (20)&nbsp;consecutive days without being vacated, discharged, satisfied, or stayed or
bonded pending appeal;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;Any Guaranty hereunder shall at any time after its execution and delivery and for any
reason cease to be in full force and effect or shall be declared null and void, or the validity or
enforceability thereof shall be contested by the Guarantor or the Guarantor shall deny it has any
further liability or obligation under, or shall fail to perform its obligations under, the Guaranty
(except to the extent that the foregoing occurs solely by reason of the liquidation or dissolution
of a Guarantor as a result of an Internal Reorganization);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;Any Change of Control of the Borrower or any Subsidiary or any Guarantor shall occur;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;Any of the following events shall occur or exist with respect to the Borrower, any
Subsidiary or any Commonly Controlled Entity under ERISA: any Reportable Event shall
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">occur; complete or partial withdrawal from any Multiemployer Plan shall take place; any
Prohibited Transaction shall occur; a notice of intent to terminate a Plan shall be filed, or a
Plan shall be terminated; or circumstances shall exist which constitute grounds entitling the PBGC
to institute proceedings to terminate a Plan, or the PBGC shall institute such proceedings; and in
each case above, such event or condition, together with all other events or conditions described in
this Section&nbsp;8.01(9), if any, could subject the Borrower or any Significant Guarantor or
Significant Subsidiary to any tax, penalty, or other liability which in the aggregate may exceed
$1,000,000;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;If any federal, state, or local agency asserts a material claim against the Borrower or
any Significant Guarantor or Significant Subsidiary and/or its assets, equipment, property,
leaseholds, or other facilities for damages or cleanup costs relating to a hazardous discharge or
an environmental complaint; <U>provided</U>, <U>however</U>, that such claim shall not constitute
a Default if, within fifteen (15)&nbsp;days of the occurrence giving rise to the claim, (a)&nbsp;the Borrower
can prove to the reasonable satisfaction of the Required Lenders that the Borrower has commenced
and is diligently pursuing either: (i)&nbsp;a cure or correction of the event which constitutes the
basis for the claim, and continues diligently to pursue such cure or correction, it being hereby
acknowledged by the Lenders that (with respect to the matters disclosed in <U>Schedule&nbsp;4.14</U>)
the Borrower&#146;s compliance with the covenants contained in Sections&nbsp;5.06 and 5.10 shall satisfy the
requirements of this clause (i), or (ii)&nbsp;proceedings for an injunction, a restraining order or
other appropriate emergent relief preventing such agency or agencies from asserting such claim,
which relief is granted within thirty (30)&nbsp;days of the occurrence giving rise to the claim and the
injunction, order, or emergent relief is not thereafter resolved or reversed on appeal or (iii)&nbsp;the
defense against the claim through action in a court or agency exercising jurisdiction over the
claim; and (b)&nbsp;in any of the foregoing events (except for the matters disclosed in <U>Schedule
4.14</U>, as to which no security is required), the Borrower has posted a bond, letter of credit,
or other security satisfactory in form, substance, and amount to the Required Lenders and the
agency or entity asserting the claim to secure the correction of the event which constitutes the
basis for the claim in accordance with applicable laws;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11)&nbsp;Except with respect to releases of Liens permitted under this Agreement, any of the
Security Documents shall cease, for any reason, to be in full force and effect, or any Loan Party
or any Affiliate of any Loan Party shall so assert, or any Lien created by any of the Security
Documents shall cease to be enforceable and of the same effect and priority purported to be created
thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12)&nbsp;Any Loan Party shall default in the observance or performance of any term, covenant or
agreement contained in the Cash Collateral Agreement, the Collateral Agreement or any Mortgage, and
such default shall continue unremedied for 30 consecutive days after the delivery of notice thereof
from the Agent to such Loan Party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then the following provisions shall apply:
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i)&nbsp;if any Event of Default described in Section&nbsp;8.01(5) occurs with respect to
the Borrower, the obligations of the Lenders to make Loans hereunder and the
obligation and power of the Issuers to issue Facility Letters of Credit shall
automatically terminate and the Obligations shall immediately become due and
payable without any election or action on the part of the Agent, any Issuer or
any Lender and, if at such time the Secured Borrowing Base Option is in effect,
the Borrower will be and become thereby unconditionally obligated, without any
further notice, act or demand, to pay to the Agent an amount in immediately
available funds, which funds shall be held in the Cash Collateral Account,
equal to the difference of (x)&nbsp;105% of the amount of Facility Letter of Credit
Obligations at such time, less (y)&nbsp;the amount on deposit in the Facility Letter
of Credit Collateral Account at such time which is free and clear of all rights
and claims of third parties and has not been applied against the Obligations
(such difference, the &#147;Collateral Shortfall Amount&#148;). If any other Event of
Default occurs, the Required Lenders (or the Agent with the consent of the
Required Lenders) may (a)&nbsp;terminate or suspend the obligations of the Lenders
to make Loans hereunder and the obligation and power of the Issuers to issue
Facility Letters of Credit, or declare the Obligations to be due and payable,
or both, whereupon the Obligations shall become immediately due and payable,
without presentment, demand, protest or notice of any kind, all of which the
Borrower hereby expressly waives, and (b)&nbsp;upon notice to the Borrower and in
addition to the continuing right to demand payment of all amounts payable under
this Agreement, make demand on the Borrower to pay, and the Borrower will,
forthwith upon such demand and without any further notice or act, pay to the
Agent the Collateral Shortfall Amount, which funds shall be deposited in the
Cash Collateral Account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(ii)&nbsp;If at any time while any Event of Default is continuing, the Agent
determines that the Collateral Shortfall Amount at such time is greater than
zero, the Agent may make demand on the Borrower to pay, and the Borrower will,
forthwith upon such demand and without any further notice or act, pay to the
Agent the Collateral Shortfall Amount, which funds shall be deposited in the
Cash Collateral Account.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(iii)&nbsp;The Agent may, at any time or from time to time after funds are deposited
in the Cash Collateral Account or the Facility Letter of Credit Collateral
Account, apply such funds to the payment of the Obligations and any other
amounts as shall from time to time have become due and payable by the Borrower
to the Lenders or the Issuer under the Loan Documents.</TD>
</TR>




</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(iv)&nbsp;At any time while any Event of Default is continuing, neither the Borrower
nor any Person claiming on behalf of or through the Borrower shall have any
right to withdraw any of the funds held in the Cash Collateral Account or the
Facility Letter of Credit Collateral Account. After all of the Obligations
have been indefeasibly paid in full and the Aggregate Commitment has been
terminated, any funds remaining in the Cash Collateral Account or the Facility
Letter of Credit Collateral Account shall be returned by the Agent to the
Borrower or paid to whomever may be legally entitled thereto at such time.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(v)&nbsp;If within 30&nbsp;days after acceleration of the maturity of the Obligations or
termination of the obligations of the Lenders to make Loans and the obligation
and power of the Issuer to issue Facility Letters of Credit hereunder as a
result of any Event of Default (other than any Event of Default as described in
Section&nbsp;8.01(5) with respect to the Borrower) and before any judgment or decree
for the payment of the Obligations due shall have been obtained or entered, the
Required Lenders (in their sole discretion) shall so direct, the Agent shall,
by notice to the Borrower, rescind and annul such acceleration and/or
termination.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(vi)&nbsp;Upon the occurrence and during the continuance of any Event of Default,
the Agent may exercise any and all remedies provided under any of the Security
Documents or otherwise provided by law.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.02 </B><U><B>Set Off</B></U>. Upon the occurrence and during the continuance of any Event of
Default, each Lender is hereby authorized at any time and from time to time, without notice to the
Borrower (any such notice being expressly waived by the Borrower), to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other
indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower
against any and all of the obligations of the Borrower now or hereafter existing under this
Agreement or any Note or Notes held by such Lender or any other Loan Document, irrespective of
whether or not the Agent or such Lender shall have made any demand under this Agreement or any Note
or Notes held by such Lender or such other Loan Document and although such obligations may be
unmatured. Each Lender agrees promptly to notify the Borrower (with a copy to the Agent) after any
such set-off and application, provided that the failure to give such notice shall not affect the
validity of such set-off and application. The rights of each Lender under this Section&nbsp;8.02 are in
addition to other rights and remedies (including, without limitation, other rights of set-off)
which each Lender may have.
</DIV>






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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX<BR>
AGENCY PROVISIONS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.01 </B><U><B>Authorization and Action</B></U>. Each Lender hereby irrevocably appoints and
authorizes the Agent to take such action as agent on its behalf and to exercise such powers under
this Agreement and the other Loan Documents as are delegated to the Agent by the terms hereof and
thereof, together with such powers as are reasonably incidental thereto. The duties of the Agent
shall be mechanical and administrative in nature and the Agent shall not by reason of this
Agreement or any other Loan Document be a trustee or fiduciary for any Lender or Issuer. The Agent
shall have no duties or responsibilities except those expressly set forth in this Agreement and the
other Loan Documents. As to any matters not expressly provided for by this Agreement or any other
Loan Document (including, without limitation, enforcement or collection of the Notes), the Agent
shall not be required to act or to refrain from acting except upon the instructions of the Required
Lenders or, to the extent required under Section&nbsp;10.01, all Lenders (and shall be fully protected
in so acting or so refraining from acting), and such instructions shall be binding upon all
Lenders, all Issuers and all holders of Notes; <U>provided</U>, <U>however</U>, that the Agent
shall not be required to take any action which exposes the Agent to personal liability or which is
contrary to this Agreement or applicable law. The Agent shall administer the Loan in the same
manner that it would administer a comparable loan held 100% for its own account. The Agent may
perform any of its duties under this Agreement and any other Loan Document by and through its
agents (which shall include any third party sub-agent or mortgage servicer).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.02 </B><U><B>Liability of Agent</B></U>. Neither the Agent nor any of its Affiliates or any
of their respective directors, officers, agents, employees or advisors shall be liable for any
action taken or omitted to be taken by it or them in good faith under or in connection with this
Agreement or any other Loan Document in the absence of its or their own gross negligence or willful
misconduct. Without limiting the generality of the foregoing, the Agent (1)&nbsp;may treat the payee of
any Note as the holder thereof until the Agent receives written notice of the assignment or
transfer thereof signed by such payee and in form satisfactory to the Agent; (2)&nbsp;may consult with
legal counsel (including counsel for the Borrower), independent public accountants and other
experts selected by it and shall not be liable for any action taken or omitted to be taken in good
faith by it in accordance with the advice of such counsel, accountants, or experts; (3)&nbsp;makes no
warranty or representation to any Lender and shall not be responsible to any Lender for any
statements, warranties, or representations made in or in connection with this Agreement; (4)&nbsp;shall
not have any duty to ascertain or to inquire as to the performance or observance of any terms,
covenants, or conditions of this Agreement on the part of the Borrower (other than the payment of
principal, interest and fees due hereunder), or to inspect the property (including the books and
records) of the Borrower; (5)&nbsp;shall not be responsible to any Lender for the due execution,
legality, validity, enforceability, genuineness, perfection, sufficiency or value of this Agreement
or any other instrument or document furnished pursuant hereto or the value, sufficiency, creation,
perfection or priority of any Lien in any collateral security; and (6)&nbsp;shall incur no liability
under or in respect of this Agreement by acting upon any notice, consent, certificate or other
instrument or writing (which may be sent by any telecommunication device capable of creating a
written
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">record (including electronic mail)) reasonably believed by it to be genuine and signed or sent
by the proper party or parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.03 </B><U><B>Rights of Agent Individually</B></U>. (a)&nbsp;The Person serving as the Agent shall
have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not the Agent and the term &#147;Lender&#148; or &#147;Lenders&#148; shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the
Agent in its individual capacity. Such Person and its Affiliates may accept deposits from, lend
money to, act as the financial advisor or in any other advisory capacity for and generally engage
in any kind of business with the Borrower or any of its Subsidiaries or other Affiliate thereof as
if such Person were not the Agent and without any duty to account therefor to the Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Lender and each Issuer understands that the Person serving as Agent, acting in its
individual capacity, and its Affiliates (collectively, the &#147;<U>Agent&#146;s Group</U>&#148;) are engaged in
a wide range of financial services and businesses (including investment management, financing,
securities trading, corporate and investment banking and research) (such services and businesses
are collectively referred to in this Section&nbsp;9.03 as &#147;<U>Activities</U>&#148;) and may engage in the
Activities with or on behalf of one or more of the Loan Parties or their respective Affiliates.
Furthermore, the Agent&#146;s Group may, in undertaking the Activities, engage in trading in financial
products or undertake other investment businesses for its own account or on behalf of others
(including the Loan Parties and their Affiliates and including holding, for its own account or on
behalf of others, equity, debt and similar positions in any of the Borrower, another Loan Party or
their respective Affiliates), including trading in or holding long, short or derivative positions
in securities, loans or other financial products of one or more of the Loan Parties or their
Affiliates. Each Lender and each Issuer understands and agrees that in engaging in the Activities,
the Agent&#146;s Group may receive or otherwise obtain information concerning the Loan Parties or their
Affiliates (including information concerning the ability of the Loan Parties to perform their
respective Obligations hereunder and under the other Loan Documents) which information may not be
available to any of the Lenders that are not members of the Agent&#146;s Group. None of the Agent nor
any member of the Agent&#146;s Group shall have any duty to disclose to any Lender or use on behalf of
the Lenders, and shall not be liable for the failure to so disclose or use, any information
whatsoever about or derived from the Activities or otherwise (including any information concerning
the business, prospects, operations, property, financial and other condition or creditworthiness of
any Loan Party or any Affiliate of any Loan Party) or to account for any revenue or profits
obtained in connection with the Activities, except that the Agent shall deliver or otherwise make
available to each Lender such documents as are expressly required by any Loan Document to be
transmitted by the Agent to the Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Lender and each Issuer further understands that there may be situations where members
of the Agent&#146;s Group or their respective customers (including the Loan Parties and their
Affiliates) either now have or may in the future have interests or take actions that may
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">conflict with the interests of any one or more of the Lenders (including the interests of the
Lenders hereunder and under the other Loan Documents). Each Lender and each Issuer agrees that no
member of the Agent&#146;s Group is or shall be required to restrict its activities as a result of the
Person serving as Agent being a member of the Agent&#146;s Group, and that each member of the Agent&#146;s
Group may undertake any Activities without further consultation with or notification to any Lender
or any Issuer. None of (i)&nbsp;this Agreement or any other Loan Document, (ii)&nbsp;the receipt by the
Agent&#146;s Group of information concerning the Loan Parties or their Affiliates (including information
concerning the ability of the Loan Parties to perform their respective Obligations hereunder and
under the other Loan Documents) or (iii)&nbsp;any other matter shall give rise to any fiduciary,
equitable or contractual duties (including without limitation any duty of trust or confidence)
owing by the Agent or any member of the Agent&#146;s Group to any Lender including any such duty that
would prevent or restrict the Agent&#146;s Group from acting on behalf of customers (including the Loan
Parties or their Affiliates) or for its own account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.04 </B><U><B>Independent Credit Decisions</B></U>. Each Lender and each Issuer acknowledges
that it has, independently and without reliance upon the Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender and each Issuer also acknowledges that it will,
independently and without reliance upon the Agent or any other Lender and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under this Agreement. The Agent shall promptly provide the Lenders
and Issuers with copies of all notices of default and other formal notices sent or received by the
Agent in accordance with Section&nbsp;10.02, any written notice relating to changes in the Borrower&#146;s
debt ratings received by the Agent from the Borrower or a ratings agency, any documents received by
the Agent pursuant to Section&nbsp;5.08 (except to the extent that the Borrower has furnished the same
directly to the Lenders) and any other documents or notices received by the Agent with respect to
this Agreement and requested in writing by any Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.05 </B><U><B>Indemnification</B></U>. The Lenders severally agree to indemnify the Agent and
each of its Affiliates, and each of their respective directors, officers, employees, agents and
advisors (to the extent not reimbursed by the Borrower and without limiting the obligation of the
Borrower to do so), in the proportion of their Pro Rata Shares, from and against any and all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever which may be imposed on, incurred by, or asserted
against the Agent or any of its Affiliates, or any of their respective directors, officers,
employees, agents and advisors, in any way relating to or arising out of this Agreement or the
other Loan Documents or any action taken or omitted by the Agent under this Agreement or the other
Loan Documents, <U>provided that</U> no Lender shall be liable for any portion of any of the
foregoing (i)&nbsp;resulting from the gross negligence or willful misconduct of the Agent or such
Affiliate, director, officer, employee, agent or advisor, (ii)&nbsp;on account of a strictly internal or
regulatory matter relating to the Agent (such as relating to legal lending limit violation by the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agent), or (iii)&nbsp;in connection with a breach of an agreement made by the Agent to a Lender
under this Agreement. Without limitation of the foregoing, each Lender severally agrees to
reimburse the Agent (to the extent not reimbursed by the Borrower and without limiting the
obligation of the Borrower to do so) promptly upon demand for such Lender&#146;s Pro Rata Share of any
reasonable out-of-pocket expenses (including fees) incurred by the Agent in connection with the
preparation, administration, or enforcement of, or legal advice in respect of rights or
responsibilities under, this Agreement or the other Loan Documents; <U>provided</U>,
<U>however</U>, that no Lender shall be required to reimburse the Agent for any such expenses
incurred (i)&nbsp;resulting from the Agent&#146;s gross negligence or willful misconduct, or (ii)&nbsp;in
connection with a breach of an agreement made by the Agent to a Lender under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.06 </B><U><B>Successor Agent</B></U>. (a)&nbsp;The Agent may resign at any time by giving at
least sixty (60)&nbsp;days&#146; prior written notice thereof to the Lenders and the Borrower and may be
removed at any time with or without cause by the Required Lenders. Upon any such resignation or
removal, the Required Lenders shall have the right to appoint a successor Agent, subject to Section
9.06(b). If no successor Agent shall have been so appointed by the Required Lenders, and shall
have accepted such appointment, within thirty (30)&nbsp;days after the retiring Agent&#146;s giving of notice
of resignation or the Required Lenders&#146; removal of the retiring Agent, then the retiring Agent may,
on behalf of the Lenders, appoint a successor Agent, which shall be a commercial bank or federal
savings bank organized under the laws of the United States of America or of any State thereof,
subject to Section&nbsp;9.06(b). Upon the acceptance of any appointment as Agent hereunder by a
successor Agent, such successor Agent shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring Agent, and the retiring Agent shall be
discharged from its duties and obligations under this Agreement. After any retiring Agent&#146;s
resignation or removal hereunder as Agent, the provisions of this Article&nbsp;IX shall inure to its
benefit as to any actions taken or omitted to be taken by it while it was Agent under this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The appointment of any successor Agent that is not a Lender shall, as long as no Event of
Default shall have occurred and be continuing, be subject to the prior written approval of the
Borrower, which approval shall not be unreasonably withheld or delayed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.07 </B><U><B>Sharing of Payments, Etc</B></U>. If any Lender shall obtain any payments
(whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on
account of any Note or Notes held by it in excess of its Pro Rata Share of payments on account of
the Notes obtained by all Lenders, such Lender shall purchase from the other Lenders such
participations in the Notes held by them as shall be necessary to cause such purchasing Lender to
share the excess payment ratably with each of the other Lenders, <U>provided</U>, <U>however</U>,
that if all or any portion of such excess payment is thereafter recovered from such purchasing
Lender, such purchase from each Lender shall be rescinded and each applicable Lender shall repay to
the purchasing Lender the purchase price to the extent of such recovery together with an amount
equal to such Lender&#146;s ratable share (according to the proportion of (1)&nbsp;the amount of such
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lender&#146;s required repayment to (2)&nbsp;the total amount so recovered from the purchasing Lender)
of any interest or other amount paid or payable by the purchasing Lender in respect of the total
amount so recovered. The Borrower agrees that any Lender so purchasing a participation from
another Lender pursuant to this Section&nbsp;9.07 may, to the fullest extent permitted by law, exercise
all its rights of payment (including the right of set-off) with respect to such participation as
fully as if such Lender were the direct creditor of the Borrower in the amount of such
participation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.08 </B><U><B>Withholding Tax Matters</B></U>. Each Lender which is a Non-United States Person
agrees to execute and deliver to the Agent for delivery to the Borrower, before the first scheduled
payment date in each year (and, in the case of a Lender that becomes a Lender hereunder by
assignment, before the first scheduled payment date following such assignment), two duly completed
copies of United States Internal Revenue Service Forms W-8BEN or W8ECI, or any successor forms, as
appropriate, properly completed and certifying that such Lender is entitled to receive payments
under this Agreement without withholding or deduction of United States federal taxes. Each Lender
which is a Non-United States Person represents and warrants to the Borrower and to the Agent that,
at the date of this Agreement, (i)&nbsp;its Lending Offices are entitled to receive payments of
principal, interest, and fees hereunder without deduction or withholding for or on account of any
taxes imposed by the United States or any political subdivision thereof and (ii)&nbsp;it is permitted to
take the actions described in the preceding sentence under the laws and any applicable double
taxation treaties of the jurisdictions specified in the preceding sentence. Each Lender which is a
Non-United States Person further agrees that, to the extent any form claiming complete or partial
exemption from withholding and deduction of United States federal taxes delivered under this
Section&nbsp;9.08 is found to be incomplete or incorrect in any material respect, such Lender shall
execute and deliver to the Agent a complete and correct replacement form.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.09 </B><U><B>Syndication Agents, Documentation Agents, Managing Agents or Co-Agents</B></U>.
None of the Lenders identified in this Agreement as a &#147;Syndication Agent,&#148; &#147;Documentation Agent,&#148;
&#147;Managing Agent&#148; or &#147;Co-Agent&#148; shall have any right, power, obligation, liability, responsibility
or duty under this Agreement other than those applicable to all Lenders as such. Without limiting
the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with
any Lender. Each Lender hereby makes the same acknowledgements with respect to such Lenders as it
makes with respect to the Agent in Section&nbsp;9.04.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X<BR>
MISCELLANEOUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.01 </B><U><B>Amendments, Etc</B></U>. No amendment, modification, termination, or waiver of
any provision of any Loan Document to which the Borrower is a party, nor consent to any departure
by the Borrower from any Loan Document to which it is a party, shall in any event be effective
unless the same shall be in writing and signed by the Required Lenders and the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Borrower, and then such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given; <U>provided</U>, <U>however</U>, that no amendment,
waiver or consent shall (a)&nbsp;unless in writing and signed by the Borrower and all of the Lenders do,
or have the effect of doing, any of the following: (1)&nbsp;increase the Commitments of the Lenders
(except for increases in the Aggregate Commitment in accordance with Section&nbsp;2.02.2;
<U>provided</U> that no such increase shall result in the Aggregate Commitment exceeding
$700,000,000) or subject the Lenders to any additional obligations; (2)&nbsp;reduce the principal of, or
interest on, the Notes or any fees (other than the Agent&#146;s fees) hereunder; (3)&nbsp;postpone any date
fixed for any payment of principal of or interest on, the Notes or any fees (other than the Agent&#146;s
fees) hereunder; (4)&nbsp;change the percentage of the Commitments or of the aggregate unpaid principal
amount of the Notes or the number of Lenders which shall be required for the Lenders or any of them
to take action hereunder (including, without limitation, any change in the percentage of Lenders
required to extend the Termination Date under the provisions of Section&nbsp;2.19; (5)&nbsp;release any
Significant Guarantor or (except as otherwise provided in Section&nbsp;8.01) release any sums held in
the Facility Letter of Credit Collateral Account; or (6)&nbsp;amend, modify or waive any provision of
the Guaranty, this Section&nbsp;10.01 or clause (i)&nbsp;of Section&nbsp;11.01; (b)&nbsp;unless in writing and signed
by the Agent in addition to the Lenders required herein to take such action, affect the rights or
duties of the Agent under any of the Loan Documents; (c)&nbsp;unless in writing and signed by the Swing
Line Lender and the Required Lenders, affect any provisions of this Agreement that relate to the
Swing Line Loans or otherwise affect the rights or duties of the Swing Line Lender; or (d)&nbsp;unless
in writing and signed by the Issuers and the Required Lenders, affect any of the provisions of this
Agreement that relate to the Facility Letters of Credit or otherwise affect the rights or duties of
any Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.02 </B><U><B>Notices, Etc</B></U>. (a)&nbsp;All notices, demands, requests, consents and other
communications provided for in this Agreement shall be given in writing, or by any
telecommunication device capable of creating a written record (including electronic mail), and
addressed to the party to be notified at its address for notices set forth on its signature page to
this Agreement or in the case of any subsequent Lender, in its Administrative Questionnaire, or at
such other address as shall be notified in writing (x)&nbsp;in the case of the Borrower and the Agent,
to the other parties and (y)&nbsp;in the case of all other parties, to the Borrower and the Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;All notices, demands, requests, consents and other communications described in Section
10.02(a) shall be effective (i)&nbsp;if delivered by hand, including any overnight courier service, upon
personal delivery, (ii)&nbsp;if delivered by mail, when deposited in the mails, (iii)&nbsp;if delivered by
posting to an Approved Electronic Platform, an Internet website or a similar telecommunication
device requiring that a user have prior access to such Approved Electronic Platform, website or
other device (to the extent permitted by Section&nbsp;10.02(d) to be delivered thereunder), when such
notice, demand, request, consent and other communication shall have been made generally available
on such Approved Electronic Platform, Internet website or similar device to the class of Person
being notified (regardless of whether any such Person must accomplish, and whether or not any such
Person shall have accomplished, any action prior to
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">obtaining access to such items, including registration, disclosure of contact information,
compliance with a standard user agreement or undertaking a duty of confidentiality) and such Person
has been notified in respect of such posting that a communication has been posted to the Approved
Electronic Platform, and (iv)&nbsp;if delivered by electronic mail or any other telecommunications
device, when transmitted to an electronic mail address (or by another means of electronic delivery)
as provided in Section&nbsp;10.02(a); <U>provided</U>, <U>however</U>, that notices and communications
to the Agent pursuant to Article&nbsp;II or Article&nbsp;IX shall not be effective until received by the
Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding Sections&nbsp;10.02(a) and (b) (unless the Agent requests that the provisions
of Sections&nbsp;10.02(a) and (b)&nbsp;be followed) and any other provision in this Agreement or any other
Loan Document providing for the delivery of any Approved Electronic Communication by any other
means, the Borrower shall deliver all Approved Electronic Communications to the Agent by properly
transmitting such Approved Electronic Communications in an electronic/soft medium in a format
acceptable to the Agent to oploanswebadmin@citigroup.com or such other electronic mail address (or
similar means of electronic delivery) as the Agent may notify to the Borrower. Nothing in this
clause (c)&nbsp;shall prejudice the right of the Agent or any Lender to deliver any Approved Electronic
Communication to the Borrower in any manner authorized in this Agreement or to request that the
Borrower effect delivery in such manner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Lender, each Issuer and the Borrower agree that the Agent may, but shall not be
obligated to, make the Approved Electronic Communications available to the Lenders and the Issuers
by posting such Approved Electronic Communications on IntraLinks&#153; or a substantially similar
electronic platform chosen by the Agent to be its electronic transmission system (the &#147;<U>Approved
Electronic Platform</U>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Although the Approved Electronic Platform and its primary web portal are secured with
generally-applicable security procedures and policies implemented or modified by the Agent from
time to time (including, as of the Closing Date, a dual firewall and a User ID/Password
Authorization System) and the Approved Electronic Platform is secured through a
single-user-per-deal authorization method whereby each user may access the Approved Electronic
Platform only on a deal-by-deal basis, each of the Lenders, the Issuers and the Borrower
acknowledges and agrees that the distribution of material through an electronic medium is not
necessarily secure and that there are confidentiality and other risks associated with such
distribution. In consideration for the convenience and other benefits afforded by such
distribution and for the other consideration provided hereunder, the receipt and sufficiency of
which is hereby acknowledged, each of the Lenders, the Issuers and the Borrower hereby approves
distribution of the Approved Electronic Communications through the Approved Electronic Platform and
understands and assumes the risks of such distribution.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;THE APPROVED ELECTRONIC PLATFORM AND THE APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED
&#147;AS IS&#148; AND &#147;AS AVAILABLE&#148;. NONE OF THE AGENT NOR ANY OF ITS AFFILIATES WARRANT THE ACCURACY,
ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC
PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED
ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS,
IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A
PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY THE AGENT IN CONNECTION WITH THE APPROVED ELECTRONIC COMMUNICATIONS OR THE
APPROVED ELECTRONIC PLATFORM.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Each of the Lenders, the Issuers and the Borrower agrees that the Agent may, but (except
as may be required by applicable law) shall not be obligated to, store the Approved Electronic
Communications on the Approved Electronic Platform in accordance with the Agent&#146;s
generally-applicable document retention procedures and policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.03 </B><U><B>No Waiver</B></U>. No failure or delay on the part of any Lender or the Agent
or the Issuer in exercising any right, power, or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any such right, power, or remedy preclude any
other or further exercise thereof or the exercise of any other right, power, or remedy hereunder.
