-----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,
 J8zsGjD4+Mo31uE2JPvUWczkJefauKsNEGl9jxnI5fQWBKxpAXU9BaTq1Fe9tLVH
 16KkQkljZj2BVAB90+V/pA==

<SEC-DOCUMENT>0000950123-11-005296.txt : 20110126
<SEC-HEADER>0000950123-11-005296.hdr.sgml : 20110126
<ACCEPTANCE-DATETIME>20110125212712
ACCESSION NUMBER:		0000950123-11-005296
CONFORMED SUBMISSION TYPE:	S-3/A
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20110126
DATE AS OF CHANGE:		20110125

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000833199
		STANDARD INDUSTRIAL CLASSIFICATION:	GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520]
		IRS NUMBER:				222423583
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-171349-01
		FILM NUMBER:		11547758

	BUSINESS ADDRESS:	
		STREET 1:		10 HIGHWAY 35
		STREET 2:		P O BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		S-3/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-171349
		FILM NUMBER:		11547759

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET PO BOX 500
		STREET 2:		110 WEST FRONT STREET  PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>y88639a1sv3za.htm
<DESCRIPTION>FORM S-3/A
<TEXT>
<HTML>
<HEAD>
<TITLE>sv3za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


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

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on
January 25, 2011</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

</FONT></DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Registration No.&nbsp;333-171349</B>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 6pt"></DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

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

</FONT></DIV>
<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>Amendment
No. 1</B></DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>to</B></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-3</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
Under<BR>
THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 24pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size:10pt">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>HOVNANIAN</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>K. HOVNANIAN</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>ENTERPRISES, INC.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>ENTERPRISES, INC.</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact Name of Registrant as Specified in Its Charter)</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%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>California</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt">(State or Other Jurisdiction of Incorporation or Organization)</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%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>22-1851059</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-2423583</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt">(I.R.S. Employer Identification Number)</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%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>110 West Front Street</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>110 West Front Street</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>P.O. Box 500</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>P.O. Box 500</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Red Bank, New Jersey 07701</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Red Bank, New Jersey 07701</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>(732)&nbsp;747-7800</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(732)&nbsp;747-7800</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt">(Address, Including Zip Code, and Telephone Number, Including Area Code,<br>
of Registrants&#146; Principal Executive Offices)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>SEE TABLE OF ADDITIONAL REGISTRANTS</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
<B>J. Larry Sorsby<BR>
Hovnanian Enterprises, Inc.<BR>
110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701<BR>
(732)&nbsp;747-7800</B><BR>
(Name, Address, Including Zip Code, and Telephone Number,<BR>
Including Area Code, of Agent for Service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
<B>Copies to:<BR>
Vincent Pagano, Jr., Esq.<BR>
Marisa D. Stavenas, Esq.<BR>
Simpson Thacher &#038; Bartlett LLP<BR>
425 Lexington Avenue<BR>
New York, New York 10017-3954<BR>
(212)&nbsp;455-2000</B></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate date of commencement of proposed sale to the public: From time to time after the
effective date of this registration statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered on this Form are being offered pursuant to dividend or
interest reinvestment plans, please check the following box. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933, other than securities
offered only in connection with dividend or interest reinvestment plans, check the following box. <FONT style="font-family: Wingdings">&#254;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is filed to register additional securities for an offering pursuant to Rule
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. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment filed pursuant to Rule 462(c) 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. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a registration statement pursuant to General Instruction I.D. or a
post-effective amendment thereto that shall become effective upon filing with the Commission
pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Form is a post-effective amendment to a registration statement filed pursuant to
General Instruction I.D. filed to register additional securities or additional classes of
securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Rule&nbsp;12b-2 of the
Exchange Act.
</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="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT style="white-space: nowrap"> Large accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR valign="bottom">
    <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" nowrap>(Do not check if a smaller reporting company)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement
shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may
determine.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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"><B>TABLE OF ADDITIONAL REGISTRANTS</B>
</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="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Auddie Enterprises, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-1956909
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Builder Services NJ, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1131408
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Builder Services NY, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5676716
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Builder Services PA, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5425686
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Dulles Coppermine, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1820770
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Eastern National Title Agency, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2610679
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">EASTERN TITLE AGENCY, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2822803
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">F&#038;W MECHANICAL SERVICES, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4186885
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Founders Title Agency of Maryland,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1480338
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">FOUNDERS TITLE AGENCY, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3293533
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Governor&#146;s Abstract Co., Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3278556
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Homebuyers Financial Services,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3529161
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">HOVNANIAN DEVELOPMENTS OF FLORIDA,
INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2416624
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Hovnanian Land Investment Group of
California, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1471139
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">HOVNANIAN LAND INVESTMENT GROUP OF
FLORIDA, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1379037
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Hovnanian Land Investment Group of
Georgia, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3286439
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Hovnanian Land Investment Group of
Maryland, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1446859
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Hovnanian Land Investment Group of
New Jersey, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3002580
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Hovnanian Land Investment Group of
North Carolina, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1309025
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Hovnanian Land Investment Group of
Texas, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TX
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1442111
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="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="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hovnanian Land Investment Group of
Virginia, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1020023
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Hovnanian Land Investment Group,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0581911
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOV INTERNATIONAL, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3188610
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOV IP, II, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">57-1135061
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOV IP, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-4892009
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Acquisitions, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3406671
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at 4S, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">73-1638455
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Acqua Vista, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0464160
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Aliso, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1218567
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Allentown, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3215910
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<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="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="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Almond Estates, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4718657
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Andalusia, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-3958234
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Arbor Heights, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0890775
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT AVENUE ONE, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1161801
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Bakersfield 463,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4230522
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Barnegat I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3804316
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Barnegat II, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3030275
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Bella Lago, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1218576
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Berkeley, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3644632
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Bernards V, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3618587
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Blue Heron Pines,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3630449
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Branchburg, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2495924
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Bridgeport, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3547807
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Bridgewater I,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1820703
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Broad and Walnut,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3477133
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Calabria, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3324654
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Camden I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3845575
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Cameron Chase, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3459993
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT CAMP HILL, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4215810
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT CAPISTRANO, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1618465
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Carlsbad, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2135746
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Carmel Del Mar,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3320550
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Carmel Village, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2147831
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Castile, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3356308
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Cedar Grove III,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3818491
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Cedar Grove V,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2495977
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Chaparral, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3565730
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Charter Way, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4718725
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Chester I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3618347
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Chesterfield,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0916310
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Cielo, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3393453
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Clifton, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3655976
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Coastline, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4751032
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Cortez Hill, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1822959
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Cranbury, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3814347
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Crestline, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3493450
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Curries Woods,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3776466
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Denville, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03-0436512
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800<br></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">K. Hovnanian at Deptford Township,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1254802
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Dominguez Hills,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3602177
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Dover, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3072574
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at East Brandywine,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-8353499
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Eastlake, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1820096
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Edgewater II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0374534
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Edgewater, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1825623
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Egg Harbor
Township II, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3158355
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Egg Harbor
Township, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1826606
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at El Dorado Ranch
II, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4273232
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at El Dorado Ranch,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4273163
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Elk Township,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5199963
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Encinitas Ranch,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0890770
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Evergreen, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1618392
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Ewing, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-8327131
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Fair Oaks, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3778537
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Fiddyment Ranch,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-0614848
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Fifth Avenue,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4594377
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Florence I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0982613
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Florence II, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0982631
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Forest Meadows,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16-1639755
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Franklin, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1822595
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Franklin II, L.L.C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-4526823
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701<BR>
732-747-7800
</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Freehold Township,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1819075
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Fresno, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4718801
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT GASLAMP SQUARE,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1454058
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Gilroy, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-3237914
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Great Notch, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1819076
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Gridley, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4718869
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Guttenberg, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3653007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Hackettstown II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0412492
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Hamburg
Contractors, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3814175
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Hamburg, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3795544
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Hawthorne, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0946954
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Hazlet, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4568967
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Hershey&#146;s Mill,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3445102
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT HIGHLAND SHORES,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2705991
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Highland
Vineyards, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3309241
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Hilltop, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3476959
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT HUDSON POINTE,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2695809
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Jackson I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2290802
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Jackson, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3630450
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Jaeger Ranch, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4642631
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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"><!-- 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>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Jersey City IV,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3655974
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Jersey City V
Urban Renewal Company, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1818646
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Keyport, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4918777
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at King Farm, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3647924
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at La Costa Greens,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3920917
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at La Costa, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1820094
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at La Habra Knolls,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1819908
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at La Laguna, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4230543
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at La Paz, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4718948
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at La Terraza, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3303807
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Lafayette Estates,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3658926
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lake Rancho Viejo,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1337056
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lake Terrapin,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3647920
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Landmark, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4719012
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Larkspur, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4719101
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lawrence V, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3638073
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lee Square L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-1092841
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Linwood, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3663731
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Little Egg Harbor
Contractors, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3832077
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Little Egg Harbor
III, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4861624
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Little Egg Harbor
Township II, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2689884
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Little Egg Harbor,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3795535
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Live Oak II, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4719149
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Long Branch I,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2308030
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lower Macungie
Township I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">51-0427582
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lower Macungie
Township II, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1161803
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lower Makefield
Township I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3887471
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lower Moreland I,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3785544
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lower Moreland II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3785539
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Lower Moreland
III, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4863743
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Macungie, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4863710
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Mahwah VI, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3188612
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Malan Park, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4230566
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Manalapan III,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1819073
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Mansfield I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3556345
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Mansfield II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3556346
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
PO. Box 500
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Mansfield III,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3683839</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800
</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">K. Hovnanian at Manteca, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2509555
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Maple Avenue,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4863855
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Marlboro Township
IX, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1005879
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Marlboro Township
V, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1819074
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Marlboro Township
VIII, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3802594
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Marlboro VI, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3791976
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Marlboro VII,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3791977
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Matsu, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4135542
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Melanie Meadows,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4719216
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Mendham Township,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2033800
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Menifee, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2147832
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Middle Township
II, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3832384
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Middle Township,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03-0473330
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Middletown II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">04-3695371
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Millville II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2221380
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Millville I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1562308
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT MONROE II, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2718071
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Monroe IV, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2364423
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Monroe NJ, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3512199
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Montvale II, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2610827
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Montvale, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1584680
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Mosaic, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">55-0820915
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Mt. Olive
Township, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3813043
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Muirfield, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4719287
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT NEW BRUNSWICK
URBAN RENEWAL, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4053097
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at New Windsor, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3158568
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at North Bergen.
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1818663
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT NORTH BRUNSWICK
VI, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3627814
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at North Caldwell II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1185057
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at North Caldwell
III, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4863775
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at North Caldwell IV,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2496043
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at North Caldwell,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0412508
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at North Haledon,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3770598
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at North Wildwood,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3769684
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Northampton, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3785527
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT NORTHERN
WESTCHESTER, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2814372
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Northfield, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3665826
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Northlake, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3336696
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Ocean Township, Inc
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3094742
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT OCEAN WALK, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3565732
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Oceanport, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5811042
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Old Bridge, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">55-0787042
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Olde Orchard, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">51-0453906
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Pacific Bluffs, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0890774
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Paramus, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3687884
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Park Lane, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0896285
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Parkside, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30-0550698
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Parsippany, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2496088
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Parsippany-Troy
Hills, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2769490
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Perkiomen II, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3301197
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Philadelphia II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1706785
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Philadelphia III,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3216099
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Philadelphia IV,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3216000
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Piazza D&#146;Oro,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11-3760903
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Piazza Serena,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4230582
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Pittsgrove, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1562254
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT PORT IMPERIAL
URBAN RENEWAL IV, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2293457
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT PORT IMPERIAL
URBAN RENEWAL V, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2293478
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT PORT IMPERIAL
URBAN RENEWAL VI, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2909190
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT PORT IMPERIAL
URBAN RENEWAL VII, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2909213
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT PORT IMPERIAL
URBAN RENEWAL VIII, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2909227
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Positano, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2509445
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Prado, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3158762
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Rancho 79, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4722936
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Rancho
Cristianitos, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3369102
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Rancho Santa
Margarita, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0890773
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Randolph I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01-0712196
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT RAPHO, L.L.C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2293515
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I10 West Front Street
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Readington II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1818662
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Red Bank, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2489028
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Ridgemont, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3375106
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Ridgestone, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3563233
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Riverbend, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0890777
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Rivercrest, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4720260
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Roderuck, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3756336
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT ROSEMARY LANTANA,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1786974
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Rowland Heights,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2147833
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Sage, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3230547
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at San Sevaine, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3493454
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Santa Fe Springs,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2353517
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Santa Nella, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4720339
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br></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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Saratoga, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3547806
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Savannah Lake,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-3135270
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Sawmill, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3602924
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Sayreville, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3815459
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Scotch Plains,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-1149329
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Sheldon Grove, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2103298
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Shrewsbury, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2103420
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Sierra Estates, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4720508
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Silver Spring,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3230502
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Skye Isle, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1820095
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Smithville III,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1818661
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Smithville, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-1732674
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Somers Point,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16-1639761
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500. <br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at South Brunswick,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01-0618098
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at South Brunswick
II, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2496138
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Sparta, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4326573
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT SPRINGCO, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1161805
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Stanton, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-3367457
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Station Square,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-8354517
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Stone Canyon, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3512641
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Sunridge Park, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2647986
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Sunsets, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0890768
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Sycamore, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3493456
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Teaneck, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1584240
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at the Cliffs, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-3958311
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at The Crosby, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0936364
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at The Gables, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0890769
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at The Monarch, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3215837
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at The Preserve, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1337079
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Thompson Ranch,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1599518
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Thornbury, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3462983
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Trail Ridge, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0990615
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Trenton, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3728778
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Trovata, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3369099
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Union Township I,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3027952
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Upper Freehold
Township II, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3655975
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Upper Freehold
Township III, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3666680
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Upper Makefield I,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3302321
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Upper Uwchlan II,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1820731
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Upper Uwchlan,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3763798
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Vail Ranch, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3320537
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Valle Del Sol, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4720751
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. HOVNANIAN AT VERONA URBAN
RENEWAL, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4359783
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Victorville, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4230607
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT VINELAND, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">34-1997435
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Vista Del Sol,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4233963
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Wanaque, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3626037
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Warminster, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2691149
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Warren Township,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2594932
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Washington, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3743403
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Waterstone, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2103509
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Wayne IX, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3828775
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. HOVNANIAN AT WAYNE, VIII, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3618348
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at West Bradford,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2560211
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at West View Estates,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4273312
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at West Windsor,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3618242
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Westshore, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4721970
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Wheeler Ranch, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4722075
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Wildrose, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3312525
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Wildwood Bayside,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4385082
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Willow Brook,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3709105
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN AT WINCHESTER, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2147836
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian at Woodcreek West, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4722802
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Woodhill Estates,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01-0550781
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian at Woolwich 1, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3828777
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Cambridge Homes,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2387077
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN CENTRAL ACQUISITIONS,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3556343
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Classics CIP, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3684969
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Classics, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3761401
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Communities, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-4892007
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Companies Metro D.C.
North, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3683159
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Companies Northeast,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2445216
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian Companies of
California, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3301757
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN COMPANIES OF
MARYLAND, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3331050
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN COMPANIES OF NEW
YORK, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2618171
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Companies of
Pennsylvania, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2390174
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Companies of Southern
California, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3493449
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Companies of
Virginia, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3169584
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Companies, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3762298
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Connecticut
Acquisitions, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CT
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3921070
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Construction II, Inc
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2246316
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Construction III, Inc
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-1945444
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian Construction
Management, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3406668
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian CraftBuilt Homes of
South Carolina, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4467887
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Delaware
Acquisitions, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4823251
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN DEVELOPMENTS OF
ARIZONA, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AZ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1825442
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of
California, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3303806
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of
Connecticut, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CT
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3920999
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN DEVELOPMENTS OF D.C.,
INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2377106
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN DEVELOPMENTS OF
DELAWARE, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1528466
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of
Georgia, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3286085
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of
Illinois, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2421053
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian Developments of
Indiana, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3278908
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of
Kentucky, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5156963
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN DEVELOPMENTS OF
MARYLAND, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3331045
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of
Michigan, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MI
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1826348
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of
Minnesota, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1073868
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of New
Jersey II, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3762294
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of New
Jersey, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2664563
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN DEVELOPMENTS OF NEW
YORK, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2626492
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of North
Carolina, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2765939
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of Ohio,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OH
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">32-0069375
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian Developments of
Pennsylvania, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-1097670
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of South
Carolina, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">58-2659968
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of
Texas, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TX
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3685786
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of
Virginia, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3188615
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Developments of West
Virginia, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1826831
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Eastern Pennsylvania,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">04-3630089
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN FIRST HOMES, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3198237
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Florida Realty, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-0509482
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Four Seasons @
Historic Virginia, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3647925
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Four Seasons at Gold
Hill, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1820161
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. HOVNANIAN GREAT WESTERN
BUILDING COMPANY, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AZ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1825443
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN GREAT WESTERN HOMES,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AZ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1825441
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Holdings NJ, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0651173
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes &#151; DFW, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TX
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5856823
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Cameron
Station, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1169628
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Camp
Springs, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0812020
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Fairwood,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">47-0880125
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Forest Run,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0812109
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Greenway
Farm Park Towns, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3921234
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Greenway
Farm, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3921143
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian Homes at Jones
Station 1, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3882481
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Jones
Station 2, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3882532
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Maxwell
Place, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">37-1493190
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN HOMES AT PAYNE
STREET, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4215898
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Primera,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3749553
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Renaissance
Plaza, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0364144
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at Russett,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1526150
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes at the
Highlands, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2938723
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes Northern
California, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4996073
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes of D.C., L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2377153
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. HOVNANIAN HOMES OF DELAWARE,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1528482
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes of Georgia,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4467858
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes of Houston,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TX
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5856877
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes of Indiana,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3278918
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes of Maryland,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01-0737098
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes of Minnesota,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2383651
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN HOMES OF NORTH
CAROLINA, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-1458833
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN HOMES OF
PENNSYLVANIA, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2376938
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes of South
Carolina, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">58-2660293
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Homes of Virginia,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-0898765
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian Homes of West
Virginia, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2828654
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Liberty on Bluff
Creek, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-1226006
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian North Central
Acquisitions, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3554986
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian North Jersey
Acquisitions, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3556344
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Northeast Services,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16-1639452
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian of Houston II, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TX
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5856770
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Ohio Realty, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OH
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">32-0069376
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN OSTER HOMES, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OH
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3198273
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian PA Real Estate, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3188608
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Pennsylvania
Acquisitions, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-2064618
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian Port Imperial Urban
Renewal, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3027956
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Properties of Red
Bank, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3092532
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Shore Acquisitions,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3556342
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian South Jersey
Acquisitions, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3556341
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Southern New Jersey,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01-0648280
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN STANDING ENTITY,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2751668
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Summit Holdings,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1818027
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Summit Homes of
Kentucky, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5166566
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Summit Homes of
Michigan, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MI
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1826351
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Summit Homes of
Pennsylvania, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0310776
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian Summit Homes of West
Virginia, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1826832
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Summit Homes, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OH
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">32-0069379
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian T&#038;C Homes at Florida,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2387167
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian T&#038;C Homes at
Illinois, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2421114
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian T&#038;C Investment, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2364394
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian T&#038;C Management Co.,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2393546
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Timbres at Elm Creek,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-1226085
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian Venture I, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0572173
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN WINDWARD HOMES, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FL
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0301995
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Ashburn Village, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0385213
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian&#146;s Four Seasons at
Bailey&#146;s Glenn, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-1180295
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN&#146;S FOUR SEASONS AT
BAKERSFIELD, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1454116
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Beaumont, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1823029
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN&#146;S FOUR SEASONS AT
CHARLOTTESVILLE, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3375037
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Dulles Discovery Condominium,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1442155
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Dulles Discovery, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1169675
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Hemet, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">47-0884181
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Huntfield, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3375034
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Kent Island Condominiums, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1727101
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Kent Island, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3668315
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian&#146;s Four Seasons at Los
Banos, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4722883
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Moreno Valley, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-4273623
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at New
Kent Vineyards, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3375087
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Palm Springs, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">57-1145579
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. HOVNANIAN&#146;S FOUR SEASONS AT
RENAISSANCE, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-8190357
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Rush Creek II, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-1228535
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Rush Creek, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3923972
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons at St.
Margarets Landing, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3688864
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey
07701 <BR>732-747-7800</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">K. Hovnanian&#146;s Four Seasons at
Vint Hill, L.L.C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1828049
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Four Seasons, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2147837
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">K. Hovnanian&#146;s Parkside at
Towngate, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3158839
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">K. Hovnanian&#146;s Private Home
Portfolio, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3766856
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">KHIP, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">01-0752776
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">LANDARAMA, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-1978612
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">M&#038;M at Chesterfield, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2290506
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">M&#038;M AT Crescent Court, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5085522
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">M&#038;M at West Orange, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">55-0820919
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">M&#038;M at Wheatan Urban Renewal,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1516521
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Matzel &#038; Mumford at Egg Harbor,
L.L.C
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1706817
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Matzel &#038; Mumford at South Bound
Brook Urban Renewal, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0489677
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MCNJ, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2722906
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Midwest Building Products &#038;
Contractor Services of Kentucky,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">KY
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5166559
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Midwest Building Products &#038;
Contractor Services of Michigan,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MI
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5065088
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Midwest Building Products &#038;
Contractor Services of
Pennsylvania, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5071295
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Midwest Building Products &#038;
Contractor Services of West
Virginia, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">WV
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-5065126
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">MIDWEST BUILDING PRODUCTS &#038;
CONTRACTOR SERVICES, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OH
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2882866
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">MMIP, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0651174
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Natomas Central Neighborhood
Housing, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-3882414
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">New Land Title Agency, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">AZ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">26-0598590
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">PADDOCKS, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0027663
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">PARK TITLE COMPANY, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TX
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1293533
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Pine Ayr, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-2229495
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Real Property Holding &#150; Prince <BR>
George&#146;s County, MD, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-1370832
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701<BR>
732-747-7800
</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">RIDGEMORE UTILITY ASSOCIATES OF
PENNSYLVANIA, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">PA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4202417
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Ridgemore Utility, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1820672
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">SEABROOK ACCUMULATION CORPORATION
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0989615
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">STONEBROOK HOMES, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0553884
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Terrapin Realty, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-4415708
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">The Highlands Condominiums at
Metrosquare, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-2982211
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">The Matzel &#038; Mumford Organization, <BR>
Inc
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NJ
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3670677
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">The Residences at Dulles Parkway <BR>
Corporate Center, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-3238032
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Residences at Greenfield
Crossing, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-3522123
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Washington Homes at Columbia Town
Center, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3757772
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br></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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Red Bank, New Jersey 07701<br>
732-747-7800</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">Washington Homes, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3774737
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Westminster Homes of Alabama,
L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">63-1222540
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Westminster Homes of Mississippi,
LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MS
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">64-0907820
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">Westminster Homes of Tennessee,
Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">TN
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-1973363
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">WESTMINSTER HOMES, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NC
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-1874680
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">WH LAND I, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2073468
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">WH PROPERTIES, INC.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-1662973
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</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">WH/PR Land Company, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">DE
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-0818872
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /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="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address Including Zip</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>State or Other</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Code, and Telephone Number</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>IRS Employer</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Including Area Code,</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exact Name of Registrant as</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>of Registrant&#146;s Principal</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Specified in Its Charter</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>or Organization</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Executive Offices</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Woodland Lake Condominiums at
Bowie New Town, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">MD
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">06-1643401
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">110 West Front Street<br>
P.O. Box 500<br>
Red Bank, New Jersey 07701<br>
732-747-7800</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /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"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY
NOTE</B> </DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Pre-Effective Amendment No. 1 to the Registration Statement on Form
S-3 (File No. 333-171349) is filed solely for the purpose of adding additional subsidiary registrants and amending
&#147;Part II &#151; Item 16. Exhibits.&#148;</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B>
</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>Item&nbsp;14.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Other Expenses of Issuance and Distribution.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated expenses payable by us in connection with the offering of the securities being
registered hereby are as follows:
</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"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Registration Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trustee&#146;s Fees and Expenses*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transfer Agent&#146;s Fees*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rating Agency Fees*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FINRA Filing Fees*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Listing Fees*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Legal fees and expenses*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Blue Sky fees and expenses*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting fees and expenses*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Printing and duplicating expenses*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Miscellaneous expenses*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">*</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">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">*</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&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">*</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated expenses are not presently known. The applicable prospectus supplement will set
forth the estimated amount of such expenses payable in respect of any offering of securities.</TD>
</TR>

</TABLE>



<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>Item&nbsp;15.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Indemnification of Directors and Officers.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hovnanian is a Delaware corporation. Section&nbsp;145 of the General Corporation Law of the State
of Delaware grants each corporation organized thereunder the power to indemnify any person who is
or was a director, officer, employee or agent of a corporation or enterprise, against expenses,
including attorneys&#146; fees, judgments, fines and amounts paid in settlement actually and reasonably
incurred by him in connection with 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 being or having been in any such capacity, if he acted in good
faith 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 his conduct was unlawful. Section&nbsp;102(b)(7) of the General Corporation Law of the State of
Delaware enables a corporation in its certificate of incorporation or an amendment thereto validly
approved by stockholders to limit or eliminate the personal liability of the members of its board
of directors for violations of the directors&#146; fiduciary duty of care.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;FOUR of Hovnanian&#146;s Restated By-Laws contains the following provisions with respect to
indemnification:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall indemnify any current or former Director or officer of the
Corporation and his heirs, executors and administrators, and may, at the discretion of the
Board of Directors, indemnify any current or former employee or, agent of the Corporation
and his heirs, executors and administers, against all expenses (including attorneys&#146; fees),
judgments, fines and amounts paid in settlement actually and reasonable incurred by him or
by his heirs, executors and administrators in connection with any threatened, pending or
completed action, suit or proceeding (brought by or in tire right of the Corporation or
otherwise), whether civil, criminal, administrative or investigative, and whether formal or
informal, including appeals, to which he was or is a party or is threatened to be made a
party by reason of his current or former position with the Corporation or by reason of the
fact that he is or was serving, at the request of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /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; margin-left: 2%">the Corporation, as a director, officer, partner, trustee, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.&nbsp;Hovnanian is a California corporation. Section&nbsp;317 of the California Corporations Code
provides that a corporation has the power to indemnify any person who was or is a party or is
threatened to be made a party to any proceeding, other than in an action by or on behalf of the
corporation to obtain a favorable judgment for itself, because such person is or was an agent of
the corporation, against expenses actually and reasonably incurred in connection with the
proceeding, if the person acted in good faith and in a manner the person reasonably believed to be
in the best interests of the corporation and, in the case of criminal proceedings, had no
reasonable cause to believe that the conduct was unlawful. In the case of suits by or on behalf of
a corporation to obtain a judgment in its favor, a corporation has the power to indemnify any
person who was or is a party or is threatened to be made a party to such proceeding because such
person is or was the corporation&#146;s agent, against expenses actually and reasonably incurred if the
person acted in good faith in a manner the person believed to be in the best interests of the
corporation and its shareholders, except that no such indemnification may be made for claims as to
which the person shall have been adjudged to be liable to the corporation in the performance of
that person&#146;s duty to the corporation, unless and then only to the extent a court determines
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Article&nbsp;SEVENTH of K. Hovnanian&#146;s By-Laws contain the following provisions with respect to
indemnification:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall indemnify any person who was or is 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 he 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, against expenses (including attorneys&#146; fees), judgments, fines
and amounts paid in settlement actually and reasonably incurred by him in connection with
such action, suit or proceeding if he acted in good faith and in a manner he 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 his conduct was
unlawful. The termination of any action, suit or proceeding by judgment, order, settlement,
conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself,
create a presumption that the person did not act in good faith and in a manner which he
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 reasonable cause to believe that his
conduct was unlawful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall indemnify any person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action or suit by or in the right of
the Corporation to procure a judgment in its favor by reason of the fact that he 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 against expenses (including attorneys&#146;
fees) actually and reasonably incurred by him in connection with the defense or settlement
of such action or suit if he acted in good faith and in a manner he reasonably believed to
be in or not opposed to the best interests of the Corporation; provided, however, that no
indemnification shall be made in respect of any claim, issue or matter as to which such
person shall have been adjudged to be liable for gross negligence or willful misconduct 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 such expenses which the court shall deem proper.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any indemnification pursuant to the provisions above shall be made by the Corporation
unless a determination (as provided for in the bylaws) is made that indemnification is not
proper because the person has not met the applicable standards of conduct as set forth
therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hovnanian maintains a liability insurance policy providing coverage for its directors
and officers, the directors and officers of K. Hovnanian and the directors and officers of
certain of its other subsidiaries in an amount up to $50,000,000.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-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="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>Item&nbsp;16.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Index to Exhibits.
</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>Item&nbsp;17.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Undertakings.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned Registrants hereby undertake:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of
1933, as amended (the &#147;Securities Act&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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 424(b) if, in the aggregate, the changes in volume and price
represent no more than 20&nbsp;percent change in the maximum aggregate offering price set forth
in the &#147;Calculation of Registration Fee&#148; table in the effective Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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 align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided</I>, <I>however</I>, that paragraphs (1)(i), (1)(ii) and (1)(iii) 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 Registrants pursuant to Section&nbsp;13 or Section
15(d) of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) that are incorporated
by reference in the Registration Statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;That, for the purpose of determining liability under the Securities Act to any purchaser:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each prospectus filed by the Registrants pursuant to Rule&nbsp;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; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5) or (b)(7)
as part of the registration statement in reliance on Rule&nbsp;430B relating to an offering made
pursuant to Rule&nbsp;415(a)(1)(i), (vii)&nbsp;or (x)&nbsp;for the purpose of providing the information
required by Section 10(a) of the Securities Act 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&nbsp;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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;That, for the purpose of determining liability of a Registrant under the Securities Act to
any purchaser in the initial distribution of the securities, the undersigned Registrant undertakes
that in a primary offering of securities of an 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:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned Registrant relating to
the offering required to be filed pursuant to Rule&nbsp;424;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned
Registrant to the purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;The undersigned Registrant hereby undertakes that for the purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report, pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to section 15(d) of the Exchange Act) 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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrants pursuant to the
provisions set forth in response to Item&nbsp;15, or otherwise, the Registrants have been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the Registrants of
expenses incurred or paid by a director, officer or controlling person of the Registrants 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 Registrants will, unless
in the opinion of their 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 and will be governed by the final adjudication of such
issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-4<!-- /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"><B>SIGNATURES</B>
</DIV>


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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, K. Hovnanian
Enterprises, Inc. certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-3 and has duly caused this
amendment to the Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Red Bank, State of New
Jersey, on January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></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">K. HOVNANIAN ENTERPRISES, 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="left">/s/
J. Larry Sorsby
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">J. Larry Sorsby&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Executive Vice President and<BR>

Chief Financial Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

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

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

</FONT></DIV>

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this
amendment to the Registration
Statement has been signed by the following persons in the capacities indicated on January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

</FONT></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="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman of the Board, President,</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">Chief Executive Officer and Director</TD>
</TR>
<TR valign="bottom">

<TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Executive Officer)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Ara K. Hovnanian</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Senior Vice President, Chief Accounting Officer and</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">Director</TD>
</TR>
<TR valign="bottom">

<TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Accounting Officer)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Paul W. Buchanan</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" align="center"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Walter Miller</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Vice President, Chief Financial Officer and</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<TR valign="bottom">

<TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. Larry Sorsby
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Financial Officer)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">J. Larry Sorsby</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" align="center"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Assistant Secretary and Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">John F. Davis</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" align="center"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President and Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Joseph Killinger</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" align="center"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Shane Maloney</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

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

</FONT></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="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD>* By:</TD>

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
J. Larry Sorsby
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>J. Larry Sorsby<BR>Attorney-In-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"></TD>
</TR>
</table>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-5<!-- /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"><B>SIGNATURES</B>
</DIV>


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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, Hovnanian Enterprises,
Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this amendment to the Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Red Bank, State of New Jersey, on
January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></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">HOVNANIAN ENTERPRISES, 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="left">/s/
J. Larry Sorsby
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">J. Larry Sorsby&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Executive Vice President and<br>
Chief Financial Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

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

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

</FONT></DIV>

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this
amendment to the  Registration
Statement has been signed by the following persons in the capacities indicated on January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

</FONT></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="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman of the Board, President and</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Executive Officer</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Executive Officer)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ara K. Hovnanian</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Vice President, Chief Financial Officer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">and Director</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. Larry Sorsby
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Financial Officer)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">J. Larry Sorsby</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Senior Vice President and Chief Accounting Officer</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Accounting Officer)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul W. Buchanan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joseph A. Marengi</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert B. Coutts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-6<!-- /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"><FONT size="1">

</FONT></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="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward A. Kangas</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">John J. Robbins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stephen D. Weinroth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

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

</FONT></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="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD>* By:</TD>

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
J. Larry Sorsby
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>J. Larry Sorsby<BR>Attorney-In-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"></TD>
</TR>
</table>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->II-7<!-- /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"><B>SIGNATURES</B>
</DIV>


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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, K. HOV IP, Inc.
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this amendment to the  Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Red Bank, State of New Jersey, on
January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></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">K. HOV IP, 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="left">/s/ Paul W. Buchanan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Paul W. Buchanan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><I>Senior Vice President,<br>
Chief Accounting Officer, Treasurer and Secretary</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>


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

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

</FONT></DIV>

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this
amendment to the Registration
Statement has been signed by the following persons in the capacities indicated on January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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

</FONT></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="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">President and Chief Executive Officer</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Executive Officer)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ara K. Hovnanian</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Vice President and Chief Financial Officer</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Financial Officer)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">J. Larry Sorsby</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Walter Miller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Senior Vice President, Chief Accounting Officer,</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Treasurer, Secretary and Director</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Paul W. Buchanan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Accounting Officer)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paul W. Buchanan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">John F. Davis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joseph Killinger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*

<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President &#151; Tax and Director&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">Marcia Wines</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" align="center"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Shane Maloney</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

</FONT></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="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD>* By:</TD>

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Paul W. Buchanan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>Paul W. Buchanan<BR>Attorney-In-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"></TD>
</TR>
</table>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->II-8<!-- /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"><B>SIGNATURES</B>
</DIV>



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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, K. HOV IP, II, Inc.
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-3 and has duly caused this amendment to the Registration Statement to be signed on its behalf by
the undersigned, thereunto duly authorized, in the City of Red Bank, State of New Jersey, on
January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></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">K. HOV IP, II, 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="left">/s/ Paul W. Buchanan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Paul W. Buchanan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" nowrap><I>Senior Vice President,<br>
Chief Accounting Officer, Treasurer and Secretary</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


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

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

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this
amendment to the Registration
Statement has been signed by the following persons in the capacities indicated on January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

</FONT></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="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">President and Chief Executive Officer</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ara K. Hovnanian
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Executive Officer)&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Vice President and Chief Financial Officer</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
J. Larry Sorsby
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Financial Officer)&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Walter Miller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Senior Vice President, Chief Accounting Officer,</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Treasurer, Secretary and Director</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Paul W. Buchanan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Paul W. Buchanan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Accounting Officer)&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John F. Davis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Joseph Killinger
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Marcia Wines
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President &#151; Tax and Director&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" align="center"><DIV style="margin-left:0px; text-indent:-0px">*
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">Shane Maloney</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

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

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

</FONT></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="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD>* By:</TD>

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/
Paul W. Buchanan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>Paul W. Buchanan<BR>Attorney-In-Fact</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"></TD>
</TR>
</table>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-9<!-- /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"><B>SIGNATURES</B>
</DIV>


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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, each of the
Registrants, as listed on the attached Schedule of Subsidiary Registrants, certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has
duly caused this amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Red Bank, State of New Jersey, on January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></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">REGISTRANTS (as listed on the attached Schedule of<BR>
Subsidiary Registrants)<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">/s/ J. Larry Sorsby
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">J. Larry Sorsby&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Executive Vice President and<br>
Chief Financial Officer</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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

</FONT></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>POWER OF ATTORNEY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below hereby constitutes and
appoints J. Larry Sorsby and Paul W. Buchanan and each of them, the true and lawful attorneys-in-fact and agents of the
undersigned, with full power of substitution and resubstitution, for and in the name, place and stead of the undersigned, in
any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement,
including any filings pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and to file the same, with all
exhibits thereto, and all other documents in connection therewith, with the Securities and Exchange Commission, and hereby
grants to such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act
and anything necessary to be done, as fully to all intents and purposes as the undersigned might or could do in person, hereby
ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitute, or substitutes,
may lawfully do or cause to be done by virtue hereof.
</DIV>


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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Act of 1933, as amended, this amendment to the Registration
Statement has been signed by the following persons in the capacities indicated on
January 25, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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

</FONT></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="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chairman of the Board, President,</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Executive Officer and Director</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ara K. Hovnanian
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Ara K. Hovnanian
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Executive Officer)&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Senior Vice President and Chief Accounting Officer
and Director</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Paul W. Buchanan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Paul W. Buchanan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Accounting Officer)&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter S. Reinhart
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Peter S. Reinhart
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Senior Vice President, General Counsel and Director&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Executive Vice President, Chief Financial Officer,
and Director</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ J. Larry Sorsby
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
J. Larry Sorsby
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Principal Financial Officer)&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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

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

</FONT></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-10<!-- /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"><B>SCHEDULE OF SUBSIDIARY REGISTRANTS</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Exact Name of Registrant As Specified in Its Charter</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">AUDDIE ENTERPRISES, L.L.C.<BR>
BUILDER SERVICES NJ, L.L.C.<BR>
BUILDER SERVICES NY, L.L.C.<BR>
BUILDER SERVICES PA, L.L.C.<BR>
DULLES COPPERMINE, L.L.C.<BR>
EASTERN NATIONAL TITLE AGENCY, LLC<BR>
EASTERN TITLE AGENCY, INC.<BR>
F&#038;W MECHANICAL SERVICES, L.L.C.<BR>
FOUNDERS TITLE AGENCY OF MARYLAND, L.L.C.<BR>
FOUNDERS TITLE AGENCY, INC.<BR>
GOVERNOR&#146;S ABSTRACT CO., INC.<BR>
HOMEBUYERS FINANCIAL SERVICES, L.L.C.<BR>
HOVNANIAN DEVELOPMENTS OF FLORIDA, INC.<BR>
HOVNANIAN LAND INVESTMENT GROUP OF CALIFORNIA, L.L.C.<BR>
HOVNANIAN LAND INVESTMENT GROUP OF FLORIDA, L.L.C.<BR>
HOVNANIAN LAND INVESTMENT GROUP OF GEORGIA, L.L.C.<BR>
HOVNANIAN LAND INVESTMENT GROUP OF MARYLAND, L.L.C.<BR>
HOVNANIAN LAND INVESTMENT GROUP OF NEW JERSEY, L.L.C.<BR>
HOVNANIAN LAND INVESTMENT GROUP OF NORTH CAROLINA, L.L.C.<BR>
HOVNANIAN LAND INVESTMENT GROUP OF TEXAS LLC<BR>
HOVNANIAN LAND INVESTMENT GROUP OF VIRGINIA, L.L.C.<BR>
HOVNANIAN LAND INVESTMENT GROUP, L.L.C.<BR>
K. HOV INTERNATIONAL, INC.<BR>
K. HOVNANIAN ACQUISITIONS, INC.<BR>
K. HOVNANIAN AT 4S, LLC<BR>
K. HOVNANIAN AT ACQUA VISTA, LLC<BR>
K. HOVNANIAN AT ALISO, LLC<BR>
K. HOVNANIAN AT ALLENTOWN, L.L.C.<BR>
K. HOVNANIAN AT ALMOND ESTATES, LLC<BR>
K. HOVNANIAN AT ANDALUSIA, LLC<BR>
K. HOVNANIAN AT ARBOR HEIGHTS, LLC<BR>
K. HOVNANIAN AT AVENUE ONE, L.L.C.<BR>
K. HOVNANIAN AT BAKERSFIELD 463, L.L.C.<BR>
K. HOVNANIAN AT BARNEGAT I, L.L.C.<BR>
K. HOVNANIAN AT BARNEGAT II, L.L.C.<BR>
K. HOVNANIAN AT BELLA LAGO, LLC<BR>
K. HOVNANIAN AT BERKELEY, L.L.C.<BR>
K. HOVNANIAN AT BERNARDS V, L.L.C.<BR>
K. HOVNANIAN AT BLUE HERON PINES, L.L.C.<BR>
K. HOVNANIAN AT BRANCHBURG, L.L.C.<BR>
K. HOVNANIAN AT BRIDGEPORT, INC.<BR>
K. HOVNANIAN AT BRIDGEWATER I, L.L.C.<BR>
K. HOVNANIAN AT BROAD AND WALNUT, L.L.C.<BR>
K. HOVNANIAN AT CALABRIA, INC.<BR>
K. HOVNANIAN AT CAMDEN I, L.L.C.<BR>
K. HOVNANIAN AT CAMERON CHASE, INC.<BR>
K. HOVNANIAN AT CAMP HILL, L.L.C.<BR>
K. HOVNANIAN AT CAPISTRANO, L.L.C.<BR>
K. HOVNANIAN AT CARLSBAD, LLC<BR>
K. HOVNANIAN AT CARMEL DEL MAR, INC.<BR>
K. HOVNANIAN AT CARMEL VILLAGE, LLC<BR>
K. HOVNANIAN AT CASTILE, INC.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-11<!-- /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">K. HOVNANIAN AT CEDAR GROVE III, L.L.C.<BR>
K. HOVNANIAN AT CEDAR GROVE V, L.L.C.<BR>
K. HOVNANIAN AT CHAPARRAL, INC.<BR>
K. HOVNANIAN AT CHARTER WAY, LLC<BR>
K. HOVNANIAN AT CHESTER I, L.L.C.<BR>
K. HOVNANIAN AT CHESTERFIELD, L.L.C.<BR>
K. HOVNANIAN AT CIELO, L.L.C.<BR>
K. HOVNANIAN AT CLIFTON, L.L.C.<BR>
K. HOVNANIAN AT COASTLINE, L.L.C.<BR>
K. HOVNANIAN AT CORTEZ HILL, LLC<BR>
K. HOVNANIAN AT CRANBURY, L.L.C.<BR>
K. HOVNANIAN AT CRESTLINE, INC.<BR>
K. HOVNANIAN AT CURRIES WOODS, L.L.C.<BR>
K. HOVNANIAN AT DENVILLE, L.L.C.<BR>
K. HOVNANIAN AT DEPTFORD TOWNSHIP, L.L.C.<BR>
K. HOVNANIAN AT DOMINGUEZ HILLS, INC.<BR>
K. HOVNANIAN AT DOVER, L.L.C.<BR>
K. HOVNANIAN AT EAST BRANDYWINE, L.L.C.<BR>
K. HOVNANIAN AT EASTLAKE, LLC<BR>
K. HOVNANIAN AT EDGEWATER II, L.L.C.<BR>
K. HOVNANIAN AT EDGEWATER, L.L.C.<BR>
K. HOVNANIAN AT EGG HARBOR TOWNSHIP II, L.L.C.<BR>
K. HOVNANIAN AT EGG HARBOR TOWNSHIP, L.L.C.<BR>
K. HOVNANIAN AT EL DORADO RANCH II, L.L.C.<BR>
K. HOVNANIAN AT EL DORADO RANCH, L.L.C.<BR>
K. HOVNANIAN AT ELK TOWNSHIP, L.L.C.<BR>
K. HOVNANIAN AT ENCINITAS RANCH, LLC<BR>
K. HOVNANIAN AT EVERGREEN, L.L.C.<BR>
K. HOVNANIAN AT EWING, L.L.C.<BR>
K. HOVNANIAN AT FAIR OAKS, L.L.C.<BR>
K. HOVNANIAN AT FIDDYMENT RANCH, LLC<BR>
K. HOVNANIAN AT FIFTH AVENUE, L.L.C.<BR>
K. HOVNANIAN AT FLORENCE I, L.L.C.<BR>
K. HOVNANIAN AT FLORENCE II, L.L.C.<BR>
K. HOVNANIAN AT FOREST MEADOWS, L.L.C.<BR>
K. HOVNANIAN AT FRANKLIN, L.L.C.<BR>
K. HOVNANIAN AT FRANKLIN II, L.L.C.<BR>
K. HOVNANIAN AT FREEHOLD TOWNSHIP, L.L.C.<BR>
K. HOVNANIAN AT FRESNO, LLC<BR>
K. HOVNANIAN AT GASLAMP SQUARE, L.L.C.<BR>
K. HOVNANIAN AT GILROY, LLC<BR>
K. HOVNANIAN AT GREAT NOTCH, L.L.C.<BR>
K. HOVNANIAN AT GRIDLEY, LLC<BR>
K. HOVNANIAN AT GUTTENBERG, L.L.C.<BR>
K. HOVNANIAN AT HACKETTSTOWN II, L.L.C.<BR>
K. HOVNANIAN AT HAMBURG CONTRACTORS, L.L.C.<BR>
K. HOVNANIAN AT HAMBURG, L.L.C.<BR>
K. HOVNANIAN AT HAWTHORNE, L.L.C.<BR>
K. HOVNANIAN AT HAZLET, L.L.C.<BR>
K. HOVNANIAN AT HERSHEY&#146;S MILL, INC.<BR>
K. HOVNANIAN AT HIGHLAND SHORES, L.L.C.<BR>
K. HOVNANIAN AT HIGHLAND VINEYARDS, INC.<BR>
K. HOVNANIAN AT HILLTOP, L.L.C.<BR>
K. HOVNANIAN AT HUDSON POINTE, L.L.C.<BR>
K. HOVNANIAN AT JACKSON I, L.L.C.<BR>
K. HOVNANIAN AT JACKSON, L.L.C.<BR>
K. HOVNANIAN AT JAEGER RANCH, LLC