The making of a Loan or issuance, amendment or extension of a Facility Letter of Credit
notwithstanding the existence of a Default or Event of Default shall not constitute any waiver or
acquiescence of such Default or Event of Default, and the making of any Loan or issuance, amendment
or extension of a Facility Letter of Credit notwithstanding any failure or inability to satisfy the
conditions precedent to such Loan or issuance, amendment or extension of a Facility Letter of
Credit shall not constitute any waiver or acquiescence with respect to such conditions precedent
with respect to any subsequent Loans or subsequent issuance, amendment or extension of a Facility
Letter of Credit. The rights and remedies provided herein are cumulative, and are not exclusive of
any other rights, powers, privileges, or remedies, now or hereafter existing, at law, in equity or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.04 </B><U><B>Costs, Expenses, and Taxes</B></U>. (a)&nbsp;The Borrower agrees to reimburse the
Agent for any reasonable costs, internal charges and out-of-pocket expenses (including reasonable
fees and time charges of attorneys for the Agent, which attorneys may be employees of the Agent)
paid or incurred by the Agent in connection with the preparation, negotiation, execution, delivery,
review, amendment, modification and administration of the Loan Documents. The Borrower also agrees
to reimburse the Agent, the Lenders and the Issuers for any reasonable costs, internal charges and
out-of-pocket expenses (including attorneys&#146; fees and time charges of attorneys for the Agent, the
Lenders and the Issuers which attorneys may be
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">employees of the Agent, the Lenders and the Issuers) paid or incurred by the Agent, the
Arrangers, any Lender or Issuer in connection with the collection of the Obligations and
enforcement of the Loan Documents, including during any workout or restructuring in respect of the
Loan Documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower shall pay any and all stamp and other taxes and fees payable or determined to
be payable in connection with the execution, delivery, filing, and recording of any of the Loan
Documents and the other documents to be delivered under any such Loan Documents, and agrees to hold
the Agent and each of the Lenders harmless from and against any and all liabilities with respect to
or resulting from any delay in paying or failing to pay such taxes and fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;All payments by the Borrower to or for the account of any Lender, Issuer or the Agent
hereunder or under any Note or Reimbursement Agreement shall be made free and clear of and without
deduction for any and all Taxes. If the Borrower shall be required by law to deduct any Taxes from
or in respect of any such payable hereunder to any Lender, Issuer or the Agent, upon notice from
the Agent to the Borrower (i)&nbsp;the sum payable shall be increased as necessary so that after making
all required deductions (including deductions applicable to additional sums payable under this
paragraph) such Lender, Issuer or the Agent (as the case may be) receives an amount equal to the
sum it would have received had no such deductions been made, (ii)&nbsp;the Borrower shall make such
deductions, (iii)&nbsp;the Borrower shall pay the full amount deducted to the relevant authority in
accordance with applicable law and (iv)&nbsp;the Borrower shall furnish to the Agent the original copy
of a receipt evidencing payment thereof within 30&nbsp;days after such payment is made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;This Section&nbsp;10.04 shall survive termination of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.05 </B><U><B>Integration</B></U>. This Agreement (including the Borrower&#146;s obligation to pay
the fees as provided in Section&nbsp;2.09(c) and the Fee Letter referred to therein) and the Loan
Documents contain the entire agreement between the parties relating to the subject matter hereof
and supersede all oral statements and prior writings with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.06 </B><U><B>Indemnity</B></U>. The Borrower hereby agrees to defend, indemnify, and hold
the Agent and each Lender and each of their respective Affiliates, and each of their respective
directors, officers, employees, agents and advisors (each an &#147;Indemnified Party&#148;) harmless from and
against all claims, damages, judgments, penalties, costs, and expenses (including reasonable
attorney fees and court costs now or hereafter arising from the aforesaid enforcement of this
clause) arising directly or indirectly from the activities of the Borrower and its Subsidiaries,
its predecessors in interest, or third parties with whom it has a contractual relationship, or
arising directly or indirectly from the violation of any environmental protection, health, or
safety law, whether such claims are asserted by any governmental agency or any other person, other
than claims, damages, judgments, penalties, costs and expenses arising as a result of any
Indemnified
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Party&#146;s willful misconduct or gross negligence as determined by a court of competent
jurisdiction by a final and nonappealable judgment. This indemnity shall survive termination of
this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.07 </B><U><B>CHOICE OF LAW</B></U>. THE LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAW
(OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.08 </B><U><B>Severability of Provisions</B></U>. Any provision of any Loan Document which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions of
such Loan Document or affecting the validity or enforceability of such provision in any other
jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.09 </B><U><B>Counterparts</B></U>. This Agreement may be executed in any number of
counterparts and by the different parties to this Agreement 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. Delivery of an executed counterpart of a signature page to this
Agreement by facsimile or other electronic image shall be effective as delivery of a manually
executed counterpart of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.10 </B><U><B>Headings</B></U>. Article and Section headings in the Loan Documents are
included in such Loan Documents for the convenience of reference only and shall not constitute a
part of the applicable Loan Documents for any other purpose.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.11 </B><U><B>CONSENT TO JURISDICTION</B></U>. (a)&nbsp;ANY LEGAL ACTION OR PROCEEDING WITH
RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF
NEW YORK SITTING IN THE CITY AND COUNTY OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE
SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER
HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE
JURISDICTION OF THE AFORESAID COURTS. THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY OBJECTION,
INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS,
THAT ANY OF THEM MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH
RESPECTIVE JURISDICTIONS.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;THE BORROWER IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN SUCH ACTION OR
PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY LOAN DOCUMENT BY THE MAILING
(BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID) OF COPIES OF SUCH PROCESS TO AN APPOINTED
PROCESS AGENT OR THE BORROWER AT ITS ADDRESS SPECIFIED IN SECTION 10.02. THE BORROWER AGREES THAT
A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING CONTAINED IN
THIS SECTION 10.11 SHALL AFFECT THE RIGHT OF THE AGENT OR ANY LENDER OR ISSUER TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW OR COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE
BORROWER OR ANY OTHER LOAN PARTY IN ANY OTHER JURISDICTION.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.12 </B><U><B>WAIVER OF JURY TRIAL</B></U>. THE BORROWER, THE AGENT EACH ISSUER AND EACH
LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL ACTION OR PROCEEDING INVOLVING, DIRECTLY OR
INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF,
RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.13 </B><U><B>Governmental Regulation</B></U>. Anything contained in this Agreement to the
contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in
violation of any limitation or prohibition provided by any applicable statute or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.14 </B><U><B>No Fiduciary Duty</B></U>. The relationship between the Borrower and the
Issuers and the Lenders and the Agent shall be solely that of borrower and lender. Neither the
Agent nor any Issuer or Lender shall have any fiduciary responsibilities to the Borrower. Neither
the Agent nor any Issuer or Lender undertakes any responsibility to the Borrower to review or
inform the Borrower of any matter in connection with any phase of the Borrower&#146;s business or
operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.15 </B><U><B>Confidentiality</B></U>. (a)&nbsp;Each of the Agent and the Lender Parties agree to
maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (a)&nbsp;to its respective Related Parties (it being understood that the Persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential), (b)&nbsp;to the extent requested by any regulatory authority
purporting to have jurisdiction over it (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c)&nbsp;to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d)&nbsp;to any other party hereto, (e)&nbsp;in
connection with the exercise of any remedies hereunder or under any other Loan Document, any action
or proceeding relating to this Agreement or any other Loan Document, the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">enforcement of rights hereunder or thereunder or any litigation or proceeding to which the
Agent or any Lender Party or any of its respective Affiliates may be a party, (f)&nbsp;subject to an
agreement containing provisions substantially the same as those of this Section&nbsp;10.15, to (i)&nbsp;any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
or obligations under this Agreement, (ii)&nbsp;any actual or prospective party (or its managers,
administrators, trustees, partners, directors, officers, employees, agents, advisors and other
representatives) surety, reinsurer, guarantor or credit liquidity enhancer (or their advisors) to
or in connection with any swap, derivative or other similar transaction under which payments are to
be made by reference to the Obligations or to the Borrower and its obligations or to this Agreement
or payments hereunder, (iii)&nbsp;to any rating agency when required by it, (iv)&nbsp;the CUSIP Service
Bureau or any similar organization, (g)&nbsp;with the consent of the Borrower or (h)&nbsp;to the extent such
Information (x)&nbsp;becomes publicly available other than as a result of a breach of this Section&nbsp;10.15
or (y)&nbsp;becomes available to the Agent, any Lender Party or any of their respective Affiliates on a
nonconfidential basis from a source other than the Borrower or any of its Subsidiaries. For
purposes of this Section&nbsp;10.15, &#147;Information&#148; means all information received from the Borrower or
any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their
respective businesses, other than any such information that is available to the Agent or any Lender
Party on a nonconfidential basis prior to disclosure by the Borrower or any of its Subsidiaries,
provided that, in the case of information received from the Borrower or any of its Subsidiaries
after the date hereof, such information shall be deemed confidential unless it is clearly
identified at the time of delivery as not being confidential. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied
with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential
information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Certain of the Lenders may enter into this Agreement and take or not take action hereunder
or under the other Loan Documents on the basis of information that does not contain material
non-public information with respect to the Borrower or any of its Subsidiaries or their securities
(&#147;Restricting Information&#148;). Other Lenders may enter into this Agreement and take or not take
action hereunder or under the other Loan Documents on the basis of information that may contain
Restricting Information. Each Lender Party acknowledges that United States federal and state
securities laws prohibit any person from purchasing or selling securities on the basis of material,
non-public information concerning the issuer of such securities or, subject to certain limited
exceptions, from communicating such information to any other Person. Neither the Agent nor any of
its Related Parties shall, by making any Communications (including Restricting Information)
available to a Lender Party, by participating in any conversations or other interactions with a
Lender Party or otherwise, make or be deemed to make any statement with regard to or otherwise
warrant that any such information or Communication does or does not contain Restricting Information
nor shall the Agent or any of its Related Parties be responsible or liable in any way for any
decision a Lender Party may make to limit or to not limit
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->96<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">its access to Restricting Information. In particular, none of the Agent nor any of its
Related Parties (i)&nbsp;shall have, and the Agent, on behalf of itself and each of its Related Parties,
hereby disclaims, any duty to ascertain or inquire as to whether or not a Lender Party has or has
not limited its access to Restricting Information, such Lender Party&#146;s policies or procedures
regarding the safeguarding of material, nonpublic information or such Lender Party&#146;s compliance
with applicable laws related thereto or (ii)&nbsp;shall have, or incur, any liability to the Borrower or
any of its Subsidiaries or any Lender Party or any of their respective Related Parties arising out
of or relating to the Agent or any of its Related Parties providing or not providing Restricting
Information to any Lender Party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Borrower agrees that (i)&nbsp;all Communications it provides to the Agent intended for
delivery to the Lender Parties whether by posting to the Approved Electronic Platform or otherwise
shall be clearly and conspicuously marked &#147;PUBLIC&#148; if such Communications do not contain
Restricting Information which, at a minimum, shall mean that the word &#147;PUBLIC&#148; shall appear
prominently on the first page thereof, (ii)&nbsp;by marking Communications &#147;PUBLIC,&#148; the Borrower shall
be deemed to have authorized the Agent and the Lender Parties to treat such Communications as
either publicly available information or not material information (although, in this latter case,
such Communications may contain sensitive business information and, therefore, remain subject to
the confidentiality undertakings of Section&nbsp;10.15(a)) for purposes of United States Federal and
state securities laws, (iii)&nbsp;all Communications marked &#147;PUBLIC&#148; may be delivered to all Lender
Parties and may be made available through a portion of the Approved Electronic Platform designated
&#147;Public Side Information,&#148; and (iv)&nbsp;the Agent shall be entitled to treat any Communications that
are not marked &#147;PUBLIC&#148; as Restricting Information and may post such Communications to a portion of
the Approved Electronic Platform not designated &#147;Public Side Information.&#148; Neither the Agent nor
any of its Affiliates shall be responsible for any statement or other designation by the Borrower
regarding whether a Communication contains or does not contain material non-public information with
respect to the Borrower or any of its Subsidiaries or their securities nor shall the Agent or any
of its Affiliates incur any liability to the Borrower or any of its Subsidiaries, any Lender Party
or any other Person for any action taken by the Agent or any of its Affiliates based upon such
statement or designation, including any action as a result of which Restricting Information is
provided to a Lender Party that may decide not to take access to Restricting Information. Nothing
in Section&nbsp;10.15(b) or this Section&nbsp;10.15(c) shall modify or limit a Lender Party&#146;s obligations
under Section&nbsp;10.15(a) with regard to Communications and the maintenance of the confidentiality of
or other treatment of Information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Lender Party acknowledges that circumstances may arise that require it to refer to
Communications that might contain Restricting Information. Accordingly, each Lender Party agrees
that it will nominate at least one designee to receive Communications (including Restricting
Information) on its behalf and identify such designee (including such designee&#146;s contact
information) on such Lender Party&#146;s Administrative Questionnaire. Each Lender Party agrees to
notify the Agent from time to time of such Lender Party&#146;s designee&#146;s
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">e-mail address to which notice of the availability of Restricting Information may be sent by
electronic transmission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Each Lender Party acknowledges that Communications delivered under this Agreement and
under the other Loan Documents may contain Restricting Information and that such Communications are
available to all Lender Parties generally. Each Lender Party that elects not to take access to
Restricting Information does so voluntarily and, by such election, acknowledges and agrees that the
Agent and other Lender Parties may have access to Restricting Information that is not available to
such electing Lender Party. None of the Agent nor any Lender Party with access to Restricting
Information shall have any duty to disclose such Restricting Information to such electing Lender
Party or to use such Restricting Information on behalf of such electing Lender Party, and shall not
be liable for the failure to so disclose or use, such Restricting Information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The provisions of this Section&nbsp;10.15 are designed to assist the Agent, the Lender Parties,
the Borrower and its Subsidiaries in complying with their respective contractual obligations and
applicable law in circumstances where certain Lender Parties express a desire not to receive
Restricting Information notwithstanding that certain Communications under this Agreement or under
the other Loan Documents or other information provided to the Lender Parties under this Agreement
or the other Loan Documents may contain Restricting Information. Neither the Agent nor any of its
Related Parties warrants or makes any other statement with respect to the adequacy of such
provisions to achieve such purpose nor does the Agent or any of its Related Parties warrant or make
any other statement to the effect that adherence to such provisions by the Borrower and its
Subsidiaries or by the Lender Parties will be sufficient to ensure compliance by the Borrower or
such Subsidiary or Lender Party with its contractual obligations or its duties under applicable law
in respect of Restricting Information and each Lender Party assumes the risks associated therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.16 </B><U><B>USA Patriot Act Notification</B></U>. Each Lender that is subject to the
requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October&nbsp;26,
2001)) (the &#147;Act&#148;) hereby notifies the Borrower that pursuant to the requirements of the Act, it is
required to obtain, verify and record information that identifies the Borrower, which information
includes the name and address of the Borrower and other information that will allow such Lender to
identify the Borrower in accordance with the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.17 </B><U><B>Register</B></U>. The Agent, acting for this purpose as an agent of the
Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered
to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitment of, and principal amount of the Loans and Facility Letter of Credit Obligations owing
to, each Lender pursuant to the terms hereof from time to time (the &#147;Register&#148;). The entries in
the Register shall be conclusive, absent manifest error, and the Borrower, the Agent, the Issuers
and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. The Register shall be available for inspection by the Borrower, the Issuers and any
Lender, at any reasonable time and from time to time upon reasonable prior notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.18 </B><U><B>Waiver of Consequential Damages, Etc</B></U>. To the fullest extent permitted
by applicable law, the no party hereto shall assert, and each such party hereby waives, any claim
against all other parties hereto, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or
as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated
hereby or thereby, the transactions contemplated hereby or thereby, any Loan or the use of the
proceeds thereof and any Facility Letter of Credit and the use thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI<BR>
BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;11.01 </B><U><B>Successors and Assigns</B></U>. The provisions of this Agreement and the other
Loan Documents shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including any Affiliate of an Issuer that
issues any Facility Letter of Credit), except that (i)&nbsp;the Borrower may not assign or otherwise
transfer any of its rights or obligations hereunder or under the other Loan Documents without the
prior written consent of each Lender (and any attempted assignment or transfer by the Borrower
without such consent shall be null and void) and (ii)&nbsp;no Lender may assign or otherwise transfer
its rights or obligations hereunder or under the other Loan Documents except in accordance with
this Article&nbsp;XI. Nothing in this Agreement, expressed or implied, shall be construed to confer
upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby (including any Affiliate of an Issuer that issues any Facility Letter of Credit) and
Participants (to the extent provided in Section&nbsp;11.03)) any legal or equitable right, remedy or
claim under or by reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;11.02 </B><U><B>Assignments</B></U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Subject to the conditions set forth in Section&nbsp;11.02(b), any Lender may assign to one or
more assignees all or a portion of its rights and obligations under this Agreement and the other
Loan Documents (including all or a portion of its Commitment and the Loans at the time owing to
it); provided that the written consents (which consents shall not be unreasonably withheld or
delayed) of the Agent and (unless an Event of Default has occurred and is continuing) the Borrower
shall be required prior to an assignment becoming effective with respect to an assignee which,
prior to such assignment, is not a Lender, an Affiliate of a Lender or an Approved Fund.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Assignments shall be subject to the following additional conditions:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each partial assignment shall be made as an assignment of a proportionate part
of all the assigning Lender&#146;s rights and obligations under this Agreement,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the parties to each assignment shall execute and deliver to the Agent an
Assignment and Assumption (&#147;Assignment and Assumption&#148;) in substantially the form of
<U>Exhibit&nbsp;F</U> hereto, together with a processing and recordation fee of $3,500; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the assignee, if it shall not be a Lender, shall deliver to the Agent an
Administrative Questionnaire.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee&#146;s completed Administrative Questionnaire (unless the assignee
shall already be a Lender hereunder), the processing and recordation fee referred to in Section
11.02(b)(ii) and any written consent to such assignment required by Section&nbsp;11.02(a), the Agent
shall accept such Assignment and Assumption and record the information contained therein in the
Register; <U>provided</U> that if either the assigning Lender or the assignee shall have failed to
make any payment required to be made by it pursuant to Section&nbsp;2.04(a), 2.21(d), 2.22.6(b) or 9.05,
the Agent shall have no obligation to accept such Assignment and Assumption and record the
information therein in the Register unless and until such payment shall have been made in full,
together with all accrued interest thereon. No assignment shall be effective for purposes of this
Agreement unless it has been recorded in the Register as provided in this paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;11.03 </B><U><B>Participations</B></U>. Any Lender may, without the consent of the Borrower,
the Agent, the Issuer or the Swing Line Lender, sell participations to one or more banks or other
entities (a &#147;Participant&#148;) in all or a portion of such Lender&#146;s rights and obligations under this
Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans
owing to it); <U>provided</U> that (i)&nbsp;such Lender&#146;s obligations under this Agreement and the
other Loan Documents shall remain unchanged, (ii)&nbsp;such Lender shall remain solely responsible to
the other parties hereto for the performance of such obligations, (iii)&nbsp;such Lender shall remain
the holder of any such Note for all purposes under the Loan Documents, (iv)&nbsp;all amounts payable by
the Borrower under this Agreement shall be determined as if such Lender had not sold participating
interests and (v)&nbsp;the Borrower, the Agent, the Issuer and the other Lenders shall continue to deal
solely and directly with such Lender in connection with such Lender&#146;s rights and obligations under
this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve
any amendment, modification or waiver of any provision of this Agreement; <I>provided </I>that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, modification or waiver that (i)&nbsp;forgives principal, interest
or fees (other than Agent&#146;s fees) or reduces the interest rate (other
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">than Agent&#146;s fees), (ii)&nbsp;postpones any date fixed for any regularly scheduled payment of
principal of, or interest or fees (other than Agent&#146;s fees) or (iii)&nbsp;releases any Significant
Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;11.04 </B><U><B>Pledge to Federal Reserve Bank</B></U>. Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender to a Federal Reserve Bank, and this Article shall not apply to any such
pledge or assignment of a security interest; <U>provided</U> that no such pledge or assignment of
a security interest shall release a Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;remainder of page intentionally left blank; signature pages follow&#093;</I>
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page to Amended and Restated Credit Agreement&#093;</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
respective officers thereunto duly authorized, as of the date first written.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BEAZER HOMES USA, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 46%"><U>Address for Notices</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 46%">1000 Abernathy Road<BR>
Suite&nbsp;1200<BR>
Atlanta, Georgia 30328<BR>
Attention: President<BR>
Tel: (770)&nbsp;829-3700<BR>
Fax: (770)&nbsp;481-0431

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">









</TABLE>
</DIV>
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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page to Amended and Restated Credit Agreement&#093;</I>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CITIBANK, N.A</B>., as the Agent and as a Lender,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Swing Line Lender and an Issuer<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 46%"><U>Address for Notices of Borrowings</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 46%">Citi Origination Operations<BR>
Global Loans Delaware<BR>
1615 Brett Road, Ops III<BR>
New Castle, DE 19720<BR>
Attn: Kisha Bailey<BR>
Tel: (302)&nbsp;894-6004<BR>
Fax:<BR>
Email: kisha.bailey@citi.com

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 46%"><U>Address for all other Notices</U>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 46%">Citibank, N.A.<BR>
Citi Markets and Banking<BR>
North America Investment Banking &#151; North<BR>
America Homebuilding<BR>
388 Greenwich Street<BR>
New York, NY 10013<BR>
Attn: Marni McManus<BR>
Tel: (212)&nbsp;816-7461<BR>
Fax: (646)&nbsp;291-1193<BR>
Email: marni.mcmanus@citi.com

</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;I
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">COMMITMENT SCHEDULE
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenders</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Commitment Percentage</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Commitment</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Citibank, N.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">22,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TOTAL
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">22,000,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;III
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GUARANTORS
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Guarantors are all of the Borrower&#146;s Subsidiaries listed on <U>Schedule&nbsp;4.10</U>,
<U>except</U> the following:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="97%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Security Title Insurance Company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">United Home Insurance Company, A Risk Retention Group</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ridings Development LLC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Capital Trust I</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;IV
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SECURED BORROWING BASE CONDITIONS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to assets to be included in the Secured Borrowing Base, satisfaction of the
following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the applicable Borrower and Guarantors which are Wholly Owned Subsidiaries of Borrower
shall have granted to the Agent, for the ratable benefit of the Lenders, a first priority perfected
security interest, and Lien, on any asset to be included in the calculation of the Secured
Borrowing Base, subject to Liens permitted by Section&nbsp;6.01(1) through (8)&nbsp;and Section&nbsp;9(B) and the
Liens that are exceptions to coverage in the applicable title insurance policy described in
subclause (c)&nbsp;of clause (4)&nbsp;below; <U>provided that</U>, with respect to any Lien permitted under
Section&nbsp;6.01(7), such Lien shall be in an amount less than ten percent (10%) of the gross sales
price of the applicable Mortgaged Property and in the case of profit sharing, deferred
consideration or similar agreement, or in the case of marketing agreements an amount that is
reasonable and customary in the industry and market;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;the Borrower shall have executed and delivered, or caused to be executed and delivered, at
the Borrower&#146;s sole cost and expense, any financing or continuation statements and such other
agreements, amendments, documents, assignments, statements or instruments, in each case in form and
substance satisfactory to the Agent, as may be reasonably necessary to evidence, perfect or
otherwise implement the Lien created by the Security Documents as collateral for the performance
and repayment of the Obligations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;the Agent shall have received Officer&#146;s Certificates setting forth the calculations set
forth in Exhibit&nbsp;G;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;in the case of any Mortgaged Property to be included in the Secured Borrowing Base, the
following conditions shall have been satisfied:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent shall have received a Mortgage with respect to each Mortgaged Property
encumbered by such Mortgage, executed and delivered by a duly authorized officer of each party
thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if requested by the Agent, the Agent shall have received, and the title insurance company
issuing the policy referred to in subclause (c)&nbsp;of this clause (4) (the &#147;<U>Title Insurance
Company</U>&#148;) shall have received, maps or plats or an as-built survey of the sites of the
Mortgaged Properties either certified to the Agent and the Title Insurance Company in a manner
satisfactory to them, dated a date reasonably satisfactory to the Agent and the Title Insurance
Company by an independent professional licensed land surveyor reasonably satisfactory to the Agent
and the Title Insurance Company or otherwise acceptable to the Title Insurance Company to induce
the Title Insurance Company to remove any survey exception from the policy referred to in
subclause (c)&nbsp;of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">this clause (4)&nbsp;or limit any such survey exception to reasonably acceptable matters shown
thereon and issue customary survey-dependent endorsements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent shall have received in respect of each Mortgaged Property a mortgagee&#146;s title
insurance policy (or policies) or marked up unconditional binder for such insurance, in each case
in form and substance reasonably satisfactory to the Agent; <U>provided that</U> no &#147;aggregation&#148;
or &#147;tie-in&#148; endorsement shall be required with respect to any such policy insuring a Mortgage dated
after the date of this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Agent shall have received evidence satisfactory to it that all premiums in respect of
each such policy referred to in subclause (c)&nbsp;of this clause (4), all charges for mortgage
recording tax, and all related expenses, if any, have been paid:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall have received a flood hazard determination certification from a third
party vendor acceptable to the Agent, which shall be in the form of the Federal Emergency
Management Agency &#147;Standard Flood Hazard Determination Form&#148; and shall provide that such vendor is
obligated to inform the Agent if at any time prior to the Termination Date there is a change in the
applicable National Flood Insurance Program map covering the location of such Mortgaged Property,
and if any structure on such Mortgaged Property is located in a Special Flood Hazard Area and in
which flood insurance has been made available under the National Flood Insurance Act of 1968, the
Agent shall have received (A)&nbsp;a policy of flood insurance with a financially sound and reputable
insurance company that (1)&nbsp;covers such Mortgaged Property that is encumbered by any Mortgage and
(2)&nbsp;provides coverage in an amount not less than the outstanding principal amount of the
indebtedness secured by such Mortgage that is reasonably allocable to such Mortgaged Property or
the maximum limit of coverage made available with respect to the particular type of property under
the National Flood Insurance Act of 1968, whichever is less, and (B)&nbsp;confirmation that the Borrower
has received the notice required pursuant to Section&nbsp;208(e)(3) of Regulation&nbsp;H of the Board;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall have received a copy of all recorded documents referred to, or listed as
exceptions to title in, the policy or policies referred to in subclause (c)&nbsp;of this clause (4)&nbsp;and
a copy of all other material documents affecting the Mortgaged Property;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Agent shall have received evidence that counterparts of the Mortgage referred to in
subclause (a)&nbsp;of this clause (4)&nbsp;has been filed in the offices that the Agent may reasonably deem
necessary or desirable in order to create a valid Lien on the property described therein in favor
of the Agent and evidence that all other actions that the Agent may reasonably deem necessary or
desirable in order to create valid and perfected first priority Liens on such Mortgaged Property
has been taken, subject to Liens permitted by Section&nbsp;6.01(1) through (9)&nbsp;to the extent such Liens
are senior in priority to the Lien created by such Mortgage by operation of law and Liens that are
exceptions to coverage in the title policies referred to in subclause (c)&nbsp;of this clause (4);
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Agent shall have received a letter of opinion of local counsel addressed to the Agent
and the Lenders in states in which the Mortgaged Property is located with respect to the
enforceability and validity of the Mortgages and any related fixture filings in form and substance
reasonably satisfactory to the Administrative Agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Agent shall have received an Acceptable Appraisal (the fees and expenses associated
with such Acceptable Appraisal to be paid by the Borrower in accordance with the terms of this
Agreement); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Agent shall have received an environmental assessment report, in form and substance
reasonably satisfactory to the Agent from an environmental consulting firm reasonably satisfactory
to the Agent (it being understood that in satisfaction of this subclause (j), the Agent shall
accept Phase I environmental reports which have been prepared no more than two years prior to the
date of delivery thereof or if any such report was prepared more than two years prior to the date
of delivery thereof, an environmental database update with respect thereto, so long as each such
report and update is in form and substance reasonably satisfactory to the Agent).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;in the case of any cash or Cash Equivalents to be included in the Secured Borrowing Base,
such cash and Cash Equivalents shall be held in the Cash Collateral Account.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;V
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">METROPOLITAN STATISTICAL AREAS
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>REGION/STATE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>MARKETS</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>West Region</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Arizona</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Phoenix</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD VALIGN="TOP"><DIV style="margin-left:30px; text-indent:-15px">California</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Los Angeles County, Orange County, Riverside and San Bernardino Counties, San Diego County, Ventura County, Sacramento, Kern County, Fresno</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nevada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Las Vegas</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">New Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Albuquerque</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Mid-Atlantic Region:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Maryland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Baltimore, Metro-Washington, DC</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Delaware</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">NJ/NY/PA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Central and Southern New Jersey, Bucks County, PA,  Orange County, NY</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD NOWRAP><DIV style="margin-left:30px; text-indent:-15px">Virginia/West Virginia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fairfax County, Loudoun County, Prince William County, West Virginia</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Florida Region:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Florida</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jacksonville, Fort Myers /Naples, Tampa/St. Petersburg, Orlando, Sarasota, Tallahassee</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Southeast Region:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Georgia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, Savannah</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">North Carolina</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charlotte, Raleigh/Durham, Greensboro</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="81%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>REGION/STATE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>MARKETS</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">South Carolina</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charleston, Columbia, Myrtle Beach</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nashville, TN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nashville</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Homebuilding Markets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Colorado</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denver, Colorado Springs</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Indiana</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indianapolis, Ft. Wayne</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Kentucky</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lexington</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ohio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Columbus, Cincinnati/Dayton</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Memphis, TN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Memphis</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Texas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dallas/Ft. Worth, Houston</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;4.07
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CLAIMS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investigations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Securities and Exchange Commission Investigation. </I>On May&nbsp;1, 2007, the Borrower received notice
that the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) was conducting an informal inquiry to
determine whether any person or entity related to the Borrower has violated federal securities
laws. On July&nbsp;23, 2007, the Borrower received a formal order of private investigation issued by
the SEC in this matter. In September&nbsp;2008, the Borrower reached a settlement with the SEC
concerning the SEC&#146;s investigation into matters that were the subject of the previous independent
investigation by the Borrower&#146;s Audit Committee, as more fully described in the Borrower&#146;s 2007
Form 10-K and other periodic filings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the settlement, the Borrower consented, without admitting or denying any wrongdoing, to a
cease and desist order requiring future compliance with certain provisions of the federal
securities laws and regulations. The settlement did not require the Borrower to pay a monetary
penalty and concluded the SEC&#146;s investigation into these matters with respect to the Borrower. In
the order, the SEC stated that in determining to accept the settlement, it considered both
remediation efforts undertaken by and cooperation from the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Resolutions of other Governmental Investigations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;1, 2009, the Borrower announced that it has resolved several previously-disclosed
governmental investigations. The Borrower has entered into a deferred prosecution agreement (&#147;DPA&#148;)
with the U.S. Attorney&#146;s Office for the Western District of North Carolina (&#147;the U.S. Attorney&#148;)
and a settlement agreement with the U.S. Department of Housing and Urban Development (&#147;HUD&#148;) and
the civil division of the Department of Justice. In addition, certain of the Borrower&#146;s
subsidiaries have entered into a settlement agreement with the North Carolina Real Estate
Commission (&#147;NCREC&#148;). Also, as previously disclosed, the Borrower announced that its subsidiary,
Beazer Mortgage Corporation (&#147;Beazer Mortgage&#148;), has entered into a settlement agreement with the
North Carolina Office of the Commissioner of Banks (&#147;OCOB&#148;), under which Beazer Mortgage consented,
without admitting the alleged violations, to the entry of a consent order which provides that
Beazer Mortgage will provide approximately $2.5&nbsp;million in restitution to certain borrowers in
respect of the alleged violations. The settlement agreement concludes the OCOB&#146;s investigation
into these matters with respect to Beazer Mortgage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Deferred Prosecution Agreement with the U.S. Attorney</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the DPA, the U.S. Attorney has agreed not to prosecute the Borrower in connection with the
matters that were the subject of the Audit Committee investigation and are set forth in a Bill of
Information filed with the United States District Court for the Western District of North
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Carolina,
provided that the Borrower satisfies its obligations under the DPA over the next 60&nbsp;months. The
term of the DPA may be less than 60&nbsp;months in the event certain conditions, as
described more fully in the DPA, are met. The DPA recognizes the cooperation of the Borrower, its
voluntary disclosure and its adoption of remedial measures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the DPA, in fiscal year 2009, the Borrower contributed $7.5&nbsp;million to a
restitution fund established to compensate those Beazer customers who can demonstrate that they
were injured by certain of the practices identified in the Bill of Information. For fiscal year
2010 the Borrower will contribute to the restitution fund the greater of $1.0&nbsp;million or an amount
equal to 4% of the Borrower&#146;s fiscal 2010 adjusted EBITDA as defined in the DPA. The Borrower&#146;s
liability in each of the fiscal years after 2010 will also be equal to 4% of the Borrower&#146;s
adjusted EBITDA through a portion of fiscal year 2014, unless extended as described below. Under
the terms of the DPA, the Borrower&#146;s total contributions to the restitution fund will not exceed
$50.0&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Settlement Agreement with HUD</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the settlement agreement with HUD and the civil division of the Department of
Justice, the Borrower made a payment in fiscal year 2009 of $4.0&nbsp;million to HUD to resolve civil
and administrative investigations. In addition, on the first anniversary of the agreement, the
Borrower will make a $1.0&nbsp;million payment to HUD.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the amounts paid into the restitution fund with the U.S. Attorney do not reach $48.0&nbsp;million at
the end of 60&nbsp;months, the restitution fund term will be extended using the adjusted EBITDA formula
until the earlier of an additional 24&nbsp;months or the time the Borrower&#146;s contribution reaches $48.0
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amounts paid to the U.S. Attorney for contribution into the restitution fund and payments to
HUD do not include the $2.5&nbsp;million contributed to resolve the investigation by the North Carolina
Office of the Commissioner of Banks (&#147;OCOB&#148;) which was previously announced by the Borrower in May
2009, although this amount will be counted as part of the Borrower&#146;s maximum obligation to the
restitution fund.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Agreement with NCREC</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to the NCREC, Beazer/Squires Realty, Inc. (&#147;Beazer/Squires&#148;) and Beazer Homes Corp.