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-12<!-- /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">K. HOVNANIAN AT JERSEY CITY IV, L.L.C.<BR>
K. HOVNANIAN AT JERSEY CITY V URBAN RENEWAL COMPANY, L.L.C.<BR>
K. HOVNANIAN AT KEYPORT, L.L.C.<BR>
K. HOVNANIAN AT KING FARM, L.L.C.<BR>
K. HOVNANIAN AT LA COSTA GREENS, L.L.C.<BR>
K. HOVNANIAN AT LA COSTA, LLC<BR>
K. HOVNANIAN AT LA HABRA KNOLLS, LLC<BR>
K. HOVNANIAN AT LA LAGUNA, L.L.C.<BR>
K. HOVNANIAN AT LA PAZ, LLC<BR>
K. HOVNANIAN AT LA TERRAZA, INC.<BR>
K. HOVNANIAN AT LAFAYETTE ESTATES, L.L.C.<BR>
K. HOVNANIAN AT LAKE RANCHO VIEJO, LLC<BR>
K. HOVNANIAN AT LAKE TERRAPIN, L.L.C.<BR>
K. HOVNANIAN AT LANDMARK, LLC<BR>
K. HOVNANIAN AT LARKSPUR, LLC<BR>
K. HOVNANIAN AT LAWRENCE V, L.L.C.<BR>
K. HOVNANIAN AT LEE SQUARE, L.L.C.<BR>
K. HOVNANIAN AT LINWOOD, L.L.C.<BR>
K. HOVNANIAN AT LITTLE EGG HARBOR CONTRACTORS, L.L.C.<BR>
K. HOVNANIAN AT LITTLE EGG HARBOR III, L.L.C.<BR>
K. HOVNANIAN AT LITTLE EGG HARBOR TOWNSHIP II, L.L.C.<BR>
K. HOVNANIAN AT LITTLE EGG HARBOR, L.L.C.<BR>
K. HOVNANIAN AT LIVE OAK II, LLC<BR>
K. HOVNANIAN AT LONG BRANCH I, L.L.C.<BR>
K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP I, L.L.C.<BR>
K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP II, L.L.C.<BR>
K. HOVNANIAN AT LOWER MAKEFIELD TOWNSHIP I, L.L.C.<BR>
K. HOVNANIAN AT LOWER MORELAND I, L.L.C.<BR>
K. HOVNANIAN AT LOWER MORELAND II, L.L.C.<BR>
K. HOVNANIAN AT LOWER MORELAND III, L.L.C.<BR>
K. HOVNANIAN AT MACUNGIE, L.L.C.<BR>
K. HOVNANIAN AT MAHWAH VI, INC.<BR>
K. HOVNANIAN AT MALAN PARK, L.L.C.<BR>
K. HOVNANIAN AT MANALAPAN III, L.L.C.<BR>
K. HOVNANIAN AT MANSFIELD I, L.L.C.<BR>
K. HOVNANIAN AT MANSFIELD II, L.L.C.<BR>
K. HOVNANIAN AT MANSFIELD III, L.L.C.<BR>
K. HOVNANIAN AT MANTECA, LLC<BR>
K. HOVNANIAN AT MAPLE AVENUE, L.L.C.<BR>
K. HOVNANIAN AT MARLBORO TOWNSHIP IX, L.L.C.<BR>
K. HOVNANIAN AT MARLBORO TOWNSHIP V, L.L.C.<BR>
K. HOVNANIAN AT MARLBORO TOWNSHIP VIII, L.L.C.<BR>
K. HOVNANIAN AT MARLBORO VI, L.L.C.<BR>
K. HOVNANIAN AT MARLBORO VII, L.L.C.<BR>
K. HOVNANIAN AT MATSU, L.L.C.<BR>
K. HOVNANIAN AT MELANIE MEADOWS, LLC<BR>
K. HOVNANIAN AT MENDHAM TOWNSHIP, L.L.C.<BR>
K. HOVNANIAN AT MENIFEE, LLC<BR>
K. HOVNANIAN AT MIDDLE TOWNSHIP II, L.L.C.<BR>
K. HOVNANIAN AT MIDDLE TOWNSHIP, L.L.C.<BR>
K. HOVNANIAN AT MIDDLETOWN II, L.L.C.<BR>
K. HOVNANIAN AT MILLVILLE I, L.L.C.<BR>
K. HOVNANIAN AT MILLVILLE II, L.L.C.<BR>
K. HOVNANIAN AT MONROE II, INC.<BR>
K. HOVNANIAN AT MONROE IV, L.L.C.<BR>
K. HOVNANIAN AT MONROE NJ, L.L.C.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-13<!-- /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">K. HOVNANIAN AT MONTVALE, LLC<BR>
K. HOVNANIAN AT MONTVALE II, L.L.C.<BR>
K. HOVNANIAN AT MOSAIC, LLC<BR>
K. HOVNANIAN AT MT. OLIVE TOWNSHIP, L.L.C.<BR>
K. HOVNANIAN AT MUIRFIELD, LLC<BR>
K. HOVNANIAN AT NEW BRUNSWICK URBAN RENEWAL, L.L.C.<BR>
K. HOVNANIAN AT NEW WINDSOR, L.L.C.<BR>
K. HOVNANIAN AT NORTH BERGEN. L.L.C.<BR>
K. HOVNANIAN AT NORTH BRUNSWICK VI, L.L.C.<BR>
K. HOVNANIAN AT NORTH CALDWELL II, L.L.C.<BR>
K. HOVNANIAN AT NORTH CALDWELL III, L.L.C.<BR>
K. HOVNANIAN AT NORTH CALDWELL IV, L.L.C.<BR>
K. HOVNANIAN AT NORTH CALDWELL, L.L.C.<BR>
K. HOVNANIAN AT NORTH HALEDON, L.L.C.<BR>
K. HOVNANIAN AT NORTH WILDWOOD, L.L.C.<BR>
K. HOVNANIAN AT NORTHAMPTON, L.L.C.<BR>
K. HOVNANIAN AT NORTHERN WESTCHESTER, INC.<BR>
K. HOVNANIAN AT NORTHFIELD, L.L.C.<BR>
K. HOVNANIAN AT NORTHLAKE, INC.<BR>
K. HOVNANIAN AT OCEAN TOWNSHIP, INC.<BR>
K. HOVNANIAN AT OCEAN WALK, INC.<BR>
K. HOVNANIAN AT OCEANPORT, L.L.C.<BR>
K. HOVNANIAN AT OLD BRIDGE, L.L.C.<BR>
K. HOVNANIAN AT OLDE ORCHARD, LLC<BR>
K. HOVNANIAN AT PACIFIC BLUFFS, LLC<BR>
K. HOVNANIAN AT PARAMUS, L.L.C.<BR>
K. HOVNANIAN AT PARK LANE, LLC<BR>
K. HOVNANIAN AT PARKSIDE, LLC<BR>
K. HOVNANIAN AT PARSIPPANY, L.L.C.<BR>
K. HOVNANIAN AT PARSIPPANY-TROY HILLS, L.L.C.<BR>
K. HOVNANIAN AT PERKIOMEN II, INC.<BR>
K. HOVNANIAN AT PHILADELPHIA II, L.L.C.<BR>
K. HOVNANIAN AT PHILADELPHIA III, L.L.C.<BR>
K. HOVNANIAN AT PHILADELPHIA IV, L.L.C.<BR>
K. HOVNANIAN AT PIAZZA D&#146;ORO, L.L.C.<BR>
K. HOVNANIAN AT PIAZZA SERENA, L.L.C.<BR>
K. HOVNANIAN AT PITTSGROVE, L.L.C.<BR>
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL IV, L.L.C.<BR>
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL V, L.L.C.<BR>
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VI, L.L.C.<BR>
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VII, L.L.C.<BR>
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VIII, L.L.C.<BR>
K. HOVNANIAN AT POSITANO, LLC<BR>
K. HOVNANIAN AT PRADO, L.L.C.<BR>
K. HOVNANIAN AT RANCHO 79, LLC<BR>
K. HOVNANIAN AT RANCHO CRISTIANITOS, INC.<BR>
K. HOVNANIAN AT RANCHO SANTA MARGARITA, LLC<BR>
K. HOVNANIAN AT RANDOLPH I, L.L.C.<BR>
K. HOVNANIAN AT RAPHO, L.L.C.<BR>
K. HOVNANIAN AT READINGTON II, L.L.C.<BR>
K. HOVNANIAN AT RED BANK, L.L.C.<BR>
K. HOVNANIAN AT RIDGEMONT, L.L.C.<BR>
K. HOVNANIAN AT RIDGESTONE, L.L.C.<BR>
K. HOVNANIAN AT RIVERBEND, LLC<BR>
K. HOVNANIAN AT RIVERCREST, LLC<BR>
K. HOVNANIAN AT RODERUCK, L.L.C.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-14<!-- /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">K. HOVNANIAN AT ROSEMARY LANTANA, L.L.C.<BR>
K. HOVNANIAN AT ROWLAND HEIGHTS, LLC<BR>
K. HOVNANIAN AT SAGE, L.L.C.<BR>
K. HOVNANIAN AT SAN SEVAINE, INC.<BR>
K. HOVNANIAN AT SANTA FE SPRINGS, LLC<BR>
K. HOVNANIAN AT SANTA NELLA, LLC<BR>
K. HOVNANIAN AT SARATOGA, INC.<BR>
K. HOVNANIAN AT SAVANNAH LAKE, L.L.C.<BR>
K. HOVNANIAN AT SAWMILL, INC.<BR>
K. HOVNANIAN AT SAYREVILLE, L.L.C.<BR>
K. HOVNANIAN AT SHELDON GROVE, LLC<BR>
K. HOVNANIAN AT SHREWSBURY, LLC<BR>
K. HOVNANIAN AT SCOTCH PLAINS, L.L.C.<BR>
K. HOVNANIAN AT SIERRA ESTATES, LLC<BR>
K. HOVNANIAN AT SILVER SPRING, L.L.C.<BR>
K. HOVNANIAN AT SKYE ISLE, LLC<BR>
K. HOVNANIAN AT SMITHVILLE III, L.L.C.<BR>
K. HOVNANIAN AT SMITHVILLE, INC<BR>
K. HOVNANIAN AT SOMERS POINT, L.L.C.<BR>
K. HOVNANIAN AT SOUTH BRUNSWICK, L.L.C.<BR>
K. HOVNANIAN AT SOUTH BRUNSWICK II, L.L.C.<BR>
K. HOVNANIAN AT SPARTA, L.L.C.<BR>
K. HOVNANIAN AT SPRINGCO, L.L.C.<BR>
K. HOVNANIAN AT STANTON, LLC<BR>
K. HOVNANIAN AT STATION SQUARE, L.L.C.<BR>
K. HOVNANIAN AT STONE CANYON, INC.<BR>
K. HOVNANIAN AT SUNRIDGE PARK, LLC<BR>
K. HOVNANIAN AT SUNSETS, LLC<BR>
K. HOVNANIAN AT SYCAMORE, INC.<BR>
K. HOVNANIAN AT TEANECK, L.L.C.<BR>
K. HOVNANIAN AT THE CLIFFS, LLC<BR>
K. HOVNANIAN AT THE CROSBY, LLC<BR>
K. HOVNANIAN AT THE GABLES, LLC<BR>
K. HOVNANIAN AT THE MONARCH, L.L.C.<BR>
K. HOVNANIAN AT THE PRESERVE, LLC<BR>
K. HOVNANIAN AT THOMPSON RANCH, LLC<BR>
K. HOVNANIAN AT THORNBURY, INC.<BR>
K. HOVNANIAN AT TRAIL RIDGE, LLC<BR>
K. HOVNANIAN AT TRENTON, L.L.C.<BR>
K. HOVNANIAN AT TROVATA, INC.<BR>
K. HOVNANIAN AT UNION TOWNSHIP I, INC.<BR>
K. HOVNANIAN AT UPPER FREEHOLD TOWNSHIP II, L.L.C.<BR>
K. HOVNANIAN AT UPPER FREEHOLD TOWNSHIP III, L.L.C.<BR>
K. HOVNANIAN AT UPPER MAKEFIELD I, INC.<BR>
K. HOVNANIAN AT UPPER UWCHLAN II, L.L.C.<BR>
K. HOVNANIAN AT UPPER UWCHLAN, L.L.C.<BR>
K. HOVNANIAN AT VAIL RANCH, INC.<BR>
K. HOVNANIAN AT VALLE DEL SOL, LLC<BR>
K. HOVNANIAN AT VERONA URBAN RENEWAL, L.L.C.<BR>
K. HOVNANIAN AT VICTORVILLE, L.L.C.<BR>
K. HOVNANIAN AT VINELAND, L.L.C.<BR>
K. HOVNANIAN AT VISTA DEL SOL, L.L.C.<BR>
K. HOVNANIAN AT WANAQUE, L.L.C.<BR>
K. HOVNANIAN AT WARMINSTER, LLC<BR>
K. HOVNANIAN AT WARREN TOWNSHIP, L.L.C.<BR>
K. HOVNANIAN AT WASHINGTON, L.L.C.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-15<!-- /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">K. HOVNANIAN AT WATERSTONE, LLC<BR>
K. HOVNANIAN AT WAYNE IX, L.L.C.<BR>
K. HOVNANIAN AT WAYNE, VIII, L.L.C.<BR>
K. HOVNANIAN AT WEST BRADFORD, L.L.C.<BR>
K. HOVNANIAN AT WEST VIEW ESTATES, L.L.C.<BR>
K. HOVNANIAN AT WEST WINDSOR, L.L.C.<BR>
K. HOVNANIAN AT WESTSHORE, LLC<BR>
K. HOVNANIAN AT WHEELER RANCH, LLC<BR>
K. HOVNANIAN AT WILDROSE, INC.<BR>
K. HOVNANIAN AT WILDWOOD BAYSIDE, L.L.C.<BR>
K. HOVNANIAN AT WILLOW BROOK, L.L.C.<BR>
K. HOVNANIAN AT WINCHESTER, LLC<BR>
K. HOVNANIAN AT WOODCREEK WEST, LLC<BR>
K. HOVNANIAN AT WOODHILL ESTATES, L.L.C.<BR>
K. HOVNANIAN AT WOOLWICH I, L.L.C.<BR>
K. HOVNANIAN CAMBRIDGE HOMES, L.L.C.<BR>
K. HOVNANIAN CENTRAL ACQUISITIONS, L.L.C.<BR>
K. HOVNANIAN CLASSICS CIP, L.L.C.<BR>
K. HOVNANIAN CLASSICS, L.L.C.<BR>
K. HOVNANIAN COMMUNITIES, INC.<BR>
K. HOVNANIAN COMPANIES METRO D.C. NORTH, L.L.C.<BR>
K. HOVNANIAN COMPANIES NORTHEAST, INC.<BR>
K. HOVNANIAN COMPANIES OF CALIFORNIA, INC.<BR>
K. HOVNANIAN COMPANIES OF MARYLAND, INC.<BR>
K. HOVNANIAN COMPANIES OF NEW YORK, INC.<BR>
K. HOVNANIAN COMPANIES OF PENNSYLVANIA, INC.<BR>
K. HOVNANIAN COMPANIES OF SOUTHERN CALIFORNIA, INC.<BR>
K. HOVNANIAN COMPANIES OF VIRGINIA, INC.<BR>
K. HOVNANIAN COMPANIES, LLC<BR>
K. HOVNANIAN CONNECTICUT ACQUISITIONS, L.L.C.<BR>
K. HOVNANIAN CONSTRUCTION II, INC<BR>
K. HOVNANIAN CONSTRUCTION III, INC<BR>
K. HOVNANIAN CONSTRUCTION MANAGEMENT, INC.<BR>
K. HOVNANIAN CRAFTBUILT HOMES OF SOUTH CAROLINA, L.L.C.<BR>
K. HOVNANIAN DELAWARE ACQUISITIONS, L.L.C.<BR>
K. HOVNANIAN DEVELOPMENTS OF ARIZONA, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF CALIFORNIA, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF CONNECTICUT, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF D.C., INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF DELAWARE, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF GEORGIA, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF ILLINOIS, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF INDIANA, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF KENTUCKY, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF MARYLAND, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF MICHIGAN, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF MINNESOTA, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF NEW JERSEY II, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF NEW JERSEY, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF NEW YORK, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF NORTH CAROLINA, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF OHIO, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF PENNSYLVANIA, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF SOUTH CAROLINA, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF TEXAS, INC.<BR>
K. HOVNANIAN DEVELOPMENTS OF VIRGINIA, INC.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-16<!-- /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">K. HOVNANIAN DEVELOPMENTS OF WEST VIRGINIA, INC.<BR>
K. HOVNANIAN EASTERN PENNSYLVANIA, L.L.C.<BR>
K. HOVNANIAN FIRST HOMES, L.L.C.<BR>
K. HOVNANIAN FLORIDA REALTY, L.L.C.<BR>
K. HOVNANIAN FOUR SEASONS @ HISTORIC VIRGINIA, LLC<BR>
K. HOVNANIAN FOUR SEASONS AT GOLD HILL, LLC<BR>
K. HOVNANIAN GREAT WESTERN BUILDING COMPANY, LLC<BR>
K. HOVNANIAN GREAT WESTERN HOMES, LLC<BR>
K. HOVNANIAN HOLDINGS NJ, L.L.C.<BR>
K. HOVNANIAN HOMES &#151; DFW, L.L.C.<BR>
K. HOVNANIAN HOMES AT CAMERON STATION, LLC<BR>
K. HOVNANIAN HOMES AT CAMP SPRINGS, L.L.C.<BR>
K. HOVNANIAN HOMES AT FAIRWOOD, L.L.C.<BR>
K. HOVNANIAN HOMES AT FOREST RUN, L.L.C.<BR>
K. HOVNANIAN HOMES AT GREENWAY FARM PARK TOWNS, L.L.C.<BR>
K. HOVNANIAN HOMES AT GREENWAY FARM, L.L.C.<BR>
K. HOVNANIAN HOMES AT JONES STATION 1, L.L.C.<BR>
K. HOVNANIAN HOMES AT JONES STATION 2, L.L.C.<BR>
K. HOVNANIAN HOMES AT MAXWELL PLACE, L.L.C.<BR>
K. HOVNANIAN HOMES AT PAYNE STREET, L.L.C.<BR>
K. HOVNANIAN HOMES AT PRIMERA, L.L.C.<BR>
K. HOVNANIAN HOMES AT RENAISSANCE PLAZA, L.L.C.<BR>
K. HOVNANIAN HOMES AT RUSSETT, L.L.C.<BR>
K. HOVNANIAN HOMES AT THE HIGHLANDS, LLC<BR>
K. HOVNANIAN HOMES NORTHERN CALIFORNIA, INC.<BR>
K. HOVNANIAN HOMES OF D.C., L.L.C.<BR>
K. HOVNANIAN HOMES OF DELAWARE, L.L.C.<BR>
K. HOVNANIAN HOMES OF GEORGIA, L.L.C.<BR>
K. HOVNANIAN HOMES OF HOUSTON, L.L.C.<BR>
K. HOVNANIAN HOMES OF INDIANA, L.L.C.<BR>
K. HOVNANIAN HOMES OF MARYLAND, L.L.C.<BR>
K. HOVNANIAN HOMES OF MINNESOTA, L.L.C.<BR>
K. HOVNANIAN HOMES OF NORTH CAROLINA, INC.<BR>
K. HOVNANIAN HOMES OF PENNSYLVANIA, L.L.C.<BR>
K. HOVNANIAN HOMES OF SOUTH CAROLINA, LLC<BR>
K. HOVNANIAN HOMES OF VIRGINIA, INC.<BR>
K. HOVNANIAN HOMES OF WEST VIRGINIA, L.L.C.<BR>
K. HOVNANIAN LIBERTY ON BLUFF CREEK, LLC<BR>
K. HOVNANIAN NORTH CENTRAL ACQUISITIONS, L.L.C.<BR>
K. HOVNANIAN NORTH JERSEY ACQUISITIONS, L.L.C.<BR>
K. HOVNANIAN NORTHEAST SERVICES, L.L.C.<BR>
K. HOVNANIAN OF HOUSTON II, L.L.C.<BR>
K. HOVNANIAN OHIO REALTY, L.L.C.<BR>
K. HOVNANIAN OSTER HOMES, L.L.C.<BR>
K. HOVNANIAN PA REAL ESTATE, INC.<BR>
K. HOVNANIAN PENNSYLVANIA ACQUISITIONS, L.L.C.<BR>
K. HOVNANIAN PORT IMPERIAL URBAN RENEWAL, INC.<BR>
K. HOVNANIAN PROPERTIES OF RED BANK, INC.<BR>
K. HOVNANIAN SHORE ACQUISITIONS, L.L.C.<BR>
K. HOVNANIAN SOUTH JERSEY ACQUISITIONS, L.L.C.<BR>
K. HOVNANIAN SOUTHERN NEW JERSEY, L.L.C.<BR>
K. HOVNANIAN STANDING ENTITY, L.L.C.<BR>
K. HOVNANIAN SUMMIT HOLDINGS, L.L.C.<BR>
K. HOVNANIAN SUMMIT HOMES OF KENTUCKY, L.L.C.<BR>
K. HOVNANIAN SUMMIT HOMES OF MICHIGAN, L.L.C.<BR>
K. HOVNANIAN SUMMIT HOMES OF PENNSYLVANIA, L.L.C.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-17<!-- /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">K. HOVNANIAN SUMMIT HOMES OF WEST VIRGINIA, L.L.C.<BR>
K. HOVNANIAN SUMMIT HOMES, L.L.C.<BR>
K. HOVNANIAN T&#038;C HOMES AT FLORIDA, L.L.C.<BR>
K. HOVNANIAN T&#038;C HOMES AT ILLINOIS, L.L.C.<BR>
K. HOVNANIAN T&#038;C INVESTMENT, L.L.C.<BR>
K. HOVNANIAN T&#038;C MANAGEMENT CO., L.L.C.<BR>
K. HOVNANIAN TIMBRES AT ELM CREEK, LLC<BR>
K. HOVNANIAN VENTURE I, L.L.C.<BR>
K. HOVNANIAN WINDWARD HOMES, LLC<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT ASHBURN VILLAGE, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT BAILEY&#146;S GLENN, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT BAKERSFIELD, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT BEAUMONT, LLC<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT CHARLOTTESVILLE, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT DULLES DISCOVERY CONDOMINIUM, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT DULLES DISCOVERY, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT HEMET, LLC<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT HUNTFIELD, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT KENT ISLAND CONDOMINIUMS, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT KENT ISLAND, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT LOS BANOS, LLC<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT MORENO VALLEY, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT NEW KENT VINEYARDS, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT PALM SPRINGS, LLC<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT RENAISSANCE, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT RUSH CREEK II, LLC<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT RUSH CREEK, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT ST. MARGARETS LANDING, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS AT VINT HILL, L.L.C.<BR>
K. HOVNANIAN&#146;S FOUR SEASONS, LLC<BR>
K. HOVNANIAN&#146;S PARKSIDE AT TOWNGATE, L.L.C.<BR>
K. HOVNANIAN&#146;S PRIVATE HOME PORTFOLIO, L.L.C.<BR>
KHIP, L.L.C.<BR>
LANDARAMA, INC.<BR>
M&#038;M AT CHESTERFIELD, LLC<BR>
M&#038;M AT CRESCENT COURT, L.L.C.<BR>
M&#038;M AT WEST ORANGE, L.L.C.<BR>
M&#038;M AT WHEATENA URBAN RENEWAL, L.L.C.<BR>
MATZEL &#038; MUMFORD AT EGG HARBOR, L.L.C.<BR>
MATZEL &#038; MUMFORD AT SOUTH BOUND BROOK URBAN RENEWAL, L.L.C.<BR>
MCNJ, INC.<BR>
MIDWEST BUILDING PRODUCTS &#038; CONTRACTOR SERVICES OF KENTUCKY, L.L.C.<BR>
MIDWEST BUILDING PRODUCTS &#038; CONTRACTOR SERVICES OF MICHIGAN, L.L.C.<BR>
MIDWEST BUILDING PRODUCTS &#038; CONTRACTOR SERVICES OF PENNSYLVANIA, L.L.C.<BR>
MIDWEST BUILDING PRODUCTS &#038; CONTRACTOR SERVICES OF WEST VIRGINIA, L.L.C.<BR>
MIDWEST BUILDING PRODUCTS &#038; CONTRACTOR SERVICES, L.L.C.<BR>
MMIP, L.L.C.<BR>
NATOMAS CENTRAL NEIGHBORHOOD HOUSING, L.L.C.<BR>
NEW LAND TITLE AGENCY, L.L.C.<BR>
PADDOCKS, L.L.C.<BR>
PARK TITLE COMPANY, LLC<BR>
PINE AYR, LLC<BR>
REAL PROPERTY HOLDING &#151; PRINCE GEORGE&#146;S COUNTY, MD, LLC<BR>
RIDGEMORE UTILITY ASSOCIATES OF PENNSYLVANIA, L.L.C.<BR>
RIDGEMORE UTILITY, L.L.C.<BR>
SEABROOK ACCUMULATION CORPORATION<BR>
STONEBROOK HOMES, INC.