each has agreed to the entry of a consent order regarding violations of certain North Carolina
statutes. Under the respective consent orders, the NCREC agreed that a reprimand of these entities
would not be issued as long as such entities completed certain remedial measures and that the
broker license held by Beazer/Squires is revoked. The broker license held by Beazer/Squires has
been on inactive status since October&nbsp;2007. There is no monetary payment by the Borrower or its
subsidiaries under either of the consent orders. The consent orders conclude the investigation by
the NCREC into these matters with respect to the Borrower.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Litigation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Securities Class&nbsp;Action</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower and certain of its current and former officers (the &#147;Individual Defendants&#148;), as
well as its Independent Registered Accounting Firm, are named as defendants in putative class
action securities litigation pending in the United States District Court for the Northern District
of Georgia. Three separate complaints were initially filed between March&nbsp;29 and May&nbsp;21, 2007. The
cases were subsequently consolidated by the court and the court appointed Glickenhaus &#038; Co. and
Carpenters Pension Trust Fund for Northern California as lead plaintiffs. On June&nbsp;27, 2008, lead
plaintiffs filed an Amended and Consolidated Class&nbsp;Action Complaint for Violation of the Federal
Securities Laws (&#147;Consolidated Complaint&#148;), which purports to assert claims on behalf of a class of
persons and entities that purchased or acquired the securities of the Borrower during the period
January&nbsp;27, 2005 through May&nbsp;12, 2008. The Consolidated Complaint asserts a claim against the
defendants under Section 10(b) of the Securities Exchange Act of 1934 (&#147;Exchange Act&#148;) and
Rule&nbsp;10b-5 promulgated thereunder for allegedly making materially false and misleading statements
regarding its business and prospects, including, among other things, alleged misrepresentations and
omissions related to alleged improper lending practices in its mortgage origination business,
alleged misrepresentations and omissions related to improper revenue recognition and other
accounting improprieties and alleged misrepresentations and omissions concerning its land
investments and inventory. The Consolidated Complaint also asserts claims against the Individual
Defendants under Sections 20(a) and 20A of the Exchange Act. Lead plaintiffs seek a determination
that the action is properly maintained as a class action, an unspecified amount of compensatory
damages and costs and expenses, including attorneys&#146; fees. On November&nbsp;3, 2008, the Borrower and
the other defendants filed motions to dismiss the Consolidated Complaint. Briefing of the motion
was completed in March&nbsp;2009. The Borrower reached an agreement with lead plaintiffs to settle the
lawsuit. Under the terms of the proposed settlement, the lawsuit will be dismissed with prejudice,
and the Borrower and all other defendants do not admit any liability and will receive a full and
complete release of all claims asserted against them in the litigation, in exchange for the payment
of an aggregate of $30.5&nbsp;million. The monetary payment to be made on behalf of the Borrower and the
individual defendants will be funded from insurance proceeds. As a result, there will be no
financial contribution by the Borrower. The agreement is subject to court approval.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Derivative Shareholder Actions</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the Borrower&#146;s current and former officers and directors were named as defendants in a
derivative shareholder suit filed on April&nbsp;16, 2007 in the United States District Court for the
Northern District of Georgia. The complaint also names the Borrower as a nominal defendant. The
complaint, purportedly on behalf of the Borrower, alleges that the defendants (i)&nbsp;violated Section
10(b) of the Exchange Act and Rule&nbsp;10b-5 promulgated thereunder; (ii)&nbsp;breached their fiduciary
duties and misappropriated information; (iii)&nbsp;abused their control; (iv)&nbsp;wasted corporate assets;
and (v)&nbsp;were unjustly enriched. Plaintiffs seek an unspecified amount of compensatory damages
against the individual defendants and in favor of the Borrower. An additional lawsuit was filed
subsequently on August&nbsp;29, 2007 in the United States District Court for the Northern
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">District of
Georgia asserting similar factual allegations. The two Georgia derivative actions have been
consolidated, and the plaintiffs have filed an amended, consolidated complaint. On November&nbsp;21,
2008, the Borrower and the other defendants filed motions to dismiss the amended consolidated
complaint. Briefing of the motion was completed in February&nbsp;2009. The defendants intend to
vigorously defend against these actions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>ERISA Class&nbsp;Actions</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;30, 2007, a putative class action complaint was filed on behalf of a purported class
consisting of present and former participants and beneficiaries of the Beazer Homes USA, Inc.
401(k) Plan. The complaint was filed in the United States District Court for the Northern District
of Georgia. The complaint alleges breach of fiduciary duties, including those set forth in the
Employee Retirement Income Security Act (&#147;ERISA&#148;), as a result of the investment of retirement
monies held by the 401(k) Plan in common stock of the Borrower at a time when participants were
allegedly not provided timely, accurate and complete information concerning the Borrower. Four
additional lawsuits were filed subsequently on May&nbsp;11, 2007, May&nbsp;14, 2007, June&nbsp;15, 2007 and July
27, 2007 in the United States District Court for the Northern District of Georgia making similar
allegations. The court consolidated these five lawsuits, and on June&nbsp;27, 2008, the plaintiffs filed
a consolidated amended complaint. The consolidated amended complaint names as defendants the
Borrower, its chief executive officer, certain current and former directors of the Borrower,
including the members of the Compensation Committee of the Board of Directors, and certain
employees of the Borrower who acted as members of the Borrower&#146;s 401(k) Committee. On October&nbsp;10,
2008, the Borrower and the other defendants filed a motion to dismiss the consolidated amended
complaint. Briefing of the motion was completed in January&nbsp;2009. The Borrower intends to vigorously
defend against these actions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Homeowners Class&nbsp;Action Lawsuits and Multi-Plaintiff Lawsuit</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A putative class action was filed on April&nbsp;8, 2008 in the United States District Court for the
Middle District of North Carolina, Salisbury Division, against the Borrower, Beazer Homes Corp. and
Beazer Mortgage Corporation. The Complaint alleges that Beazer violated the Real Estate Settlement
Practices Act (&#147;RESPA&#148;) and North Carolina Gen. Stat. &#167; 75-1.1 by (1)&nbsp;improperly requiring
homebuyers to use Beazer-owned mortgage and settlement services as part of a down payment
assistance program, and (2)&nbsp;illegally increasing the cost of homes and settlement services sold by
Beazer Homes Corp. The purported class consists of all residents of North Carolina who purchased a
home from Beazer, using mortgage financing provided by and through Beazer that included
seller-funded down payment assistance, between January&nbsp;1, 2000 and October&nbsp;11, 2007. The Complaint
demands an unspecified amount of damages, equitable relief, treble damages, attorneys&#146; fees and
litigation expenses. The defendants moved to dismiss the Complaint on June&nbsp;4, 2008. On July&nbsp;25,
2008, in lieu of a response to the motion to dismiss, plaintiff filed an amended complaint. The
Borrower has moved to dismiss the amended complaint and intends to vigorously defend against this
action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes Corp. and Beazer Mortgage Corporation are also named defendants in a lawsuit filed on
July&nbsp;3, 2007, in the General Court of Justice, Superior Court Division, County of
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mecklenburg,
North Carolina. The case was removed to the U.S. District Court for the Western District of North
Carolina, Charlotte Division, but remanded on April&nbsp;23, 2008 to the General Court of Justice,
Superior Court Division, County of Mecklenburg, North Carolina. The complaint was filed on behalf
of ten individual homeowners who purchased homes from certain subsidiaries of the Borrower in
Mecklenburg County. The complaint alleges certain deceptive conduct by the defendants and brings
various claims under North Carolina statutory and common law, including a claim for punitive
damages. On June&nbsp;27, 2008 a second amended complaint, which added two plaintiffs to the lawsuit,
was filed. The case has been designated as
&#147;exceptional&#148; pursuant to Rule&nbsp;2.1 of the General Rules of Practice of the North Carolina Superior
and District Courts and has been assigned to the docket of the North Carolina Business Court. The
Borrower filed a motion to dismiss on July&nbsp;30, 2008. On November&nbsp;18, 2008, the plaintiffs filed a
third amended complaint. The Borrower filed a motion to dismiss the third amended complaint on
December&nbsp;29, 2008. The Borrower intends to vigorously defend against this action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two of the Borrower&#146;s subsidiaries, Beazer Homes Holdings Corp. and Beazer Mortgage Corporation,
were named as defendants in a putative class action lawsuit originally filed on March&nbsp;12, 2008, in
the Superior Court of the State of California, County of Placer. The lawsuit was amended on June&nbsp;2,
2008 and named as defendants Beazer Homes Holdings Corp., the Borrower, and Security Title
Insurance Company. The purported class is defined as all persons who purchased a home from the
defendants or their affiliates, with the assistance of a federally related mortgage loan, from
March&nbsp;25, 1999 to the present where Security Title Insurance Company received any money as a
reinsurer of the transaction. The complaint alleges that the defendants violated RESPA and asserts
claims under a number of state statutes alleging that defendants engaged in a uniform and
systematic practice of giving and/or accepting fees and kickbacks to affiliated businesses
including affiliated and/or recommended title insurance companies. The complaint also alleges a
number of common law claims. Plaintiffs seek an unspecified amount of damages under RESPA,
unspecified statutory, compensatory and punitive damages and injunctive and declaratory relief, as
well as attorneys&#146; fees and costs. Defendants removed the action to federal court. On November&nbsp;26,
2008, plaintiffs filed a Second Amended Complaint which substituted new named-plaintiffs. The
Borrower filed a motion to dismiss the Second Amended Complaint. The federal court granted the
Borrower&#146;s motion to dismiss the Second Amended Complaint. The federal court dismissed the sole
federal claim, declined to rule on the state law claims, and remanded the case to the Superior
Court of California, Placer County, where the Borrower&#146;s motion to dismiss the state law claims is
now pending. The Borrower intends to continue to vigorously defend against the action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Trinity Claims</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower and certain of its subsidiaries have been and continue to be named as defendants in
various construction defect claims, complaints and other legal actions that include claims related
to moisture intrusion. The Borrower has experienced a significant number of such claims in its East
region and particularly with respect to homes built by Trinity, a subsidiary which was acquired in
the Crossmann acquisition in 2002.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of June&nbsp;30, 2009, there were four (one of which settled in July) pending lawsuits related to
such complaints received by Trinity, including a class action. Each of these suits are by
individual homeowners, and the cost to resolve these matters is not expected to be material, either
individually or in the aggregate. The class action suit was filed in the State of Indiana in
August&nbsp;2003 against Trinity Homes LLC. The parties in the class action reached a settlement
agreement which was approved by the court on October&nbsp;20, 2004. As of June&nbsp;30, 2009, we have
completed remediation of 1,877 homes related to 1,882 total Trinity claims. Our warranty reserves
at June&nbsp;30, 2009 and September&nbsp;30, 2008 include accruals of $0.6&nbsp;million and $2.8&nbsp;million,
respectively, for our estimated costs to assess and remediate all homes for which Trinity had
received complaints related to moisture intrusion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Chinese Drywall</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;3, 2009, a purported class action complaint was filed by the owners of one of the
Borrower&#146;s homes in a community know as Magnolia Lakes. The complaint names the Borrower and
certain suppliers of drywall and was filed in the Circuit Court for Lee County, Florida on behalf
of the named plaintiffs and other similarly situated owners and residents of homes in Magnolia
Lakes or alternatively in the State of Florida, against the Borrower and certain other identified
and unidentified manufacturers, builders, and suppliers of drywall. The plaintiffs allege that the
Borrower built their homes with defective drywall, manufactured in China, that contains sulfur or
other organic compounds that allegedly corrode certain metals and that are capable of harming the
health of individuals. Plaintiffs allege physical and economic damages and seek legal and
equitable relief, medical monitoring and attorney&#146;s fees. On July&nbsp;1, 2009, the Borrower filed a
request to have this complaint removed to the United States District Court for the Middle District
of Florida and on July&nbsp;2, 2009 filed a motion to have the case transferred to the Eastern District
of Louisiana pursuant to an order from the United States Judicial Panel on Multidistrict
Litigation. The Borrower believes that the claims asserted in this complaint are governed by its
home warranty or are without merit. Accordingly, the Borrower intends to vigorously defend against
this litigation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the quarter ended June&nbsp;30, 2009, the Borrower accrued $2.4&nbsp;million in our warranty reserves
for the repair of certain homes in Florida where certain of its subcontractors provided defective
Chinese drywall. The defective Chinese drywall was installed during the 2006 and 2007 fiscal
years. The Borrower is currently engaged in the process of inspecting additional homes in order to
determine whether they also contain defective Chinese drywall. The outcome of these inspections may
require the Borrower to increase its warranty reserve in the future.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Joint Venture Lawsuit</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Recently, the lender of one of the Borrower&#146;s unconsolidated joint ventures filed individual
lawsuits against some of the joint venture partners and certain of those partners&#146; parent companies
(including the Borrower), seeking to recover damages under completion guarantees, among other
claims. The Borrower intends to vigorously defend against this legal action. The Borrower
(directly or indirectly) is a 2.58% partner in this joint venture. In addition, an estimate of
possible loss or range of loss if any, cannot presently be made with respect to the above matter.
Given the inherent uncertainties in this litigation, as of June&nbsp;30, 2009, no accrual has
</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">been
recorded, as losses, if any, related to this matter are not both probable and reasonably estimable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Environmental</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2003, the Borrower received a request for information from the EPA pursuant to Section
308 of the Clean Water Act seeking information concerning the nature and extent of storm water
discharge practices relating to certain projects completed or under construction. The EPA has since
requested information on additional projects and has conducted site inspections at a number of
locations. In certain instances, the EPA or the equivalent state agency has issued Administrative
Orders identifying alleged instances of noncompliance and requiring corrective action to address
the alleged deficiencies in storm water management practices. As of March&nbsp;31,
2009, no monetary penalties had been imposed in connection with such Administrative Orders. The EPA
has reserved the right to impose monetary penalties at a later date, the amount of which, if any,
cannot currently be estimated. The Borrower has taken action to comply with the requirements of
each of the Administrative Orders and is working to otherwise maintain compliance with the
requirements of the Clean Water Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, the Borrower received two Administrative Orders issued by the New Jersey Department of
Environmental Protection. The Orders allege certain violations of wetlands disturbance permits. The
two Orders assess proposed fines of $630,000 and $678,000, respectively. The Borrower has met with
the Department to discuss its concerns on the two affected projects and has requested hearings on
both matters. The Borrower believes that it has significant defenses to the alleged violations and
intends to contest the agency&#146;s findings and the proposed fines. The Borrower is currently pursuing
settlement discussions with the Department. A hearing before the judge has been postponed pending
settlement discussions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Governmental obligations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Borrower had performance bonds and total outstanding letters of credit of approximately
$276.7&nbsp;million and $46.5&nbsp;million, respectively, at June&nbsp;30, 2009 related principally to our
obligations to local governments to construct roads and other improvements in various
developments. Total outstanding letters of credit includes approximately $6.2&nbsp;million related to
our land option contracts.
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;4.10
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SUBSIDIARIES OF BORROWER
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Wholly-Owned Subsidiaries</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Incorporation/Formation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Subsidiaries of Beazer Homes USA, Inc.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Holdings Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Mortgage Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Homebuilders Title Services, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Homebuilders Title Services of Virginia, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Virginia</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Security Title Insurance Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vermont</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Capital Trust I<SUP style="font-size: 85%; vertical-align: text-top">*</SUP>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Subsidiaries of Beazer Homes Holdings Corp.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">April Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Colorado</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Allied Companies Holdings, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer General Services, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Tennessee</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Sales, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Texas Holdings, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">*</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Beazer Homes Capital Trust I is a
statutory trust that the Borrower is the beneficiary of but does not exercise
control over.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Incorporation/Formation</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty Los Angeles, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty Sacramento, Inc
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer SPE, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Georgia</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Subsidiaries of Beazer Homes Corp.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Arden Park Ventures, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Florida</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Clarksburg, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Maryland</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Commercial Holdings, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Investments, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Michigan, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Georgia</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty, Inc
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">New Jersey</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer/Squires Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">North Carolina</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dove Barrington Development LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Subsidiaries of Beazer Homes
Investments, LLC</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Indiana Holdings Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty Services, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paragon Title, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Indiana</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Subsidiaries of Beazer Homes Texas, L.P.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BH Procurement Services, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Indirect Wholly-Owned Subsidiaries</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Formation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>% Ownership</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes
Investments, LLC &#150;98%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes
Indiana, LLP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Indiana
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Indiana
Holdings Corp. &#150; 1%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Corp. &#151; 1%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Texas Holdings, Inc. &#150; 1%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Texas,
L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Holdings Corp. &#150; 99%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Texas, L.P. &#150; 99%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BH Building
Products, LP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BH Procurement Services, LLC &#150; 1%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Sales, Inc. &#150; 99%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Texas Lone Star
Title, L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Texas
Holdings, Inc. &#150; 1%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes
Investments, LLC &#150; 50%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trinity Homes, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Indiana</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Indiana LLP &#150; 50%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Holdings Corp. &#151; 26.50%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">United Home
Insurance Company,
A Risk Retention
Group
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vermont
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Texas
Holdings, Inc. &#150; 27.29%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Corp. &#150; 46.22%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Partially Owned Subsidiaries</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation/</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Formation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>% Ownership</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ridings Development LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes Corp. &#150; 99%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;4.14
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ENVIRONMENTAL MATTERS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Environmental on Schedule&nbsp;4.07.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;A-1
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>FORM OF AMENDED AND RESTATED GUARANTY</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS AMENDED AND RESTATED GUARANTY </B>(this &#147;<U>Guaranty</U>&#148;) is made as of August&nbsp;5, 2009 by
and between the undersigned parties hereto (collectively, the &#147;<U>Guarantors</U>&#148;) and the Agent,
in favor of the Agent, for the benefit of the Lenders under the Credit Agreement referred to below.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>WITNESSETH:</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, Beazer Homes USA, Inc., a Delaware corporation (the &#147;<U>Borrower</U>&#148;) and Citibank,
N.A., as Agent (together with its permitted successors and assigns in such capacity, the
&#147;<U>Agent</U>&#148;), and certain Lenders and Issuers from time to time party thereto have entered into
a certain Amended and Restated Credit Agreement dated as of August&nbsp;5, 2009 (the &#147;<U>Credit
Agreement</U>&#148;), providing, subject to the terms and conditions thereof, for extensions of credit
to be made by the Lenders to the Borrower;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, pursuant to the Existing Credit Agreement, the Guarantors entered into that certain
Guaranty dated as of June&nbsp;25, 2007 (the &#147;<U>Original Guaranty</U>&#148;), entered into a supplemental
guaranty in the form attached to the Original Guaranty or are becoming a Guarantor by virtue of
their execution of this Guaranty;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, it is a condition precedent to the execution of the Credit Agreement by the Agent,
the Lenders and the Issuers that each of the Guarantors execute and deliver this Guaranty whereby
the terms and provisions of the Original Guaranty are amended and restated as hereinafter set forth
in this Guaranty, and pursuant to which each of the Guarantors shall guarantee the payment when
due, subject to Section&nbsp;9, of all Guaranteed Obligations, as defined below; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREAS</B>, in consideration of the financial and other support that the Borrower has provided,
and in consideration of such financial and other support as the Borrower may in the future provide,
to the Guarantors, and in order to induce the Lenders, the Issuers and the Agent to enter into the
Credit Agreement, and because each Guarantor has determined that executing this Guaranty is in its
interest and to its financial benefit, each of the Guarantors is willing to guarantee the
obligations of the Borrower under the Credit Agreement, any Note and any other Loan Documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW, THEREFORE</B>, in consideration of the premises and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1. <U>Defined Terms and Rules of Construction</U>. (a) &#147;Guaranteed Obligations&#148; is
defined in Section&nbsp;3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Other capitalized terms used herein but not defined herein shall have the meaning set
forth in the Credit Agreement.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The rules of construction set forth in Section&nbsp;1.03 of the Credit Agreement shall apply to
this Guaranty and are hereby incorporated by reference as if set forth fully in this Guaranty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2. <U>Representations and Warranties</U>. Each of the Guarantors represents and
warrants (which representations and warranties shall be deemed to have been renewed upon each
advance of a Loan and on each Issuance Date under the Credit Agreement) that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;It is (in the case of a corporation) a corporation duly incorporated or (in the case of a
limited partnership) a limited partnership duly formed or (in the case of a limited liability
company) a limited liability company duly formed, validly existing, and in good standing under the
laws of the jurisdiction of its incorporation or formation; has the power and authority to own its
assets and to transact the business in which it is now engaged or proposed to be engaged in; and is
duly qualified and in good standing under the laws of each other jurisdiction in which such
qualification is required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The execution, delivery and performance by it of this Guaranty have been duly authorized
by all necessary corporate, partnership or limited liability company action, as the case may be,
and do not and will not (1)&nbsp;require any consent or approval of its stockholders, partners or
members (as applicable) (except such consents as have been obtained as of the date hereof); (2)
contravene its charter or bylaws, partnership agreement or articles or certificate of formation or
operating agreement (as applicable); (3)&nbsp;violate, in any material respect, any provision of any
law, rule, regulation (including, without limitation, Regulations U and X of the Board of Governors
of the Federal Reserve System), order, writ, judgment, injunction, decree, determination, or award
presently in effect having applicability to it; (4)&nbsp;result in a breach of or constitute a default
under any indenture or loan or credit agreement or any other material agreement, lease, or
instrument to which it is a party or by which it or its properties may be bound or affected; (5)
result in, or require, the creation or imposition of any Lien, upon or with respect to any of the
properties now owned or hereafter acquired by it; and (6)&nbsp;cause it to be in default, in any
material respect, under any such law, rule, regulation, order, writ, judgment, injunction, decree,
determination, or award or any such indenture, agreement, lease or instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;This Guaranty is its legal, valid, and binding obligation, enforceable against it, in
accordance with its respective terms, except to the extent that such enforcement may be limited by
applicable bankruptcy, insolvency, and other similar laws affecting creditors&#146; rights generally.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3. <U>The Guaranty</U>. Subject to Section&nbsp;9, each of the Guarantors hereby
absolutely and unconditionally guarantees, as primary obligor and not as surety, the full and
punctual payment (whether at stated maturity, upon acceleration or early termination or otherwise,
and at all times thereafter, at the time and in the manner and otherwise in accordance with the
terms of the Credit Agreement) and performance of the Obligations, including without limitation any
such Obligations incurred or accrued during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, whether or not allowed or allowable in such proceeding
(collectively, subject to the provisions of Section&nbsp;9, being referred to collectively as the
&#147;<U>Guaranteed Obligations</U>&#148;). Upon failure by the Borrower to pay punctually any such amount,
each of the Guarantors agrees that it shall forthwith on demand pay to the Agent for the benefit of
the Lenders and the Issuers, the amount not so paid at the place and in the manner
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">specified in the Credit Agreement, any Note or any other Loan Document, as the case may be.
This Guaranty is a continuing guaranty of payment and not of collection. Each of the Guarantors
waives any right to require the Agent, any Lender or any Issuer to sue the Borrower, any other
guarantor, or any other Person obligated for all or any part of the Guaranteed Obligations, or
otherwise to enforce its payment against any collateral securing all or any part of the Guaranteed
Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4. <U>Guaranty Unconditional</U>. Subject to Section&nbsp;9, the obligations of each of
the Guarantors hereunder shall be unconditional and absolute and, without limiting the generality
of the foregoing, shall not be released, discharged or otherwise affected by:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any extension, renewal, settlement, compromise, amendment, waiver or
release in respect of any of the Guaranteed Obligations, by operation of law or
otherwise, or any obligation of any other guarantor of any of the Guaranteed
Obligations, or any default, failure or delay, willful or otherwise, in the payment
or performance of the Guaranteed Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any modification or amendment of or supplement to the Credit Agreement,
any Note, any other Loan Document or any Guaranteed Obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any release, nonperfection or invalidity of any direct or indirect
security for any obligation of the Borrower under the Credit Agreement, any Note,
any other Loan Document or any obligations of any other guarantor of any of the
Guaranteed Obligations, or any action or failure to act by the Agent, any Lender or
any Issuer or any Affiliate of any Lender or any Issuer with respect to any
collateral securing all or any part of the Guaranteed Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any change in the corporate existence, structure or ownership of the
Borrower or any other guarantor of any of the Guaranteed Obligations, or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting the
Borrower, or any other guarantor of the Guaranteed Obligations, or its assets or any
resulting release or discharge of any obligation of the Borrower or any other
guarantor of any of the Guaranteed Obligations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the existence of any claim, setoff or other rights which the Guarantors may
have at any time against the Borrower, any other guarantor of any of the Guaranteed
Obligations, the Agent, any Lender or any Issuer or any other Person, whether in
connection herewith or any unrelated transactions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any invalidity or unenforceability relating to or against the Borrower, or
any other guarantor of any of the Guaranteed Obligations, for any reason related to
the Credit Agreement, any Note, any other Loan Document or any provision of
applicable law or regulation purporting to prohibit the payment by the Borrower, or
any other guarantor of the Guaranteed Obligations, of the Borrower of or interest on
any Note or any other amount payable by the Borrower under the Credit Agreement, any
Note or any other Loan Document;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any law, regulation or order of any jurisdiction, or any other event,
affecting any term of any Guaranteed Obligation or any rights of the Agent, any
Lender or any Issuer with respect thereto; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other act or omission to act or delay of any kind by the Borrower,
any other guarantor of the Guaranteed Obligations, the Agent, any Lender, any Issuer
or any other Person or any other circumstance whatsoever which might, but for the
provisions of this paragraph, constitute a legal or equitable discharge or defense
of any Guarantor&#146;s obligations hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5. <U>Discharge Only Upon Payment In Full: Reinstatement In Certain
Circumstances</U>. Each of the Guarantor&#146;s obligations hereunder shall remain in full force and
effect until all Guaranteed Obligations shall have been indefeasibly paid in full and the
Commitments under the Credit Agreement shall have terminated or expired. If at any time any
payment of the Borrower of or interest on any Note or any other amount payable by the Borrower or
any other party under the Credit Agreement, any Note or any other Loan Document is rescinded or
must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the
Borrower or otherwise, each of the Guarantor&#146;s obligations hereunder with respect to such payment
shall be reinstated as though such payment had been due but not made at such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6. <U>Waivers</U>. Each of the Guarantors irrevocably waives acceptance hereof,
presentment, demand, protest and, to the fullest extent permitted by law, any notice not provided
for herein, as well as any requirement that at any time any action be taken by any Person against
the Borrower, any other guarantor of any of the Guaranteed Obligations, or any other Person.
Except as may be prohibited by applicable law, each of the Guarantors also waives the benefits of
any provision of law requiring that the Agent exhaust any right or remedy, or take any action,
against the Borrower, any Guarantor, any other person and/or property, or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7. <U>Subordination; Subrogation</U>. Each of the Guarantors hereby subordinates to
the Guaranteed Obligations all indebtedness or other liabilities of the Borrower or to any other
Guarantor to such Guarantor. Each of the Guarantors hereby further agrees not to assert any right,
claim or cause of action, including, without limitation, a claim for subrogation, reimbursement,
indemnification or otherwise, against the Borrower arising out of or by reason of this Guaranty or
the obligations hereunder, including, without limitation, the payment or securing or purchasing of
any of the Guaranteed Obligations by any of the Guarantors unless and until the Guaranteed
Obligations are indefeasibly paid in full and all Commitments have terminated or expired.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8. <U>Stay of Acceleration</U>. If acceleration of the time for payment of any of
the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization of the
Borrower, all such amounts otherwise subject to acceleration under the terms of the Credit
Agreement, any Note or any other Loan Document shall nonetheless be payable by each of the
Guarantors hereunder forthwith on demand by the Agent made at the request of the Required Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9. <U>Limitation on Obligations</U>. (a)&nbsp;The provisions of this Guaranty are
severable, and in any action or proceeding involving any state corporate law, or any state, federal
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of
creditors generally, if the obligations of any Guarantor under this Guaranty would otherwise be
held or determined to be avoidable, invalid or unenforceable on account of the amount of such
Guarantor&#146;s liability under this Guaranty, then, notwithstanding any other provision of this
Guaranty to the contrary, the amount of such liability shall, without any further action by the
Guarantors, the Agent or any Lender or Issuer, be automatically limited and reduced to the highest
amount that is valid and enforceable as determined in such action or proceeding (such highest
amount determined hereunder being the relevant Guarantor&#146;s &#147;<U>Maximum Liability</U>&#148;). This
Section 9(a) with respect to the Maximum Liability of the Guarantors is intended solely to preserve
the rights of the Agent hereunder to the maximum extent not subject to avoidance under applicable
law, and neither the Guarantor nor any other person or entity shall have any right or claim under
this Section 9(a) with respect to the Maximum Liability, except to the extent necessary so that the
obligations of the Guarantors hereunder shall not be rendered voidable under applicable law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each of the Guarantors agrees that the Guaranteed Obligations may at any time and from
time to time exceed the Maximum Liability of each Guarantor, and may exceed the aggregate Maximum
Liability of all other Guarantors, without impairing this Guaranty or affecting the rights and
remedies of the Agent hereunder. Nothing in this Section 9(b) shall be construed to increase any
Guarantor&#146;s obligations hereunder beyond its Maximum Liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In the event any Guarantor (a &#147;<U>Paying Guarantor</U>&#148;) shall make any payment or
payments under this Guaranty or shall suffer any loss as a result of any realization upon any
collateral granted by it to secure its obligations under this Guaranty, each other Guarantor (each
a &#147;<U>Non-Paying Guarantor</U>&#148;) shall contribute to such Paying Guarantor an amount equal to such
Non-Paying Guarantor&#146;s &#147;Pro Rata Share&#148; of such payment or payments made, or losses suffered, by
such Paying Guarantor. For the purposes hereof, each Non-Paying Guarantor&#146;s &#147;Pro Rata Share&#148; with
respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on
which such payment or loss was made by reference to the ratio of (i)&nbsp;such Non-Paying Guarantor&#146;s
Maximum Liability as of such date (without giving effect to any right to receive, or obligation to
make, any contribution hereunder) or, if such Non-Paying Guarantor&#146;s Maximum Liability has not been
determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the
Borrower after the date hereof (whether by loan, capital infusion or by other means) to (ii)&nbsp;the
aggregate Maximum Liability of all Guarantors hereunder (including such Paying Guarantor) as of
such date (without giving effect to any right to receive, or obligation to make, any contribution
hereunder), or to the extent that a Maximum Liability has not been determined for any Guarantors,
the aggregate amount of all monies received by such Guarantors from the Borrower after the date
hereof (whether by loan, capital infusion or by other means). Nothing in this Section 9(c) shall
affect any Guarantor&#146;s several liability for the entire amount of the Guaranteed Obligations (up to
such Guarantor&#146;s Maximum Liability). Each of the Guarantors covenants and agrees that its right to
receive any contribution under this Guaranty from a Non-Paying Guarantor shall be subordinate and
junior in right of payment to all the Guaranteed Obligations. The provisions of this Section 9(c)
are for the benefit of both the Agent and the Guarantors and may be enforced by any one, or more,
or all of them in accordance with the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10. <U>Notices</U>. All notices, demands, requests, consents and other
communications to any party hereunder shall be given in writing, or by any telecommunication
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">device capable of creating a written record (including electronic email), and addressed to the
party to be notified (a)&nbsp;in the case of a Guarantor, in care of the Borrower at the Borrower&#146;s
address specified in Section&nbsp;10.02(a) of the Credit Agreement and (b)&nbsp;in the case of the Agent, at
its address specified in Section&nbsp;10.02(a) of the Credit Agreement. All other notice provisions
(and related defined terms) set forth in Section&nbsp;10.02 of the Credit Agreement are hereby
incorporated herein by reference, <I>mutatis mutandis</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11. <U>No Waivers</U>. No failure or delay by the Agent or any Lender or any Issuer
in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall
any single or partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies provided in this
Guaranty, the Credit Agreement, any Note or the other Loan Documents shall be cumulative and not
exclusive of any rights or remedies provided by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12. <U>No Duty to Advise</U>. Each of the Guarantors assumes all responsibility for
being and keeping itself informed of the Borrower&#146;s financial condition and assets, and of all
other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the
nature, scope and extent of the risks that each of the Guarantors assumes and incurs under this
Guaranty, and agrees that neither the Agent nor any Lender or any Issuer has any duty to advise any
of the Guarantors of information known to it regarding those circumstances or risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13. <U>Successors and Assigns</U>. This Guaranty is for the benefit of the Agent,
the Lenders and the Issuers and their respective successors and permitted assigns and in the event
of an assignment of any amounts payable under the Credit Agreement, any Note or any other Loan
Documents, the rights hereunder, to the extent applicable to the indebtedness so assigned, shall be
transferred with such indebtedness. This Guaranty shall be binding upon each of the Guarantors and
their respective successors and permitted assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14. <U>Changes in Writing</U>. Neither this Guaranty nor any provision hereof may be
changed, waived, discharged or terminated orally, but only in writing signed by each of the
Guarantors and the Agent with the consent of the Required Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 15. <U>Costs of Enforcement</U>. Each of the Guarantors agrees to pay all costs and
expenses including, without limitation, all court costs and attorneys&#146; fees and expenses paid or
incurred by the Agent or any Lender or Issuer or any Affiliate of any Lender or Issuer in
endeavoring to collect all or any part of the Guaranteed Obligations from, or in prosecuting any
action against, the Borrower, the Guarantors or any other guarantor of all or any part of the
Guaranteed Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 16. <U>CHOICE OF LAW</U>. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAW
(OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 17. <U>CONSENT TO JURISDICTION</U>. (a)&nbsp;ANY LEGAL ACTION OR PROCEEDING WITH RESPECT
TO THIS GUARANTY MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE CITY AND
COUNTY OF
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY
EXECUTION AND DELIVERY OF THIS GUARANTY, EACH GUARANTOR HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVE ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR
BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT ANY OF THEM MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;EACH GUARANTOR IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN SUCH ACTION
OR PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS GUARANTY BY THE MAILING (BY REGISTERED OR
CERTIFIED MAIL, POSTAGE PREPAID) OF COPIES OF SUCH PROCESS TO AN APPOINTED PROCESS AGENT OR SUCH
GUARANTOR AT ITS ADDRESS SPECIFIED IN SECTION 10. EACH GUARNTOR AGREES THAT A FINAL JUDGMENT IN
ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY
SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING CONTAINED IN THIS SECTION 17
SHALL AFFECT THE RIGHT OF THE AGENT OR ANY LENDER OR ISSUER TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY GUARANTOR IN ANY
OTHER JURISDICTION.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 18. <U>WAIVER OF JURY TRIAL</U>. EACH GUARANTOR AND THE AGENT HEREBY WAIVE TRIAL BY
JURY IN ANY JUDICIAL ACTION OR PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER
SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH
THIS GUARNTY OR THE RELATIONSHIP ESTABLISHED HEREUNDER.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 19. <U>Severability of Provisions</U>. Any provision of this Guaranty which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to
the extent of such prohibition or unenforceability without invalidating the remaining provisions of
this Guaranty or affecting the validity or enforceability of such provision in any other
jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 20. <U>Counterparts</U>. This Guaranty may be executed in any number of counterparts
and by the different parties to this Guaranty 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. Delivery of an executed counterpart of a signature page to this Guaranty by
facsimile or other electronic image shall be effective as delivery of a manually executed
counterpart of this Guaranty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 21. <U>Taxes, etc</U>. All payments required to be made by any of the Guarantors
hereunder shall be made without setoff or counterclaim and free and clear of and without deduction
or withholding for or on account of, any present or future taxes, levies, imposts, duties or other
charges of whatsoever nature imposed by any government or any political or taxing
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">authority thereof (excluding federal taxation of the overall income of any Lender),
<U>provided</U>, however, that if any of the Guarantors is required by law to make such deduction
or withholding, such Guarantor shall forthwith (i)&nbsp;pay to the Agent or any Lender or Issuer, as
applicable, such additional amount as results in the net amount received by the Agent or any Lender
or any Issuer, as applicable, equaling the full amount which would have been received by the Agent
or any Lender or any Issuer, as applicable, had no such deduction or withholding been made, (ii)
pay the full amount deducted to the relevant authority in accordance with applicable law, and (iii)
furnish to the Agent or any Lender or Issuer, as applicable, certified copies of official receipts
evidencing payment of such withholding taxes within thirty (30)&nbsp;days after such payment is made.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 22. <U>Set Off</U>. Upon the occurrence and during the continuance of any Event of
Default, each Lender and each Issuer is hereby authorized at any time and from time to time,
without notice to any Guarantor (any such notice being expressly waived by each Guarantor), to set
off and apply any and all deposits (general or special, time or demand, provisional or final) at
any time held and other indebtedness at any time owing by such Lender or Issuer to or for the
credit or the account of any Guarantor against any and all of the obligations of such Guarantor now
or hereafter existing under this Guaranty or any other Loan Document, irrespective of whether or
not the Agent or such Lender or Issuer shall have made any demand under the Credit Agreement or
such other Loan Document and although such obligations may be unmatured. Each Lender or Issuer, as
applicable, agrees promptly to notify the applicable Guarantor (with a copy to the Agent) after any
such set-off and application, provided that the failure to give such notice shall not affect the
validity of such set-off and application. The rights of each Lender and Issuer under this
Section&nbsp;22 are in addition to other rights and remedies (including, without limitation, other
rights of set-off) which each Lender and Issuer may have.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 23. <U>Supplemental Guarantors</U>. Pursuant to Section&nbsp;5.15 of the Credit
Agreement, additional Subsidiaries shall become obligated as Guarantors hereunder (each as fully as
though an original signatory hereto) by executing and delivering to the Agent a supplemental
guaranty in the form of Exhibit&nbsp;A attached hereto (with blanks appropriately filled in), together
with such additional supporting documentation required pursuant to Section&nbsp;5.15 of the Credit
Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, each of the parties hereto has caused this Guaranty to be duly executed,
under seal where necessary, by its authorized officer as of the day and year first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><B><U>GUARANTORS</U>:</B></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP colspan="3" valign="top" align="left"><B>APRIL CORPORATION<br>
BEAZER ALLIED COMPANIES HOLDINGS, INC.<br>
BEAZER GENERAL SERVICES, INC.<br>
BEAZER HOMES CORP.<br>
BEAZER HOMES HOLDINGS CORP.<br>
BEAZER HOMES INDIANA HOLDINGS CORP.<br>
BEAZER HOMES SALES, INC.<br>
BEAZER HOMES TEXAS HOLDINGS, INC.<br>
BEAZER REALTY, INC.<br>
BEAZER REALTY CORP.<br>
BEAZER REALTY LOS ANGELES, INC.<br>
BEAZER REALTY SACRAMENTO, INC.<br>
BEAZER/SQUIRES REALTY, INC.<br>
HOMEBUILDERS TITLE SERVICES, INC.<br>
HOMEBUILDERS TITLE SERVICES OF VIRGINIA, INC.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BEAZER MORTGAGE CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"> (SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Peggy Caldwell</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Secretary</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ARDEN PARK VENTURES, LLC<br>
BEAZER CLARKSBURG, LLC<br>
BEAZER COMMERCIAL HOLDINGS, LLC<br>
BEAZER HOMES INVESTMENTS, LLC<br>
BEAZER HOMES MICHIGAN, LLC<br>
DOVE BARRINGTON DEVELOPMENT LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES CORP., its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BEAZER SPE, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES HOLDINGS CORP.,<br>its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BEAZER HOMES INDIANA LLP</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES INVESTMENTS, LLC,<br>
its Managing Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES CORP.,<br>
its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BEAZER REALTY SERVICES, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES INVESTMENTS, LLC,<br>
its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES CORP.,<br>
its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>PARAGON TITLE, LLC<br>
TRINITY HOMES, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES INVESTMENTS, LLC,<br>
a Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES CORP.,<br>
its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BEAZER HOMES TEXAS, L.P.<br>
TEXAS LONE STAR TITLE, L.P.</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES TEXAS HOLDINGS, INC.,<br> its General
Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BH BUILDING PRODUCTS, LP</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BH PROCUREMENT SERVICES, LLC,<br>
its General Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES TEXAS, L.P.,<br>
its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES TEXAS HOLDINGS, INC.,<br> its General
Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BH PROCUREMENT SERVICES, LLC</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES TEXAS, L.P.,<br>
its Sole Member</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BEAZER HOMES TEXAS HOLDINGS, INC.,<br> its General
Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Address for Notices to all Guarantors</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><I>c/o Beazer Homes USA, Inc.</I><br>
1000 Abernathy Road<br>
Suite&nbsp;1200<br>
Atlanta, Georgia 30328<br>
Attention: President<br>
Tel: (770)&nbsp;829-3700<br>
Fax: (770)&nbsp;481-0431</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>CITIBANK, N.A., </B>as Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>EXHIBIT A TO AMENDED AND RESTATED GUARANTY</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><U><B>SUPPLEMENTAL GUARANTY</B></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>&#091;Date&#093;</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Citibank, N.A., as Agent for the Lenders<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and the Issuers
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to (i)&nbsp;that certain Amended and Restated Credit Agreement, dated as
of August&nbsp;5, 2009, among Beazer Homes USA, Inc., the lenders from time to time parties thereto (the
&#147;Lenders&#148;), the letter of credit issuers from time to time parties thereto (the &#147;Issuers&#148;), and
Citibank, N.A., as Agent (the &#147;Agent&#148;) on behalf of itself and the other Lenders (as amended,
restated, supplemented or otherwise modified from time to time, the &#147;Credit Agreement&#148;) and (ii)
that certain Amended and Restated Guaranty, dated as of August&nbsp;5, 2009, by and between the
Guarantors parties thereto and the Agent, in favor of the Agent, for the benefit of the Lenders (as
amended, restated, supplemented or otherwise modified from time to time, the &#147;Guaranty&#148;). Terms
not defined herein which are defined in the Credit Agreement shall have for the purposes hereof the
respective meanings provided therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with Section&nbsp;5.15 of the Credit Agreement and Section&nbsp;23 of the Guaranty, the
undersigned, &#091;GUARANTOR&#093;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, a corporation &#091;limited partnership/limited liability company&#093;
organized under the laws of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, hereby elects to be a &#147;Guarantor&#148; for all purposes of the
Credit Agreement and the Guaranty, respectively, effective from the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the generality of the foregoing, the undersigned hereby agrees to perform all
the obligations of a Guarantor under, and to be bound in all respects by the terms of, the
Guaranty, to the same extent and with the same force and effect as if the undersigned were a direct
signatory thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Supplemental Guaranty shall be construed in accordance with and governed by the internal
laws of the State of New York (but otherwise without regard to the conflict of laws provisions,
other than Section&nbsp;5-1401 of the General Obligations Law of the State of New York).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, this Supplemental Guaranty has been duly executed by the undersigned as of
the &#95;&#95;&#95; day of &#95;&#95;&#95;, 20&#95;&#95;&#95;.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;GUARANTOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">(SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><b>Exhibit&nbsp;A-3</b>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><I>Execution Version</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; font-size: 1px">&nbsp;</DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AMENDED AND RESTATED COLLATERAL AGREEMENT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">made by
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">BEAZER HOMES USA, INC.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">and certain of its Subsidiaries
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">in favor of
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CITIBANK, N.A.,
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">as Agent
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Dated as of August&nbsp;5, 2009
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV style="width: 100%; border-bottom: 3px double #000000; font-size: 1px">&nbsp;</DIV>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 1. DEFINED TERMS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">1.1 Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 2. GRANT OF SECURITY INTEREST</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 3. REPRESENTATIONS AND WARRANTIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.1 Title; No Other Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.2 Perfected First Priority Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.3 Jurisdiction of Organization, Chief Executive Office</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.4 Farm Products</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.5 Investment Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">3.6 Intellectual Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 4. COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.1 Maintenance of Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.2 Payment of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.3 Maintenance of Perfected Security Interest; Further Documentation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.4 Changes in Name, etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.5 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.6 Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">4.7 Intellectual Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 5. REMEDIAL PROVISIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.1 Certain Matters Relating to Receivables</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.2 Communications with Obligors; Grantors Remain Liable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.3 Proceeds to be Turned Over To Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.4 Application of Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.5 Code and Other Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.6 Subordination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5.7 Deficiency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 6. THE AGENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.1 Agent&#146;s Appointment as Attorney-in-Fact, etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.2 Duty of Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.3 Execution of Financing Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">6.4 Authority of Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SECTION 7. MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.1 Amendments in Writing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.2 Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Page</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.3 No Waiver by Course of Conduct; Cumulative Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.4 Enforcement Expenses; Indemnification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.5 Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.6 Counterparts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.7 Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.8 Section&nbsp;Headings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.9 Integration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.10 GOVERNING LAW</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.11 CONSENT TO JURISDICTION; WAIVERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.12 Acknowledgements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.13 Additional Grantors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.14 Releases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.15 WAIVER OF JURY TRIAL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.16 Waiver of Consequential Damages</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">7.17 Continuing Security Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#091;remainder of page intentionally left blank; signature pages follow&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><u>SCHEDULES</u>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice Addresses</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Perfection Matters</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schedule&nbsp;3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jurisdictions of Organization and Chief Executive Offices</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">AMENDED AND RESTATED COLLATERAL AGREEMENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMENDED AND RESTATED COLLATERAL AGREEMENT, dated as of August&nbsp;5, 2009, made by Beazer Homes
USA, Inc., a Delaware corporation (the &#147;<U>Borrower</U>&#148;) and each subsidiary of the Borrower
hereto (together with any other entity that may become a party hereto as provided herein, the
&#147;<U>Grantors</U>&#148;), in favor of Citibank, N.A., as Agent (in such capacity and together with its
successors and permitted assigns, the &#147;<U>Agent</U>&#148;) for the Lenders and Issuers from time to
time parties to the Amended and Restated Credit Agreement, dated as of August&nbsp;5, 2009 (as amended,
supplemented or otherwise modified from time to time, the &#147;<U>Credit Agreement</U>&#148;), among the
Borrower, the Lenders, Issuers and the Agent.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to that certain Amended and Restated Credit Agreement (the &#147;<U>Existing
Credit Agreement</U>&#148;), dated as of July&nbsp;25, 2007, between the Borrower, the Lenders and Issuers
party thereto, and Wachovia Bank, National Association, as agent (the &#147;<U>Original Agent</U>&#148;),
the Lenders severally agreed to make extensions of credit to the Borrower and the Issuers agreed to
issue Facility Letters of Credit for the account of the Borrower, in each case upon the terms and
subject to the conditions set forth therein;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to that certain Waiver and First Amendment, dated as of October&nbsp;10, 2007, to
and under the Existing Credit Agreement, the Borrower and the other Grantors party thereto entered
into that certain Collateral Agreement (the &#147;<U>Existing Collateral Agreement</U>&#148;), dated as of
October&nbsp;18, 2007, or entered into assumption agreements in the form attached to the Existing
Collateral Agreement, and granted a valid, binding, enforceable and perfected security interest in,
and Lien on, certain of its assets, for the ratable benefit of the Secured Parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, pursuant to the Credit Agreement, the Existing Credit Agreement is being amended and
restated in its entirety;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, it is a condition precedent to the effectiveness of the Credit Agreement that the
Grantors enter into this Agreement, pursuant to which the Existing Collateral Agreement is being
amended and restated in its entirety, it being the intent of the parties hereto that the security
interests and the Liens granted under and pursuant to the Existing Collateral Agreement or the
assumption agreements referred to above shall continue in full force and effect and that the
Grantors not party to the Existing Collateral Agreement or the assumption agreements referred to
above, by virtue of execution of this Agreement, are becoming Grantors and grant a valid, binding,
enforceable and perfected
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">security interest in, and Liens on certain of their assets, for the ratable benefit of the
Secured Parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower is a member of an affiliated group of companies that includes each other
Grantor;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the proceeds of the extensions of credit under the Credit Agreement will be used in
part to enable the Borrower to make valuable transfers to one or more of the other Grantors in
connection with the operation of their respective businesses; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower and the other Grantors are engaged in related businesses, and each
Grantor will derive substantial direct and indirect benefit from the making of the extensions of
credit under the Credit Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and to induce the Agent, the Issuers and the
Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective
extensions of credit to the Borrower and the Issuers to issue the Facility Letters of Credit under
the Credit Agreement, each Grantor hereby agrees with the Agent, for the ratable benefit of the
Secured Parties, as follows:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECTION 1. DEFINED TERMS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Definitions</U>. (a)&nbsp;Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the
following terms are used herein as defined in the New York UCC: Accounts, Chattel Paper, Documents,
Equipment, Farm Products, Fixtures, General Intangibles, Instruments, Inventory, Letter-of-Credit
Rights and Supporting Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The following terms shall have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Agreement</U>&#148;: this Amended and Restated Collateral Agreement, as the same may be
amended, supplemented or otherwise modified from time to time.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Borrower Obligations</U>&#148;: &#147;Obligations&#148; as defined in the Credit Agreement and shall in
any event include interest accruing at the then applicable rate provided in the Credit Agreement
after the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing
or post-petition interest is allowed in such proceeding, whether direct or indirect, absolute or
contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out
of, or in connection with, the Credit Agreement, this Agreement, any Reimbursement Agreement, the
other Loan Documents,
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any Facility Letter of Credit, or any other document made, delivered or given in connection
with any of the foregoing, in each case whether on account of principal, interest, reimbursement
obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all
fees and disbursements of counsel to the Agent or to the Lenders that are required to be paid by
the Borrower pursuant to the terms of any of the foregoing agreements).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Collateral</U>&#148;: as defined in Section&nbsp;2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Collateral Account</U>&#148;: any collateral account established by the Agent as provided in
Section&nbsp;5.1 or 5.3.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Copyright Licenses</U>&#148;: any written agreement naming any Grantor as licensor or
licensee, granting any right under any Copyright, including, without limitation, the grant of
rights to manufacture, distribute, exploit and sell materials derived from any Copyright.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Copyrights</U>&#148;: (i)&nbsp;all copyrights arising under the laws of the United States, any
other country or any political subdivision thereof, whether registered or unregistered and whether
published or unpublished, all registrations and recordings thereof, and all applications in
connection therewith, including, without limitation, all registrations, recordings and applications
in the United States Copyright Office, and (ii)&nbsp;the right to obtain all renewals thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Guarantor Obligations</U>&#148;: with respect to any Guarantor, all obligations and
liabilities of such Guarantor which may arise under or in connection with the Guaranty or any other
Loan Document, to which such Guarantor is a party, in each case whether on account of guarantee
obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including,
without limitation, all fees and disbursements of counsel to the Agent or to the Lenders that are
required to be paid by such Guarantor pursuant to the terms of the Guaranty or any other Loan
Document).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Guarantors</U>&#148;: the collective reference to each Grantor other than the Borrower.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Intellectual Property</U>&#148;: the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational or
foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses,
the Patents, the Patent Licenses, the Trademarks and the Trademark Licenses, and all rights to sue
at law or in equity for any infringement or other impairment thereof, including the right to
receive all proceeds and damages therefrom.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Investment Property</U>&#148;: the collective reference to all &#147;investment property&#148; as such
term is defined in Section&nbsp;9-102(a)(49) of the New York UCC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>New York UCC</U>&#148;: the Uniform Commercial Code as from time to time in effect in the
State of New York.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Obligations</U>&#148;: (i)&nbsp;in the case of the Borrower, the Borrower Obligations, and (ii)&nbsp;in
the case of each Guarantor, its Guarantor Obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Patent License</U>&#148;: all agreements, whether written or oral, providing for the grant by
or to any Grantor of any right to manufacture, use or sell any invention covered in whole or in
part by a Patent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Patents</U>&#148;: (i)&nbsp;all letters patent of the United States, any other country or any
political subdivision thereof, all reissues and extensions thereof and all goodwill associated
therewith, (ii)&nbsp;all applications for letters patent of the United States or any other country and
all divisions, continuations and continuations-in-part thereof, and (iii)&nbsp;all rights to obtain any
reissues or extensions of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Proceeds</U>&#148;: all &#147;proceeds&#148; as such term is defined in Section&nbsp;9-102(a)(64) of the New
York UCC and, in any event, shall include, without limitation, all dividends or other income from
the Investment Property, collections thereon or distributions or payments with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Receivable</U>&#148;: any right to payment for goods sold or leased or for services rendered,
whether or not such right is evidenced by an Instrument or Chattel Paper and whether or not it has
been earned by performance (including, without limitation, any Account).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Secured Parties</U>&#148;: the collective reference to the Agent, the Issuers and the Lenders
to which Borrower Obligations or Guarantor Obligations, as applicable, are owed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Securities Act</U>&#148;: the Securities Act of 1933, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Trademark License</U>&#148;: any agreement, whether written or oral, providing for the grant
by or to any Grantor of any right to use any Trademark.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<U>Trademarks</U>&#148;: (i)&nbsp;all trademarks, trade names, corporate names, company names,
business names, fictitious business names, trade styles, service marks, logos and other source or
business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or
acquired, all registrations and recordings thereof, and all applications in connection therewith,
whether in the United States Patent and Trademark
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Office or in any similar office or agency of the United States, any State thereof or any other
country or any political subdivision thereof, or otherwise, and all common-law rights related
thereto, and (ii)&nbsp;the right to obtain all renewals thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Other Definitional Provisions</U>. The rules of construction set forth in Section
1.03 of the Credit Agreement shall apply to this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECTION 2. GRANT OF SECURITY INTEREST
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Grantor hereby grants to the Agent, for the ratable benefit of the Secured Parties, a
security interest in, all of the following property now owned or at any time hereafter acquired by
such Grantor or in which such Grantor now has or at any time in the future may acquire any right,
title or interest (collectively, the &#147;<U>Collateral</U>&#148;), as collateral security for the prompt
and complete payment and performance when due (whether at the stated maturity, by acceleration or
otherwise) of such Grantor&#146;s Obligations:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;all Accounts;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;all Chattel Paper;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;all Documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;all Equipment;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;all Fixtures;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;all General Intangibles;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;all Instruments;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;all Intellectual Property;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;all Inventory;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;all Investment Property;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;all Letter-of-Credit Rights;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;all other personal property not otherwise described above (except for any property
specifically excluded from any clause in this section above, and any property specifically excluded
from any defined term used in any clause of this section above);
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;all books and records pertaining to the Collateral; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;to the extent not otherwise included, all Proceeds, Supporting Obligations and products of