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-18<!-- /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">TERRAPIN REALTY, L.L.C.<BR>
THE HIGHLANDS CONDOMINIUMS AT METROSQUARE, L.L.C.<BR>
THE MATZEL &#038; MUMFORD ORGANIZATION, INC<BR>
THE RESIDENCE AT DULLES PARKWAY CORPORATE CENTER, LLC<BR>
THE RESIDENCE AT GREENFIELD CROSSING, L.L.C.<BR>
WASHINGTON HOMES AT COLUMBIA TOWN CENTER, L.L.C.<BR>
WASHINGTON HOMES, INC.<BR>
WESTMINSTER HOMES OF ALABAMA, L.L.C.<BR>
WESTMINSTER HOMES OF MISSISSIPPI, LLC<BR>
WESTMINSTER HOMES OF TENNESSEE, INC.<BR>
WESTMINSTER HOMES, INC.<BR>
WH LAND I, INC.<BR>
WH PROPERTIES, INC.<BR>
WH/PR LAND COMPANY, L.L.C.<BR>
WOODLAND LAKE CONDOMINIUMS AT BOWIE NEW TOWN, L.L.C.

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-19<!-- /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"><B>INDEX TO EXHIBITS</B>
</DIV>

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

</FONT></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="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement (Hovnanian Debt Securities and Warrants to Purchase Hovnanian Debt Securities).(1)</TD>
</TR><TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement (K. Hovnanian Debt Securities and Warrants to Purchase K. Hovnanian Debt
Securities).(1)</TD>
</TR><TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement (Equity Securities, Depositary Shares and Warrants to Purchase Equity Securities and
Depositary Shares).(1)</TD>
</TR><TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement (Stock Purchase Contracts).(1)</TD>
</TR><TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement (Stock Purchase Units).(1)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement (Units).(1)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Incorporation of Hovnanian Enterprises, Inc.(2)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment of Certificate of Incorporation of Hovnanian Enterprises, Inc.(3)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restated By-Laws of Hovnanian Enterprises, Inc.(4).</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Class&nbsp;A Common Stock Certificate.(5)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Class&nbsp;B Common Stock Certificate.(5)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Designations, Powers, Preferences and Rights of the 7.625% Series&nbsp;A Preferred Stock of
Hovnanian Enterprises, Inc., dated July&nbsp;12, 2005.(6)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Designations of the Series&nbsp;B Junior Preferred Stock of Hovnanian Enterprises, Inc., dated
August&nbsp;14, 2008.(2)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights Agreement, dated as of August&nbsp;14, 2008, between Hovnanian Enterprises, Inc. and National City Bank, as
Rights Agent, which includes the Form of Certificate of Designation as Exhibit&nbsp;A, Form of Right Certificate as
Exhibit&nbsp;B and the Summary of Rights as Exhibit&nbsp;C.(7)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Hovnanian Debt Securities.(8)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of K. Hovnanian Debt Securities.(8)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Hovnanian Senior Debt
Indenture.*</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Hovnanian Senior
Subordinated Debt Indenture.*</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Hovnanian Subordinated Debt
Indenture.*</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of K. Hovnanian Senior Debt
Indenture.*</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of K. Hovnanian Senior
Subordinated Debt Indenture.*</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of K. Hovnanian Subordinated
Debt Indenture.*</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant Agreement for Preferred Stock, Depositary Shares and Common Stock (including Form of Warrant
Certificate).(10)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant Agreement for Hovnanian Debt Securities (including form of Warrant Certificate).(8)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Warrant Agreement for K. Hovnanian Debt Securities (including form of Warrant Certificate).(8)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Purchase Contract Agreement
(including form of Purchase Contact Unit).(10)</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate(s) of Designations with respect to the Preferred Stock.(1)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Deposit Agreement with respect to the Depositary Shares (including the form of depositary receipt to
be issued thereunder).(9)</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Unit Agreement (including form of Unit).(1)</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Simpson Thacher &#038;
Bartlett LLP.*</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Peter S. Reinhart,
Senior Vice-President and General Counsel of Hovnanian and K. Hovnanian.*</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Computation of Ratios of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Stock
Dividends.(11)</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.*</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP.*</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Simpson Thacher &#038; Bartlett LLP (included in Exhibit&nbsp;5.1).</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Peter S. Reinhart, Senior Vice-President and General Counsel of Hovnanian and K. Hovnanian
(included in Exhibit&nbsp;5.2).</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney of the Board of
Directors of Hovnanian Enterprises, Inc. (previously filed with this
Registration Statement).</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney of the Board of Directors of K. Hovnanian Enterprises, Inc. (previously filed with this
Registration Statement).</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney of the Board of Directors of Subsidiary Registrants (included on signature pages).</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney of the Board of Directors of K. HOV IP, Inc. (previously filed with this
Registration Statement).</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney of the Board of Directors of K. HOV IP, II, Inc. (previously filed with this
Registration Statement).</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility of Trustee
under the Hovnanian Indentures.*</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#151;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility of Trustee
under the K. Hovnanian Indentures.*</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></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">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>To be filed, if necessary, by amendment or as an Exhibit to one or more Current Reports on
Form 8-K and incorporated by reference herein.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to Quarterly Report of Hovnanian Enterprises, Inc. on
Form 10-Q for the quarter ended July&nbsp;31, 2008 (No.&nbsp;001-08551).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to Current Report of Hovnanian Enterprises, Inc. on
Form 8-K filed December&nbsp;9, 2008 (No.&nbsp;001-08551).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-20<!-- /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" 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">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to Current Report of Hovnanian Enterprises, Inc. on
Form 8-K, filed December&nbsp;21, 2009 (No.&nbsp;001-08551).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to Quarterly Report of Hovnanian Enterprises, Inc. on
Form 10-Q for the quarter ended January&nbsp;31, 2009 (No.&nbsp;001-08551).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to Current Report of Hovnanian Enterprises, Inc. on
Form 8-K , filed on July&nbsp;13, 2005 (No.&nbsp;001-08551).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to the Registration Statement of Hovnanian Enterprises,
Inc. on Form 8-A, filed August&nbsp;14, 2008 (No.&nbsp;001-08551).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to Registration Statement of Hovnanian Enterprises,
Inc. on Form&nbsp;S-3 (No.&nbsp;333-51991).</TD>
</TR>
<TR style="font-size: 3pt">
<TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR style="font-size: 3pt">
<TD align="left" valign="top">&nbsp;</TD>
</TR>

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to Registration Statement of Hovnanian Enterprises,
Inc. on Form&nbsp;S-3 (No.&nbsp;333-125738).</TD>
</TR>
<TR><TD><FONT size="1">

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to Registration Statement of Hovnanian Enterprises,
Inc. on Form&nbsp;S-3 (No.&nbsp;333-68528).</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

</FONT></TD></TR>
<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>Incorporated by reference to Exhibits to Annual Report of Hovnanian Enterprises, Inc. on Form
10-K for the year ended October&nbsp;31, 2010 (No.&nbsp;001-08551).</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-21<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.11
<SEQUENCE>2
<FILENAME>y88639a1exv4w11.htm
<DESCRIPTION>EX-4.11
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w11</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;4.11</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 3pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>







<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Issuer</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUBSIDIARY GUARANTORS OF HOVNANIAN THAT BECOME PARTIES HERETO<BR>
FROM TIME TO TIME</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantors</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON TRUST COMPANY</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>as Trustee</B>
</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>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INDENTURE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF SENIOR INDENTURE</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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">CROSS REFERENCE SHEET*
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of Trust Indenture Act of 1939 and Indenture to be dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;
among HOVNANIAN ENTERPRISES, INC., SUBSIDIARY GUARANTORS OF HOVNANIAN that become parties hereto
from time to time and WILMINGTON TRUST COMPANY, as Trustee:
</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="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Section of the Act</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Section of Indenture</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(a)(1), (2)&nbsp;and (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(a)(3) and (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8 and 6.10(a), (b)&nbsp;and (d)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">311(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">311(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">311(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">312(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1 and 4.2(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">312(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(b)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">312(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(c)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(a)(i), (ii), (iii), (iv), (v), (vi)&nbsp;and (vii)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(b)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(b)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(a) and (b)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(b)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(b)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.3</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(c)(1) and (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(c)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">315(a), (c)&nbsp;and (d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">315(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.8</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">315(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.9</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not required</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(a) (last sentence)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.4</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">317(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.2</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">317(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.5(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">318(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.7</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">*</TD>
    <TD>&nbsp;</TD>
    <TD>This Cross Reference Sheet is not part of the Indenture.</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"><U><B>TABLE OF CONTENTS</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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE One DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 1.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Two SECURITIES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forms Generally
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Trustee&#146;s Certificate of Authentication
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount Unlimited, Issuable in Series
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authentication and Delivery of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">11</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Authentication
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">14</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denomination and Date of Securities; Payments of
Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration, Transfer and Exchange
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mutilated, Defaced, Destroyed, Lost and Stolen
Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cancellation of Securities; Disposition Thereof
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Temporary Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CUSIP Numbers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Three COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Principal and Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offices for Notices and Payments,
etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Interest Extension
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointments to Fill Vacancies in Trustee&#146;s Office
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provision as to Paying Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Four SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 4.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issuer to Furnish Trustee Information as to Names
and Addresses of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 4.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preservation and Disclosure of Securityholders
Lists
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 4.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 4.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Five REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities on Default; Suit Therefor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application of Moneys Collected by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Remedies Cumulative and Continuing
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Direction of Proceedings; Waiver of Defaults by
Majority of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Defaults
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking to Pay Costs
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Six CONCERNING THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Duties and Responsibilities of the Trustee; During
Default; Prior to Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Rights of the Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Responsible for Recitals, Disposition
of Securities or Application of Proceeds Thereof
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee and Agents May Hold Securities;
Collections, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moneys Held by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation and Indemnification of Trustee and
Its Prior Claim
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Rely on Officers&#146; Certificate,
etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Qualification of Trustee; Conflicting Interests
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">34</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Eligible for Appointment as Trustee;
Different Trustees for Different Series
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">34</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Resignation and Removal; Appointment of Successor
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">34</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceptance of Appointment by Successor Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger, Conversion, Consolidation or Succession to
Business of Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferential Collection of Claims Against the
Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">37</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of Authenticating Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">37</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Seven CONCERNING THE SECURITYHOLDERS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">38</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evidence of Action Taken by Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">38</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proof of Execution of Instruments and of Holding
of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">38</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders to be Treated as Owners
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Owned by Issuer Deemed Not Outstanding
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Revocation of Action Taken
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Record Date for Consents and Waivers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Eight SUPPLEMENTAL INDENTURES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures Without Consent of
Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures with Consent of
Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">42</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Supplemental Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Documents to Be Given to Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notation on Securities in Respect of Supplemental
Indentures
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Nine CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER DISPOSITION</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 9.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidation Permitted, etc., on Certain Terms
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 9.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successor Corporation to be Substituted
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 9.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Counsel to be Given Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Ten LEGAL DEFEASANCE AND COVENANT DEFEASANCE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Defeasance and Discharge
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Covenant Defeasance
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conditions to Legal or Covenant Defeasance
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposited Money and Government Securities to be
Held in Trust; Other Miscellaneous Provisions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repayment to Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Satisfaction and Discharge of Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Eleven MISCELLANEOUS PROVISIONS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partners, Incorporators, Stockholders, Officers
and Directors of Issuer Exempt from Individual
Liability
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provisions of Indenture for the Sole Benefit of
Parties and Holders of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns of Issuer Bound by Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices and Demands on Issuer, Trustee and Holders
of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officers&#146; Certificates and Opinions of Counsel;
Statements to Be Contained Therein
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">51</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payments Due on Saturdays, Sundays and Holidays
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conflict of Any Provision of Indenture with Trust
Indenture Act of 1939
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GOVERNING LAW
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Headings
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Adverse Interpretation of Other Agreements
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Twelve REDEMPTION OF SECURITIES AND SINKING FUNDS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Redemption; Partial Redemptions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities Called for Redemption
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exclusion of Certain Securities from Eligibility
for Selection for Redemption
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mandatory and Optional Sinking Funds
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Thirteen GUARANTEES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Obligations of the Guarantor Unconditional
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article&nbsp;Thirteen Not to Prevent Events of Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution and Delivery of Guarantee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">59</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Guarantor Liability
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">59</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-<!-- /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">SENIOR INDENTURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENIOR INDENTURE, dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; among Hovnanian Enterprises, Inc., a Delaware
corporation (the &#147;Issuer&#148; or &#147;Hovnanian&#148;), Subsidiary Guarantors of Hovnanian that become parties
hereto from time to time and Wilmington Trust Company, a Delaware banking corporation, as trustee
(the &#147;Trustee&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>RECITALS</u> <u>OF</u> <u>THE</u> <u>ISSUER</u>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the issuance from time to time of its unsecured and
unsubordinated debentures, notes or other evidences of indebtedness to be issued in one or more
series (the &#147;Securities&#148;) up to such principal amount or amounts as may from time to time be
authorized in accordance with the terms of this Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and administration of the Securities;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been undertaken and completed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>RECITALS</u> <U>OF</u> <U>GUARANTORS</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Guarantor desires to make the Guarantees provided for herein; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid agreement of each of the
Guarantors, in accordance with its terms, have been done and the Guarantor will do all things
necessary to make the Guarantees, when executed by each of the Guarantors and endorsed on the
Securities authenticated and delivered hereunder, the valid obligations of each Guarantor as
hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS INDENTURE WITNESSETH:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ONE<BR>
DEFINITIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1. <I>Definitions. </I>For all purposes of this Indenture and of any indenture supplemental hereto the following
terms shall have the respective meanings specified in this Section&nbsp;1.1 (except as otherwise
expressly provided herein or in any indenture supplemental hereto or unless the context otherwise
clearly requires). All other terms used in this Indenture that are defined in the Trust Indenture
Act of 1939, including terms defined therein by reference to the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), shall have the meanings assigned to such terms in said Trust Indenture Act
of 1939 and in the Securities Act as in force at the date of this Indenture (except as otherwise
expressly provided herein or in any indenture supplemental hereto or unless the context otherwise
clearly requires).
</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;All accounting terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with generally accepted accounting principles, and the term &#147;<I>generally
accepted accounting principles</I>&#148; means such accounting principles as are generally accepted in the
United States of America on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;<I>herein</I>&#148;, &#147;<I>hereof</I>&#148; and &#147;<I>hereunder</I>&#148; and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision. The
expressions &#147;<I>date of this Indenture</I>&#148;, &#147;<I>date hereof</I>&#148;, &#147;<I>date as of which this Indenture is dated</I>&#148; and
&#147;<I>date of execution and delivery of this Indenture</I>&#148; and other expressions of similar import refer to
the effective date of the original execution and delivery of this Indenture, <I>viz</I>. as of
&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified 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; and the terms &#147;<I>controlling</I>&#148; and
&#147;<I>controlled</I>&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Authenticating Agent</I>&#148; shall have the meaning set forth in Section&nbsp;6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Bankruptcy Code</I>&#148; means the United States Bankruptcy Code, 11 United States Code &#167;&#167; 101 et
seq., or any successor statute thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board of Directors</I>&#148; means the board of directors of the Issuer or any duly authorized
committee of that board or any director or directors and/or officer or officers to whom that board
or committee shall have duly delegated its authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board Resolution</I>&#148; means (1)&nbsp;one or more resolutions, certified by the secretary or an
assistant secretary of the Issuer to have been duly adopted or consented to by the Board of
Directors of the Issuer and to be in full force and effect, or (2)&nbsp;a certificate signed by the
director or directors and/or officer or officers to whom the Board of Directors or any duly
authorized committee of that Board shall have duly delegated its authority, in each case delivered
to the Trustee for the Securities of any series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Business Day</I>&#148; means, with respect to any Security, unless otherwise specified in a Board
Resolution and an Officers&#146; Certificate with respect to a particular series of Securities, a day
that (a)&nbsp;in the Place of Payment (or in any of the Places of Payment, if more than one) in which
amounts are payable, as specified in the form of such Security, and (b)&nbsp;in the city in which the
Corporate Trust Office is located, is not a day on which banking institutions are authorized or
required by law or regulation to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Commission</I>&#148; means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the execution and delivery of
</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="left" style="font-size: 10pt; margin-top: 6pt">this
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act of 1939, then the body performing such duties on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Corporate Trust Office</I>&#148; means the office of the Trustee of a series of Securities at which
the trust created by this Indenture shall, at any particular time, be principally administered,
which office is, at the date as of which this Indenture is dated, located at Rodney Square North,
1100 North Market Street, Wilmington, DE 19890.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Covenant Defeasance</I>&#148; has the meaning set forth in Section&nbsp;10.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Depositary</I>&#148; means, with respect to the Securities of any series issuable or issued in the
form of one or more Global Securities, the Person designated as Depositary by the Issuer pursuant
to Section&nbsp;2.3 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;Depositary&#148; shall mean or include each Person who is
then a Depositary hereunder, and, if at any time there is more than one such Person, &#147;Depositary&#148;
as used with respect to the Securities of any such series shall mean the Depositary with respect to
the Global Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Dollars</I>&#148; and the sign &#147;<I>$</I>&#148; means the coin and currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Eligible Guarantors</I>&#148; means each of Hovnanian&#146;s subsidiaries listed on Exhibit&nbsp;B hereto and
each other subsidiary of Hovnanian that Guarantees a series of Securities established under this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Event of Default</I>&#148; means any event or condition specified as such in Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Security</I>&#148; means a Security evidencing all or a part of a series of Securities issued
to the Depositary for such series in accordance with Section&nbsp;2.3 and bearing the legend prescribed
in Section&nbsp;2.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantee</I>&#148; has the meaning specified in Section&nbsp;13.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantor</I>&#148; has the meaning specified in Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder</I>&#148;, &#147;<I>Holder of Securities</I>&#148;, &#147;<I>Securityholder</I>&#148; or other similar terms mean, in the case of
any Security, the Person in whose name such Security is registered in the security register kept by
the Issuer for that purpose in accordance with the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Hovnanian</I>&#148; means Hovnanian Enterprises, Inc., a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; with respect to any Person means, without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;the principal of and premium, if any, and interest, if any, on indebtedness
for money borrowed of such Person, indebtedness of such Person evidenced by bonds, notes,
debentures or similar obligations, and any guaranty by such Person of any
</DIV>

<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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">indebtedness for
money borrowed or indebtedness evidenced by bonds, notes, debentures or similar obligations
of any other Person, whether any such indebtedness or guaranty is outstanding on the date of
this Indenture or is thereafter created, assumed or incurred, (ii)&nbsp;obligations of such
Person for the reimbursement of any obligor on any letter of credit,
banker&#146;s acceptance or similar credit transaction; (iii)&nbsp;the principal of and premium,
if any, and interest, if any, on indebtedness incurred, assumed or guaranteed by such Person
in connection with the acquisition by it or any of its subsidiaries of any other businesses,
properties or other assets; (iv)&nbsp;lease obligations which such Person capitalizes in
accordance with ASC Topic 840 promulgated by the Financial Accounting Standards Board or
such other generally accepted accounting principles as may be from time to time in effect;
(v)&nbsp;any indebtedness of such Person representing the balance deferred and unpaid of the
purchase price of any property or interest therein (except any such balance that constitutes
an accrued expense or trade payable) and any guaranty, endorsement or other contingent
obligation of such Person in respect of any indebtedness of another that is outstanding on
the date of this Indenture or is thereafter created, assumed or incurred by such Person; and
(vi)&nbsp;obligations of such Person under interest rate, commodity or currency swaps, caps,
collars, options and similar arrangements; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendments, modifications, refundings, renewals or extensions of any
indebtedness or obligation described as Indebtedness in clause (a)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; means this instrument as originally executed and delivered or, if amended or
supplemented as herein provided, as so amended or supplemented or both, including, for all purposes
of this instrument and any such supplement, the provisions of the Trust Indenture Act of 1939 that
are deemed to be a part of and govern this instrument and any such supplement, respectively, and
shall include the forms and terms of particular series of Securities established as contemplated
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>interest</I>&#148; means, when used with respect to non-interest bearing Securities (including,
without limitation, any Original Issue Discount Security that by its terms bears interest only
after maturity or upon default in any other payment due on such Security), interest payable after
maturity (whether at stated maturity, upon acceleration or redemption or otherwise) or after the
date, if any, on which the Issuer becomes obligated to acquire a Security, whether upon conversion,
by purchase or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer</I>&#148; means Hovnanian Enterprises, Inc., a Delaware corporation, and, subject to Article
Nine, its successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer Order</I>&#148; means a written statement, request or order of the Issuer, which is signed in
its name by the chairman of the Board of Directors, the chief financial officer, the president or
chief executive officer, any vice president or the treasurer of the Issuer, and delivered to the
Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Legal Defeasance</I>&#148; has the meaning specified in Section&nbsp;10.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officers&#146; Certificate</I>&#148; means a certificate signed by the chairman of the Board of Directors,
the president or chief executive officer, or any vice president and by the chief financial
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">officer,
the treasurer, any assistant treasurer, the controller, any assistant controller, the secretary or
any assistant secretary of the Issuer. Each such certificate shall include the statements provided
for in Section&nbsp;11.5 if and to the extent required by the provisions of such Section&nbsp;11.5. One of
the officers signing an Officers&#146; Certificate given pursuant to Section&nbsp;4.3 shall be the principal
executive, financial or accounting officer of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Opinion of Counsel</I>&#148; means an opinion in writing signed by the chief counsel of the Issuer or
by such other legal counsel who may be an employee of or counsel to the Issuer and who shall be
reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided
for in Section&nbsp;11.5, if and to the extent required by the provisions of such Section&nbsp;11.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue date</I>&#148; of any Security (or portion thereof) means the earlier of (a)&nbsp;the date
of such Security or (b)&nbsp;the date of any Security (or portion thereof) for which such Security was
issued (directly or indirectly) on registration of transfer, exchange or substitution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue discount</I>&#148; of any debt security, including any Original Issue Discount
Security, means the difference between the principal amount of such debt security and the initial
issue price of such debt security (as set forth in the case of an Original Issue Discount Security
on the face of such Security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Original Issue Discount Security</I>&#148; means any Security that provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Outstanding</I>&#148; when used with reference to Securities, shall, subject to the provisions of
Section&nbsp;7.4, mean, as of any particular time, all Securities authenticated and delivered by the
Trustee under this Indenture, except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities (other than Securities of any series as to which the provisions of
Article&nbsp;Ten hereof shall not be applicable), or portions thereof, for the payment or
redemption of which moneys or U.S. Government Obligations (as provided for in Section&nbsp;10.1)
in the necessary amount shall have been deposited in trust with the Trustee or with any
paying agent (other than the Issuer) or shall have been set aside, segregated and held in
trust by the Issuer for the Holders of such Securities (if the Issuer shall act as its own
paying agent), <I>provided </I>that, if such Securities, or portions thereof, are to be redeemed
prior to the maturity thereof, notice of such redemption shall have been given as herein
provided, or provision satisfactory to the Trustee shall have been made for giving such
notice; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities which shall have been paid or in substitution for which other Securities
shall have been authenticated and delivered pursuant to the terms of Section&nbsp;2.9 (except
with respect to any such Security as to which proof satisfactory to the Trustee is presented
that such Security is held by a Person in whose hands such Security is a legal, valid and
binding obligation of the Issuer).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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 determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall
be deemed to be Outstanding for such purposes shall be the portion of the principal amount thereof
that would be due and payable as of the date of such
determination (as certified by the Issuer to the Trustee) upon a declaration of acceleration
of the maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>paying agent&#148; </I>refers to a Person engaged to perform the obligations of the Trustee in respect
of payments made or funds held hereunder in respect of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Periodic Offering</I>&#148; means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation, the rate or rates of interest,
if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Issuer or its agents upon the issuance of such
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Person</I>&#148; means any individual, corporation, limited liability company, partnership, joint
venture, association, joint stock company, trust, estate, unincorporated organization or government
or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Place of Payment</I>&#148;, when used with respect to the Securities of any series, means the place or
places where the principal of and interest, if any, on the Securities of such series are payable as
determined in accordance with Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal</I>&#148; of a debt security, including any Security, means the amount (including, without
limitation, if and to the extent applicable, any premium and, in the case of an Original Issue
Discount Security, any accrued original issue discount, but excluding interest) that is payable
with respect to such debt security as of any date and for any purpose (including, without
limitation, in connection with any sinking fund, if any, upon any redemption at the option of the
Issuer, upon any purchase or exchange at the option of the Issuer or the holder of such debt
security and upon any acceleration of the maturity of such debt security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal amount</I>&#148; of a debt security, including any Security, means the principal amount as
set forth on the face of such debt security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>record date</I>&#148; shall have the meaning set forth in Section&nbsp;2.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Officer</I>&#148;, when used with respect to the Trustee of a series of Securities, means
any officer of the Trustee with direct responsibility for the administration of the trust created
by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer other than an Unrestricted
Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer which was an Unrestricted Subsidiary but which,
subsequent to the date hereof, is designated by the Issuer (by Board Resolution) to be a Restricted
Subsidiary; <I>provided, however</I>, that the Issuer may not designate any such Subsidiary to be a
Restricted Subsidiary if the Issuer would thereby breach any covenant or agreement
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">herein contained
(on the assumptions that any outstanding Indebtedness of such Subsidiary was incurred at the time
of such designation).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; shall have the meaning set forth in Section&nbsp;1.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Security</I>&#148; or &#147;<I>Securities</I>&#148; has the meaning stated in the first recital of this Indenture and
more particularly means any Securities authenticated and delivered under this Indenture;
<I>provided</I>, <I>however </I>that if at any time there is more than one Person acting as Trustee under
this Instrument, &#147;Securities&#148; with respect to the Indenture as to which such Person is Trustee
shall have the meaning stated in the first recital of this instrument and shall more particularly
mean Securities authenticated and delivered under this instrument, exclusive, however, of
Securities of any series as to which such Person is not Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Significant Subsidiary</I>&#148; means any Subsidiary which is a &#147;significant subsidiary&#148; of the
Issuer within the meaning of Rule&nbsp;1.02(w) of Regulation&nbsp;S-K promulgated by the Commission as in
effect on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subsidiary</I>&#148; of any specified Person means any corporation, association or other business
entity of which such Person, or such Person and one or more Subsidiaries of such Person, or any one
or more Subsidiaries of such Person, directly or indirectly own voting securities entitling any one
or more of such Persons and its Subsidiaries to elect a majority of the directors or other persons
performing similar functions, either at all times or, so long as there is no default or contingency
which permits the holders of any other class or classes of securities to vote for the election of
one or more directors or other persons performing similar functions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trust Indenture Act of 1939</I>&#148; (except as otherwise provided in Sections&nbsp;8.1 and 8.2) means the
Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at
the date as of which this Indenture is originally executed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustee</I>&#148; means the Person identified as &#147;Trustee&#148; in the first paragraph hereof and, subject
to the provisions of Article&nbsp;Six, shall also include any successor trustee. &#147;Trustee&#148; shall also
mean or include each Person who is then a trustee hereunder and, if at any time there is more than
one such Person, &#147;Trustee&#148; as used with respect to the Securities of any series shall mean the
trustee with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unrestricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer acquired or organized after
the date hereof, <I>provided, however</I>, that such Subsidiary shall not be a successor, directly or
indirectly, to any Restricted Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer substantially all
the assets of which consist of stock or other securities of a Subsidiary or Subsidiaries of the
character described in clause (a)&nbsp;of this paragraph, unless and until such Subsidiary shall have
been designated to be a Restricted Subsidiary pursuant to clause (b)&nbsp;of the definition of
&#147;<I>Restricted Subsidiary</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Government Obligations</I>&#148; means non-callable, non-payable bonds, notes, bills or other
similar obligations issued or guaranteed by the United States government or any agency thereof the
full and timely payment of which are backed by the full faith and credit of the United States of
America.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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;&#147;<I>vice president,</I>&#148; when used with respect to the Issuer or the Trustee, means any vice
president, regardless of whether designated by a number or a word or words added before or after
the title &#147;vice president.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Yield to Maturity</I>&#148; means the yield to maturity on a series of Securities, calculated at the
time of issuance of such series, or, if applicable, at the most recent redetermination of interest
on such series, and calculated in accordance with generally accepted financial practice or as
otherwise provided in the terms of such series of Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWO<BR>
SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <I>Forms Generally. </I>The Securities of each series shall be substantially in such form (not inconsistent with this
Indenture) as shall be established by or pursuant to one or more Board Resolutions (as set forth in
a Board Resolution or, to the extent established pursuant to rather than set forth in a Board
Resolution, an Officers&#146; Certificate detailing such establishment) or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have imprinted or
otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the
provisions of this Indenture, as may be required to comply with any law or with any rules or
regulations pursuant thereto, or with any rules of any securities exchange or to conform to general
usage, all as may be determined by the officers executing such Securities, as evidenced by their
execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such Securities
as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <I>Form of Trustee&#146;s Certificate of Authentication. </I>The Trustee&#146;s certificate of authentication on all Securities shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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="25%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-bottom: 1px solid #000000">&nbsp;<BR>
&nbsp;</TD>
    <TD align="left" valign="bottom">, as Trustee</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="6">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time there shall be an Authenticating Agent appointed with respect to any series of
Securities, then the Securities of such series shall bear, in addition to the Trustee&#146;s certificate
of authentication, an alternate Certificate of Authentication which shall be substantially as
follows:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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="25%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left" style="border-bottom: 1px solid #000000">&nbsp;<BR>
&nbsp;</TD>
    <TD align="left" valign="bottom">, as Trustee</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="6">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="6">&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">as Authenticating Agent&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&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="3" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3. <I>Amount Unlimited, Issuable in Series. </I>The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities may be issued in one or more series and the Securities of each such series
shall rank equally and <I>pari passu </I>with the Securities of each other series and with all other
unsecured and unsubordinated debt of the Issuer. There shall be established in or pursuant to one
or more Board Resolutions (and, to the extent established pursuant to rather than set forth in a
Board Resolution, in an Officers&#146; Certificate detailing such establishment) or established in one
or more indentures supplemental hereto, prior to the initial issuance of Securities of any series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the designation of the Securities of the series, which shall distinguish the
Securities of such series from the Securities of all other series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any limit upon the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section&nbsp;2.8, 2.9, 2.11, 8.5 or 12.3);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the date or dates on which the principal of the Securities of the series is
payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the rate or rates at which the Securities of the series shall bear interest, if
any, the date or dates from which any such interest shall accrue, on which any such interest
shall be payable and on which a record shall be taken for the determination of Holders to
whom any such interest is payable or the method by which such rate or rates or date or dates
shall be determined or both;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the place or places where and the manner in which the principal of, premium, if
any, and interest, if any, on Securities of the series shall be payable (if other than as
provided in Section&nbsp;3.2) and the office or agency for the Securities of the series
maintained by the Issuer pursuant to Section&nbsp;3.2;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the right, if any, of the Issuer to redeem, purchase or repay Securities of the
series, in whole or in part, at its option and the period or periods within which, the price
or prices (or the method by which such price or prices shall be determined or both) at
which, the form or method of payment therefor if other than in cash and any terms and
conditions upon which and the manner in which (if different from the provisions of Article
Twelve) Securities of the series may be so redeemed, purchased or repaid, in whole or in
part, pursuant to any sinking fund or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of
the series in whole or in part pursuant to any mandatory redemption, sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within
which the price or prices (or the method by which such price or prices shall be determined
or both) at which, the form or method of payment therefor if other than in cash and any
terms and conditions upon which and the manner in which (if different from the provisions of
Article&nbsp;Twelve) Securities of the series shall be redeemed, purchased or repaid, in whole or
in part, pursuant to such obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if other than denominations of $2,000 and any integral multiple of $1,000 in excess
thereof, the denominations in which Securities of the series shall be issuable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon acceleration of the maturity thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) whether Securities of the series will be issuable as Global Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series) only upon
receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any trustees, depositaries, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) any deleted, modified or additional events of default or remedies or any deleted,
modified or additional covenants with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) whether the provisions of Article&nbsp;Ten will not be applicable to Securities of such
series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any provision relating to the issuance of Securities of such series at an original
issue discount (including, without limitation, the issue price thereof, the rate or rates at
which such original issue discount shall accrete, if any, and the date or dates from or to
which or period or periods during which such original issue discount shall accrete at such
rate or rates);
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) if other than Dollars, the foreign currency in which payment of the principal of,
premium, if any, and interest, if any, on the Securities of such series shall be payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) if other than Wilmington Trust Company is to act as Trustee for the Securities of
such series, the name and Corporate Trust Office of such Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) if the amounts of payments of principal of, premium, if any, and interest, if any,
on the Securities of such series are to be determined with reference to an index, the manner
in which such amounts shall be determined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) the terms for conversion or exchange, if any, with respect to the Securities of
such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) which, if any, of the Eligible Guarantors shall guarantee the Securities of such
series on the terms set forth in Article&nbsp;Thirteen (each of the Eligible Guarantors that
guarantee the Securities on the terms set forth in Article&nbsp;Thirteen, if any, a &#147;Guarantor&#148;);
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) any other terms of the Securities of such series (which terms shall not be
inconsistent with the provisions of this Indenture).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities of any one series shall be substantially identical, except as to denomination
and except as may otherwise be provided by or pursuant to the Board Resolution or Officers&#146;
Certificate referred to above or as set forth in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time and may be issued from time to
time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board
Resolution, such Officers&#146; Certificate or in any such indenture supplemental hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Board Resolution or Officers&#146; Certificate referred to above with respect to
Securities of any series filed with the Trustee on or before the initial issuance of the Securities
of such series shall be incorporated herein by reference with respect to Securities of such series
and shall thereafter be deemed to be a part of the Indenture for all purposes relating to
Securities of such series as fully as if such Board Resolution or Officers&#146; Certificate were set
forth herein in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4. <I>Authentication and Delivery of Securities. </I>The Issuer may deliver Securities of any series executed by the Issuer to the Trustee for
authentication together with the applicable documents referred to below in this Section&nbsp;2.4, and
the Trustee shall thereupon authenticate and deliver such Securities to, or upon the order of, the
Issuer (contained in the Issuer Order referred to below in this Section&nbsp;2.4) or pursuant to such
procedures acceptable to the Trustee and to such recipients as may be specified from time to time
by an Issuer Order. If provided for in such procedures and agreed to by the Trustee, such Issuer
Order may authorize authentication and delivery pursuant to oral instructions from the Issuer or
its duly authorized agent, which instructions shall be promptly confirmed in writing. In
authenticating the Securities of such series and accepting the additional responsibilities under
this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in the
case of subparagraphs (2), (3)&nbsp;and (4)&nbsp;below only at or before the time of the first request of the
Issuer to the Trustee to authenticate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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">Securities of such series) and (subject to Section&nbsp;6.1) shall
be fully protected in relying upon, unless and until such documents have been superseded or
revoked:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Issuer Order requesting such authentication and setting forth delivery
instructions <I>provided </I>that, with respect to Securities of a series subject to a Periodic
Offering, (a)&nbsp;such Issuer Order may be delivered by the Issuer to the Trustee prior to the
delivery to the Trustee of such Securities for authentication and delivery, (b)&nbsp;the Trustee
shall authenticate and deliver Securities of such series for original issue from time to
time, in an aggregate principal amount not exceeding the aggregate principal amount
established for such series, pursuant to an Issuer Order, (c)&nbsp;the maturity date or
dates, original issue date or dates, interest rate or rates, if any, and any other terms of
Securities of such series shall be determined by an Issuer Order and (d)&nbsp;after the original
issuance of the first Security of such series to be issued, any separate request by the
Issuer that the Trustee authenticate Securities of such series for original issuance will be
deemed to be a certification by the Issuer that it is in compliance with all conditions
precedent provided for in this Indenture relating to the authentication and delivery of such
Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Board Resolution, Officers&#146; Certificate or executed supplemental indenture
referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the forms and terms of the
Securities of such series were established;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an Officers&#146; Certificate stating that the form or forms and terms of the Securities
have been established pursuant to Sections&nbsp;2.1 and 2.3 and comply with this Indenture and
covering such other matters as the Trustee may reasonably request; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) at the option of the Issuer, either an Opinion of Counsel, or a letter from legal
counsel addressed to the Trustee permitting it to rely on an Opinion of Counsel,
substantially to the effect that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an underwritten offering, the Securities of such series have
been duly authorized, executed and delivered and, in the case of an offering that is
not underwritten, certain terms of the Securities of such series have been
established pursuant to a Board Resolution, an Officers&#146; Certificate or a
supplemental indenture in accordance with this Indenture, and when such other terms
as are to be established pursuant to procedures set forth in an Issuer Order shall
have been established, all such terms will have been duly authorized by the Issuer
and will have been established in conformity with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when the Securities of such series have been duly authorized, executed and
delivered by the Issuer and authenticated by the Trustee in accordance with the
provisions of this Indenture and delivered to and duly paid for by the purchasers
thereof, they will constitute valid and legally binding obligations of the Issuer,
enforceable in accordance with their respective terms, and will be entitled to the
benefits of this Indenture; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution and delivery by the Issuer of, and the performance by the
Issuer of its obligations under, the Securities of such series will not conflict
with any provision of applicable law or the articles of incorporation or bylaws of
the Issuer or any agreement or other instrument to which the Issuer or any of the
Guarantors is a party and that is material to the Issuer and its Subsidiaries,
considered as one enterprise, or, to such counsel&#146;s knowledge after the inquiry
indicated therein, any judgment, order or decree of any governmental agency or any
court having jurisdiction over the Issuer and any of its Subsidiaries, and no
consent, approval or authorization of any governmental body or agency is required
for the performance by the Issuer of its obligations under the Securities, except
such as are specified and have been obtained and such as may be required
by the securities or blue sky laws of the various states in connection with the
offer and sale of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinions, such counsel may qualify any opinions as to enforceability by
stating that such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, liquidation, moratorium and other similar laws relating to or affecting the rights
and remedies of creditors and is subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law) and an implied covenant of
good faith and fair dealing. Such counsel may also state that, insofar as such opinion involves
factual matters, such counsel has relied, to the extent such counsel deems proper, upon
certificates of officers of the Issuer and its subsidiaries, as applicable, and certificates of
public officials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have the right to decline to authenticate and deliver any Securities of any
series under this Section&nbsp;2.4 if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors
or board of trustees, executive committee or a trust committee of directors or trustees or
Responsible Officers shall determine that such action would expose the Trustee to personal
liability to existing Holders or would adversely affect the Trustee&#146;s own rights, duties or
immunities under the Securities, this Indenture or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall establish pursuant to Section&nbsp;2.3 that the Securities of a series are to
be issued in the form of one or more Global Securities, then the Issuer shall execute and the
Trustee shall, in accordance with this Section&nbsp;2.4 and the Issuer Order with respect to such
series, authenticate and deliver one or more Global Securities that (i)&nbsp;shall represent and shall
be denominated in an amount equal to the aggregate principal amount of all of the Securities of
such series to be issued in the form of Global Securities and not yet cancelled, (ii)&nbsp;shall be
registered in the name of the Depositary for such Global Security or Securities or the nominee of
such Depositary, (iii)&nbsp;shall be delivered by the Trustee to such Depositary or pursuant to such
Depositary&#146;s instructions, and (iv)&nbsp;shall bear a legend substantially to the following effect:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED
FORM, THIS SECURITY MAY NOT BE</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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"><B>TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (THE &#147;DEPOSITARY&#148;) TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE &#038; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF
THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &#038;
CO., HAS AN INTEREST HEREIN.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Depositary designated pursuant to Section&nbsp;2.3 must, at the time of its designation and at
all times while it serves as Depositary, be a clearing agency registered under the Exchange Act,
and any other applicable statute or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;13.5 concerning execution and delivery of the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5. <I>Execution of Securities. </I>The Securities shall be signed on behalf of the Issuer by the chairman of the Board of
Directors, the president or chief executive officer, any vice president, the chief financial
officer or the treasurer of the Issuer. Such signatures may be the manual or facsimile signatures
of the present or any future such officers. Typographical and other minor errors or defects in any
such reproduction of such signature shall not affect the validity or enforceability of any Security
that has been duly authenticated and delivered by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any officer of the Issuer who shall have signed any of the Securities shall cease to
be such officer before the Security so signed shall be authenticated and delivered by the Trustee
or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual
date of the execution of such Security, shall be the proper officers of the Issuer, although at the
date of the execution and delivery of this Indenture any such person was not such an officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;13.5 concerning execution and delivery of the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6. <I>Certificate of Authentication. </I>Only such Securities as shall bear thereon a certificate of authentication substantially in
the form hereinbefore recited, executed by the Trustee by the manual signature of one of its
authorized signatories, or its Authenticating Agent,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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">shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. The execution of such certificate by the
Trustee or its Authenticating Agent upon any Security executed by the Issuer shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and
that the Holder is entitled to the benefits of this Indenture. Each reference in this Indenture to
authentication by the Trustee includes authentication by an agent appointed pursuant to Section
6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7. <I>Denomination and Date of Securities; Payments of Interest. </I>The Securities of each series shall be issuable in registered form in denominations
established as contemplated by Section&nbsp;2.3 or, with respect to the Securities of
any series, if not so established, in denominations of $2,000 and any integral multiple of
$1,000 in excess thereof. The Securities of each series shall be numbered, lettered or otherwise