any and all of the foregoing and all collateral security and guarantees given by any Person with
respect to any of the foregoing;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>provided</U>, <U>however</U>, that notwithstanding any of the other provisions set forth
in this Section&nbsp;2, this Agreement shall not constitute a grant of a security interest in, and the
term Collateral shall not include, (i)&nbsp;any property now owned or hereafter acquired by any Grantor
to the extent that such grant of a security interest is prohibited by any requirements of law of a
governmental authority, requires a consent not obtained of any governmental authority pursuant to
such requirement of law or is prohibited by, or constitutes a breach or default under or results in
the termination of or requires any consent not obtained under, any contract, license, agreement,
instrument or other document to which such property or such Grantor is subject or evidencing or
giving rise to such property or, in the case of any Investment Property, any applicable shareholder
or similar agreement, except to the extent that such requirement of law or the term in such
contract, license, agreement, instrument or other document (other than (1)&nbsp;any such contract,
license, agreement instrument or document evidencing Indebtedness, guarantee obligations or similar
financing arrangements of any Grantor or (2)&nbsp;any shareholder, joint-venture or similar agreement,
in each case to the extent permitted under the Credit Agreement) providing for such prohibition,
breach, default or termination or requiring such consent is ineffective under applicable law
(ii)&nbsp;any intent-to-use trademark application to the extent and for so long as creation by a Grantor
of a security interest therein would result in the loss by such Grantor of any material rights
therein and (iii)&nbsp;any property now owned or hereafter acquired of any Grantor subject to a Lien or
security interest in favor of any third party on the date hereof permitted under the Credit
Agreement and any replacement Lien or security interest with respect to such property permitted
under the Credit Agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECTION 3. REPRESENTATIONS AND WARRANTIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To induce the Agent, the Issuers and the Lenders to enter into the Credit Agreement and to
induce the Lenders to make their respective extensions of credit to the Borrower and the Issuer to
issue the Facility Letters of Credit under the Credit Agreement, each Grantor hereby represents and
warrants to the Agent, each Issuer and each Lender that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Title; No Other Liens</U>. Except for the security interest granted to the Agent for
the ratable benefit of the Secured Parties pursuant to this Agreement and the other Liens permitted
to exist on the Collateral by the Credit Agreement, such Grantor owns each item of the Collateral
free and clear of any and all Liens or claims of others.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No financing statement or other public notice with respect to all or any part of the
Collateral is on file or of record in any public office, except such as have been filed in favor of
the Agent, for the ratable benefit of the Secured Parties, pursuant to the Original Collateral
Agreement, this Agreement or as are permitted by the Credit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <U>Perfected First Priority Liens</U>. The security interests granted pursuant to this
Agreement (a)&nbsp;upon the completion of (i)&nbsp;the filing of the UCC-3 financing statements assigning to
the Agent the interest of the Original Agent as secured party under UCC-1 Financing Statements
previously filed with respect to the security interest granted under the Existing Collateral
Agreement described on <U>Schedule&nbsp;2</U>, and (ii)&nbsp;the other actions transferring the Collateral
to the Agent from the Original Agent as secured party described on <U>Schedule&nbsp;2</U>, in each
case, will continue to constitute valid perfected (to the extent such security interest can be
perfected by such filings or actions) security interests in all of the Collateral in favor of the
Agent, for the ratable benefit of the Secured Parties as collateral security for such Grantor&#146;s
Obligations, enforceable in accordance with the terms hereof against all creditors of such Grantor
and any Persons purporting to purchase any Collateral from such Grantor and (b)&nbsp;are prior to all
other Liens on the Collateral in existence on the date hereof except for Liens permitted by the
Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <U>Jurisdiction of Organization, Chief Executive Office</U>. On the date hereof, such
Grantor&#146;s jurisdiction of organization, identification number from the jurisdiction of organization
(if any), and the location of such Grantor&#146;s chief executive office or sole place of business or
principal residence, as the case may be, are specified on <U>Schedule&nbsp;3</U>. Such Grantor has
furnished to the Agent a certified charter, certificate of incorporation or other organization
document and long-form good standing certificate as of a date which is recent to the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <U>Farm Products</U>. None of the Collateral constitutes, or is the Proceeds of, Farm
Products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <U>Investment Property</U>. Such Grantor is the record and beneficial owner of, and has
good and marketable title to, the Investment Property pledged by it hereunder, free of any and all
Liens or options in favor of, or claims of, any other Person, except the security interest created
by this Agreement and the Liens permitted by the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <U>Intellectual Property</U>. (a)&nbsp;On the date hereof, all Intellectual Property material
to such Grantor&#146;s business is valid, subsisting, unexpired and enforceable, has not been abandoned
and does not infringe the intellectual property rights of any other Person.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;No holding, decision or judgment has been rendered by any governmental authority which
would limit, cancel or question the validity of, or such Grantor&#146;s rights in, any Intellectual
Property in any respect that could reasonably be expected to have, in any one case or in the
aggregate, a materially adversely affect on the financial condition, operations, properties, or
business of the Borrower or any Guarantor or any Subsidiary of the Borrower or the ability of the
Borrower or any Guarantor to perform its obligations under the Loan Documents to which it is a
party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;No action or proceeding is pending, or, to the knowledge of such Grantor, threatened, on
the date hereof (i)&nbsp;seeking to limit, cancel or question the validity of any Intellectual Property
material to such Grantor&#146;s business or such Grantor&#146;s ownership interest therein, or (ii)&nbsp;which, if
adversely determined, would have a material adverse effect on the value of any Intellectual
Property material to such Grantor&#146;s business.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECTION 4. COVENANTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except during any period when theCash Secured Option shall apply to the Facility, each Grantor
covenants and agrees with the Agent, the Issuers and the Lenders that, from and after the date of
this Agreement until the earlier to occur of (i)&nbsp;the satisfaction of the conditions precedent to
the release of all of the Collateral in accordance with the Credit Agreement or (ii)&nbsp;the
Termination Date and the payment in full of all outstanding Obligations (or, with respect to
outstanding Facility Letters of Credit, cash collateralization or other arrangements reasonably
satisfactory to Issuers therefor and the Agent):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Maintenance of Insurance</U>. (a)&nbsp;Such Grantor will maintain, with financially sound
and reputable companies, insurance policies insuring the Inventory and Equipment against loss by
fire, explosion, theft and such other casualties as required by the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Borrower shall deliver to the Agent and the Lenders evidence with respect to such
insurance as the Agent may from time to time reasonably request in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>Payment of Obligations</U>. Such Grantor will pay and discharge or otherwise satisfy
at or before maturity or before they become delinquent, as the case may be, all taxes, assessments
and governmental charges or levies imposed upon the Collateral or in respect of income or profits
therefrom, as well as all claims of any kind (including, without limitation, claims for labor,
materials and supplies) against or with respect to the Collateral, except that no such charge need
be paid if the amount or validity thereof is currently being contested in good faith by appropriate
proceedings, reserves in conformity with GAAP with respect thereto (to the extent required by GAAP)
have been
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provided on the books of such Grantor and such proceedings could not reasonably be expected to
result in the sale, forfeiture or loss of any material portion of the Collateral or any interest
therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <U>Maintenance of Perfected Security Interest; Further Documentation</U>. (a)&nbsp;Such
Grantor shall maintain the security interest created by this Agreement as a perfected security
interest to the extent required by this Agreement having at least the priority described in
Section&nbsp;3.2 and shall defend such security interest against the claims and demands of all Persons
whomsoever other than any holder of Liens permitted by the Credit Agreement, subject to the rights
of such Grantor under the Loan Documents to dispose of the Collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;At any time and from time to time, upon the written request of the Agent, and at the sole
expense of such Grantor, such Grantor will promptly and duly execute and deliver, and have
recorded, such further instruments and documents and take such further actions as the Agent may
reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement
and of the rights and powers herein granted, including, without limitation, (i)&nbsp;filing any
financing or continuation statements under the Uniform Commercial Code (or other similar laws) in
effect in any jurisdiction with respect to the security interests created hereby and (ii)&nbsp;in the
case of any other relevant Collateral, taking any actions necessary to enable the Agent to obtain
&#147;control&#148; (within the meaning of the applicable Uniform Commercial Code) with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <U>Changes in Name, etc</U>. Such Grantor will not, except upon prior written notice to
the Agent and delivery to the Agent of all additional executed financing statements and other
documents reasonably requested by the Agent to maintain the validity, perfection and priority of
the security interests provided for herein, (i)&nbsp;change its jurisdiction of organization or
(ii)&nbsp;change its name.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <U>Notices</U>. Such Grantor will advise the Agent and the Lenders promptly, in
reasonable detail, of
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any Lien (other than security interests created hereby or Liens permitted under the Credit
Agreement) on any of the Collateral which would adversely affect the ability of the Agent to
exercise any of its remedies hereunder; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;of the occurrence of any other event which could reasonably be expected to have a material
adverse effect on the aggregate value of the Collateral or on the security interests created
hereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <U>Receivables</U>. Such Grantor will deliver to the Agent a copy of each material
demand, notice or document received by it that questions or calls into doubt the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">validity or enforceability of more than 20% of the aggregate amount of the then outstanding
Receivables.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <U>Intellectual Property</U>. (a)&nbsp;Such Grantor (either itself or through licensees) will
(i)&nbsp;continue to use each material Trademark on each and every trademark class of goods applicable
to its current line as reflected in its current catalogs, brochures and price lists in order to
maintain such Trademark in full force free from any claim of abandonment for non-use, (ii)&nbsp;maintain
as in the past the quality of products and services offered under such Trademark, (iii)&nbsp;use such
Trademark with the appropriate notice of registration and all other notices and legends required by
applicable requirements of law, (iv)&nbsp;not adopt or use any mark which is confusingly similar or a
colorable imitation of such Trademark unless the Agent, for the ratable benefit of the Secured
Parties, shall obtain a perfected security interest in such mark pursuant to this Agreement, and
(v)&nbsp;not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do
any act whereby such Trademark may become invalidated or impaired in any way.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Such Grantor (either itself or through licensees) will not do any act, or omit to do any
act, whereby any material Patent may become forfeited, abandoned or dedicated to the public.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Such Grantor (either itself or through licensees) (i)&nbsp;will employ each material Copyright
and (ii)&nbsp;will not (and will not permit any licensee or sublicensee thereof to) do any act or
knowingly omit to do any act whereby any material portion of the Copyrights may become invalidated
or otherwise impaired. Such Grantor will not (either itself or through licensees) do any act
whereby any material portion of the Copyrights may fall into the public domain.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Such Grantor (either itself or through licensees) will not do any act that knowingly uses
any material Intellectual Property to infringe the intellectual property rights of any other
Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Such Grantor will take all reasonable and necessary steps, including, without limitation,
in any proceeding before the United States Patent and Trademark Office, the United States Copyright
Office or any similar office or agency in any other country or any political subdivision thereof,
to maintain and pursue each application (and to obtain the relevant registration) and to maintain
each registration of the material Intellectual Property, including, without limitation, filing of
applications for renewal, affidavits of use and affidavits of incontestability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;In the event that any material Intellectual Property is infringed, misappropriated or
diluted by a third party, such Grantor shall take such actions as such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual
Property.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECTION 5. REMEDIAL PROVISIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>Certain Matters Relating to Receivables</U>. (a)&nbsp;At any time during the continuance
of an Event of Default, the Agent shall have the right to make test verifications of the
Receivables in any manner and through any medium that it reasonably considers advisable, and each
Grantor shall furnish all such assistance and information as the Agent may require in connection
with such test verifications.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Agent hereby authorizes each Grantor to collect such Grantor&#146;s Receivables and the
Agent may curtail or terminate said authority at any time after the occurrence and during the
continuance of an Event of Default. If requested in writing by the Agent at any time after the
occurrence and during the continuance of an Event of Default, any payments of Receivables, when
collected by any Grantor, (i)&nbsp;shall be forthwith (and, in any event, within two Business Days)
deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Agent if
required, in a Collateral Account maintained under the sole dominion and control (within the
meaning of Article&nbsp;9 of the New York UCC) of the Agent, subject to withdrawal by the Agent for the
account of the Lenders only as provided in Section&nbsp;5.4, and (ii)&nbsp;until so turned over, shall be
held by such Grantor in trust for the Agent and the Lenders, segregated from other funds of such
Grantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At the Agent&#146;s written request at any time after the occurrence and during the continuance
of an Event of Default, each Grantor shall deliver to the Agent all original and other documents
evidencing, and relating to, the agreements and transactions which gave rise to the Receivables
that are Collateral, including, without limitation, all original orders, invoices and shipping
receipts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Communications with Obligors; Grantors Remain Liable</U>. (a)&nbsp;The Agent in its own
name or in the name of others may after the occurrence and during the continuance of an Event of
Default communicate with obligors under the Receivables that are Collateral to verify with them to
the Agent&#146;s satisfaction the existence, amount and terms of any Receivables.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon the written request of the Agent at any time after the occurrence and during the
continuance of an Event of Default, each Grantor shall notify obligors on the Receivables that are
Collateral that such Receivables have been assigned to the Agent for the ratable benefit of the
Secured Parties and that payments in respect thereof shall be made directly to the Agent.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Anything herein to the contrary notwithstanding, each Grantor shall remain liable under
each of the Receivables that are Collateral to observe and perform all the conditions and
obligations to be observed and performed by it thereunder, all in accordance with the terms of any
agreement giving rise thereto. None of the Agent, any Issuer or any Lender shall have any
obligation or liability under any Receivable (or any agreement giving rise thereto) by reason of or
arising out of this Agreement or the receipt by the Agent or any Lender of any payment relating
thereto, nor shall the Agent or any Lender be obligated in any manner to perform any of the
obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise
thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any
payment received by it or as to the sufficiency of any performance by any party thereunder, to
present or file any claim, to take any action to enforce any performance or to collect the payment
of any amounts which may have been assigned to it or to which it may be entitled at any time or
times.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <U>Proceeds to be Turned Over To Agent</U>. In addition to the rights of the Agent and
the Lenders specified in Section&nbsp;5.1 with respect to payments of Receivables, if an Event of
Default shall occur and be continuing, upon written request from the Agent, all Proceeds received
by any Grantor consisting of cash, checks and other near-cash items shall be held by such Grantor
in trust for the Agent and the Lenders, segregated from other funds of such Grantor, and shall,
forthwith upon receipt by such Grantor, be turned over to the Agent in the exact form received by
such Grantor (duly indorsed by such Grantor to the Agent, if requested). All Proceeds received by
the Agent hereunder shall be held by the Agent in a Collateral Account maintained under its sole
dominion and control. All such Proceeds while held by the Agent in a Collateral Account (or by
such Grantor in trust for the Agent and the Lenders) shall continue to be held as collateral
security for all the Obligations and shall not constitute payment thereof until applied as provided
in Section&nbsp;5.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <U>Application of Proceeds</U>. At such intervals as may be agreed upon by the Borrower
and the Agent, or, if an Event of Default shall have occurred and be continuing, at any time at the
Agent&#146;s election, the Agent may apply all or any part of the Proceeds constituting Collateral,
whether or not held in any Collateral Account, and any proceeds of the Guarantees, in payment of
the Obligations in the following order:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>First</U>, to pay incurred and unpaid fees and expenses of the Agent under the
Loan Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Second</U>, to the Agent, for application by it towards payment of amounts then
due and owing and remaining unpaid in respect of the Obligations, <U>pro</U> <U>rata</U>
among the Secured Parties according to the amounts of the Obligations then due and owing
and remaining unpaid to the Secured Parties;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Third</U>, to the Agent, for application by it towards prepayment of the
Obligations, <U>pro</U> <U>rata</U> among the Secured Parties according to the amounts of
the Obligations then held by the Secured Parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fourth</U>, to the Agent, for deposit in the Cash Collateral Account, an amount
equal to 105% of the sum of all Facility Letter of Credit Obligations <U>less</U> any
amounts held in the Cash Collateral Account at such time; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fifth</U>, any balance remaining after the Obligations shall have been paid in
full, no Facility Letters of Credit shall be outstanding (or all Facility Letter of Credit
Obligations have been cash collateralized in accordance with clause <U>Fourth</U> above)
and the Commitments shall have terminated shall be paid over to the Borrower or to
whomsoever may be lawfully entitled to receive the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <U>Code and Other Remedies</U>. If an Event of Default shall occur and be continuing,
the Agent, on behalf of the Lenders, may exercise, in addition to all other rights and remedies
granted to them in this Agreement and in any other instrument or agreement securing, evidencing or
relating to the Obligations, all rights and remedies of a secured party under the New York UCC or
any other applicable law. Without limiting the generality of the foregoing, the Agent, without
demand of performance or other demand, presentment, protest, advertisement or notice of any kind
(except any notice required by law referred to below) to or upon any Grantor or any other Person
(all and each of which demands, defenses, advertisements and notices are hereby waived), may in
such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any
part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or
otherwise dispose of and deliver the Collateral or any part thereof (or contract to do any of the
foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker&#146;s
board or office of the Agent or any Lender or elsewhere upon such terms and conditions as it may
deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery
without assumption of any credit risk. The Agent or any Lender shall have the right upon any such
public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to
purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption
in any Grantor, which right or equity is hereby waived and released. Each Grantor further agrees,
at the Agent&#146;s request, to assemble the Collateral and make it available to the Agent at places
which the Agent shall reasonably select, whether at such Grantor&#146;s premises or elsewhere. The
Agent shall apply the net proceeds of any action taken by it pursuant to this Section&nbsp;5.5, after
deducting all reasonable costs and expenses of every kind incurred in connection therewith or
incidental to the care or safekeeping of any of the Collateral or in any way relating to the
Collateral or the rights of the Agent and the Lenders hereunder, including, without limitation,
reasonable attorneys&#146; fees and disbursements, to the payment in whole or in part of the
Obligations, in such order as the
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agent may elect, and only after such application and after the payment by the Agent of any
other amount required by any provision of law, including, without limitation, Section&nbsp;9-615(a)(3)
of the New York UCC, need the Agent account for the surplus, if any, to any Grantor. To the extent
permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire
against the Agent or any Lender arising out of the exercise by them of any rights hereunder. If
any notice of a proposed sale or other disposition of Collateral shall be required by law, such
notice shall be deemed reasonable and proper if given at least ten (10)&nbsp;days before such sale or
other disposition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <U>Subordination</U>. Each Grantor hereby agrees that, upon the occurrence and during
the continuance of an Event of Default, unless otherwise agreed by the Agent, all Debt owing by it
to the Borrower or any Subsidiary of the Borrower shall be fully subordinated to the indefeasible
payment in full in cash of such Grantor&#146;s Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <U>Deficiency</U>. Each Grantor shall remain liable for any deficiency if the proceeds
of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the
fees and disbursements of any attorneys employed by the Agent or any Lender to collect such
deficiency.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECTION 6. THE AGENT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Agent&#146;s Appointment as Attorney-in-Fact, etc</U>. (a)&nbsp;Each Grantor hereby irrevocably
constitutes and appoints the Agent and any officer or agent thereof, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in
the place and stead of such Grantor and in the name of such Grantor or in its own name, for the
purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to
execute any and all documents and instruments which may be necessary or desirable to accomplish the
purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor
hereby gives the Agent the power and right, on behalf of such Grantor, without notice to or assent
by such Grantor, to do any or all of the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;(i) in the name of such Grantor or its own name, or otherwise, take possession of and
indorse and collect any checks, drafts, notes, acceptances or other instruments for the payment
of moneys due under any Receivable or with respect to any other Collateral and file any claim
or take any other action or proceeding in any court of law or equity or otherwise deemed
appropriate by the Agent for the purpose of collecting any and all such moneys due under any
Receivable or with respect to any other Collateral whenever payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;(ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any
and all agreements, instruments, documents and papers as the Agent
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">may request to evidence the Agent&#146;s and the Lenders&#146; security interest in such
Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto
or represented thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;(iii) pay or discharge taxes and Liens levied or placed on or threatened against the
Collateral, effect any repairs or any insurance called for by the terms of this Agreement and
pay all or any part of the premiums therefor and the costs thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;(iv) execute, in connection with any sale provided for in Section&nbsp;5.5, any indorsements,
assignments or other instruments of conveyance or transfer with respect to the Collateral; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%">&nbsp;&nbsp;&nbsp;(v) (1)&nbsp;direct any party liable for any payment under any of the Collateral to make
payment of any and all moneys due or to become due thereunder directly to the Agent or as the
Agent shall direct; (2)&nbsp;ask or demand for, collect, and receive payment of and receipt for, any
and all moneys, claims and other amounts due or to become due at any time in respect of or
arising out of any Collateral; (3)&nbsp;sign and indorse any invoices, freight or express bills,
bills of lading, storage or warehouse receipts, drafts against debtors, assignments,
verifications, notices and other documents in connection with any of the Collateral;
(4)&nbsp;commence and prosecute any suits, actions or proceedings at law or in equity in any court
of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any
other right in respect of any Collateral; (5)&nbsp;defend any suit, action or proceeding brought
against such Grantor with respect to any Collateral; (6)&nbsp;settle, compromise or adjust any such
suit, action or proceeding and, in connection therewith, give such discharges or releases as
the Agent may deem appropriate; (7)&nbsp;assign any Copyright, Patent or Trademark (along with the
goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout
the world for such term or terms, on such conditions, and in such manner, as the Agent shall in
its sole discretion determine; and (8)&nbsp;generally, sell, transfer, pledge and make any agreement
with respect to or otherwise deal with any of the Collateral as fully and completely as though
the Agent were the absolute owner thereof for all purposes, and do, at the Agent&#146;s option and
such Grantor&#146;s expense, at any time, or from time to time, all acts and things which the Agent
deems necessary to protect, preserve or realize upon the Collateral and the Agent&#146;s and the
Lenders&#146; security interests therein and to effect the intent of this Agreement, all as fully
and effectively as such Grantor might do.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Section&nbsp;6.1(a) to the contrary notwithstanding, the Agent agrees that it will
not exercise any rights under the power of attorney provided for in this Section&nbsp;6.1(a) unless an
Event of Default shall have occurred and be continuing.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any Grantor fails to perform or comply with any of its agreements contained herein, the
Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise
cause performance or compliance, with such agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The expenses of the Agent incurred in connection with actions undertaken as provided in
this Section&nbsp;6.1, together with interest thereon at a rate per annum equal to the highest rate per
annum at which interest would then be payable on any category of past due ABR Loans under the
Credit Agreement, from the date of payment by the Agent to the date reimbursed by the relevant
Grantor, shall be payable by such Grantor to the Agent on demand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Grantor hereby ratifies all that said attorneys shall lawfully do or cause to be done
by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled
with an interest and are irrevocable until this Agreement is terminated and the security interests
created hereby are released.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Duty of Agent</U>. The Agent&#146;s sole duty with respect to the custody, safekeeping and
physical preservation of the Collateral in its possession, under Section&nbsp;9-207 of the New York UCC
or otherwise, shall be to deal with it in the same manner as the Agent deals with similar property
for its own account. Neither the Agent, any Lender nor any of their respective Affiliates and
their respective officers, directors, employees or agents shall be liable for failure to demand,
collect or realize upon any of the Collateral or for any delay in doing so or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any
other Person or to take any other action whatsoever with regard to the Collateral or any part
thereof. The powers conferred on the Agent and the Lenders hereunder are solely to protect the
Agent&#146;s and the Lenders&#146; interests in the Collateral and shall not impose any duty upon the Agent
or any Lender to exercise any such powers. The Agent and the Lenders shall be accountable only for
amounts that they actually receive as a result of the exercise of such powers, and neither they nor
any of their Affiliates and their respective officers, directors, employees or agents shall be
responsible to any Grantor for any act or failure to act hereunder, except for their own gross
negligence or willful misconduct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <U>Execution of Financing Statements</U>. Pursuant to any applicable law, each Grantor
authorizes the Agent to file or record financing statements and other filing or recording documents
or instruments with respect to the Collateral without the signature of such Grantor in such form
and in such offices as the Agent determines appropriate to perfect the security interests of the
Agent under this Agreement. Each Grantor authorizes the Agent to use the collateral description
&#147;all personal property&#148; in any such financing statements. Each Grantor hereby ratifies and
authorizes the filing by the Agent of any financing statement with respect to the Collateral made
prior to the date hereof.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <U>Authority of Agent</U>. Each Grantor acknowledges that the rights and
responsibilities of the Agent under this Agreement with respect to any action taken by the Agent or
the exercise or non-exercise by the Agent of any option, voting right, request, judgment or other
right or remedy provided for herein or resulting or arising out of this Agreement shall, as between
the Agent and the Lenders, be governed by the Credit Agreement and by such other agreements with
respect thereto as may exist from time to time among them, but, as between the Agent and the
Grantors, the Agent shall be conclusively presumed to be acting as agent for the Lenders with full
and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation,
or entitlement, to make any inquiry respecting such authority.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SECTION 7. MISCELLANEOUS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Amendments in Writing</U>. None of the terms or provisions of this Agreement may be
waived, amended, supplemented or otherwise modified except in accordance with Section&nbsp;10.01 of the
Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <U>Notices</U>. All notices, requests and demands to or upon the Agent or any Grantor
hereunder shall be effected in the manner provided for in Section&nbsp;10.02 of the Credit Agreement;
<U>provided</U> that any such notice, request or demand to or upon any Grantor other than the
Borrower shall be addressed to such Grantor at its notice address set forth on <U>Schedule&nbsp;1</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <U>No Waiver by Course of Conduct; Cumulative Remedies</U>. Neither the Agent nor any
Lender shall by any act (except by a written instrument pursuant to Section&nbsp;7.1), delay,
indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in
exercising, on the part of the Agent or any Lender, any right, power or privilege hereunder shall
operate as a waiver thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Agent or any Lender of any right or remedy hereunder on any
one occasion shall not be construed as a bar to any right or remedy which the Agent or such Lender
would otherwise have on any future occasion. The rights and remedies herein provided are
cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or
remedies provided by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <U>Enforcement Expenses; Indemnification</U>. (a)&nbsp;Each Grantor agrees to pay or
reimburse each Lender and the Agent for all its costs and expenses incurred in enforcing or
preserving any rights under this Agreement and the other Loan Documents to which such Grantor is a
party, including, without limitation, the fees and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">disbursements of counsel (including the allocated fees and expenses of in-house counsel) to
each Lender and of counsel to the Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Grantor agrees to pay, and to save the Agent and the Lenders harmless from, any and
all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise,
sales or other taxes which may be payable or determined to be payable with respect to any of the
Collateral or in connection with any of the transactions contemplated by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Grantor agrees to pay, and to save the Agent and the Lenders harmless from, any and
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery,
enforcement, performance and administration of this Agreement to the extent the Borrower would be
required to do so pursuant to Section&nbsp;10.04 of the Credit Agreement except those resulting from the
Agent&#146;s or any Lender&#146;s willful misconduct or gross negligence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The agreements in this Section&nbsp;7.4 shall survive repayment of the Obligations and all
other amounts payable under the Credit Agreement and the other Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <U>Successors and Assigns</U>. This Agreement shall be binding upon the successors and
assigns of each Grantor and shall inure to the benefit of the Agent and the Lenders and their
successors and assigns; provided that except as permitted by the Credit Agreement, no Grantor may
assign, transfer or delegate any of its rights or obligations under this Agreement without the
prior written consent of the Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <U>Counterparts</U>. This Agreement may be executed in any number of counterparts and by
the different parties to this Agreement 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. Delivery of an executed counterpart of a signature page to this Agreement by facsimile
or other electronic image shall be effective as delivery of a manually executed counterpart of this
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <U>Severability</U>. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 <U>Section&nbsp;Headings</U>. The Section headings used in this Agreement are for convenience
of reference only and are not to affect the construction hereof or be taken into consideration in
the interpretation hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 <U>Integration</U>. This Agreement and the other Loan Documents represent the agreement
of the Grantors, the Agent and the Lenders with respect to the subject matter hereof and thereof,
and there are no promises, undertakings, representations or warranties by the Agent or any Lender
relative to subject matter hereof and thereof not expressly set forth or referred to herein or in
the other Loan Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 <U><B>GOVERNING LAW</B></U><B>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAW (OTHER THAN
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 <U>CONSENT TO JURISDICTION; WAIVERS</U>. (a)&nbsp;ANY LEGAL ACTION OR PROCEEDING WITH
RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE CITY
AND COUNTY OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK,
AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH GRANTOR HEREBY ACCEPTS FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS.