distinguished in such manner or in accordance with such plan as the officers of the Issuer
executing the same may determine with the approval of the Trustee, as evidenced by the execution
and authentication thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Security shall be dated the date of its authentication. The Securities of each series
shall bear interest, if any, from the date, and such interest, if any, shall be payable on the
dates, established as contemplated by Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Person in whose name any Security of any series is registered at the close of business on
any record date applicable to a particular series with respect to any interest payment date for
such series shall be entitled to receive the interest, if any, payable on such interest payment
date notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the
payment of the interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the Persons in whose names Outstanding Securities for such
series are registered (a)&nbsp;at the close of business on a subsequent record date (which shall be not
less than five Business Days prior to the date of payment of such defaulted interest) established
by notice given by mail by or on behalf of the Issuer to the Holders of Securities not less than 15
days preceding such subsequent record date or (b)&nbsp;as determined by such other procedure as is
mutually acceptable to the Issuer and the Trustee. The term &#147;record date&#148; as used with respect to
any interest payment date (except a date for payment of defaulted interest) for the Securities of
any series shall mean the date specified as such in the terms of the Securities of such series
established as contemplated by Section&nbsp;2.3, or, if no such date is so established, if such interest
payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar
month or, if such interest payment date is the fifteenth day of a calendar month, the first day of
such calendar month, whether or not such record date is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8. <I>Registration, Transfer and Exchange. </I>The Issuer will keep at each office or agency to be maintained for the purpose as provided in
Section&nbsp;3.2 for each series of Securities a register or registers in which, subject to such
reasonable regulations as it may prescribe, it will provide for the registration of Securities of
each series and the registration of transfer of Securities of such series. Each such register
shall be in written form in the English language or in any other form capable of being converted
into such form within a reasonable time. At all reasonable times such register or registers shall
be open for inspection and available for copying by the Trustee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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;Upon due presentation for registration of transfer of any Security of any series at any such
office or agency to be maintained for the purpose as provided in Section&nbsp;3.2, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Security or Securities of the same series, maturity date, interest rate, if any, and original
issue date in authorized denominations for a like aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities presented for registration of transfer shall (if so required by the Issuer or
the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or
his attorney duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder thereof, Securities of any series (other than a Global Security,
except as set forth below) may be exchanged for a Security or Securities of such series having
authorized denominations and an equal aggregate principal amount, upon surrender of such Securities
to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance
with Section&nbsp;3.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer or Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer of
Securities. No service charge shall be made for any such transaction or for any exchange of
Securities of any series as contemplated by the immediately preceding paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not be required to exchange or register a transfer of (a)&nbsp;any Securities of
any series for a period of 15&nbsp;days next preceding the first mailing or publication of notice of
redemption of Securities of such series to be redeemed, (b)&nbsp;any Securities selected, called or
being called for redemption, in whole or in part, except, in the case of any Security to be
redeemed in part, the portion thereof not so to be redeemed or (c)&nbsp;any Security if the Holder
thereof has exercised his right, if any, to require the Issuer to repurchase such Security in whole
or in part, except the portion of such Security not required to be repurchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Section&nbsp;2.8, unless and until it is exchanged in
whole or in part for Securities in definitive registered form, a Global Security representing all
or a part of the Securities of a series may not be transferred except as a whole by the Depositary
for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a
successor Depositary for such series or a nominee of such successor Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Depositary for any Securities of a series represented by one or more Global
Securities notifies the Issuer that it is unwilling or unable to continue as Depositary for such
Securities or if at any time the Depositary for such Securities shall no longer be eligible under
Section&nbsp;2.4, the Issuer shall appoint a successor Depositary with respect to such Securities. If a
successor Depositary for such Securities is not appointed by the Issuer within 90&nbsp;days after the
Issuer receives such notice or becomes aware of such ineligibility, the Issuer&#146;s election pursuant
to Section&nbsp;2.3 that such Securities be represented by one or more Global Securities shall no longer
be effective and the Issuer shall execute, and the Trustee, upon receipt of an Issuer Order for the
authentication and delivery of definitive Securities of such series, will authenticate and deliver
Securities of such series in definitive registered form, in any authorized
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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">denominations, in an
aggregate principal amount equal to the principal amount of the Global Security or Securities
representing such Securities in exchange for such Global Security or Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event, the Issuer shall execute, and the Trustee, upon
receipt of an Issuer Order for the authentication and delivery of definitive Securities of such
series, shall authenticate and deliver, Securities of such series in definitive registered form, in
any authorized denominations, in an aggregate principal amount equal to the principal amount
of the Global Security or Securities representing such Securities, in exchange for such Global
Security or Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified by the Issuer pursuant to Section&nbsp;2.3 with respect to Securities represented by a
Global Security, the Depositary for such Global Security may surrender such Global Security in
exchange in whole or in part for Securities of the same series in definitive registered form on
such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall
execute, and the Trustee shall authenticate and deliver, without service charge,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Person specified by such Depositary, a new Security or Securities of the
same series, of any authorized denominations as requested by such Person, in an aggregate
principal amount equal to and in exchange for such Person&#146;s beneficial interest in the
Global Security; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such Depositary a new Global Security in a denomination equal to the
difference, if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities authenticated and delivered pursuant to clause (i)
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the exchange of a Global Security for Securities in definitive registered form in
authorized denominations, such Global Security shall be cancelled by the Trustee or an agent of the
Trustee. Securities in definitive registered form issued in exchange for a Global Security
pursuant to this Section&nbsp;2.8 shall be registered in such names and in such authorized denominations
as the Depositary for such Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee or an agent of the Trustee or the Issuer or
an agent of the Issuer. The Trustee or such agent shall deliver at its office such Securities to
or as directed by the Persons in whose names such Securities are so registered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any registration of transfer or exchange of Securities shall be
valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9. <I>Mutilated, Defaced, Destroyed, Lost and Stolen Securities. </I>In case any temporary or definitive Security shall become mutilated or defaced or be
destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request
of the Issuer, the Trustee shall authenticate and deliver a new Security of the same series,
maturity date, interest
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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">rate, if any, and original issue date, bearing a number or other
distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the
mutilated or defaced Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer
and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be
required by the Trustee or the Issuer or any such agent to indemnify and defend and to save each of
the Trustee and the Issuer and any such agent harmless and, in every case of destruction, loss or
theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the
ownership thereof and in the case of mutilation or defacement, shall surrender the Security to
the Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any substitute Security, the Issuer may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee or its agent) connected
therewith. In case any Security which has matured or is about to mature or has been called for
redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer
may instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such
payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee
such security or indemnity as any of them may require to hold each of them harmless, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee
and any agent of the Issuer or the Trustee evidence to the Trustee&#146;s satisfaction of the
destruction, loss or theft of such Security and of the ownership thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every substitute Security of any series issued pursuant to the provisions of this Section by
virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an
additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen
Security shall be at any time enforceable by anyone and shall be entitled to all the benefits of
(but shall be subject to all the limitations of rights set forth in) this Indenture equally and
proportionately with any and all other Securities of such series duly authenticated and delivered
hereunder. All Securities shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment
of mutilated, defaced, destroyed, lost or stolen Securities and shall preclude any and all other
rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other securities without
their surrender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <I>Cancellation of Securities; Disposition Thereof. </I>All Securities surrendered for payment, redemption, registration of transfer or exchange, or
for credit against any payment in respect of a sinking or analogous fund, if surrendered to the
Issuer or any agent of the Issuer or the Trustee or any agent of the Trustee, shall be delivered to
the Trustee or its agent for cancellation or, if surrendered to the Trustee, shall be cancelled by
it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of all cancelled Securities in accordance
with its standard procedures and shall deliver a certificate of such disposition to the Issuer. If
the Issuer or its agent shall acquire any of the Securities, such acquisition shall not operate as
a redemption or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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">satisfaction of the indebtedness represented by such Securities unless and until
the same are delivered to the Trustee or its agent for cancellation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <I>Temporary Securities. </I>Pending the preparation of definitive Securities for any series, the Issuer may execute and
the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver temporary Securities
for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
satisfactory to the Trustee). Temporary Securities of any series shall be issuable in
any authorized denomination, and substantially in the form of the definitive Securities of
such series but with such omissions, insertions and variations as may be appropriate for temporary
Securities, all as may be determined by the Issuer. Temporary Securities may contain such
references to any provisions of this Indenture as may be appropriate. Every temporary Security
shall be executed by the Issuer and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with like effect, as the definitive Securities. Without
unreasonable delay the Issuer shall execute and shall furnish definitive Securities of such series
and thereupon temporary Securities of such series may be surrendered in exchange therefor without
charge at each office or agency to be maintained by the Issuer for that purpose pursuant to Section
3.2 and the Trustee shall authenticate and deliver in exchange for such temporary Securities of
such series an equal aggregate principal amount of definitive Securities of the same series having
authorized denominations. Until so exchanged, the temporary Securities of any series shall be
entitled to the same benefits under this Indenture as definitive Securities of such series, unless
otherwise established pursuant to Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12. <I>CUSIP Numbers. </I>The Issuer in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in use), and,
if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a convenience to Holders;
<I>provided </I>that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer
will promptly notify the Trustee of any change to such &#147;CUSIP&#148; numbers.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THREE<BR>
COVENANTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <I>Payment of Principal and Interest. </I>The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid the
principal of, premium, if any, and interest, if any, on each of the Securities at the place, at the
respective times and in the manner provided in the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <I>Offices for Notices and Payments, etc. </I>So long as any of the Securities are Outstanding, the Issuer will maintain in each Place of
Payment, an office or agency where the Securities may be presented for payment, an office or agency
where the Securities may be presented for registration of transfer and for exchange as provided in
this Indenture, and an office or agency where notices and demands to or upon the Issuer in respect
of the Securities or of this Indenture may be served. In case the Issuer shall at any time fail to
maintain any such office or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /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">agency, or shall fail to give notice to the Trustee of any change in
the location thereof, presentation may be made and notice and demand may be served in respect of
the Securities or of this Indenture to the Trustee. The Issuer hereby initially designates the
Corporate Trust Office of the Trustee for each such purpose and appoints
the Trustee as registrar and paying agent and as the agent upon whom notices and demands may
be served with respect to the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3. <I>No Interest Extension. </I>In order to prevent any accumulation of claims for interest after maturity thereof, the Issuer
will not directly or indirectly extend or consent to the extension of the time for the payment of
any claim for interest on any of the Securities and will not directly or indirectly be a party to
or approve any such arrangement by the purchase or funding of said claims or in any other manner;
<I>provided</I>, <I>however</I>, that this Section&nbsp;3.3 shall not apply in any case where an extension shall be
made pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4. <I>Appointments to Fill Vacancies in Trustee&#146;s Office. </I>The Issuer, whenever necessary to avoid or fill a vacancy in the office of the Trustee, will
appoint, in the manner provided in Section&nbsp;6.10, a Trustee, so that there shall at all times be a
Trustee hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5. <I>Provision as to Paying Agent. </I>(a)&nbsp;If the Issuer shall appoint a paying agent other than the Trustee, it will cause such
paying agent to execute and deliver to the Trustee an instrument in which such paying agent shall
agree with the Trustee, subject to the provisions of this Section&nbsp;3.5,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that it will hold all sums held by it as such paying agent for the payment of the
principal of or interest, if any, on the Securities (whether such sums have been paid to it
by the Issuer or by any other obligor on the Securities) in trust for the benefit of the
Holders of the Securities and the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that it will give the Trustee notice of any failure by the Issuer (or by any other
obligor on the Securities) to make any payment of the principal of, premium, if any, or
interest, if any, on the Securities when the same shall be due and payable; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that it will, at any time during the continuance of any such failure, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by
such paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Issuer shall act as its own paying agent, it will, on or before each due date of
the principal of, premium, if any, or interest, if any, on the Securities, set aside, segregate and
hold in trust for the benefit of the Holders of the Securities a sum sufficient to pay such
principal, premium, if any, or interest, if any, so becoming due and will notify the Trustee of any
failure to take such action and of any failure by the Issuer (or by any other obligor under the
Securities) to make any payment of the principal of, premium, if any, or interest, if any, on the
Securities when the same shall become due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, the Issuer may, at any time,
for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by it, or any paying agent
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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">hereunder, as required by this Section&nbsp;3.5, such sums to be held by the Trustee upon the
trusts herein contained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, any agreement of the Trustee
or any paying agent to hold sums in trust as provided in this Section&nbsp;3.5 is subject to Sections
10.3 and 10.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Whenever the Issuer shall have one or more paying agents, it will, on or before 9:00 A.M.
on each due date of the principal of or interest, if any, on any Securities, deposit with a paying
agent a sum sufficient to pay the principal, premium, if any, or interest, if any, so becoming due,
such sum to be held in trust for the benefit of the Persons entitled to such principal, premium, if
any, or interest, if any, and (unless such paying agent is the Trustee) the Issuer will promptly
notify the Trustee of its action or failure so to act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOUR<BR>
SECURITYHOLDERS LISTS AND REPORTS BY THE<BR>
ISSUER AND THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1. <I>Issuer to Furnish Trustee Information as to Names and Addresses of
Securityholders. </I>The Issuer and any other obligor on the Securities covenant and agree that they will furnish
or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require
of the names and addresses of the Holders of the Securities of each series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) semiannually and not more than 15&nbsp;days after each January 1 and July&nbsp;1, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at such other times as the Trustee may request in writing, within 15&nbsp;days after
receipt by the Issuer of any such request,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that if and so long as the Trustee shall be the registrar for such series, such list shall
not be required to be furnished.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2. <I>Preservation and Disclosure of Securityholders Lists. </I>(a)&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the Holders of each series of Securities (i)&nbsp;contained
in the most recent list furnished to it as provided in Section&nbsp;4.1, and (ii)&nbsp;received by it in the
capacity of registrar or paying agent for such series, if so acting. The Trustee may destroy any
list furnished to it as provided in Section&nbsp;4.1 upon receipt of a new list so furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The rights of Holders of each series of Securities to communicate with other Holders of
such series of Securities with respect to their rights under this Indenture or under the Securities
of such series, and the corresponding rights and privileges of the Trustee, shall be as provided by
the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Every Holder of Securities of any series, by receiving and holding the same, agrees with
the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of any of
them shall be held accountable by reason of any disclosure of information as to names and
addresses of Holders of Securities of such series made pursuant to the Trust Indenture Act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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;SECTION 4.3. <I>Reports by the Issuer. </I>The Issuer covenants:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file with the Trustee, within 15&nbsp;days after the Issuer is required, to file the same
with the Commission, copies of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Issuer may be required to file with the Commission
pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act; or, if the Issuer is not required to
file information, documents or reports pursuant to either of such Exchange Act Sections, then to
file with the Trustee and the Commission, in accordance with rules and regulations prescribed from
time to time by the Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section&nbsp;13 of the Exchange Act, in respect of a debt
security listed and registered on a national securities exchange as may be prescribed from time to
time in such rules and regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports
with respect to compliance by the Issuer with the conditions and covenants provided for in this
Indenture as may be required from time to time by such rules and regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to transmit by mail to the Holders of Securities within 30&nbsp;days after the filing thereof
with the Trustee, in the manner and to the extent provided in Section&nbsp;4.4(a), such summaries of any
information, documents and reports required to be filed by the Issuer pursuant to subsections (a)
and (b)&nbsp;of this Section&nbsp;4.3 as may be required to be transmitted to such Holders by rules and
regulations prescribed from time to time by the Commission; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to furnish to the Trustee, not less than annually, an Officers&#146; Certificate from the
principal executive officer, principal financial officer or principal accounting officer as to his
knowledge of the Issuer&#146;s compliance with all conditions and covenants under this Indenture. For
purposes of this subsection (d), such compliance shall be determined without regard to any period
of grace or requirement of notice provided under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of the reports, information and documents referenced in Sections&nbsp;4.3(a), (b)&nbsp;and (c)
to the Trustee is for informational purposes only and the Trustee&#146;s receipt of them will not
constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Issuer&#146;s compliance with any of its covenants in this
Indenture (as to which the Trustee is entitled to rely exclusively on an Officers&#146; Certificate).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4. <I>Reports by the Trustee. </I>(a)&nbsp;The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act of 1939 at the times
and in the manner provided pursuant thereto. To the extent that any such report is required by the
Trust Indenture Act of 1939 with respect to any 12&nbsp;month period, such
report shall cover the 12&nbsp;month period ending May&nbsp;15 and shall be transmitted by the next
succeeding July&nbsp;15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A copy of each such report shall, at the time of such transmission to Securityholders, be
furnished to the Issuer and be filed by the Trustee with each stock exchange upon which the
Securities of any applicable series are listed and also with the Commission. The Issuer agrees to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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">promptly notify the Trustee with respect to any series when and as the Securities of such series
become admitted to trading on any national securities exchange.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FIVE<BR>
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS<BR>
ON EVENT OF DEFAULT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1. <I>Events of Default. </I>&#147;Event of Default&#148;, wherever used herein with respect to Securities of any series, means any
one or more of the following events (whatever the reason for such Event of Default), unless it is
either inapplicable to a particular series or it is specifically deleted or modified in or pursuant
to the Board Resolution or supplemental indenture establishing such series of Securities or in the
form of Security, for such series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the payment of the principal of or premium, if any, of the Securities of
such series as and when the same shall become due and payable either at maturity, upon
redemption, by declaration or otherwise; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the payment of any installment of interest on any of the Securities of
such series as and when the same shall become due and payable, and continuance of such
default for a period of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the payment or satisfaction of any sinking fund or other purchase
obligation with respect to Securities of such series, as and when such obligation shall
become due and payable; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) failure on the part of the Issuer or a Guarantor duly to observe or perform any
other of the covenants or agreements on the part of the Issuer in or a Guarantor of, the
Securities of such series or in this Indenture continued for a period of 90&nbsp;days after the
date on which written notice of such failure, requiring the Issuer or a Guarantor to remedy
the same, shall have been given by certified or registered mail to the Issuer or a Guarantor
by the Trustee, or to the Issuer or a Guarantor and the Trustee by the Holders of at least
25% in aggregate principal amount of the Securities of such series then Outstanding; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without the consent of the Issuer, a court having jurisdiction shall enter an order
for relief with respect to the Issuer or any of its Significant Subsidiaries under any
applicable bankruptcy, insolvency or other similar law of the United States of America, any
state thereof or the District of Columbia, or without the consent of the Issuer, a court
having jurisdiction shall enter a judgment, order or decree adjudging the Issuer or any of
its Significant Subsidiaries bankrupt or insolvent, or enter an order for relief for
reorganization, arrangement, adjustment or composition of or in respect of the Issuer or
any of its Significant Subsidiaries under any applicable bankruptcy, insolvency or
other similar law of the United States of America, any state thereof or the District of
Columbia, and the continuance of any such judgment, order or decree is unstayed and in
effect for a period of 60 consecutive days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Issuer or any of its Significant Subsidiaries shall institute proceedings for
entry of an order for relief with respect to the Issuer or any of its Significant
Subsidiaries
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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; margin-left: 2%">under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia, or for an adjudication of
insolvency, or shall consent to the institution of bankruptcy or insolvency proceedings
against it, or shall file a petition seeking, or seek or consent to reorganization,
arrangement, composition or relief under any applicable bankruptcy, insolvency or other
similar law of the United States of America, any state thereof or the District of Columbia,
or shall consent to the filing of such petition or to the appointment of a receiver,
custodian, liquidator, assignee, trustee, sequestrator or similar official of the Issuer or
of substantially all of its property, or the Issuer or any of its Significant Subsidiaries
shall make a general assignment for the benefit of creditors as recognized under any
applicable bankruptcy, insolvency or other similar law of the United States of America, any
state thereof or the District of Columbia; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Guarantee ceases to be in full force and effect (other than in accordance with
the terms of any Guarantee) or a Guarantor denies or disaffirms its obligations under the
Guarantee; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other Event of Default provided with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any series then Outstanding occurs and is
continuing, then and in each and every such case, unless the principal of all of the Securities of
such series shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Securities of such series then Outstanding, by
notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the
principal (or, if the Securities of such series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) of all the
Securities of such series and the interest, if any, accrued thereon to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and
payable, notwithstanding anything to the contrary contained in this Indenture or in the Securities
of such series. This provision, however, is subject to the condition that, if at any time after
the unpaid principal amount (or such specified amount) of the Securities of such series shall have
been so declared due and payable and before any judgment or decree for the payment of the moneys
due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall
deposit with the Trustee a sum sufficient to pay all matured installments of interest, if any, upon
all of the Securities of such series and the principal of any and all Securities of such series
which shall have become due otherwise than by acceleration (with interest on overdue installments
of interest, if any, to the extent that payment of such interest is enforceable under applicable
law and on such principal at the rate borne by the Securities of such series to the date of such
payment or deposit) and the reasonable compensation, disbursements, expenses and advances of the
Trustee and all other amounts due the Trustee under Section&nbsp;6.6, and any and all
defaults under this Indenture, other than the nonpayment of such portion of the principal
amount of and accrued interest, if any, on Securities of such series which shall have become due by
acceleration, shall have been cured or shall have been waived in accordance with Section&nbsp;5.7 or
provision deemed by the Trustee to be adequate shall have been made therefor, then and in every
such case the Holders of a majority in aggregate principal amount of the Securities of such series
then Outstanding, by written notice to the Issuer and to the Trustee, may rescind and annul such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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">declaration and its consequences; but no such rescission and annulment shall extend to or shall
affect any subsequent default, or shall impair any right consequent thereon. Notwithstanding the
previous sentence, no waiver shall be effective against any Holder for any Event of Default or
event which with notice or lapse of time or both would be an Event of Default with respect to any
covenant or provision which cannot be modified or amended without the consent of the Holder of each
outstanding Security affected thereby, unless all such affected Holders agree, in writing, to waive
such Event of Default or other event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default specified in Section&nbsp;5.1(e) or 5.1(f) occurs with respect to the
Issuer, all unpaid principal amount (or, if the Securities of any series then Outstanding are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the
terms of each such series) and accrued interest on all Securities of each series then Outstanding
shall <I>ipso facto </I>become and be immediately due and payable without any declaration or other act by
the Trustee or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Issuer, the Trustee and the Securityholders shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the
Trustee and the Securityholders shall continue as though no such proceeding had been taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to an Event of Default pursuant to Section&nbsp;5.1 (a), (b)&nbsp;or (c), the
Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof
shall have been given to a Responsible Officer by the Issuer, a paying agent or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.2. <I>Payment of Securities on Default; Suit Therefor. </I>The Issuer covenants that (a)&nbsp;if default shall be made in the payment of any installment of
interest upon any of the Securities of any series then Outstanding as and when the same shall
become due and payable, and such default shall have continued for a period of 30&nbsp;days, or (b)&nbsp;if