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF
VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, THAT ANY OF THEM MAY NOW OR HEREAFTER HAVE
TO THE BRINGING OF ANY SUCH ACTION OR PROCEEDING IN SUCH RESPECTIVE JURISDICTIONS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;EACH GRANTOR IRREVOCABLY CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN SUCH ACTION OR
PROCEEDING ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT BY THE MAILING (BY REGISTERED OR
CERTIFIED MAIL, POSTAGE PREPAID) OF COPIES OF SUCH PROCESS TO AN APPOINTED PROCESS AGENT OR SUCH
GRANTOR AT ITS ADDRESS SPECIFIED IN SECTION 7.2. EACH GRANTOR AGREES THAT A FINAL JUDGMENT IN ANY
SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING CONTAINED IN THIS SECTION 7.11 SHALL
AFFECT THE RIGHT OF THE AGENT OR ANY OTHER SECURED PARTY TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR COMMENCE LEGAL
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY GRANTOR IN ANY OTHER JURISDICTION.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 <U>Acknowledgements</U>. Each Grantor hereby acknowledges that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;it has been advised by counsel in the negotiation, execution and delivery of this
Agreement and the other Loan Documents to which it is a party;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;neither the Agent nor any Lender has any fiduciary relationship with or duty to any
Grantor arising out of or in connection with this Agreement or any of the other Loan Documents, and
the relationship between the Grantors, on the one hand, and the Secured Parties, on the other hand,
in connection herewith or therewith is solely that of debtor and creditor; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Lenders or among the Grantors and the
Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 <U>Additional Grantors</U>. Each Subsidiary of the Borrower that is required to become
a Grantor pursuant to Section&nbsp;5.15 of the Credit Agreement shall become a Grantor for all purposes
of this Agreement upon execution and delivery by such Subsidiary of an Assumption Agreement in the
form of Annex 1 hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 <U>Releases</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Upon the earlier to occur of (i)&nbsp;the satisfaction of the conditions precedent to the
release of all of the Collateral in accordance with the Credit Agreement and (ii)&nbsp;the Termination
Date and payment in full of all outstanding Obligations (or, with respect to outstanding Facility
Letters of Credit, cash collateralization or other arrangements reasonably satisfactory to Issuers
therefor and the Agent), the Collateral shall be automatically released from the Liens created
hereby, and this Agreement and all obligations (other than those expressly stated to survive such
termination) of the Agent and each Grantor hereunder shall automatically terminate, all without
delivery of any instrument or performance of any act by any party, and all rights to the Collateral
shall revert to the Grantors. At the request and sole expense of any Grantor following any such
termination, the Agent shall deliver to such Grantor any Collateral held by the Agent hereunder,
and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to
evidence such termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any of the Collateral shall be sold or otherwise transferred pursuant to a transaction
permitted by the Credit Agreement, the Liens created hereby on such Collateral shall automatically
terminate. Upon the earlier to occur of (i)&nbsp;the satisfaction
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of the conditions precedent to the release of all of the Collateral in accordance with the
Credit Agreement or (ii)&nbsp;the Termination Date and payment in full of all outstanding Obligations
(or, with respect to outstanding Facility Letters of Credit, cash collateralization or other
arrangements reasonably satisfactory to Issuers therefor and the Agent), or if any of the
Collateral shall be requested to be released by any Grantor pursuant to this Agreement and in
accordance with the Credit Agreement, then the Agent, at the request and sole expense of such
Grantor, shall execute and deliver to such Grantor all releases or other documents reasonably
necessary or desirable for the release of the Liens created hereby on such Collateral.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 <U><B>WAIVER OF JURY TRIAL</B></U><B>. EACH GRANTOR HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL
ACTION OR PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMET OR
THE RELATIONSHIP ESTABLISHED THEREUNDER.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 <U>Waiver of Consequential Damages</U>. To the fullest extent permitted by applicable
law, no party hereto shall assert, and each such party hereby waives, any claim against all other
parties hereto, on any theory of liability, for special, indirect, consequential or punitive
damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement, or any agreement or instrument contemplated hereby or thereby and the
transactions contemplated hereby or thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17 <U>Continuing Security Interest</U>. The security interest created pursuant to the
Original Collateral Agreement is and shall continue to be in full force and effect as amended and
restated by this Agreement and is hereby ratified and confirmed in all respects.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;remainder of page intentionally left blank; signature pages follow&#093;</I>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page to Amended and Restated Collateral Agreement&#093;</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have caused this Collateral Agreement to be executed
and delivered by their respective duly authorized officers as of the date first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><u><B>GRANTOR</B></u><B>:</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BEAZER HOMES USA, INC.,</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a Delaware corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page to Amended and Restated Collateral Agreement&#093;</I>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CITIBANK, N.A., </B>as Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page to Amended and Restated Collateral Agreement&#093;</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B><u>GUARANTORS:</u></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>APRIL CORPORATION</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER ALLIED COMPANIES HOLDINGS, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER GENERAL SERVICES, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER HOMES CORP.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER HOMES HOLDINGS CORP.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER HOMES INDIANA HOLDINGS CORP.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER HOMES SALES, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER HOMES TEXAS HOLDINGS, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER REALTY, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER REALTY CORP.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER REALTY LOS ANGELES, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER REALTY SACRAMENTO, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>BEAZER/SQUIRES REALTY, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>HOMEBUILDERS TITLE SERVICES, INC.</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>HOMEBUILDERS TITLE SERVICES OF VIRGINIA, INC.</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="1" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD colspan="1" style="border-bottom: 1px solid #000000" align="right">(SEAL)</TD>
    <TD></TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BEAZER MORTGAGE CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">(SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peggy Caldwell&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">






</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page to Amended and Restated Collateral Agreement&#093;</I>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>ARDEN PARK VENTURES, LLC<BR>
BEAZER CLARKSBURG, LLC<BR>
BEAZER COMMERCIAL HOLDINGS, LLC<BR>
BEAZER HOMES INVESTMENTS, LLC<BR>
BEAZER HOMES MICHIGAN, LLC<BR>
DOVE BARRINGTON DEVELOPMENT LLC</B><br><br>
By:&nbsp;&nbsp;BEAZER HOMES CORP., its Sole Member<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">  (SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BEAZER SPE, LLC</B><br><br>
By:&nbsp;&nbsp; BEAZER HOMES HOLDINGS CORP.,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Sole Member<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">  (SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BEAZER HOMES INDIANA LLP</B><br><br>By:&nbsp;&nbsp; BEAZER HOMES INVESTMENTS, LLC,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Managing Partner<br><br>By:&nbsp;&nbsp; BEAZER HOMES CORP.,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Sole Member<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">  (SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page to Amended and Restated Collateral Agreement&#093;</I>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BEAZER REALTY SERVICES, LLC</B><br><br>By:&nbsp;&nbsp;BEAZER HOMES INVESTMENTS, LLC,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Sole Member<br><br>By:&nbsp;&nbsp;BEAZER HOMES CORP.,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Sole Member<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">  (SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PARAGON TITLE, LLC<BR>
TRINITY HOMES, LLC</B><br><br>By:&nbsp;&nbsp;BEAZER HOMES INVESTMENTS, LLC,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a Member<br><br>By:&nbsp;&nbsp;BEAZER HOMES CORP.,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Sole Member<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">(SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><I>&#091;Signature Page to Amended and Restated Collateral Agreement&#093;</I>
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BEAZER HOMES TEXAS, L.P.<BR>
TEXAS LONE STAR TITLE, L.P.</B><br><br>By:&nbsp;&nbsp;BEAZER HOMES TEXAS HOLDINGS, INC.,<br> its General Partner<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">(SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BH BUILDING PRODUCTS, LP</B><br><br>By:&nbsp;&nbsp;BH PROCUREMENT SERVICES, LLC,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its General Partner<br><br>By:&nbsp;&nbsp;BEAZER HOMES TEXAS, L.P.,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Sole Member<br><br>By:&nbsp;&nbsp;BEAZER HOMES TEXAS HOLDINGS, INC., <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its General Partner<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">  (SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BH PROCUREMENT SERVICES, LLC</B><br><br>By:&nbsp;&nbsp;BEAZER HOMES TEXAS, L.P.,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its Sole Member<br><br>By:&nbsp;&nbsp;BEAZER HOMES TEXAS HOLDINGS, INC., <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its General Partner<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">(SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Annex I to<BR>
<U>Collateral Agreement</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ASSUMPTION AGREEMENT, dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 20&#95;&#95;&#95;, made by <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the
"<U>Additional Grantor</U>&#148;), in favor of Citibank, N.A., as Agent (in such capacity, the
"<U>Agent</U>&#148;) for the banks and other financial institutions or entities (the &#147;<U>Lenders</U>&#148;)
parties to the Credit Agreement referred to below. All capitalized terms not defined herein shall
have the meaning ascribed to them in such Credit Agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>W</u> <u>I</u> <u> T</u> <u> N</u> <u> E</u> <u> S</u> <u> S</u> <u> E</u> <u> T</u> <u> H</u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, Beazer Homes USA, Inc. (the &#147;<U>Borrower</U>&#148;), the Lenders and the Agent have
entered into an Amended and Restated Credit Agreement, dated as of August&nbsp;5, 2009 (as amended,
supplemented or otherwise modified from time to time, the &#147;<U>Credit Agreement</U>&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, in connection with the Credit Agreement, the Borrower and certain of its Subsidiaries
(other than the Additional Grantor) have entered into the Amended and Restated Collateral
Agreement, dated as of August&nbsp;5, 2009 (as amended, supplemented or otherwise modified from time to
time, the &#147;<U>Collateral Agreement</U>&#148;) in favor of the Agent for the ratable benefit of the
Secured Parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Credit Agreement requires the Additional Grantor to become a party to the
Collateral Agreement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in
order to become a party to the Collateral Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, IT IS AGREED:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <U>Collateral Agreement</U>. By executing and delivering this Assumption Agreement, the
Additional Grantor, as provided in Section&nbsp;7.13 of the Collateral Agreement, hereby becomes a party
to the Collateral Agreement as a Grantor thereunder with the same force and effect as if originally
named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly
assumes all obligations and liabilities of a Grantor thereunder. The information set forth in
Annex 1-A hereto is hereby added to the information set forth in the Schedules to the Collateral
Agreement. The Additional Grantor hereby represents and warrants that each of the representations
and warranties contained in Section&nbsp;3 of the Collateral Agreement is true and correct on and as the
date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <U><B>Governing Law</B></U><B>. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAW (OTHER THAN
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed
and delivered as of the date first above written.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&#091;ADDITIONAL GRANTOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;1
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">NOTICE ADDRESSES OF GRANTORS
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1200 Abernathy Road<BR>
Suite&nbsp;1200<BR>
Atlanta, GA 30328

</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Schedule&nbsp;2
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">PERFECTION MATTERS
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;To be updated&#093;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Schedule&nbsp;3</U><BR><BR>

LOCATION OF JURISDICTION OF ORGANIZATION AND CHIEF EXECUTIVE OFFICE
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Jurisdiction of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Location of Chief</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Grantor</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Organization</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Executive Office</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">April Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Arden Park Ventures, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Allied Companies Holdings, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Clarksburg, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Commercial Holdings, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer General Services, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tennessee
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Holdings Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Indiana Holdings Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Indiana LLP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indiana
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Jurisdiction of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Location of Chief</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Grantor</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Organization</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Executive Office</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Investments, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Michigan, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Sales, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Texas Holdings, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Homes Texas, L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Mortgage Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Georgia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty Los Angeles, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty Sacramento, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty Services, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Jurisdiction of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">Location of Chief</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Grantor</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Organization</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Executive Office</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer SPE, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Georgia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Beazer/Squires Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">North Carolina
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BH Building Products, LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">BH Procurement Services, LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dove Barrington Development LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Homebuilders Title Services, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Homebuilders Title Services of Virginia, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> Virginia
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paragon Title, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indiana
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Texas Lone Star Title, L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trinity Homes, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Indiana
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1200 Abernathy Road</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Suite&nbsp;1200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Atlanta, GA 30328</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;B
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>FORM OF NOTE</B></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">August&nbsp;5, 2009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR VALUE RECEIVED, the undersigned, BEAZER HOMES USA, INC., a Delaware corporation (the
&#147;Borrower&#148;) HEREBY PROMISES TO PAY to the order of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (the &#147;Lender&#148;) to
CITIBANK, N.A., as Agent, at the Agent&#146;s office located at 388 Greenwich Street, New York, NY
10013 (or at such other office as Agent may from time to time designate in writing), for the
account of the applicable Lending Office of the Lender, in lawful money of the United States and in
immediately available funds, the principal amount of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Dollars ($<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) or the
aggregate unpaid principal amount of all Loans made to the Borrower by the Lender pursuant to the
Credit Agreement and outstanding on the Termination Date, whichever is less, and to pay interest
from the date of this Note, in like money, at said office for the account of the applicable Lending
Office, at the time and at a rate per annum as provided in the Credit Agreement. The Lender is
hereby authorized by the Borrower, but is not required, to endorse on the schedule attached to this
Note held by it the amount and type of each Loan and each renewal, conversion, and payment of
principal amount received by the Lender for the account of the applicable Lending Office on account
of its Loans, which endorsement shall, in the absence of manifest error, be conclusive as to the
outstanding balance of the Loans made by the Lender; <U>provided</U>, <U>however</U>, that the
failure to make such notation with respect to any Loan or renewal, conversion, or payment shall not
limit or otherwise affect the obligations of the Borrower hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note is one of the Notes referred to in, and is entitled to the benefits of, the Amended
and Restated Credit Agreement, dated as of August&nbsp;5, 2009, between the Borrower, the Agent, the
Lender and certain other lenders party thereto (which, as it may be amended, modified, renewed or
extended from time to time, is herein called the &#147;Credit Agreement&#148;). Terms used herein which are
defined in the Credit Agreement shall have their defined meanings when used herein. The Credit
Agreement, among other things, contains provisions for acceleration of the maturity of this Note
upon the happening of certain stated events and also for prepayments on account of principal hereof
prior to the maturity of this Note upon the terms and conditions specified in the Credit Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrower hereby agrees to pay all reasonable costs and expenses (including reasonable
attorney&#146;s fees and expenses) paid or incurred by the holder of this Note in the collection of any
principal or interest payable under this Note or the enforcement of this Note or any other Loan
Documents.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note shall be governed by and construed in accordance with the laws of the State of New
York, without regard to principles of conflict of law (other than Section&nbsp;5-1401 of the General
Obligations Law of the State of New York).
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">BEAZER HOMES USA, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="right">(SEAL)
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>SCHEDULE TO NOTE</U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Date Made</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Unpaid Principal</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Name of Person</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">or Paid</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Type of Loan</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Principal Paid</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Balance of Note</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Making Notation</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;C
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>FORM OF COMMITMENT AND ACCEPTANCE</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Commitment and Acceptance (this &#147;Commitment and Acceptance&#148;) dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20&#95;&#95;&#95;, is entered into among the parties listed on the signature pages hereof. Capitalized terms
used herein and not otherwise defined herein shall have the meanings attributed to them in the
Credit Agreement (as defined below).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>PRELIMINARY STATEMENTS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to that certain Amended and Restated Credit Agreement dated as of August&nbsp;5,
2009, by and among Beazer Homes USA, Inc., a Delaware corporation (the &#147;Company&#148;), Citibank, N.A.,
as Agent, and the Lenders and Issuers that are parties thereto (as the same may from time to time
be amended, modified, supplemented or restated, in whole or in part and without limitation as to
amount, terms, conditions or covenants, the &#147;Credit Agreement&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;2.02.2 of the Credit Agreement, the Company has requested an increase in
the Aggregate Commitment from $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to $<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. Such increase in the
Aggregate Commitment is to become effective on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &#95;&#95;&#95;, &#95;&#95;&#95; (the &#147;Increase Date&#148;) &#091;THIS
DATE IS TO BE MUTUALLY AGREED UPON BY THE BORROWER, THE ACCEPTING LENDER AND AGENT IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 2.02.2 OF THE CREDIT AGREEMENT&#093;. In connection with such requested
increase in the Aggregate Commitment, the Borrower, Agent and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> (&#147;Accepting
Lender&#148;) hereby agree as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>ACCEPTING LENDER&#146;S COMMITMENT</U>. Effective as of the Increase Date, &#091;Accepting
Lender shall become a party to the Credit Agreement as a Lender, shall have all of the rights and
obligations of a Lender thereunder, shall agree to be bound by the terms and provisions thereof and
shall thereupon have a Commitment under and for purposes of the Credit Agreement in an amount equal
to the&#093; &#091;the Commitment of Accepting Lender under the Credit Agreement shall be increased from
$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to the&#093; amount set forth opposite Accepting Lender&#146;s name on the signature
pages hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;2. <U>REPRESENTATIONS AND AGREEMENTS OF ACCEPTING LENDER</U>. Accepting Lender (a)
represents and warrants that (i)&nbsp;it has full power and authority, and has taken all action
necessary, to execute and deliver this Commitment and Acceptance and to consummate the transactions
contemplated hereby and to become a Lender under the Credit Agreement, (ii)&nbsp;it satisfies the
requirements, if any, specified in the Credit Agreement that are required to be satisfied by it in
order to become a Lender, (iii)&nbsp;from and after the Increase Date, it shall be bound by the
provisions of the Credit Agreement as a Lender thereunder and shall have the obligations of a
Lender thereunder, (iv)&nbsp;it has
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section&nbsp;5.08(1) and (2)&nbsp;thereof, as applicable, and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Commitment and Acceptance on the basis of which it has made such analysis and
decision independently and without reliance on the Agent or any other Lender, and (v)&nbsp;if it is a
Non-United States Person, it has delivered any documentation required to be delivered by it
pursuant to the terms of the Credit Agreement, duly completed and executed by the Accepting Lender;
and (b)&nbsp;agrees that (i)&nbsp;it will, independently and without reliance on the Agent or any other
Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under the Loan Documents,
and (ii)&nbsp;it will perform in accordance with their terms all of the obligations which by the terms
of the Loan Documents are required to be performed by it as a Lender.&#093;
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 3pt">* Paragraph&nbsp;2 is to be inserted only if Accepting Lender is not already a party to the Credit
Agreement prior to the Increase Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>REPRESENTATION OF THE BORROWER</U>. The Borrower hereby represents and warrants that,
as of the date hereof and as of the Increase Date, no event or condition shall have occurred and
then be continuing which constitutes a Default or Event of Default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>GOVERNING LAW</U>. This Commitment and Acceptance shall be governed by the internal
law, and not the law of conflicts, of the State of New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>NOTICES</U>. For the purpose of notices to be given under the Credit Agreement, the
address of Accepting Lender (until notice of a change is delivered) shall be the address set forth
in its Administrative Questionnaire delivered to the Agent.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto have executed this Commitment and Acceptance by their
duly authorized officers as of the date first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BORROWER</B>:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BEAZER HOMES USA, INC.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(SEAL)
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>AGENT</B>:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">CITIBANK, N.A., as Agent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>ACCEPTING LENDER</B>:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">COMMITMENT:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">$<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&#091;NAME OF ACCEPTING LENDER&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;D
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>FORM OF CERTIFICATE</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Certificate is delivered pursuant to the Amended and Restated Credit Agreement dated as
of August&nbsp;5, 2009 among Beazer Homes USA, Inc., Citibank, N.A., as Agent, and the Lenders party
thereto (as amended, supplemented, or modified from time to time, the &#147;Credit Agreement&#148;). Unless
otherwise defined herein, capitalized terms are used herein as defined in the Credit Agreement.
This certification is delivered in connection with &#091;a notice requesting a Borrowing under Section
2.03 OR a notice requesting issuance, amendment or extension of a Facility Letter of Credit under
Section&nbsp;2.22.4&#093;*.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned, in his/her capacity as &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093; of the Borrower, hereby certifies as
follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The representations and warranties contained in Article&nbsp;IV of the Credit Agreement are
correct in all material respects on and as of the &#091;date of such Borrowing OR Issuance Date&#093;* as
though made on and as of such date except to the extent that any such representation or warranty is
stated to relate solely to an earlier date, in which case such representation or warranty is
correct in all material respects as of such earlier date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;No Default or Event of Default has occurred and is continuing and would result from &#091;such
Borrowing OR the issuance, amendment or extension of such Facility Letter of Credit&#093;*.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Upon &#091;such Borrowing OR the issuance, amendment or extension of such Facility Letter of
Credit&#093;*, &#091;the Aggregate Outstanding Extensions of Credit shall not exceed the Secured Borrowing
Base as set forth in the Secured Borrowing Base Certificate delivered by the Borrower to the Agent
as of the most recent Inventory Valuation Date, which Secured Borrowing Base Certificate is true
and correct as of such Inventory Valuation Date&#093;<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> &#091;the product of the Aggregate
Outstanding Extensions of Credit times 105% shall not exceed the aggregate amount of Unrestricted
Cash Collateral deposited in the Cash Collateral Account&#093;<SUP style="font-size: 85%; vertical-align: text-top"> 2</SUP>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed this Certificate as an officer of the
Borrower, and not in the undersigned&#146;s individual capacity, as
of the &#95;&#95;&#95; day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
20&#95;&#95;&#95;.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; of Beazer Homes USA, Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">*</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Include appropriate portion of bracketed provision.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1.</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>To be used if the Secured Borrowing Base Option is selected.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2.</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>To be used if the Cash Secured Option is selected.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;E
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">LEGAL OPINION OF BORROWER&#146;S AND GUARANTORS&#146; COUNSEL
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">(to be
issued upon conversion to borrowing base method)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;
<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;F
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U><B>FORM OF ASSIGNMENT AND ASSUMPTION</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Assignment and Assumption (the &#147;<U>Assignment and Assumption</U>&#148;) is dated as of the
Effective Date set forth below and is entered into by and between &#091;<I>Insert name of Assignor</I>&#093; (the
&#147;<U>Assignor</U>&#148;) and &#091;<I>Insert name of Assignee</I>&#093; (the &#147;<U>Assignee</U>&#148;). Capitalized terms used
but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (as amended, the &#147;<U>Credit Agreement</U>&#148;), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached
hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Agent as contemplated below (i)&nbsp;all of the Assignor&#146;s rights and
obligations in its capacity as a Lender under the Credit Agreement and any other documents or
instruments delivered pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such outstanding rights and obligations of the Assignor under the
respective facilities identified below (including any letters of credit and guarantees included in
such facilities) and (ii)&nbsp;to the extent permitted to be assigned under applicable law, all claims,
suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against
any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any
other documents or instruments delivered pursuant thereto or the loan transactions governed thereby
or in any way based on or related to any of the foregoing, including contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or in equity related to the rights
and obligations sold and assigned pursuant to clause (i)&nbsp;above (the rights and obligations sold and
assigned pursuant to clauses (i)&nbsp;and (ii)&nbsp;above being referred to herein collectively as the
&#147;<U>Assigned Interest</U>&#148;). Such sale and assignment is without recourse to the Assignor and,
except as expressly provided in this Assignment and Assumption, without representation or warranty
by the Assignor.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1. Assignor:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2. Assignee:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#091;and is an Affiliate/Approved Fund of &#091;<I>identify Lender</I>&#093;<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>&#093;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3. Borrower(s):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4. Agent:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Citibank, N.A., as the Agent under the Credit Agreement</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5. Credit Agreement:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Amended and Restated Credit Agreement dated as of August&nbsp;5, 2009 among Beazer Homes USA, Inc.,
the Lenders party thereto, the Issuers party thereto Citibank, N.A., as Agent, and the other agents
parties thereto</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6. Assigned Interest:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Aggregate Amount of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Amount of</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Percentage Assigned</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Commitment/Loans</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Commitment/Loans</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">of</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">for all Lenders</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Assigned</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Commitment/Loans<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">%&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">%&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">%&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective
Date:
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> &#95;&#95;&#95;, 20&#95;&#95;&#95; &#091;TO BE INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE
DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.&#093;
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Select as applicable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Set forth, to at least 9 decimals, as a
percentage of the Commitment/Loans of all Lenders thereunder.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms set forth in this Assignment and Assumption are hereby agreed to:
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>

<TD colspan="3" align="left"><U>ASSIGNOR</U><br><BR STYLE="FONT-SIZE: 6PT">
&#091;NAME OF ASSIGNOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><U>ASSIGNEE</U><br><BR STYLE="FONT-SIZE: 6PT">
&#091;NAME OF ASSIGNEE&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Consented to and&#093;<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> Accepted:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CITIBANK, N.A., as Agent
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;Consented to:&#093;<SUP style="font-size: 85%; vertical-align: text-top">4</SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#091;NAME OF RELEVANT PARTY&#093;
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>To be added only if the consent of the
Agent is required by the terms of the Credit Agreement.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>To be added only if the consent of the
Borrower and/or other parties (e.g., Issuer) is required by the terms of the
Credit Agreement.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="right" style="font-size: 10pt; margin-top: 12pt">ANNEX 1<BR>
TO ASSIGNMENT AND ASSUMPTION
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BEAZER HOMES USA, INC. AMENDED AND<BR>
RESTATED CREDIT AGREEMENT</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">STANDARD TERMS AND CONDITIONS FOR<BR>
ASSIGNMENT AND ASSUMPTION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;<U>Representations and Warranties</U>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Assignor</U>. The Assignor (a)&nbsp;represents and warrants that (i)&nbsp;it is the legal and
beneficial owner of the Assigned Interest, (ii)&nbsp;the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii)&nbsp;it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b)&nbsp;assumes no responsibility with respect to (i)&nbsp;any
statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii)&nbsp;the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Loan Documents or any collateral thereunder, (iii)&nbsp;the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Loan Document or (iv)&nbsp;the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Loan Document.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <U>Assignee</U>. The Assignee (a)&nbsp;represents and warrants that (i)&nbsp;it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii)&nbsp;it satisfies the requirements, if any, specified in the Credit Agreement
that are required to be satisfied by it in order to acquire the Assigned Interest and become a
Lender, (iii)&nbsp;from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the
obligations of a Lender thereunder, (iv)&nbsp;it has received a copy of the Credit Agreement, together
with copies of the most recent financial statements delivered pursuant to Sections&nbsp;5.08(1) and (2)
thereof, as applicable, and such other documents and information as it has deemed appropriate to
make its own credit analysis and decision to enter into this Assignment and Assumption and to
purchase the Assigned Interest on the basis of which it has made such analysis and decision
independently and without reliance on the Agent or any other Lender, and (v)&nbsp;if it is a Non-United
States Person, attached to the Assignment and Assumption is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the
Assignee; and (b)&nbsp;agrees that (i)&nbsp;it will, independently and without reliance on the Agent, the
Assignor or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Loan Documents, and (ii)&nbsp;it will perform in accordance with their terms all of the obligations
which by the terms of the Loan Documents are required to be performed by it as a Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;<U>Payments</U>. From and after the Effective Date, the Agent shall make all payments in
respect of the Assigned Interest (including payments of principal, interest, fees and other
amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to
the Assignee for amounts which have accrued from and after the Effective Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. <U>General Provisions</U>. This Assignment and Assumption shall be binding upon, and inure to
the benefit of, the parties hereto and their respective successors and assigns. This Assignment
and Assumption may be executed in any number of counterparts, which together shall constitute one
instrument. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this
Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">EXHIBIT G
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">FORM OF OFFICER&#146;S CERTIFICATION<BR>
OFFICER&#146;S CERTIFICATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is hereby made to the Amended and Restated Credit Agreement, dated as of August&nbsp;5,
2009, among Beazer Homes USA, Inc., a Delaware corporation (the &#147;Company&#148;), the several lenders
from time to time parties thereto, the several issuers of letters of credit from time to time
parties thereto and Citibank, N.A., as agent (in such capacity and together with its permitted
successors and assigns, the &#147;Agent&#148;) (as amended and modified from time to time, the &#147;Credit
Agreement&#148;). Terms used but not defined herein have the respective meanings assigned thereto in
the Senior Indentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This certificate is being delivered pursuant to &#091;Section&nbsp;2.01.2(b) of the Credit
Agreement&#093;<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> &#091;Section &#091;&#95;&#95;&#95;&#093; of the Credit Agreement&#093;<SUP style="font-size: 85%; vertical-align: text-top">2</SUP>. The undersigned, in
his/her capacity as &#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; of the Company, hereby certifies that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate amount of Indebtedness of the Company and the Restricted Subsidiaries
at the date hereof that is secured by Liens (other than Non-Recourse Indebtedness secured by
Liens) is $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On a pro forma basis, after giving effect to the borrowing of all amounts available
under the Credit Agreement, the aggregate amount of Indebtedness of the Company and the
Restricted Subsidiaries at the date hereof that is secured by Liens (other than Non-Recourse
Indebtedness secured by Liens) is $&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed this Officer&#146;s Certification as an officer of
the Company, and not in the undersigned&#146;s individual capacity,
as of the &#95;&#95;&#95; day of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
2009.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&#091;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#093; of Beazer Homes USA, Inc.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1.</SUP></TD>
    <TD>&nbsp;</TD>
    <TD> To be used if the Secured Borrowing Base Option is selected.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2.</SUP></TD>
    <TD>&nbsp;</TD>
    <TD> To be used if the Cash Secured Option is selected.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>6
<FILENAME>g21823a2exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT
23.1</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CONSENT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">We
consent to the incorporation by reference in this Pre-effective
Amendment No.&nbsp;2 to Registration Statement No.&nbsp;333-164459 of
Form&nbsp;S-4 of our reports dated November&nbsp;10, 2009, relating to the consolidated financial statements of Beazer
Homes USA, Inc. (which report expresses an unqualified opinion and
includes an explanatory paragraph relating to the adoption of new
accounting guidance on the accounting for uncertainty in income taxes
on October&nbsp;1, 2007), and the effectiveness of Beazer Homes USA,
Inc.&#146;s internal control over financial reporting, appearing in
the Annual Report on Form&nbsp;10-K of
Beazer Homes USA, Inc. for the year ended September&nbsp;30, 2009,
and to the reference to us under the heading &#147;Experts&#148; in
the Prospectus, which is part of this Registration Statement.</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B><IMG src="g21823a2g2182307.gif" alt="(DELOITTE TOUCHE SIGNATURE)"></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Atlanta,
Georgia<BR>February&nbsp;23, 2010</DIV>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>g21823a2exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.1</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LETTER OF
    TRANSMITTAL</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">OFFER TO EXCHANGE</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">ANY AND ALL
    OUTSTANDING</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12% SENIOR SECURED
    NOTES&#160;DUE 2017,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">WHICH ARE NOT REGISTERED UNDER
    THE SECURITIES ACT OF 1933,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">FOR ANY AND ALL
    OUTSTANDING</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12% SENIOR SECURED
    NOTES&#160;DUE 2017,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">WHICH HAVE BEEN REGISTERED
    UNDER THE SECURITIES ACT OF 1933,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">OF</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">BEAZER HOMES USA,
    INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">PURSUANT TO THE PROSPECTUS
    DATED&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 11:59&#160;P.M., NEW YORK CITY TIME, ON MARCH&#160;9, 2010,
    UNLESS EXTENDED (THE &#147;EXPIRATION DATE&#148;). ORIGINAL
    NOTES&#160;TENDERED IN THE EXCHANGE OFFER MAY BE WITHDRAWN AT
    ANY TIME PRIOR TO 11:59&#160;P.M., NEW YORK CITY TIME, ON THE
    EXPIRATION DATE.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The Exchange Agent for the Exchange Offer is:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">U.S. Bank National
    Association</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>By Mail, Overnight Courier or Hand Delivery:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S. Bank National Association
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    60 Livingston Avenue
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    EP-MN-WS2N
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    St. Paul, MN 55107
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Specialized Finance Department
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference: Beazer Homes USA, Inc. Exchange
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>By Facsimile:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>To confirm by telephone or for information:</I>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="white-space: nowrap">(651)&#160;495-8158</FONT><BR>
    Attention: Specialized Finance Department<BR>
    Confirm by Telephone:<BR>
    <FONT style="white-space: nowrap">(800)&#160;934-6802Reference:</FONT>
    Beazer Homes USA, Inc. Exchange
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="white-space: nowrap">(800)&#160;934-6802</FONT><BR>
    Reference: Beazer Homes USA, Inc. Exchange
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER
    THAN AS SET FORTH ABOVE OR TRANSMISSION OF THIS LETTER OF
    TRANSMITTAL VIA FACSIMILE TO A NUMBER OTHER THAN AS SET FORTH
    ABOVE OR OTHERWISE THAN AS PROVIDED ABOVE WILL NOT CONSTITUTE A
    VALID DELIVERY. THE INSTRUCTIONS&#160;CONTAINED HEREIN SHOULD BE
    READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS
    COMPLETED.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Letter of Transmittal is to be completed by holders of
    Original Notes (as defined below) either if Original Notes are
    to be forwarded herewith or if tenders of Original Notes are to
    be made by book-entry transfer to an account maintained by U.S.
    Bank National Association (the &#147;Exchange Agent&#148;) at
    The Depository Trust&#160;Company (&#147;DTC&#148;) pursuant to
    the procedures set forth in <B><I>&#147;The Exchange
    Offer&#160;&#151; Exchange Offer Procedures&#148; </I></B>in the
    Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Original Notes (i)&#160;whose certificates (the
    &#147;Certificates&#148;) for such Original Notes are not
    immediately available or (ii)&#160;who cannot deliver their
    Original Notes, the Letter of Transmittal or any other required
    documents to the Exchange Agent
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    prior to 11:59&#160;p.m., New York City time, on the Expiration
    Date or (iii)&#160;who cannot complete the procedures for
    delivery by book-entry transfer prior to 11:59&#160;p.m., New
    York City time, on the Expiration Date, must tender their
    Original Notes according to the guaranteed delivery procedures
    set forth in <B><I>&#147;The Exchange Offer&#160;&#151;
    Guaranteed Delivery Procedures&#148; </I></B>in the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SEE INSTRUCTION&#160;1. DELIVERY OF DOCUMENTS TO DTC DOES NOT
    CONSTITUTE DELIVERY TO THE EXCHANGE AGENT.</B>
</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOTE: SIGNATURES MUST BE PROVIDED BELOW<BR>
    PLEASE READ THE ACCOMPANYING INSTRUCTIONS&#160;CAREFULLY</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ALL
    TENDERING HOLDERS COMPLETE THIS BOX:</FONT></B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="10" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><FONT style="font-size: 10pt">DESCRIPTION OF ORIGINAL NOTES
    TENDERED</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>If blank, please print Name and Address of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Original Notes Tendered<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Registered Holder</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>(Attach Additional List of Notes)</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Principal Amount<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>of&#160;Original Notes<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Tendered<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Certificate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Amount<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>(If Less<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number(s)*</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of&#160;Original Notes</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Than All)**</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Total Amount<BR>
    Tendered:
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD colspan="10" align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="10" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    *&#160;Need not be completed by book-entry holders.
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="10" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -15pt; margin-left: 15pt">
    **&#160;Original Notes may be tendered in whole or in part in
    denominations of $1,000 and integral multiples thereof. Unless
    otherwise indicated in this column, a holder will be deemed to
    have tendered ALL of the Original Notes held by such holder
    indicated in the corresponding column to the left of this column.
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="97%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>BOXES BELOW TO BE CHECKED BY ELIGIBLE INSTITUTIONS ONLY:</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>CHECK HERE IF TENDERED ORIGINAL NOTES ARE BEING DELIVERED BY
    BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE
    EXCHANGE AGENT WITH DTC AND COMPLETE THE FOLLOWING:</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -127pt; margin-left: 127pt">
    Name of Tendering
    Institution:<FONT style="word-spacing: 360pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -96pt; margin-left: 96pt">
    DTC Account
    Number:<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT> Transaction Code
    No.:<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>CHECK HERE AND ENCLOSE A PHOTOCOPY OF THE NOTICE OF
    GUARANTEED DELIVERY IF TENDERED ORIGINAL NOTES ARE BEING
    DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY
    SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING:</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -127pt; margin-left: 127pt">
    <FONT style="white-space: nowrap">Name(s)&#160;of&#160;Registered&#160;Holder(s):</FONT><FONT style="word-spacing: 360pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -135pt; margin-left: 135pt">
    Window Ticket Number (if
    any):<FONT style="word-spacing: 352pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -218pt; margin-left: 218pt">
    Date of Execution of Notice of Guaranteed
    Delivery:<FONT style="word-spacing: 271pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -182pt; margin-left: 182pt">
    Name&#160;of&#160;Institution&#160;which&#160;Guaranteed&#160;Delivery:<FONT style="word-spacing: 299pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="3" align="left" valign="top">
    <DIV style="font-size: 6pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>IF GUARANTEED DELIVERY IS TO BE MADE BY BOOK-ENTRY
    TRANSFER:</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -127pt; margin-left: 127pt">
    Name of Tendering
    Institution:<FONT style="word-spacing: 352pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -96pt; margin-left: 96pt">
    DTC Account
    Number:<FONT style="word-spacing: 380pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -92pt; margin-left: 92pt">
    Transaction Code
    No.:<FONT style="word-spacing: 380pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>CHECK HERE IF TENDERED BY BOOK-ENTRY TRANSFER AND
    NON-EXCHANGED ORIGINAL NOTES ARE TO BE RETURNED BY CREDITING THE
    DTC ACCOUNT NUMBER SET FORTH ABOVE.</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>CHECK HERE IF YOU ARE A BROKER-DEALER WHO ACQUIRED THE
    ORIGINAL NOTES FOR ITS OWN ACCOUNT AS A RESULT OF MARKET MAKING
    OR OTHER TRADING ACTIVITIES (A &#147;PARTICIPATING
    BROKER-DEALER&#148;) AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF
    THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
    THERETO.</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -27pt; margin-left: 27pt">
    Name:<FONT style="word-spacing: 390pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -36pt; margin-left: 36pt">
    Address:<FONT style="word-spacing: 390pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="3" align="left" valign="top">
    <DIV style="font-size: 6pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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    <BR>
    4
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Ladies
    and Gentlemen:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby tenders to Beazer Homes USA, Inc., a
    Delaware corporation (the &#147;Issuer&#148;), the above
    described aggregate principal amount of the Issuer&#146;s 12%
    Senior Secured Notes due 2017, which are not registered under
    the Securities Act of 1933 (the &#147;Original Notes&#148;), in
    exchange for a like aggregate principal amount of the
    Issuer&#146;s 12% Senior Secured Notes due 2017, which have been
    registered under the Securities Act of 1933 (the &#147;New
    Notes&#148;), upon the terms and subject to the conditions set
    forth in the Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (as the same may be amended or supplemented from time to
    time, the &#147;Prospectus&#148;), receipt of which is hereby
    acknowledged, and in this Letter of Transmittal (which, together
    with the Prospectus, constitute the &#147;Exchange Offer&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to and effective upon the acceptance for exchange of all
    or any portion of the Original Notes tendered herewith in
    accordance with the terms and conditions of the Exchange Offer
    (including, if the Exchange Offer is extended or amended, the
    terms and conditions of any such extension or amendment), the
    undersigned hereby tenders, exchanges, sells, assigns and
    transfers to or upon the order of the Issuer all right, title
    and interest in and to such Original Notes as are being tendered
    herewith. The undersigned hereby irrevocably constitutes and
    appoints the Exchange Agent as its agent and attorney-in-fact
    (with full knowledge that the Exchange Agent is also acting as
    agent of the Issuer in connection with the Exchange Offer) with
    respect to the tendered Original Notes, with full power of
    substitution (such power of attorney being deemed to be an
    irrevocable power coupled with an interest), subject only to the
    right of withdrawal described in the Prospectus, to
    (i)&#160;deliver Certificates for Original Notes to the Issuer
    together with all accompanying evidences of transfer and
    authenticity to, or upon the order of, the Issuer, upon receipt
    by the Exchange Agent, as the undersigned&#146;s agent, of the
    New Notes to be issued in exchange for such Original Notes,
    (ii)&#160;present Certificates for such Original Notes for
    transfer, and to transfer the Original Notes on the books of the
    Issuer and (iii)&#160;receive for the account of the Issuer all
    benefits and otherwise exercise all rights of beneficial
    ownership of such Original Notes, all in accordance with the
    terms and conditions of the Exchange Offer.
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE UNDERSIGNED HEREBY REPRESENTS AND WARRANTS THAT THE
    UNDERSIGNED HAS FULL POWER AND AUTHORITY TO TENDER, EXCHANGE,
    SELL, ASSIGN AND TRANSFER THE ORIGINAL NOTES&#160;TENDERED
    HEREBY AND THAT, WHEN THE SAME ARE ACCEPTED FOR EXCHANGE, THE
    ISSUER WILL ACQUIRE GOOD, MARKETABLE AND UNENCUMBERED
    TITLE&#160;THERETO, FREE AND CLEAR OF ALL LIENS, RESTRICTIONS,
    CHARGES AND ENCUMBRANCES, AND THAT THE ORIGINAL
    NOTES&#160;TENDERED HEREBY ARE NOT SUBJECT TO ANY ADVERSE CLAIMS
    OR PROXIES. THE UNDERSIGNED WILL, UPON REQUEST, EXECUTE AND
    DELIVER ANY ADDITIONAL DOCUMENTS DEEMED BY THE ISSUER OR THE
    EXCHANGE AGENT TO BE NECESSARY OR DESIRABLE TO COMPLETE THE
    EXCHANGE, ASSIGNMENT AND TRANSFER OF THE ORIGINAL
    NOTES&#160;TENDERED HEREBY, AND THE UNDERSIGNED WILL COMPLY WITH
    ITS OBLIGATIONS UNDER THE REGISTRATION RIGHTS AGREEMENT, DATED
    AS OF SEPTEMBER 11, 2009 (THE &#147;REGISTRATION RIGHTS
    AGREEMENT&#148;), AMONG THE ISSUER, THE GUARANTORS NAMED THEREIN
    AND THE INITIAL PURCHASERS NAMED THEREIN, FOR THE BENEFIT OF THE
    INITIAL PURCHASERS AND THE HOLDERS OF THE ORIGINAL NOTES. THE
    UNDERSIGNED AGREES TO ALL OF THE TERMS OF THE EXCHANGE OFFER.</B>
</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The name(s) and address(es) of the registered holder(s) of the
    Original Notes tendered hereby should be printed above, if they
    are not already set forth above, as they appear on the
    Certificates representing such Original Notes or, in the case of
    book-entry securities, on the relevant securities position
    listing. The Certificate number(s) and the Original Notes that
    the undersigned wishes to tender should be indicated in the
    appropriate boxes above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any tendered Original Notes are not exchanged pursuant to the
    Exchange Offer for any reason, or if Certificates are submitted
    for more Original Notes than are tendered or accepted for
    exchange, Certificates for such nonexchanged or nontendered
    Original Notes will be returned (or, in the case of Original
    Notes tendered by book-entry transfer, such Original Notes will
    be credited to an account maintained at DTC), without expense to
    the tendering holder, promptly following the expiration or
    termination of the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned understands that tenders of Original Notes
    pursuant to any one of the procedures described in
    <B><I>&#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures&#148; </I></B>in the Prospectus and in the
    instructions hereto will, upon the Issuer&#146;s acceptance for
    exchange of such tendered Original Notes, constitute a binding
    agreement between the undersigned and the Issuer upon the terms
    and subject to the conditions of the Exchange Offer. The
    undersigned recognizes that, under certain circumstances set
    forth in the Prospectus, the Issuer may not be required to
    accept for exchange any of the Original Notes tendered hereby.
</DIV>
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    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated herein in the box entitled
    &#147;Special Issuance Instructions&#148; below, the undersigned
    hereby directs that the New Notes be issued in the name(s) of
    the undersigned or, in the case of a book-entry transfer of
    Original Notes, that such New Notes be credited to the account
    indicated above maintained at DTC. If applicable, substitute
    Certificates representing Original Notes not exchanged or not
    accepted for exchange will be issued to the undersigned or, in
    the case of a book-entry transfer of Original Notes, will be
    credited to the account indicated above maintained at DTC.
    Similarly, unless otherwise indicated under &#147;Special
    Delivery Instructions,&#148; please deliver New Notes to the
    undersigned at the address shown below the undersigned&#146;s
    signature.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By tendering Original Notes and executing this Letter of
    Transmittal, the undersigned hereby represents and agrees that
    (i)&#160;any New Notes acquired pursuant to the Exchange Offer
    are being obtained in the ordinary course of its business,
    (ii)&#160;the undersigned has no arrangement or understanding
    with any person to participate in a distribution (within the
    meaning of the Securities Act of 1933)&#160;of New Notes to be
    received in the Exchange Offer in violation of the provisions of
    the Securities Act of 1933, (iii)&#160;the undersigned is not an
    &#147;affiliate&#148; (as defined in Rule&#160;405 under the
    Securities Act of 1933)&#160;of the Issuer or any of its
    subsidiaries, or, if the undersigned is an affiliate, the
    undersigned will comply with the registration and prospectus
    delivery requirements of the Securities Act of 1933 to the
    extent applicable, (iv)&#160;if the undersigned is not a
    broker-dealer, the undersigned is not engaged in, and does not
    intend to engage in, a distribution (within the meaning of the
    Securities Act of 1933)&#160;of such New Notes and (v)&#160;if
    the undersigned is a broker-dealer that received New Notes for
    its own account in the Exchange Offer, where such Original Notes
    were acquired by such broker-dealer as a result of market-making
    activities or other trading activities, such broker-dealer will
    deliver a Prospectus in connection with any resale of such New
    Notes (provided that, by so acknowledging and by delivering a
    prospectus, such broker-dealer will not be deemed to admit that
    it is an &#147;underwriter&#148; within the meaning of the
    Securities Act of 1933). See <B><I>&#147;The Exchange
    Offer&#160;&#151; Terms of the Exchange Offer&#160;&#151;
    Purpose of the Exchange Offer,&#148; &#147;The Exchange
    Offer&#160;&#151; Exchange Offer Procedures&#148; </I></B>and
    <B><I>&#147;Plan of Distribution&#148; </I></B>in the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Issuer has agreed that, subject to the provisions of the
    Registration Rights Agreement, the Prospectus, as it may be
    amended or supplemented from time to time, may be used by a
    Participating Broker-Dealer in connection with resales of New
    Notes received in exchange for Original Notes, where such
    Original Notes were acquired by such Participating Broker-Dealer
    for its own account as a result of market-making activities or
    other trading activities, for a period ending 180&#160;days of
    the Prospectus (subject to extension under certain limited
    circumstances described in the Prospectus) or, if earlier, when
    all such New Notes have been disposed of by such Participating
    Broker-Dealer. However, a Participating Broker-Dealer who
    intends to use the Prospectus in connection with the resale of
    New Notes received in exchange for Original Notes pursuant to
    the Exchange Offer must notify the Issuer, or cause the Issuer
    to be notified, on or prior to the Expiration Date, that it is a
    Participating Broker-Dealer. Such notice may be given in the
    space provided herein for that purpose or may be delivered to
    the Exchange Agent at one of the addresses set forth in the
    Prospectus under <B><I>&#147;The Exchange Offer&#160;&#151;
    Exchange Agent.&#148; </I></B>In that regard, each Participating
    Broker-Dealer, by tendering such Original Notes and executing
    this Letter of Transmittal, agrees that, upon receipt of notice
    from the Issuer of the occurrence of (i)&#160;the request of the
    Securities and Exchange Commission for amendments or supplements
    to the Registration Statement or the Prospectus included
    therein, (ii)&#160;the issuance by the Securities and Exchange
    Commission of any stop order suspending the effectiveness of the
    Registration Statement or the initiation of any proceedings for
    that purpose, (iii)&#160;the receipt by the Issuer or its legal
    counsel of any notification with respect to the suspension of
    the qualification of the New Notes for sale in any jurisdiction
    or the initiation or threatening of any proceeding for such
    purpose or (iv)&#160;the happening of any event that requires
    the Issuer to make changes in the Registration Statement or the
    Prospectus in order that the Registration Statement or the
    Prospectus does 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 case
    of the Prospectus, in light of the circumstances under which
    they were made), not misleading, such Participating
    Broker-Dealer shall suspend the use of such Prospectus, until
    the Issuer has promptly prepared and filed a post-effective
    amendment to the Registration Statement or a supplement to the
    related Prospectus and any other document required so that, the
    Prospectus will not contain an 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 light of
    the circumstances under which they were made, not misleading and
    has furnished an amended or supplemented Prospectus to the
    Participating Broker-Dealer or the Issuer has given notice that
    the sale of the New Notes may be resumed, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Issuer gives such notice to suspend the sale of the New
    Notes, it shall extend the
    <FONT style="white-space: nowrap">180-day</FONT>
    period referred to above during which Participating
    Broker-Dealers are entitled to use the Prospectus in connection
    with the resale of New Notes by the number of days in the period
    from and including the date of the giving of such notice to and
    including the date when the Issuer shall have made available to
    Participating Broker-Dealers copies of the supplemented or
    amended Prospectus necessary to
</DIV>
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    <BR>
    6
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    resume resales of the New Notes or to and including the date on
    which the Issuer has given notice that the use of the applicable
    Prospectus may be resumed, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of New Notes on the relevant record date for the first
    interest payment date following the consummation of the exchange
    offer will receive interest accruing from October&#160;15, 2009.
    Such interest will be paid with the first interest payment on
    the New Notes on April&#160;15, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All authority herein conferred or agreed to be conferred in this
    Letter of Transmittal shall survive the death or incapacity of
    the undersigned and any obligation of the undersigned hereunder
    shall be binding upon the heirs, executors, administrators,
    personal representatives, trustees in bankruptcy, legal
    representatives, successors and assigns of the undersigned.
    Except as stated in the Prospectus, this tender is irrevocable.
</DIV>
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    <BR>
    7
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">HOLDER(S)
    SIGN HERE<BR>
    (SEE INSTRUCTIONS&#160;1, 2, 5 AND 6)<BR>
    (PLEASE COMPLETE SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT>
    BELOW)<BR>
    (NOTE: SIGNATURE(S) MUST BE GUARANTEED IF REQUIRED BY
    INSTRUCTION&#160;2)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Must be signed by registered holder(s) exactly as name(s)
    appear(s) on Certificate(s) for the Original Notes hereby
    tendered or on a security position listing, or by any person(s)
    authorized to become the registered holder(s) by endorsements
    and documents transmitted herewith (including such opinions of
    counsel, certifications and other information as may be required
    by the Issuer or the Trustee for the Original Notes to comply
    with the restrictions on transfer applicable to the Original
    Notes). If the signature is by an attorney-in-fact, executor,
    administrator, trustee, guardian, officer of a corporation or
    another acting in a fiduciary capacity or representative
    capacity, please set forth the signer&#146;s full title. See
    Instruction&#160;5.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">(SIGNATURE(S)
    OF HOLDER(S))</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Signature(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated:&#160;<FONT style="word-spacing: 120pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>, 2010
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Name(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="27%"></TD>
    <TD width="73%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area&#160;Code&#160;and&#160;Telephone&#160;Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Taxpayer Identification or
    Social Security No.)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GUARANTEE
    OF SIGNATURE(S)<BR>
    (SEE INSTRUCTIONS&#160;2 AND 5)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="17%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Authorized&#160;Signature:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Date:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="13%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Capacity&#160;or&#160;Title:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name&#160;of&#160;Firm:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="27%"></TD>
    <TD width="73%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area&#160;Code&#160;and&#160;Telephone&#160;Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SPECIAL ISSUANCE INSTRUCTIONS<BR>
    (See Instructions&#160;1, 5 AND 6)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be completed ONLY if the New Notes are to be issued in the
    name of someone other than the registered holder of the Original
    Notes whose name(s) appear(s) above:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Issue New Notes to:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Taxpayer Identification or
    Social Security No.)</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SPECIAL DELIVERY INSTRUCTIONS<BR>
    (See Instructions&#160;1, 5 AND 6)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be completed ONLY if the New Notes are to be delivered to
    someone other than the registered holder of the Original Notes
    whose name(s) appear(s) above, or to such registered holder(s)
    at an address other than that shown above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mail New Notes to:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Taxpayer Identification or
    Social Security No.)</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORMING
    PART&#160;OF THE TERMS AND CONDITIONS OF THE EXCHANGE
    OFFER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>1.&#160;<I>Delivery of Letter of Transmittal and
    Certificates; Guaranteed Delivery
    Procedures.</I></B>&#160;&#160;This Letter of Transmittal is to
    be completed either if (a)&#160;Certificates are to be forwarded
    herewith or (b)&#160;tenders are to be made pursuant to the
    procedures for tender by book-entry transfer set forth in
    <B><I>&#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures&#148; </I></B>in the Prospectus. Certificates, or
    timely confirmation of a book-entry transfer of such Original
    Notes into the Exchange Agent&#146;s account at DTC, as well as
    a Letter of Transmittal (or manually signed facsimile thereof),
    properly completed and duly executed, with any required
    signature guarantees, or an Agent&#146;s Message in the case of
    a book-entry delivery, and any other documents required by this
    Letter of Transmittal, must be received by the Exchange Agent at
    one of its addresses set forth herein prior to 11:59&#160;p.m.,
    New York City time, on the Expiration Date. Original Notes may
    be tendered in whole or in part in the principal amount of
    $1,000 and integral multiples thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders who wish to tender their Original Notes and
    (i)&#160;whose Certificate of such Original Notes are not
    immediately available or (ii)&#160;who cannot deliver their
    Original Notes, the Letter of Transmittal or any other required
    documents to the Exchange Agent prior to 11:59&#160;p.m., New
    York City time, on the Expiration Date or (iii)&#160;who cannot
    complete the procedures for delivery by book-entry transfer
    prior to 11:59&#160;p.m., New York City time, on the Expiration
    Date, must tender their Original Notes by properly completing
    and duly executing a Notice of Guaranteed Delivery pursuant to
    the guaranteed delivery procedures set forth in <B><I>&#147;The
    Exchange Offer&#160;&#151; Guaranteed Delivery Procedures&#148;
    </I></B>in the Prospectus. Pursuant to such procedures:
    (i)&#160;such tender must be made by or through an Eligible
    Guarantor Institution (as defined below); (ii)&#160;a properly
    completed and duly executed Notice of Guaranteed Delivery,
    substantially in the form made available by the Issuer, must be
    received by the Exchange Agent prior to 11:59&#160;p.m., New
    York City time, on the Expiration Date; and (iii)&#160;the
    Certificates (or a book-entry confirmation (as defined in the
    Prospectus)) representing all tendered Original Notes, in proper
    form for transfer, together with a Letter of Transmittal (or
    manually signed facsimile thereof), properly completed and duly
    executed, with any required signature guarantees, or an
    Agent&#146;s Message in the case of a book-entry delivery, and
    any other documents required by this Letter of Transmittal, must
    be received by the Exchange Agent within three business days
    after the Expiration Date, all as provided in <B><I>&#147;The
    Exchange Offer&#160;&#151; Guaranteed Delivery Procedures&#148;
    </I></B>in the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notice of Guaranteed Delivery may be delivered by hand,
    overnight courier or mail or transmitted by facsimile to the
    Exchange Agent, and must include a guarantee by an Eligible
    Guarantor Institution in the form set forth in such Notice. For
    Original Notes to be properly tendered pursuant to the
    guaranteed delivery procedure, the Exchange Agent must receive a
    Notice of Guaranteed Delivery prior to 11:59&#160;p.m., New York
    City time, on the Expiration Date. As used herein and in the
    Prospectus, &#147;Eligible Guarantor Institution&#148; means a
    firm or other entity identified in
    <FONT style="white-space: nowrap">Rule&#160;17Ad-15</FONT>
    under the Exchange Act as &#147;an eligible guarantor
    institution,&#148; including (as such terms are defined therein)
    (i)&#160;a bank; (ii)&#160;a broker, dealer, municipal
    securities broker or dealer or government securities broker or
    dealer; (iii)&#160;a credit union; (iv)&#160;a national
    securities exchange, registered securities association or
    clearing agency; or (v)&#160;a savings association.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE METHOD OF DELIVERY OF CERTIFICATES, THIS LETTER OF
    TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS IS AT THE OPTION
    AND SOLE RISK OF THE TENDERING HOLDER AND THE DELIVERY WILL BE
    DEEMED MADE ONLY WHEN ACTUALLY RECEIVED BY THE EXCHANGE AGENT.
    IF DELIVERY IS BY MAIL, REGISTERED MAIL WITH RETURN RECEIPT
    REQUESTED, PROPERLY INSURED, OR OVERNIGHT OR HAND DELIVERY
    SERVICE IS RECOMMENDED. IN ALL CASES, SUFFICIENT TIME SHOULD BE
    ALLOWED TO ENSURE TIMELY DELIVERY.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Issuer will not accept any alternative, conditional or
    contingent tenders. Each tendering holder, by executing a Letter
    of Transmittal (or manually signed facsimile thereof), waives
    any right to receive any notice of the acceptance of such tender.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>2.&#160;<I>Guarantee of Signatures.</I></B>&#160;&#160;No
    signature guarantee on this Letter of Transmittal is required if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;this Letter of Transmittal is signed by the registered
    holder (which term, for purposes of this document, shall include
    any participant in DTC whose name appears on the relevant
    security position listing as the owner of the Original Notes) of
    Original Notes tendered herewith, unless such holder(s) has
    completed either the box entitled &#147;Special Issuance
    Instructions&#148; or the box entitled &#147;Special Delivery
    Instructions&#148; above, or
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;such Original Notes are tendered for the account of a
    firm that is an Eligible Guarantor Institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In all other cases, an Eligible Guarantor Institution must
    guarantee the signature(s) on this Letter of Transmittal. See
    Instruction&#160;5.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>3.&#160;<I>Inadequate Space.</I></B>&#160;&#160;If the space
    provided in the box captioned &#147;Description of Original
    Notes&#148; is inadequate, the Certificate number(s)
    <FONT style="white-space: nowrap">and/or</FONT> the
    aggregate principal amount of Original Notes and any other
    required information should be listed on a separate signed
    schedule which is attached to this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>4.&#160;<I>Partial Tenders and Withdrawal
    Rights.</I></B>&#160;&#160;Tenders of Original Notes will be
    accepted only in the principal amount of $1,000 and integral
    multiples thereof. If less than all the Original Notes evidenced
    by any Certificate submitted are to be tendered, fill in the
    principal amount of Original Notes which are to be tendered in
    the box entitled &#147;Principal Amount of Original
    Notes&#160;Tendered (if less than all).&#148; In such case, new
    Certificate(s) for the remainder of the Original Notes that were
    evidenced by your old Certificate(s) will only be sent to the
    holder of the Original Notes, or such other party as you
    identify in the box captioned &#147;Special Delivery
    Instructions&#148; promptly after the Expiration Date. All
    Original Notes represented by Certificates delivered to the
    Exchange Agent will be deemed to have been tendered unless
    otherwise indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided herein, tenders of Original Notes
    may be withdrawn at any time prior to 11:59&#160;p.m., New York
    City time, on the Expiration Date. In order for a withdrawal to
    be effective on or prior to that time, a written, telegraphic,
    telex or facsimile transmission of such notice of withdrawal
    must be timely received by the Exchange Agent at one of its
    addresses set forth above or in the Prospectus prior to
    11:59&#160;p.m., New York City time, on the Expiration Date. Any
    such notice of withdrawal must specify the name of the person
    who tendered the Original Notes to be withdrawn, the aggregate
    principal amount of Original Notes to be withdrawn, and (if
    Certificates for Original Notes have been tendered) the name of
    the registered holder of the Original Notes as set forth on the
    Certificate for the Original Notes, if different from that of
    the person who tendered such Original Notes. If Certificates for
    the Original Notes have been delivered or otherwise identified
    to the Exchange Agent, then prior to the physical release of
    such Certificates for the Original Notes, the tendering holder
    must submit the serial numbers shown on the particular
    Certificates for the Original Notes to be withdrawn and the
    signature on the notice of withdrawal must be guaranteed by an
    Eligible Guarantor Institution, except in the case of Original
    Notes tendered for the account of an Eligible Guarantor
    Institution. If Original Notes have been tendered pursuant to
    the procedures for delivery by book-entry transfer set forth in
    <B><I>&#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures,&#148; </I></B>in the Prospectus, the notice of
    withdrawal must specify the name and number of the account at
    DTC to be credited with the withdrawal of Original Notes, in
    which case a notice of withdrawal will be effective if delivered
    to the Exchange Agent by written, telegraphic, telex or
    facsimile transmission. Withdrawals of tenders of Original Notes
    may not be rescinded. Original Notes properly withdrawn will not
    be deemed validly tendered for purposes of the Exchange Offer,
    but may be retendered at any subsequent time prior to
    11:59&#160;p.m., New York City time, on the Expiration Date by
    following any of the procedures described in the Prospectus
    under <B><I>&#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures.&#148;</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form and eligibility
    (including time of receipt) of such withdrawal notices will be
    determined by the Issuer, in its sole discretion, whose
    determination shall be final and binding on all parties. Neither
    the Issuer, any affiliates or assigns of the Issuer, the
    Exchange Agent nor any other person shall be under any duty to
    give any notification of any irregularities in any notice of
    withdrawal or incur any liability for failure to give any such
    notification. Any Original Notes which have been tendered but
    which are withdrawn will be returned to the holder thereof
    without cost to such holder promptly after withdrawal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>5.&#160;<I>Signatures on Letter of Transmittal, Assignments
    and Endorsements.</I></B>&#160;&#160;If this Letter of
    Transmittal is signed by the registered holder(s) of the
    Original Notes tendered hereby, the signature(s) must correspond
    exactly with the name(s) as written on the face of the
    Certificate(s) or, in the case of book-entry securities, on the
    relevant security position listing, without alteration,
    enlargement or any change whatsoever.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the Original Notes tendered hereby are owned of record
    by two or more joint owners, all such owners must sign this
    Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any tendered Original Notes are registered in different
    name(s) on several Certificates, it will be necessary to
    complete, sign and submit as many separate Letters of
    Transmittal (or manually signed facsimiles thereof) as there are
    different registrations of Certificates.
</DIV>
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    <BR>
    11
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Letter of Transmittal or any Certificates or bond powers
    are signed by trustees, executors, administrators, guardians,
    attorneys-in-fact, officers of corporations or others acting in
    a fiduciary or representative capacity, such persons should so
    indicate when signing and must submit proper evidence
    satisfactory to the Issuer, in its sole discretion, of such
    persons&#146; authority to so act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When this Letter of Transmittal is signed by the registered
    owner(s) of the Original Notes listed and transmitted hereby, no
    endorsement(s) of Certificate(s) or separate bond power(s) are
    required unless New Notes are to be issued in the name of a
    person other than the registered holder(s). Signature(s) on such
    Certificate(s) or bond power(s) must be guaranteed by an
    Eligible Guarantor Institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Letter of Transmittal is signed by a person other than
    the registered owner(s) of the Original Notes listed, the
    Certificates must be endorsed or accompanied by appropriate bond
    powers, signed exactly as the name or names of the registered
    owner(s) appear(s) on the Certificates, and also must be
    accompanied by such opinions of counsel, certifications and
    other information as the Issuer or the Trustee for the Original
    Notes may require in accordance with the restrictions on
    transfer applicable to the Original Notes. Signatures on such
    Certificates or bond powers must be guaranteed by an Eligible
    Guarantor Institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>6.&#160;<I>Special Issuance and Delivery
    Instructions.</I></B>&#160;&#160;If New Notes are to be issued
    in the name of a person other than the signer of this Letter of
    Transmittal, or if New Notes are to be sent to someone other
    than the signer of this Letter of Transmittal or to an address
    other than that shown above, the appropriate boxes on this
    Letter of Transmittal should be completed. Certificates for
    Original Notes not exchanged will be returned by mail or, if
    tendered by book-entry transfer, by crediting the account
    indicated above maintained at DTC. See Instruction&#160;4.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>7.&#160;<I>Irregularities.</I></B>&#160;&#160;The Issuer
    determines, in its sole discretion, all questions as to the form
    of documents, validity, eligibility (including time of receipt)
    and acceptance for exchange of any tender of Original Notes,
    which determination shall be final and binding on all parties.