default shall be made in the payment of the principal of any of the Securities of such series as
and when the same shall have become due and payable, whether at maturity of the Securities of such
series or upon redemption or by declaration or otherwise, then, upon demand of the Trustee, the
Issuer will pay to the Trustee, for the benefit of the Holders of the Securities, the whole amount
that then shall have become due and payable on all such Securities of such series for principal or
interest, if any, or both, as the case may be, with interest upon the overdue principal and (to the
extent that payment of such interest is enforceable under applicable law) upon the overdue
installments of interest, if any, at the rate borne by the Securities of such series; and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including a reasonable compensation to the Trustee, its agents, attorneys
and counsel, and any expenses or liabilities incurred by the Trustee hereunder other than
through its negligence or bad faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and
may prosecute any such action or proceeding to judgment or final decree, and may enforce any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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">such
judgment or final decree against the Issuer or any other obligor on the Securities of such series
and collect in the manner provided by law out of the property of the Issuer or any other obligor on
the Securities of such series, wherever situated, the moneys adjudged or decreed to be payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be pending proceedings for the bankruptcy or for the reorganization of the
Issuer or any other obligor on the Securities of any series then Outstanding under any bankruptcy,
insolvency or other similar law now or hereafter in effect, or if a receiver or trustee or similar
official shall have been appointed for the property of the Issuer or such other obligor, or in the
case of any other similar judicial proceedings relative to the Issuer or other obligor upon the
Securities of such series, or to the creditors or property of the Issuer or such other obligor, the
Trustee, irrespective of whether the principal of the Securities of such series shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand pursuant to the provisions of this Section&nbsp;5.2, shall be
entitled and empowered by intervention in such proceedings or otherwise to file and prove a claim
or claims for the whole amount of principal and interest, if any, owing and unpaid in respect of
the Securities of such series, and, in case of any judicial proceedings, to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee and of the Securityholders allowed in such judicial proceedings relative to the Issuer
or any other obligor on the Securities of such series, its or their creditors, or its or their
property, and to collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute the same after the deduction of its charges and expenses, and any
receiver, assignee or trustee or similar official in bankruptcy or reorganization is hereby
authorized by each of the Securityholders to make such payments to the Trustee, and, if the Trustee
shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee
any amount due it for compensation and expenses or otherwise pursuant to Section&nbsp;6.6, including
counsel fees and expenses incurred by it up to the date of such distribution. To the extent that
such payment of reasonable compensation, expenses and counsel fees and expenses out of the estate
in any such proceedings shall be denied for any reason, payment of the same shall be secured by a
lien on, and shall be paid out of, any and all distributions, dividends, moneys, securities and
other property which the Holders of the Securities of such series may be entitled to receive in
such proceedings, whether in liquidation or under any plan of reorganization or arrangement or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities, or the
production thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the
Securities of the series in respect of which such judgment has been recovered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.3. <I>Application of Moneys Collected by Trustee. </I>Any moneys collected by the Trustee pursuant to Section&nbsp;5.2 with respect to Securities of any
series then Outstanding shall be applied in the order following, at the date or dates fixed by the
Trustee for the distribution of such moneys, upon presentation of the several Securities of such
series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if
fully paid:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of costs and expenses of collection and reasonable compensation
to the Trustee, its agents, attorneys and counsel, and of all other expenses and liabilities
incurred, and all advances made, by the Trustee pursuant to Section&nbsp;6.6 except as a result
of its negligence or bad faith;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: If the principal of the Outstanding Securities of such series shall not have
become due and be unpaid, to the payment of interest, if any, on the Securities of such
series, in the order of the maturity of the installments of such interest, if any, with
interest (to the extent that such interest has been collected by the Trustee) upon the
overdue installments of interest, if any, at the rate borne by the Securities of such
series, such payment to be made ratably to the Persons entitled thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: If the principal of the Outstanding Securities of such series shall have become
due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid
upon the Securities of such series for principal and interest, if any, with interest on the
overdue principal and (to the extent that such interest has been collected by the Trustee)
upon overdue installments of interest, if any, at the rate borne by the Securities of such
series; and in case such moneys shall be insufficient to pay in full the whole amounts so
due and unpaid upon the Securities of such series, then to the payment of such principal and
interest, if any, without preference or priority of principal over interest or of interest
over principal, or of any installment of interest over any other installment of interest, or
of any Security over any other Security, ratably to the aggregate of such principal and
accrued and unpaid interest; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: To the payment of any surplus then remaining to the Issuer, its successors or
assigns, 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;No claim for interest which in any manner at or after maturity shall have been transferred or
pledged separate or apart from the Securities to which it relates, or which in any manner shall
have been kept alive after maturity by an extension (otherwise than pursuant to an extension made
pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding), purchase, funding or otherwise by or on behalf or with the consent or approval of the
Issuer shall be entitled, in case of a default hereunder, to any benefit of this Indenture, except
after prior payment in full of the principal of all Securities of any series then Outstanding and
of all claims for interest not so transferred, pledged, kept alive, extended, purchased or funded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.4. <I>Proceedings by Securityholders. </I>No Holder of any Securities of any series then Outstanding shall have any right by virtue of
or by availing of any provision of this Indenture to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture or for the
appointment of a receiver or trustee or similar official, or for any other remedy hereunder,
unless such Holder previously shall have given to the Trustee written notice of default and of the
continuance thereof, as hereinbefore provided, and unless the Holders of not less than 25% in
aggregate principal amount of the Securities of such series then Outstanding shall have made
written request to the Trustee to institute such action, suit or proceeding in its own name as
Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require
against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for
60&nbsp;days after its receipt of such notice, request and offer of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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">indemnity, shall have neglected or
refused to institute any such action, suit or proceeding, it being understood and intended, and
being expressly covenanted by the Holder of every Security of such series with every other Holder
and the Trustee, that no one or more Holders of Securities of such series shall have any right in
any manner whatever by virtue of or by availing of any provision of this Indenture or of the
Securities to affect, disturb or prejudice the rights of any other Holder of such Securities of
such series, or to obtain or seek to obtain priority over or preference as to any other such
Holder, or to enforce any right under this Indenture or the Securities, except in the manner herein
provided and for the equal, ratable and common benefit of all Holders of Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions in this Indenture, however, the right of any Holder of
any Security to receive payment of the principal of, premium, if any, and interest, if any, on such
Security, on or after the respective due dates expressed in such Security, or to institute suit for
the enforcement of any such payment on or after such respective dates shall not be impaired or
affected without the consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.5. <I>Proceedings by Trustee. </I>In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in
equity or by action at law or by proceedings in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of
any power granted in this Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.6. <I>Remedies Cumulative and Continuing. </I>All powers and remedies given by this Article&nbsp;Five to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of
any other powers and remedies available to the Trustee or the Securityholders, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture, and no delay or omission of the Trustee or of any Securityholder to
exercise any right or power accruing upon any default occurring and continuing as aforesaid shall
impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section&nbsp;5.4, every power and remedy given
by this Article&nbsp;Five or by law to the Trustee or to the Securityholders may be exercised from time
to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.7. <I>Direction of Proceedings; Waiver of Defaults by Majority of Securityholders. </I>The Holders
of a majority in aggregate principal amount of the Securities of any series then
Outstanding shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee
with respect to Securities of such series; <I>provided</I>, <I>however</I>, that (subject to the provisions of
Section&nbsp;6.1) the Trustee shall have the right to decline to follow any such direction if the
Trustee shall determine upon advice of counsel that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith by its board of directors, its executive
committee, or a trust committee of directors or Responsible Officers or both shall determine that
the action or proceeding so directed would involve the Trustee in personal
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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">liability. The Holders
of a majority in aggregate principal amount of the Securities of any series then Outstanding may on
behalf of the Holders of all of the Securities of such series waive any past default or Event of
Default hereunder and its consequences except a default in the payment of interest, if any, on, or
the principal of, the Securities of such series. Upon any such waiver the Issuer, the Trustee and
the Holders of the Securities of such series shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon. Whenever any default or Event of Default
hereunder shall have been waived as permitted by this Section&nbsp;5.7, said default or Event of Default
shall for all purposes of the Securities and this Indenture be deemed to have been cured and to be
not continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.8. <I>Notice of Defaults. </I>The Trustee shall, within 90&nbsp;days after the occurrence of a default, with respect to
Securities of any series then Outstanding, mail to all Holders of Securities of such series, as the
names and the addresses of such Holders appear upon the Securities register, notice of all defaults
known to the Trustee with respect to such series, unless such defaults shall have been cured before
the giving of such notice (the term &#147;defaults&#148; for the purpose of this Section&nbsp;5.8 being hereby
defined to be the events specified in clauses (a), (b), (c), (d), (e), (f), (g)&nbsp;and (h)&nbsp;of Section
5.1, not including periods of grace, if any, provided for therein and irrespective of the giving of
the written notice specified in said clause (d)&nbsp;but in the case of any default of the character
specified in said clause (d)&nbsp;no such notice to Securityholders shall be given until at least 60
days after the giving of written notice thereof to the Issuer pursuant to said clause (d));
<I>provided</I>, <I>however</I>, that, except in the case of default in the payment of the principal of or
interest, if any, on any of the Securities, or in the payment or satisfaction of any sinking fund
or other purchase obligation, the Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee, or a trust committee of directors or
Responsible Officers or both of the Trustee in good faith determines that the withholding of such
notice is in the best interests of the Securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.9. <I>Undertaking to Pay Costs. </I>All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the cost of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys&#146; fees and expenses, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section&nbsp;5.9 shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding in the aggregate more than 10% in principal amount of the Securities of
any series then Outstanding, or to any suit instituted by any Securityholders for the enforcement
of the payment of the principal of or interest, if any, on any Security against the Issuer on or
after the due date expressed in such Security.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SIX<BR>
CONCERNING THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1. <I>Duties and Responsibilities of the Trustee; During Default; Prior to Default. </I>In
case an Event of Default with respect to the Securities of a series has occurred
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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">(which has
not been cured or waived) the Trustee shall exercise with respect to such series of Securities such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except
that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of an Event of Default with respect to the Securities of
any series and after the curing or waiving of all such Events of Default with respect to
such series which may have occurred:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties and obligations of the Trustee with respect to the Securities of
any series shall be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case
of any such statements, certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a
duty to examine the same to determine whether or not they conform to the
requirements of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders pursuant to
Section&nbsp;5.7 relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for
believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2. <I>Certain Rights of the Trustee.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.1:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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;(a)&nbsp;the Trustee may rely and shall be protected in acting or refraining from acting upon
any resolution, Officers&#146; Certificate or any other certificate, statement, instrument, opinion,
report, notice, request, consent, order, bond, debenture, note, coupon, security or other paper or
document believed by it to be genuine and to have been signed or presented by the proper party or
parties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officers&#146; Certificate or Issuer Order (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a Board Resolution;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Trustee may consult with counsel of its selection and any advice of such counsel
promptly confirmed in writing shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance
thereon in accordance with such advice or Opinion of Counsel;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders pursuant to
the provisions of this Indenture (including, without limitation, pursuant to Section&nbsp;5.7), unless
such Securityholders shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which might be incurred therein or thereby;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Trustee shall not be liable for any action taken or omitted by it in good faith and
believed by it to be authorized or within the discretion, rights or powers conferred upon it by
this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;prior to the occurrence of an Event of Default hereunder and after the curing or waiving
of all Events of Default, the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other
paper or document unless requested in writing so to do by the Holders of not less than a majority
in aggregate principal amount of the Securities of all series affected then Outstanding; <I>provided</I>
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a
condition to proceeding; the reasonable expenses of every such investigation shall be paid by the
Issuer or, if paid by the Trustee or any predecessor Trustee, shall be repaid by the Issuer upon
demand;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys not regularly in its employ and the
Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or
attorney appointed with due care by it hereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Trustee shall not be charged with knowledge of any default or Event of Default with
respect to a series of Securities unless either (i)&nbsp;a Responsible Officer of the Trustee
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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">assigned to the Corporate Trust Office of the Trustee (or any successor division or department of
the Trustee) shall have actual knowledge of such default or Event of Default or (ii)&nbsp;written notice
of such default or Event of Default shall have been given to the Trustee by the Issuer or any other
obligor on such series of Securities or by any Holder of Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Trustee shall not be liable for any action taken, suffered or omitted by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;the permissive rights of the Trustee hereunder shall not be construed as duties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;in no event shall the Trustee be liable for any consequential, special, punitive or
indirect loss or damages, even if advised of the likelihood thereof in advance and regardless of
the form of action;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;the Trustee may request that the Issuer deliver an Officers&#146; Certificate setting forth the
name of the individuals and/or titles of Officers authorized at such time to take specific actions
pursuant to this Indenture, which Officers&#146; Certificate may be signed by any person authorized to
sign an Officers&#146; Certificate, including any person specified as so authorized in any such
Officers&#146; Certificate previously delivered and not superseded; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;the Trustee shall not be responsible for delays or failures in performance of its
obligations hereunder resulting from acts beyond its reasonable control. Such acts shall include
but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental
regulations superimposed after the fact, fire, communication line failures, computer viruses, power
failures, earthquakes, terrorist attacks or other disasters, it being understood that the Trustee
shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3. <I>Trustee Not Responsible for Recitals, Disposition of Securities or Application
of Proceeds Thereof.</I>
The recitals contained herein and in the Securities, except the Trustee&#146;s certificates of
authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no representation as to the
validity or sufficiency of this Indenture, of the Securities or of any prospectus used to sell the
Securities. The Trustee shall not be accountable for the use or application by the Issuer of any
of the Securities or of the proceeds thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4. <I>Trustee and Agents May Hold Securities; Collections, etc.</I>
The Trustee or any agent of the Issuer or the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities with the same rights it would have if it
were not the Trustee or such agent and, subject to Sections&nbsp;6.8 and 6.13, may otherwise
deal with the Issuer and receive, collect, hold and retain collections from the Issuer with
the same rights it would have if it were not the Trustee or such agent.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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;SECTION 6.5. <I>Moneys Held by Trustee. </I>Subject to the provisions of Section&nbsp;10.4 hereof, all moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent required by mandatory
provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under
any liability for interest on any moneys received by it hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.6. <I>Compensation and Indemnification of Trustee and Its Prior Claim.</I>
The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall
be entitled to, such compensation as shall be agreed to in writing between the Issuer and the
Trustee (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee
and each predecessor Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by or on behalf of it in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses and disbursements of its counsel
and of all agents and other persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its negligence or bad faith. The Issuer also covenants
to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any and
all loss, liability, damage, claim or expense, including taxes (other than taxes based on the
income of the Trustee), incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of this Indenture or the trusts hereunder and its
duties hereunder, including the costs and expenses of defending itself against or investigating any
claim or liability in the premises. The obligations of the Issuer under this Section&nbsp;6.6 to
compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the
Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder and shall survive the satisfaction and discharge of this
Indenture or the resignation or removal of the Trustee. Such additional indebtedness shall be a
senior claim to that of the Securities upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the benefit of the Holders of particular Securities. When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section&nbsp;5.1 or in connection with Article&nbsp;Five hereof, the expenses (including the reasonable fees
and expenses of its counsel) and the compensation for the service in connection therewith are
intended to constitute expenses of administration under any bankruptcy law. The provisions of this
Section&nbsp;6.6 shall survive the resignation or removal of the Trustee and the termination of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.7. <I>Right of Trustee to Rely on Officers&#146; Certificate, etc.</I>
Subject to Sections&nbsp;6.1 and 6.2, whenever in the administration of the trusts of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established
prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad
faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers&#146; Certificate delivered to the Trustee, and such certificate, in the
absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken, suffered or omitted by it under the provisions of this Indenture upon the
faith thereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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;SECTION 6.8. <I>Qualification of Trustee; Conflicting Interests.</I>
This Indenture shall always have a Trustee who satisfies the requirements of Section&nbsp;310(a)(1)
of the Trust Indenture Act of 1939. The Trustee shall have a combined capital and surplus of at
least $25,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with Section 310(b) of the Trust Indenture Act of 1939 regarding
disqualification of a trustee upon acquiring a conflicting interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.9. <I>Persons Eligible for Appointment as Trustee; Different Trustees for Different
Series.</I>
The Trustee for each series of Securities hereunder shall at all times be a corporation
organized and doing business under the laws of the United States of America or of any state thereof
or the District of Columbia having a combined capital and surplus of at least $25,000,000, and
which is authorized under such laws to exercise corporate trust powers and is subject to
supervision or examination by federal, state or District of Columbia authority, or a corporation or
other Person permitted to act as trustee by the Commission. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section&nbsp;6.9, the combined capital and surplus
of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. No obligor upon the Securities or any Affiliate of such
obligor shall serve as trustee upon the Securities. In case at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section&nbsp;6.9, the Trustee shall resign
immediately in the manner and with the effect specified in Section&nbsp;6.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A different Trustee may be appointed by the Issuer for each series of Securities prior to the
issuance of such Securities. If the initial Trustee for any series of Securities is to be a
trustee other than Wilmington Trust Company, the Issuer and such Trustee shall, prior to the
issuance of such Securities, execute and deliver an indenture supplemental hereto, which shall
provide for the appointment of such Trustee as Trustee for the Securities of such series and shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <I>Resignation and Removal; Appointment of Successor Trustee.</I>
(a)&nbsp;The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with
respect to one or more or all series of Securities by giving written notice of resignation to the
Issuer. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor
trustee or trustees with respect to the applicable series by written instrument
in duplicate, executed by authority of the Board of Directors, one copy of which instrument
shall be delivered to the resigning trustee and one copy to the successor trustee or trustees. If
no successor trustee shall have been so appointed with respect to any series of Securities and have
accepted appointment within 30&nbsp;days after the mailing of such notice of resignation, the resigning
trustee may petition any court of competent jurisdiction for the appointment of a successor
trustee, or any Securityholder who has been a bona fide Holder of a Security or Securities of the
applicable series for at least six months may, subject to the provisions of Section&nbsp;5.9, on behalf
of himself and all others similarly situated, petition any such court for the appointment of a
successor
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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">trustee. Such court may thereupon, after such notice, if any, as it may deem proper and
prescribe, appoint a successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case at any time any of the following shall occur:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall fail to comply with the provisions of Section&nbsp;6.8 with respect to
any series of Securities after written request therefor by the Issuer or by any
Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section&nbsp;6.9 and shall fail to resign after written request therefor by the Issuer or by any
such Securityholder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the
Trustee or of its property shall be appointed, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of
Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Article
Five, any Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months may on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee with respect to such series. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Holders of a majority in aggregate principal amount of the Securities of each series
then Outstanding may at any time remove the Trustee with respect to Securities of such series and
appoint a successor trustee with respect to the Securities of such series by delivering to the
Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence provided
for in Section&nbsp;7.1 of the action in that regard taken by the Securityholders. If no successor
trustee shall have been so appointed with respect to any series and have accepted appointment
within 30&nbsp;days after the delivery of such evidence of removal, the Trustee may petition any court
of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has
been a <I>bona fide </I>Holder of a Security or Securities of the applicable series for at least six
months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself
and all others similarly situated, petition any such court for the appointment of a successor
trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe,
appoint a successor trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any resignation or removal of the Trustee with respect to any series of Securities and any
appointment of a successor trustee with respect to such series pursuant to any of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /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">provisions of
this Section&nbsp;6.10 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section&nbsp;6.11.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11. <I>Acceptance of Appointment by Successor Trustee.</I>
Any successor trustee appointed as provided in Section&nbsp;6.10 shall execute and deliver to the
Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee with respect to all or any
applicable series shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all rights, powers, duties and obligations with respect to
such series of its predecessor hereunder, with like effect as if originally named as trustee for
such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor
trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to
Section&nbsp;10.4, pay over to the successor trustee all moneys at the time held by it hereunder and
shall execute and deliver an instrument transferring to such successor trustee all such rights,
powers, duties and obligations. Upon request of any such successor trustee, the Issuer shall
execute any and all instruments in writing for more fully and certainly vesting in and confirming
to such successor trustee all such rights and powers. Any trustee ceasing to act shall,
nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to
secure any amounts then due it pursuant to the provisions of Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor trustee is appointed with respect to the Securities of one or more (but not
all) series, the Issuer, the predecessor Trustee and each successor trustee with respect to the
Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of
any series as to which the predecessor Trustee is not retiring shall continue to be vested in the
predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust
or trusts under separate indentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor trustee with respect to any series of Securities shall accept appointment as
provided in this Section&nbsp;6.11 unless at the time of such acceptance such successor trustee shall be
qualified under the provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon acceptance of appointment by any successor trustee as provided in this Section&nbsp;6.11, the
Issuer shall give notice thereof to the Holders of Securities of each series affected, by mailing
such notice to such Holders at their addresses as they shall appear on the Securities register. If
the Issuer fails to give such notice within ten days after acceptance of appointment by
the successor trustee, the successor trustee shall cause such notice to be given at the
expense of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.12. <I>Merger, Conversion, Consolidation or Succession to Business of Trustee.</I>
Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /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">the
corporate trust business of the Trustee (including the trust created by this Indenture), shall be
the successor of the Trustee hereunder, <I>provided </I>that such corporation shall be qualified under the
provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture and any of the Securities of any series shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor
Trustee and deliver such Securities so authenticated; and, in case at that time any of the
Securities of any series shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor Trustee; and in all such cases such certificate of authentication shall have the full
force as if such successor Trustee had itself authenticated such Securities; <I>provided</I>, that the
right to adopt the certificate of authentication of any predecessor Trustee or to authenticate
Securities of any series in the name of any predecessor Trustee shall apply only to its successor
or successors by merger, conversion or consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.13. <I>Preferential Collection of Claims Against the Issuer.</I>
The Trustee shall comply with Section 311(a) of the Trust Indenture Act of 1939, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture Act of 1939. A Trustee who
has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act of 1939
to the extent indicated therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.14. <I>Appointment of Authenticating Agent.</I>
As long as any Securities of a series remain Outstanding, the Trustee may, by an instrument in
writing, appoint with the approval of the Issuer an authenticating agent (the &#147;Authenticating