    The Issuer reserves the absolute right to reject any and all
    tenders determined by it not to be in proper form or the
    acceptance of which, or exchange for, may, in the view of
    counsel to the Issuer, be unlawful. The Issuer also reserves the
    absolute right, subject to applicable law, to waive any of the
    conditions of the Exchange Offer set forth in the Prospectus
    under <B><I>&#147;The Exchange Offer&#160;&#151;
    Conditions&#148; </I></B>or any conditions or irregularity in
    any tender of Original Notes of any particular holder, and if
    the Issuer waives any conditions or irregularities with respect
    to a particular holder, the Issuer will waive such condition
    with respect to all holders. The Issuer&#146;s interpretation of
    the terms and conditions of the Exchange Offer (including this
    Letter of Transmittal and the instructions hereto) will be final
    and binding. No tender of Original Notes will be deemed to have
    been validly made until all irregularities with respect to such
    tender have been cured or waived. Neither the Issuer, any
    affiliates or assigns of the Issuer, the Exchange Agent, nor any
    other person shall be under any duty to give notification of any
    irregularities in tenders or incur any liability for failure to
    give such notification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>8.&#160;<I>Questions, Requests for Assistance and Additional
    Copies.</I></B>&#160;&#160;Questions and requests for assistance
    may be directed to the Exchange Agent at one of its addresses
    and telephone number set forth on the front of this Letter of
    Transmittal. Additional copies of the Prospectus, the Notice of
    Guaranteed Delivery and the Letter of Transmittal may be
    obtained from the Exchange Agent or from your broker, dealer,
    commercial bank, trust company or other nominee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>9.&#160;<I>28% Backup Withholding; Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9.</FONT></I></B>&#160;&#160;Under
    U.S. Federal income tax law, a U.S. holder whose tendered
    Original Notes are accepted for exchange is required to provide
    the Exchange Agent with such U.S. holder&#146;s correct taxpayer
    identification number (&#147;TIN&#148;) on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    below. If the Exchange Agent is not provided with the correct
    TIN, the Internal Revenue Service (the &#147;IRS&#148;) may
    subject the U.S. holder or other payee to a $50 penalty. In
    addition, payments to such U.S. holders or other payees with
    respect to Original Notes exchanged pursuant to the Exchange
    Offer may be subject to a 28% (in 2010)&#160;backup withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The box in Part&#160;2 of the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    may be checked if the tendering U.S. holder has not been issued
    a TIN and has applied for a TIN or intends to apply for a TIN in
    the near future. If the box in Part&#160;2 is checked, the U.S.
    holder or other payee must also complete the Certificate of
    Awaiting Taxpayer Identification Number below in order to avoid
    backup withholding. Notwithstanding that the box in Part&#160;2
    is checked and the Certificate of Awaiting Taxpayer
    Identification Number is completed, the Exchange Agent will
    withhold 28% of all payments made prior to the time a properly
    certified TIN is provided to the Exchange Agent. The Exchange
    Agent will retain such amounts withheld during the 60&#160;day
    period following the date of the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9.</FONT>
    If the U.S. holder furnishes the Exchange Agent with its
</DIV>
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    <BR>
    12
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    TIN within 60&#160;days after the date of the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    the amounts retained during the 60&#160;day period will be
    remitted to the U.S. holder and no further amounts shall be
    retained or withheld from payments made to the U.S. holder
    thereafter. If, however, the U.S. holder has not provided the
    Exchange Agent with its TIN within such 60&#160;day period,
    amounts withheld will be remitted to the IRS as backup
    withholding. In addition, 28% of all payments made thereafter
    will be withheld and remitted to the IRS until a correct TIN is
    provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S. holder is required to give the Exchange Agent the TIN
    (e.g., social security number or employer identification number)
    of the registered owner of the Original Notes or of the last
    transferee appearing on the transfers attached to, or endorsed
    on, the Original Notes. If the Original Notes are registered in
    more than one name or are not in the name of the actual owner,
    consult the enclosed &#147;Guidelines for Certification of
    Taxpayer Identification Number on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9&#148;</FONT>
    for additional guidance on which number to report.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain U.S. holders (including, (1)&#160;an organization exempt
    from tax under Section&#160;501(a), any IRA, or a custodial
    account under Section&#160;403(b)(7) if the account satisfies
    the requirements of Section&#160;401(f)(2); (2)&#160;the United
    States or any of its agencies or instrumentalities; (3)&#160;a
    state, the District of Columbia, a possession of the United
    States, or any of their political subdivisions or
    instrumentalities; (4)&#160;a foreign government or any of its
    political subdivisions, agencies or instrumentalities;
    (5)&#160;an international organization or any of its agencies or
    instrumentalities; (6)&#160;a corporation; (7)&#160;a foreign
    central bank of issue; (8)&#160;a dealer in securities or
    commodities required to register in the U.S., the District of
    Columbia or a possession of the U.S.; (9)&#160;a futures
    commission merchant registered with the Commodity Futures
    Trading Commission; (10)&#160;a REIT; (11)&#160;an entity
    registered at all times during the tax year under the Investment
    Company Act of 1940; (12)&#160;a common trust fund operated by a
    bank under Section&#160;584(a); (13)&#160;a financial
    institution; (14)&#160;a middleman known in the investment
    community as a nominee or custodian; or (15)&#160;a trust exempt
    from tax under Section&#160;664 or described in
    Section&#160;4947)&#160;may not be subject to these backup
    withholding and reporting requirements. Such U.S. holders should
    nevertheless complete the attached Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    below, and check the box &#147;Exempt from backup
    withholding&#148; provided on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    to avoid possible erroneous backup withholding. A foreign person
    may qualify as an exempt recipient by submitting a properly
    completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    BEN, signed under penalties of perjury, attesting to that U.S.
    holder&#146;s exempt status.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional U.S. Federal income tax.
    Rather, the U.S. Federal income tax liability of a person
    subject to backup withholding will be reduced by the amount of
    tax withheld. If withholding results in an overpayment of taxes,
    a refund may be obtained.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>10.&#160;<I>Lost, Destroyed or Stolen
    Certificates.</I></B>&#160;&#160;If any Certificate(s)
    representing Original Notes has been lost, destroyed or stolen,
    the holder should promptly notify the Exchange Agent. The holder
    will then be instructed as to the steps that must be taken in
    order to replace the Certificate(s). This Letter of Transmittal
    and related documents cannot be processed until the procedures
    for replacing lost, destroyed or stolen Certificate(s) have been
    followed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>11.&#160;<I>Security Transfer
    Taxes.</I></B>&#160;&#160;Holders who tender their Original
    Notes for exchange will not be obligated to pay any transfer
    taxes in connection therewith. If, however, New Notes are to be
    delivered to, or are to be issued in the name of, any person
    other than the registered holder of the Original Notes tendered,
    or if a transfer tax is imposed for any reason other than the
    exchange of Original Notes in connection with the Exchange
    Offer, then the amount of any such transfer tax (whether imposed
    on the registered holder or any other persons) will be payable
    by the tendering holder. If satisfactory evidence of payment of
    such taxes or exemption therefrom is not submitted with the
    Letter of Transmittal, the amount of such transfer taxes will be
    billed directly to such tendering holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IMPORTANT: THIS LETTER OF TRANSMITTAL (OR MANUALLY SIGNED
    FACSIMILE THEREOF) AND ALL OTHER REQUIRED DOCUMENTS MUST BE
    RECEIVED BY THE EXCHANGE AGENT PRIOR TO 11:59&#160;P.M., NEW
    YORK CITY TIME, ON THE EXPIRATION DATE.</B>
</DIV>
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    <BR>
    13
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TO BE
    COMPLETED BY ALL TENDERING NOTEHOLDERS<BR>
    (SEE INSTRUCTION&#160;9)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">PAYER&#146;S
    NAME:&#160;&#160;U.S. Bank National Association</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>Name:</B></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="35%"></TD>
    <TD width="65%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>Business name, if different from above:</B></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Check appropriate
    box:&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Individual/sole
    proprietor&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Corporation&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Partnership&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Other</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Exempt
    from backup withholding</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Address (number, street and apt.
    or suite no.):</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">City, state and ZIP
    code:</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="35%"></TD>
    <TD width="65%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>List account number(s) here (optional):</B></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    14
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>SUBSTITUTE<BR>
    FORM
    <FONT style="font-size: 16pt"><FONT style="white-space: nowrap">W-9</FONT></FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    <B>Part 1&#160;&#151; </B>PLEASE PROVIDE YOUR TIN IN THE BOX AT
    RIGHT AND CERTIFY BY SIGNING AND DATING BELOW
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="center" valign="top" style="border-top: 1px solid #000000">
    Social Security Number<BR>
    OR<BR>
    Employer Identification Number<BR>
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
    <B>Department of the Treasury,<BR>
    Internal Revenue Service<BR>
    <BR>
    Payer&#146;s Request for Taxpayer<BR>
    Identification Number (&#147;TIN&#148;) and Certification</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top">
    <B>Certificate&#160;&#151; </B>under the penalties of perjury, I
    certify that:<BR>
    (1)&#160;the number on this form is my correct Taxpayer
    Identification Number (or that I am waiting for a number to be
    issued to me).<BR>
    (2)&#160;I am not subject to backup withholding because: (a) I
    am exempt from backup withholding, (b) I have not been notified
    by the Internal Revenue Service (the &#147;IRS&#148;) that I am
    subject to backup withholding as a result of a failure to report
    all interest or dividends, or (c) the IRS has notified me that I
    am no longer subject to withholding.<BR>
    (3)&#160;I am a U.S. person (including a U.S. resident alien).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top">
    <B>Certification instructions&#160;&#151; </B>You must cross out
    item (2) above if you have been notified by the IRS that you are
    currently subject to backup withholding because of
    under-reporting interest or dividends on your tax return.
    However, if after being notified by the IRS that you were
    subject to backup withholding, you received another notification
    from the IRS that you are no longer subject to backup
    withholding, do not cross out item (2).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    <FONT style="font-size: 10pt">Signature
    </FONT>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Date&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Part 2&#160;&#151; </B>Awaiting
    TIN&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-size: 8pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>NOTE:</B>&#160;&#160;</TD>
    <TD align="left">
    FAILURE TO COMPLETE AND RETURN THIS FORM&#160;MAY IN CERTAIN
    CIRCUMSTANCES RESULT IN BACKUP WITHHOLDING OF 28% (in
    2010)&#160;OF ANY AMOUNTS PAID TO YOU PURSUANT TO THE EXCHANGE
    OFFER. PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION
    OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM
    <FONT style="white-space: nowrap">W-9</FONT> FOR
    ADDITIONAL DETAILS.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>NOTE:</B>&#160;&#160;</TD>
    <TD align="left">
    YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE
    BOX IN PART&#160;2 OF SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9.</FONT>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTIFICATION
    OF AWAITING TAXPAYER IDENTIFICATION NUMBER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I certify under penalties of perjury that a Taxpayer
    Identification Number has not been issued to me, and either
    (1)&#160;I have mailed or delivered an application to receive a
    Taxpayer Identification Number to the appropriate Internal
    Revenue Service Center or Social Security Administrative Office
    or (2)&#160;I intend to mail or deliver an application in the
    near future. I understand that if I do not provide a Taxpayer
    Identification Number by the time of payment, 28% of all
    payments made to me on account of the New Notes shall be
    retained until I provide a Taxpayer Identification Number to the
    Exchange Agent and that, if I do not provide my Taxpayer
    Identification Number within 60&#160;days, such retained amounts
    shall be remitted to the Internal Revenue Service as backup
    withholding and 28% of all reportable payments made to me
    thereafter will be withheld and remitted to the Internal Revenue
    Service until I provide a Taxpayer Identification Number:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Signature:</TD>
    <TD align="left">
    <FONT style="word-spacing: 280pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>&#160;&#160;Date:<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>, 2010
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>8
<FILENAME>g21823a2exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.2</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Offer to
    Exchange<BR>
    <FONT style="font-size: 14pt">12%&#160;Senior Secured Notes due
    2017,<BR>
    which are not registered under the Securities Act of 1933,<BR>
    for any and all outstanding<BR>
    12%&#160;Senior Secured Notes due 2017,<BR>
    which have been registered under the Securities Act of 1933,<BR>
    of<BR>
    </FONT></FONT><FONT style="font-family: 'Times New Roman', Times">BEAZER
    HOMES USA, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 11:59&#160;P.M., NEW YORK CITY TIME, ON MARCH&#160;9, 2010,
    UNLESS EXTENDED (THE &#147;EXPIRATION DATE&#148;). ORIGINAL
    NOTES TENDERED IN THE EXCHANGE OFFER MAY BE WITHDRAWN AT ANY
    TIME PRIOR TO 11:59&#160;P.M., NEW YORK CITY TIME, ON THE
    EXPIRATION DATE.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>To Our Clients:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are enclosing herewith a Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (the &#147;Prospectus&#148;), of Beazer Homes USA, Inc., a
    Delaware corporation (the &#147;Issuer&#148;), and the related
    Letter of Transmittal (which, together with the Prospectus,
    constitute the &#147;Exchange Offer&#148;) relating to the offer
    by the Issuer to exchange its 12%&#160;Senior Secured Notes due
    2017, which have been registered under the Securities Act of
    1933 (the &#147;New Notes&#148;), for a like principal amount of
    its issued and outstanding 12%&#160;Senior Secured Notes due
    2017, which are not registered under the Securities Act of 1933
    (the &#147;Original Notes&#148;), upon the terms and subject to
    the conditions set forth in the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Exchange Offer is not conditioned upon any minimum number of
    Original Notes being tendered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are the holder of record of Original Notes held by us for
    your own account. A tender of such Original Notes can be made
    only by us as the record holder and pursuant to your
    instructions. The Letter of Transmittal is furnished to you for
    your information only and cannot be used by you to tender
    Original Notes held by us for your account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We request instructions as to whether you wish to tender any or
    all of the Original Notes held by us for your account pursuant
    to the terms and conditions of the Exchange Offer. We also
    request that you confirm that we may on your behalf make the
    representations contained in the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Letter of Transmittal, each holder of Original
    Notes will represent to the Issuer that (i)&#160;any New Notes
    acquired pursuant to the Exchange Offer are being obtained in
    the ordinary course of its business, (ii)&#160;the holder has no
    arrangement or understanding with any person to participate in a
    distribution (within the meaning of the Securities Act of
    1933)&#160;of New Notes to be received in the Exchange Offer in
    violation of the provisions of the Securities Act of 1933,
    (iii)&#160;the holder is not an &#147;affiliate&#148; (as
    defined in Rule&#160;405 under the Securities Act of
    1933)&#160;of the Issuer or any of its subsidiaries, or, if the
    holder is an affiliate, the holder will comply with the
    registration and prospectus delivery requirements of the
    Securities Act of 1933 to the extent applicable, (iv)&#160;if
    the holder is not a Broker-Dealer, the holder is not engaged in,
    and does not intend to engage in, a distribution (within the
    meaning of the Securities Act of 1933)&#160;of such New Notes
    and (v)&#160;if the holder is a Broker-Dealer that received New
    Notes for its own account in the Exchange Offer, where such
    Original Notes were acquired by such Broker-Dealer as a result
    of market-making activities or other trading activities, such
    Broker-Dealer will deliver a Prospectus in connection with any
    resale of such New Notes (by so acknowledging and delivering a
    prospectus meeting the requirements of the Securities Act of
    1933 in connection with any resale of such New Notes, the holder
    is not deemed to admit that it is an &#147;underwriter&#148;
    within the meaning of the Securities Act of 1933).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Instructions
    with Respect to the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby acknowledges receipt of the Prospectus
    and the accompanying Letter of Transmittal relating to the
    exchange of the Issuer&#146;s 12%&#160;Senior Secured Notes due
    2017, which have been registered under the Securities Act of
    1933 (the &#147;New Notes&#148;), for a like principal amount of
    issued and outstanding 12%&#160;Senior Secured Notes due 2017
    (the &#147;Original Notes&#148;), upon the terms and subject to
    the conditions set forth in the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This will instruct you, the registered holder
    <FONT style="white-space: nowrap">and/or</FONT>
    book-entry transfer facility participant, as to the action to be
    taken by you relating to the Exchange Offer with respect to the
    Original Notes held by you for the account of the undersigned.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate face amount of the Original Notes held by you for
    the account of the undersigned is <B>(fill in an amount)</B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#160;&#160;
</TD>
    <TD align="left">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of the 12%&#160;Senior Secured Notes due 2017
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the Exchange Offer, the undersigned hereby
    instructs you <B>(check appropriate box)</B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;
</TD>
    <TD align="left">
    To tender the following Original Notes held by you for the
    account of the undersigned <B>(insert amount of Original Notes
    to be tendered (if any)</B>):
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#160;&#160;
</TD>
    <TD align="left">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of the 12%&#160;Senior Secured Notes due 2017
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;
</TD>
    <TD align="left">
    Not to tender any Original Notes held by you for the account of
    the undersigned.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the undersigned instructs you to tender the Original Notes
    held by you for the account of the undersigned, it is understood
    that you are authorized to make, on behalf of the undersigned
    (and the undersigned, by its signature below, hereby makes to
    you), the representations and warranties contained in the Letter
    of Transmittal that are to be made with respect to the
    undersigned as a beneficial owner, including but not limited to
    the representations, that (i)&#160;any New Notes acquired
    pursuant to the Exchange Offer are being obtained in the
    ordinary course of its business, (ii)&#160;the undersigned has
    no arrangement or understanding with any person to participate
    in a distribution (within the meaning of the Securities Act of
    1933)&#160;of New Notes to be received in the Exchange Offer in
    violation of the provisions of the Security Act of 1933,
    (iii)&#160;the undersigned is not an &#147;affiliate&#148; (as
    defined in Rule&#160;405 under the Securities Act of
    1933)&#160;of the Issuer or any of its subsidiaries, or, if the
    undersigned is an affiliate, the undersigned will comply with
    the registration and prospectus delivery requirements of the
    Securities Act of 1933 to the extent applicable, (iv)&#160;if
    the undersigned is not a Broker-Dealer, the undersigned is not
    engaged in, and does not intend to engage in, a distribution
    (within the meaning of the Securities Act of 1933)&#160;of such
    New Notes and (v)&#160;if the undersigned is a Broker-Dealer
    that received New Notes for its own account in the Exchange
    Offer, where such Original Notes were acquired by such
    Broker-Dealer as a result of market-making activities or other
    trading activities, such Broker-Dealer will deliver a Prospectus
    in connection with any resale of such New Notes (by so
    acknowledging and delivering a prospectus meeting the
    requirements of the Securities Act of 1933 in connection with
    any resale of such New Notes, the undersigned is not deemed to
    admit that it is an &#147;underwriter&#148; within the meaning
    of the Securities Act of 1933).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="21%"></TD>
    <TD width="79%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Name&#160;of&#160;beneficial&#160;owner(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Signature(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="17%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Name(s)&#160;(please&#160;print):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="16%"></TD>
    <TD width="84%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Telephone Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="41%"></TD>
    <TD width="59%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Taxpayer Identification or Social Security Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Date:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>9
<FILENAME>g21823a2exv99w3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.3</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Offer to
    Exchange<BR>
    <FONT style="font-size: 14pt">12%&#160;Senior Secured Notes due
    2017,<BR>
    which are not registered under the Securities Act of 1933,<BR>
    for any and all outstanding<BR>
    12%&#160;Senior Secured Notes due 2017,<BR>
    which have been registered under the Securities Act of 1933,<BR>
    of<BR>
    </FONT></FONT><FONT style="font-family: 'Times New Roman', Times">BEAZER
    HOMES USA, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 11:59&#160;P.M., NEW YORK CITY TIME, ON MARCH&#160;9, 2010,
    UNLESS EXTENDED (THE &#147;EXPIRATION DATE&#148;). ORIGINAL
    NOTES&#160;TENDERED IN THE EXCHANGE OFFER MAY BE WITHDRAWN AT
    ANY TIME PRIOR TO 11:59&#160;P.M., NEW YORK CITY TIME, ON THE
    EXPIRATION DATE.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To Registered Holders and The Depository Trust&#160;Company
    Participants:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are enclosing herewith the materials listed below relating to
    the offer by Beazer Homes USA, Inc., a Delaware corporation (the
    &#147;Issuer&#148;), to exchange its 12%&#160;Senior Secured
    Notes due 2017, which have been registered under the Securities
    Act of 1933 (the &#147;New Notes&#148;), for a like principal
    amount of its issued and outstanding 12%&#160;Senior Secured
    Notes due 2017, which are not registered under the Securities
    Act of 1933 (the &#147;Original Notes&#148;), upon the terms and
    subject to the conditions set forth in the Issuer&#146;s
    Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (the &#147;Prospectus&#148;) and the related Letter of
    Transmittal (which, together with the Prospectus constitute the
    &#147;Exchange Offer&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enclosed herewith are copies of the following documents:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Prospectus;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;Letter of Transmittal;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;Notice of Guaranteed Delivery;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;Letter which may be sent to your clients for whose
    account you hold Original Notes in your name or in the name of
    your nominee, with space provided for obtaining such
    client&#146;s instruction with regard to the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We urge you to contact your clients promptly. Please note that
    the Exchange Offer will expire at 11:59&#160;p.m., New York City
    time, on the Expiration Date unless extended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Exchange Offer is not conditioned upon any minimum number of
    Original Notes being tendered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Issuer will not pay any fee or commissions to any broker or
    dealer or to any other persons (other than the Exchange Agent)
    in connection with the solicitation of tenders of Original Notes
    pursuant to the Exchange Offer. The Company will pay or cause to
    be paid any transfer taxes payable on the transfer of Original
    Notes to it, except as otherwise provided in Instruction&#160;11
    of the enclosed Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional copies of the enclosed material may be obtained from
    the Exchange Agent.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>10
<FILENAME>g21823a2exv99w4.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.4</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTICE OF
    GUARANTEED DELIVERY<BR>
    <FONT style="font-size: 14pt">Offer to Exchange<BR>
    12%&#160;Senior Secured Notes due 2017,<BR>
    which are not registered under the Securities Act of 1933,<BR>
    for any and all outstanding<BR>
    12%&#160;Senior Secured Notes due 2017,<BR>
    which have been registered under the Securities Act of 1933,<BR>
    of<BR>
    </FONT></FONT><FONT style="font-family: 'Times New Roman', Times">BEAZER
    HOMES USA, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Notice of Guaranteed Delivery, or one substantially
    equivalent to this form, must be used to accept the Exchange
    Offer (as defined below) if (i)&#160;certificates for the
    Issuer&#146;s (as defined below) 12%&#160;Senior Secured Notes
    due 2017 (the &#147;Original Notes&#148;) are not immediately
    available, (ii)&#160;Original Notes, the Letter of Transmittal
    or any other required documents cannot be delivered to
    U.S.&#160;Bank National Association (the &#147;Exchange
    Agent&#148;) prior to 11:59&#160;p.m., New York City time, on
    the Expiration Date (as defined below) or (iii)&#160;the
    procedures for delivery by book-entry transfer cannot be
    completed prior to 11:59&#160;p.m., New York City time, on the
    Expiration Date (as defined below). This Notice of Guaranteed
    Delivery may be delivered by hand, overnight courier or mail, or
    transmitted by facsimile transmission, to the Exchange Agent.
    See &#147;The Exchange Offer&#160;&#151; Guaranteed Delivery
    Procedures&#148; in the Prospectus (as defined below).
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 11:59&#160;P.M., NEW YORK CITY TIME, ON MARCH&#160;9, 2010
    UNLESS EXTENDED (THE &#147;EXPIRATION DATE&#148;). ORIGINAL
    NOTES TENDERED IN THE EXCHANGE OFFER MAY BE WITHDRAWN AT ANY
    TIME PRIOR TO 11:59&#160;P.M., NEW YORK CITY TIME, ON THE
    EXPIRATION DATE.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The Exchange Agent for the Exchange Offer is</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">U.S. Bank National
    Association</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>By Mail, Overnight Courier or Hand Delivery:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S. Bank National Association
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    60 Livingston Avenue
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    EP-MN-WS2N
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    St. Paul, MN 55107
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Specialized Finance Department
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference: Beazer Homes USA, Inc. Exchange
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>By Facsimile:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">(651)&#160;495-8158</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Specialized Finance Department
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Confirm by Telephone:
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">(800)&#160;934-6802</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference: Beazer Homes USA, Inc. Exchange
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>To confirm by telephone or for information:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">(800)&#160;934-6802</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference: Beazer Homes USA, Inc. Exchange
</DIV>
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</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS
    OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION OF THIS NOTICE OF
    GUARANTEED DELIVERY VIA FACSIMILE TO A NUMBER OTHER THAN AS SET
    FORTH ABOVE OR OTHERWISE THAN AS PROVIDED ABOVE WILL NOT
    CONSTITUTE A VALID DELIVERY.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO BE USED TO
    GUARANTEE SIGNATURES. IF A SIGNATURE ON A LETTER OF TRANSMITTAL
    IS REQUIRED TO BE GUARANTEED BY AN &#147;ELIGIBLE GUARANTOR
    INSTITUTION&#148; UNDER THE INSTRUCTIONS&#160;THERETO, SUCH
    SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED
    IN THE SIGNATURE BOX ON THE LETTER OF TRANSMITTAL.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE GUARANTEE ON THE NEXT PAGE MUST BE COMPLETED.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby tenders to Beazer Homes USA, Inc., a
    Delaware corporation (the &#147;Issuer&#148;), upon the terms
    and subject to the conditions set forth in the Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (as the same may be amended or supplemented from time to
    time, the &#147;Prospectus&#148;), and the related Letter of
    Transmittal (which, together with the Prospectus, constitute the
    &#147;Exchange Offer&#148;), receipt of which is hereby
    acknowledged, the aggregate principal amount of Original Notes
    set forth below pursuant to the guaranteed delivery procedures
    set forth in the Prospectus under the caption <B><I>&#147;The
    Exchange Offer&#160;&#151; Guaranteed Delivery Procedures.&#148;
    </I></B>All authority herein conferred or agreed to be conferred
    by this Notice of Guaranteed Delivery shall survive the death or
    incapacity of the undersigned, and every obligation of the
    undersigned hereunder shall be binding upon the heirs, personal
    representatives, successors and assigns of the undersigned.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>12%&#160;Senior Secured Notes due 2017</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="30%"></TD>
    <TD width="70%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Aggregate&#160;Principal&#160;Amount&#160;Tendered:*</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="23%"></TD>
    <TD width="77%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Certificate&#160;No.(s)&#160;(if&#160;available):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="25%"></TD>
    <TD width="75%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Name(s)&#160;of&#160;Registered&#160;Holder(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Address(es):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="75%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    If Original Notes will be tendered by book-entry transfer,
    provide the following information:</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="19%"></TD>
    <TD width="81%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    DTC Account Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 19%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="26%"></TD>
    <TD width="74%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area&#160;Code&#160;and&#160;Telephone&#160;Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="45%"></TD>
    <TD width="8%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Signatures:
</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;<FONT style="word-spacing: 230pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Original Notes may be tendered in whole or in part in
    denominations of $1,000 and integral multiples thereof. Unless
    otherwise indicated here, a holder will be deemed to have
    tendered ALL of the Original Notes held by such holder.</TD>
</TR>

</TABLE>
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    <BR>
    2
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GUARANTEE<BR>
    (NOT TO BE USED FOR SIGNATURE GUARANTEE)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned, a firm or other entity identified in
    <FONT style="white-space: nowrap">Rule&#160;17Ad-15</FONT>
    under the Securities Exchange Act of 1934, as amended, as an
    &#147;eligible guarantor institution,&#148; including (as such
    terms are defined therein): (i)&#160;a bank; (ii)&#160;a broker,
    dealer, municipal securities broker, municipal securities
    dealer, government securities broker, government securities
    dealer; (iii)&#160;a credit union; (iv)&#160;a national
    securities exchange, registered securities association or
    clearing agency; or (v)&#160;a savings association (each, an
    &#147;Eligible Guarantor Institution&#148;), hereby guarantees
    to deliver to the Exchange Agent, at one of its addresses set
    forth above, either the Original Notes tendered hereby in proper
    form for transfer, or confirmation of the book-entry transfer of
    such Original Notes to the Exchange Agent&#146;s account at The
    Depository Trust&#160;Company (&#147;DTC&#148;), pursuant to the
    procedures for book-entry transfer set forth in the Prospectus,
    in either case together with one or more properly completed and
    duly executed Letter of Transmittal (or manually signed
    facsimile thereof), or an Agent&#146;s Message in the case of a
    book-entry delivery, and any other required documents within
    three New York Stock Exchange trading days after the date of
    execution of this Notice of Guaranteed Delivery.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned acknowledges that it must deliver the Letter of
    Transmittal and the Original Notes tendered hereby to the
    Exchange Agent within the time period set forth above, and that
    failure to do so could result in a financial loss to the
    undersigned.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name of Firm:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="26%"></TD>
    <TD width="74%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area&#160;Code&#160;and&#160;Telephone&#160;Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Authorized Signature)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Title:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please type or print)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Date:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOTE:&#160;&#160;DO NOT SEND ORIGINAL NOTES&#160;WITH THIS
    NOTICE OF GUARANTEED DELIVERY. ACTUAL SURRENDER OF ORIGINAL
    NOTES&#160;MUST BE MADE PURSUANT TO, AND BE ACCOMPANIED BY, A
    PROPERLY COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL AND
    ANY OTHER REQUIRED DOCUMENTS.</B>
</DIV>
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    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS&#160;FOR
    NOTICE OF GUARANTEED DELIVERY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;<B><I>Delivery of this Notice of Guaranteed
    Delivery</I></B>.&#160;&#160;A properly completed and duly
    executed copy of this Notice of Guaranteed Delivery and any
    other documents required by this Notice of Guaranteed Delivery
    must be received by the Exchange Agent at its address set forth
    herein prior to 11:59&#160;p.m., New York City time, on the
    Expiration Date. The method of delivery of this Notice of
    Guaranteed Delivery and any other required documents to the
    Exchange Agent is at the election and sole risk of the holder,
    and the delivery will be deemed made only when actually received
    by the Exchange Agent. If delivery is by mail, registered mail
    with return receipt requested, properly insured, is recommended.
    As an alternative to delivery by mail, the holders may wish to
    consider using an overnight or hand delivery service. In all
    cases, sufficient time should be allowed to assure timely
    delivery. For a description of the guaranteed delivery
    procedures, see Instruction&#160;1 of the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;<B><I>Signatures on this Notice of Guaranteed
    Delivery</I></B>.&#160;&#160;If this Notice of Guaranteed
    Delivery is signed by the registered holder(s) of the Original
    Notes, the signature must correspond with the name(s) written on
    the face of the Original Notes without alteration, enlargement,
    or any change whatsoever. If this Notice of Guaranteed Delivery
    is signed by a participant of the Book-Entry Transfer Facility
    whose name appears on a security position listing as the owner
    of the Original Notes, the signature must correspond with the
    name shown on the security position listing as the owner of the
    Original Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Notice of Guaranteed Delivery is signed by a person
    other than the registered holder(s) of any Original Notes listed
    or a participant of the Book-Entry Transfer Facility, this
    Notice of Guaranteed Delivery must be accompanied by appropriate
    bond powers, signed as the name of the registered holder(s)
    appears on the Original Notes or signed as the name of the
    participant shown on the Book-Entry Transfer Facility&#146;s
    security position listing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;<B><I>Requests for Assistance or Additional
    Copies</I></B>.&#160;&#160;Questions and requests for assistance
    for additional copies of the Prospectus may be directed to the
    Exchange Agent at the address specified in the Prospectus.
    Holders may also contact their broker, dealer, commercial bank,
    trust company or other nominee for assistance concerning the
    Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOTE:&#160;&#160;DO NOT SEND ORIGINAL NOTES&#160;WITH THIS
    NOTICE OF GUARANTEED DELIVERY. ACTUAL SURRENDER OF ORIGINAL
    NOTES&#160;MUST BE MADE PURSUANT TO, AND BE ACCOMPANIED BY, A
    PROPERLY COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL AND
    ANY OTHER REQUIRED DOCUMENTS.</B>
</DIV>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