Agent&#148;) which shall be authorized to act on behalf of the Trustee to authenticate Securities,
including Securities issued upon exchange, registration of transfer, partial redemption or pursuant
to Section&nbsp;2.9. Securities of each such series authenticated by such Authenticating Agent shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee. Whenever reference is made in this Indenture to the authentication
and delivery of Securities of any series by the Trustee or to the Trustee&#146;s Certificate of
Authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent for such series and a Certificate of Authentication executed
on behalf of the Trustee by such Authenticating Agent. Such Authenticating Agent shall at all
times be a corporation organized and doing business under the
laws of the United States of America or of any state thereof or the District of Columbia,
authorized under such laws to exercise corporate trust powers, having a combined capital and
surplus of at least $25,000,000 (determined as provided in Section&nbsp;6.9 with respect to the Trustee)
and subject to supervision or examination by federal or state authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which any Authenticating Agent may be merged or converted, or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency business (including the authenticating agency contemplated by this Indenture) of any
Authenticating Agent, shall continue to be the Authenticating Agent with
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /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">respect to all series of
Securities for which it served as Authenticating Agent without the execution or filing of any paper
or any further act on the part of the Trustee or such Authenticating Agent. Any Authenticating
Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice
of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receiving such a notice of resignation or upon such a termination, or in case at any time
any Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section&nbsp;6.14 with respect to one or more series of Securities, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Issuer and the Issuer shall provide notice of
such appointment to all Holders of Securities of such series in the manner and to the extent
provided in Section&nbsp;11.4. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Authenticating Agent. The Issuer
agrees to pay to the Authenticating Agent for such series from time to time reasonable
compensation. The Authenticating Agent for the Securities of any series shall have no
responsibility or liability for any action taken by it as such at the direction of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;6.2, 6.3, 6.4 and 7.3 shall be applicable to any Authenticating Agent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SEVEN<BR>
CONCERNING THE SECURITYHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1. <I>Evidence of Action Taken by Securityholders.</I>
Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by a specified percentage in principal amount of
the Securityholders of any or all series may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such specified percentage of Securityholders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Sections&nbsp;6.1 and 6.2) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this Article&nbsp;Seven.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2. <I>Proof of Execution of Instruments and of Holding of Securities.</I>
Subject to Sections&nbsp;6.1 and 6.2, the execution of any instrument by a Securityholder or his
agent or proxy may be proved in the following manner:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The fact and date of the execution by any Holder of any instrument may be proved by
the certificate of any notary public or other officer of any jurisdiction authorized to take
acknowledgments of deeds or administer oaths that the person executing such instruments
acknowledged to him the execution thereof, or by an affidavit of a witness to such execution
sworn to before any such notary or other such officer. Where such execution is by or on
behalf of any legal entity other than an individual, such certificate or affidavit shall
also constitute sufficient proof of the authority of the person executing the same.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The ownership of Securities shall be proved by the Security register or by a
certificate of the Security registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3. <I>Holders to be Treated as Owners.</I>
The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the
Person in whose name any Security shall be registered upon the Security register for such series as
the absolute owner of such Security (whether or not such Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions of this Indenture,
interest, if any, on such Security and for all other purposes; and neither the Issuer nor the
Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4. <I>Securities Owned by Issuer Deemed Not Outstanding.</I>
In determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have concurred in any direction, consent or waiver under this
Indenture, Securities which are owned by the Issuer or any other obligor on the Securities with
respect to which such determination is being made or by any Affiliate of the Issuer or any other
obligor on the Securities with respect to which such determination is being made shall be
disregarded and deemed not to be Outstanding for the purpose of any such determination, except that
for the purpose of determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver only Securities which a Responsible Officer of the Trustee knows are
so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s
right so to act with respect to such Securities and that the pledgee is not the Issuer or any other
obligor upon the Securities or any Affiliate of the Issuer or any other obligor on the Securities.
In case of a dispute as to such right, the advice of counsel shall be full protection in respect of
any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the
Issuer shall furnish to the Trustee promptly an Officers&#146; Certificate listing and identifying all
Securities, if any, known by the Issuer to be owned or held by or for the account of any of the
above-described Persons; and, subject to Sections&nbsp;6.1 and 6.2, the Trustee shall be entitled to
accept such Officers&#146; Certificate as conclusive evidence of the facts therein set forth and of the
fact that all Securities not listed therein are Outstanding for the purpose of any such
determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5. <I>Right of Revocation of Action Taken.</I>
At any time prior to (but not after) the evidencing to the Trustee, as provided in Section
7.1, of the taking of any action by the Holders of the percentage in aggregate principal amount of
the Securities of any or all series, as the case may be, specified in this Indenture in connection
with such action, any Holder of a Security the serial number of which is shown by the evidence to
be included among the serial numbers of the Securities the Holders of which have consented to such
action may, by filing written notice at the Corporate Trust Office and upon proof of holding as
provided in this Article&nbsp;Seven, revoke such action so far as concerns such Security <I>provided </I>that
such revocation shall not become effective until three Business Days after such filing. Except as
aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon
such Holder and upon all future Holders and owners of such Security and of any Securities issued in
exchange or substitution therefor or on registration of transfer thereof, irrespective of whether
or not any notation in regard thereto is made upon any such Security. Any action taken by the
Holders of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /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">the percentage in aggregate principal amount of the Securities of any or all series, as
the case may be, specified in this Indenture in connection with such action shall be conclusively
binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6. <I>Record Date for Consents and Waivers.</I>
The Issuer may, but shall not be obligated to, establish a record date for the purpose of
determining the Persons entitled to (i)&nbsp;waive any past default with respect to the Securities of
such series in accordance with Section&nbsp;5.7 of the Indenture, (ii)&nbsp;consent to any supplemental
indenture in accordance with Section&nbsp;8.2 of the Indenture or (iii)&nbsp;waive compliance with any term,
condition or provision of any covenant hereunder. If a record date is fixed, the Holders on such
record date, or their duly designated proxies, and any such Persons, shall be entitled to waive any
such past default, consent to any such supplemental indenture or waive compliance with any such
term, condition or provision, whether or not such Holder remains a Holder after such record date;
<I>provided</I>, <I>however</I>, that unless such waiver or consent is obtained from the Holders, or duly
designated proxies, of the requisite principal amount of Outstanding Securities of such series
prior to the date which is the 120th day after such record date, any such waiver or consent
previously given shall automatically and, without further action by any Holder be cancelled and of
no further effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE EIGHT<BR>
SUPPLEMENTAL INDENTURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1. <I>Supplemental Indentures Without Consent of Securityholders.</I>
The Issuer, when authorized by a Board Resolution (which resolution may provide general terms
or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order), and the Trustee may from time to
time and at any time enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act of 1939 as in force at the date of the execution
thereof) for one or more of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to evidence the succession of another Person to the Issuer or successive
successions, and the assumption by the successor Person of the covenants, agreements and
obligations of the Issuer herein and in the Securities or the Guarantees or to otherwise
evidence compliance with Article&nbsp;Nine hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to add to the covenants of the Issuer such further covenants, restrictions,
conditions or provisions for the protection of the Holders of all or any series of
Securities (and if such covenants, restrictions, conditions or provisions are to be for the
protection of less than all series of Securities, stating that the same are expressly being
included solely for the protection of such series), or to surrender any right or power
herein conferred upon the Issuer, and to make the occurrence, or the occurrence and
continuance, of a default in any such additional covenants, restrictions, conditions or
provisions an Event of Default permitting the enforcement of all or any of the several
remedies provided in this Indenture as herein set forth; <I>provided</I>, <I>however, </I>that in respect
of any such additional covenant, restriction, condition or provision such supplemental
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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; margin-left: 2%">indenture may provide for a particular period of grace after default (which period may be
shorter or longer than that allowed in the case of other defaults) or may provide for an
immediate enforcement upon such an Event of Default or may limit the remedies available to
the Trustee upon such an Event of Default or may limit the right of the Holders of a
majority in aggregate principal amount of the Securities of such series to waive such an
Event of Default;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to cure any ambiguity or to correct or supplement any provision contained herein or
in any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to establish the form or terms of Securities or the Guarantees to be endorsed
thereon of any series as permitted by Sections&nbsp;2.1 and 2.3, to provide for any Guarantees of
the Securities of any series and to confirm and evidence the termination or discharge of any
Guarantee of or mortgage, lien, pledge, charge, security interest or encumbrance securing
the Securities of a series when such release, termination or discharge is permitted by the
Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to provide for the issuance of uncertificated Securities of any series (including
Securities registrable as to principal only) in addition to or in place of certificated
Securities and to provide for exchangeability of such Securities for the Securities issued
hereunder in fully registered form and to make all appropriate changes for such purpose;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust Indenture
Act of 1939, or under any similar federal statute hereafter enacted, and to add to this
Indenture such other provisions as may be expressly permitted by the Trust Indenture Act of
1939, <I>excluding, however, </I>the provisions referred to in Section&nbsp;316(a)(2) of the Trust
Indenture Act of 1939 as in effect at the date as of which this instrument was executed or
any corresponding provision provided for in any similar federal statute hereafter enacted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to evidence and provide for the acceptance of appointment hereunder of a Trustee
other than Wilmington Trust Company as Trustee for a series of Securities and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section&nbsp;6.9 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section&nbsp;8.2 hereof, to add to or modify the provisions hereof as may be
necessary or desirable to provide for the denomination of Securities in foreign currencies
which shall not adversely affect the interests of the Holders of the Securities in any
material respect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to modify the covenants or Events of Default of the Issuer solely in respect of, or
add new covenants or Events of Default of the Issuer that apply solely to, Securities not
Outstanding on the date of such supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to evidence and provide for the acceptance of appointment hereunder by a successor
trustee with respect to the Securities of one or more series and to add to or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /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; margin-left: 2%">change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Section&nbsp;6.11;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to conform the text of this Indenture, the Securities of any series or the
Guarantees to any provision of the &#147;Description of Debt Securities&#148; section of any
prospectus or the comparable section in any applicable prospectus supplement that is used to
sell the Securities of such series to the extent that such provision was intended to be a
verbatim recitation of a provision of this Indenture, the Securities of such series sold
thereby or the Guarantees thereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to make any other change that does not adversely affect the legal rights of any
Holder of Securities of the series affected by such change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee is hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which affects the Trustee&#146;s own rights, duties or immunities under this Indenture or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities then Outstanding, notwithstanding any
of the provisions of Section&nbsp;8.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2. <I>Supplemental Indentures with Consent of Securityholders.</I>
With the consent (evidenced as provided in Article&nbsp;Seven and including written consents
obtained in connection with a tender offer or exchange offer) of the Holders of not less than a
majority in aggregate principal amount of the Securities then Outstanding of any series affected
thereby, the Issuer, when authorized by a Board Resolution (which resolution may provide general
terms or parameters for such action and may provide that the specific terms of
such action may be determined in accordance with or pursuant to an Issuer Order), and the
Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act of 1939 as in force at the
date of execution thereof) for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Indenture or of any supplemental indenture or of
modifying in any manner the rights of the Holders of the Securities of such series or waiving
future compliance with any provision of the Indenture or the Securities (other than a continuing
default or Event of Default in the payment of principal of or interest on Securities, which shall
require the consent of the Holders of each Security so affected); <I>provided</I>, that no such
supplemental indenture or waiver shall (a)&nbsp;change the stated final maturity of the principal of any
Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment
of interest (including default interest), if any, thereon (or, in the case of an Original Issue
Discount Security, reduce the rate of accretion of original issue discount thereon), or reduce or
alter the method of computation of any amount payable on redemption, repayment or purchase by the
Issuer thereof (or the time at which any such redemption, repayment or purchase may be made), or
make the principal thereof (including any amount in respect of original issue discount), or
interest, if any, thereon
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /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">payable in any coin or currency other than that provided in the
Securities or in accordance with the terms of the Securities, or reduce the amount of the principal
of an Original Issue Discount Security that would be due and payable upon an acceleration of the
maturity thereof pursuant to Section&nbsp;5.1 or the amount thereof provable in bankruptcy pursuant to
Section&nbsp;5.2, make any change to Sections&nbsp;5.4 or 5.7, or impair or affect the right of any
Securityholder to institute suit for the payment thereof or, if the Securities provide therefor,
any right of repayment or purchase at the option of the Securityholder, in each case without the
consent of the Holder of each Security so affected or modify the ranking or priority of the
Securities or the Guarantees issued hereunder, or (b)&nbsp;reduce the aforesaid percentage of Securities
of any series, the consent of the Holders of which is required for any such supplemental indenture,
without the consent of the Holders of each Security so affected. No consent of any Holder of any
Security shall be necessary under this Section&nbsp;8.2 to permit the Trustee and the Issuer to execute
supplemental indentures pursuant to Sections&nbsp;8.1 and 9.2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture which changes or eliminates any covenant, Event of Default or other
provision of this Indenture which has expressly been included solely for the benefit of one or more
particular series of Securities, or which modifies the rights of Holders of Securities of such
series, with respect to such covenant or provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors (which resolution may provide general terms or parameters for such action and may provide
that the specific terms of such action may be determined in accordance with or pursuant to an
Issuer Order) certified by the secretary or an assistant secretary of the Issuer authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of the Holders of the Securities as aforesaid and other documents, if any, required by
Section&nbsp;7.1, the Trustee shall join with the Issuer in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee&#146;s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may at its discretion, but shall not be
obligated to, enter into such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Securityholders under this Section&nbsp;8.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section&nbsp;8.2, the Issuer (or the Trustee at the request and
expense of the Issuer) shall give notice thereof to the Holders of then Outstanding Securities of
each series affected thereby, as provided in Section&nbsp;11.4. Any failure of the Issuer to give such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.3. <I>Effect of Supplemental Indenture.</I>
Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Issuer, the Guarantors and the Holders of Securities of each series affected
thereby shall
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /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">thereafter be determined, exercised and enforced hereunder subject in all respects to
such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture for
any and all purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4. <I>Documents to Be Given to Trustee.</I>
The Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, shall be entitled to receive
an Officers&#146; Certificate and an Opinion of Counsel as provided in Section&nbsp;11.5 as conclusive
evidence that any supplemental indenture executed pursuant to this Article&nbsp;Eight complies with the
applicable provisions of this Indenture and that all conditions precedent to the execution and
delivery of such supplemental indenture have been satisfied. An Opinion of Counsel pursuant to
this Section&nbsp;8.4 shall also include (a)&nbsp;an opinion that any such supplemental indenture has been
duly authorized, executed and delivered and constitutes the valid and legally binding obligation of
the Issuer and the Guarantors party thereto, if any, enforceable in accordance with its terms and
(b)&nbsp;in the case of 8.1(m) an opinion that such supplemental indenture does not adversely affect the
legal rights of any Holder of Securities of the series affected by such change. In rendering such
opinion, such counsel may qualify any opinions as to enforceability by stating that such
enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
liquidation, moratorium and other similar laws relating to or affecting the rights and remedies of
creditors and is subject to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.5. <I>Notation on Securities in Respect of Supplemental Indentures.</I>
Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article&nbsp;Eight may bear a notation in form approved by
the Trustee for such series as to any matter provided for by such supplemental indenture or as to
any action taken by Securityholders. If the Issuer or the Trustee shall so determine, new
Securities of any series so modified as to conform, in the opinion of the Trustee
and the Issuer, to any modification of this Indenture contained in any such supplemental
indenture may be prepared and executed by the Issuer, and such Securities may be authenticated by
the Trustee and delivered in exchange for the Securities of such series then Outstanding.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE NINE<BR>
CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER<BR>
DISPOSITION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1. <I>Consolidation Permitted, etc., on Certain Terms.</I>
Subject to the provisions of Section&nbsp;9.2, nothing contained in this Indenture or in any of the
Securities shall prevent any consolidation or merger of the Issuer with or into any other Person or
Persons (whether or not affiliated with the Issuer), or successive consolidations or mergers in
which the Issuer or its successor or successors shall be a party or parties, or shall prevent any
sale, lease, exchange or other disposition of all or substantially all the property and assets of
the Issuer to any other Person (whether or not affiliated with the Issuer) authorized to acquire
and operate the same; <I>provided</I>, <I>however</I>, and the Issuer hereby covenants and agrees, that any such
consolidation, merger, sale, lease, exchange or other disposition shall be upon the conditions that
(a)&nbsp;immediately after giving effect to such consolidation, merger, sale, lease, exchange or other
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /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">disposition of the Person (whether the Issuer or such other Person) formed by or surviving any such
consolidation or merger, or to which such sale, lease, exchange or other disposition shall have
been made, no Event of Default, and no event which after notice or lapse of time or both, would
become an Event of Default, shall have occurred and be continuing; (b)&nbsp;the Person (if other than
the Issuer) formed by or surviving any such consolidation or merger, or to which such sale, lease,
exchange or other disposition shall have been made, shall be a corporation or partnership organized
under the laws of the United States of America, any state thereof or the District of Columbia; and
(c)&nbsp;the due and punctual payment of the principal of, premium, if any, and interest, if any, on all
the Securities, according to their tenor, and the due and punctual performance and observance of
all of the covenants and conditions of this Indenture to be performed by the Issuer, shall be
expressly assumed, by supplemental indenture satisfactory in form to the Trustee executed and
delivered to the Trustee, by the Person (if other than the Issuer) formed by such consolidation, or
into which the Issuer shall have been merged, or by the Person which shall have acquired or leased
such property.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.2. <I>Successor Corporation to be Substituted.</I>
In case of any such consolidation or merger or any sale, conveyance or lease of all or
substantially all of the property of the Issuer and upon the assumption by the successor Person, by
supplemental indenture executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the due and punctual payment of the principal of, premium, if any, and interest, if
any, on all of the Securities and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Issuer, such successor Person shall succeed to
and be substituted for the Issuer, with the same effect as if it had been named herein as the party
of the first part, and the Issuer (including any intervening successor to the Issuer which shall
have become the obligor hereunder) shall be relieved of any further obligation under this Indenture
and the Securities; <I>provided</I>, <I>however</I>, that in the case of a sale, lease, exchange or other
disposition of the property and assets of the Issuer (including any such intervening successor),
the Issuer (including any such intervening successor) shall continue to be liable on its
obligations under this Indenture and the Securities to the extent, but only to the extent, of
liability to pay the principal of, premium, if any, and interest, if any, on the Securities at the
time, places and rate prescribed in this Indenture and the Securities. Such successor Person
thereupon may cause to be signed, and may issue either in its own name or in the name of the
Issuer, any or all of the Securities issuable hereunder which theretofore shall not have been
signed by the Issuer and delivered to the Trustee; and, upon the order of such successor Person
instead of the Issuer and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall
have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and
any Securities which such successor Person thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All the Securities so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities had been issued at the
date of the execution hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any such consolidation or merger or any sale, lease, exchange or other disposition
of all or substantially all of the property and assets of the Issuer, such changes in phraseology
and form (but not in substance) may be made in the Securities, thereafter to be issued, as may be
appropriate.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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;SECTION 9.3. <I>Opinion of Counsel to be Given Trustee.</I>
The Trustee, subject to Sections&nbsp;6.1 and 6.2, shall receive an Officers&#146; Certificate and
Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, lease,
exchange or other disposition and any such assumption complies with the provisions of this Article
Nine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TEN<BR>
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.1. <I>Applicability of Article.</I>
Unless specified otherwise pursuant to Section&nbsp;2.3 for Securities of a series, this Article
shall apply to each series of Securities issued under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.2. <I>Legal Defeasance and Discharge.</I>
The Issuer shall, subject to the satisfaction of the conditions set forth in Section&nbsp;10.4
hereof, be deemed to have been discharged from its obligations with respect to the Outstanding
Securities of any series on the date the conditions set forth below are satisfied with respect to
such series (hereinafter, &#147;Legal Defeasance&#148;). For this purpose, Legal Defeasance means that the
Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the
Outstanding Securities of any series, which shall thereafter be deemed to be Outstanding only for
the purposes of Section&nbsp;10.5 hereof and the other Sections of this Indenture referred to in clauses
(a)&nbsp;and (b)&nbsp;below, and to have satisfied all of its obligations under such Securities and this
Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments delivered to it by the Issuer acknowledging the same), except of the following
provisions which shall survive until otherwise terminated or discharged hereunder;
(a)&nbsp;the rights of Holder of Outstanding Securities of such series to receive payments in
respect of the principal of, premium, if any, and interest on such Securities when such payments
are due from the trust referred to below; (b)&nbsp;the Issuer&#146;s obligations with respect to the
Securities concerning mutilated, destroyed, lost or stolen Securities and the maintenance of an
office or agency for payment and money for security payments held in trust; (c)&nbsp;the rights, powers,
trusts, duties and immunities of the Trustee, and the Issuer&#146;s obligations in connection therewith;
and (d)&nbsp;the Legal Defeasance provisions of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.3. <I>Covenant Defeasance.</I>
The Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth
in Section&nbsp;10.4 hereof, be released from their obligations under the covenants contained in Article
Nine (other than Section&nbsp;9.1(c)) and, to the extent described in the applicable supplemental
indenture, with respect to the covenants of any series of Securities, on and after the date that
the conditions set forth in Section&nbsp;10.4 are satisfied with respect to such series (hereinafter,
&#147;Covenant Defeasance&#148;), and the Securities of such series shall thereafter be deemed not
Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be
deemed Outstanding for all other purposes hereunder (it being understood that such Securities shall
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the Outstanding Securities of any series, the Issuer may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /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">
covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a default or an Event of Default
under Section&nbsp;5.1 hereof, but, except as specified above, the remainder of this Indenture and such
Securities shall be unaffected thereby. Subject to the satisfaction of the conditions set forth in
Section&nbsp;10.4 hereof, Sections&nbsp;5.1(d), 5.1(e), 5.1(f) and 5.1(g) hereof shall not constitute Events
of Default or defaults hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.4. <I>Conditions to Legal o</I>r <I>Covenant Defeasance.</I>
The following shall be the conditions to the application of either Section&nbsp;10.2 or 10.3 hereof
to the Outstanding Securities of any series:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to exercise either Legal Defeasance or Covenant Defeasance:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Issuer must irrevocably deposit, or cause to be deposited, with the Trustee, in trust,
for the benefit of the Holders of the Securities of a particular series, cash in U.S. dollars, U.S.
Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the
opinion of a nationally recognized firm of independent public accountants, to pay, without
reinvestment, the principal of, premium, if any, and interest on the Outstanding Securities of such
series on the stated maturity thereof or on the applicable redemption date, as the case may be, and
the Issuer must specify whether the Securities are being defeased to maturity or to a particular
redemption date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in the case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Issuer has received from, or
there has been published by, the Internal Revenue Service a ruling, or there has been a change
in the applicable United States federal income tax law after the date of this Indenture, in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders
of the Outstanding Securities of such series will not recognize income, gain or loss for United
States federal income tax purposes as a result of such Legal Defeasance, and will be subject to
United States federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;in the case of Covenant Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Holders of the Outstanding
Securities of such series will not recognize income, gain or loss for United States federal income
tax purposes as a result of such Covenant Defeasance, and such Holders will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;no default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a default or Event of Default resulting from the borrowing of funds to be
applied to such deposit) or insofar as Events of Default from bankruptcy or insolvency events are
concerned, at any time in the period ending on the 91st day after the date of deposit;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than the Indenture) to
which the Issuer or any of its Restricted Subsidiaries is a party or by which the issuer or any of
its Restricted Subsidiaries is bound;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /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;(f)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate stating that the deposit
was not made by the Issuer with the intent of preferring the Holders of the Securities over other
creditors of the Issuer, or with the intent of defeating, hindering, delaying or defrauding
creditors of the Issuer or others;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate and an opinion of Counsel
in the United States reasonably acceptable to the Trustee, each stating that the conditions
precedent provided for or relating to Legal Defeasance or Covenant Defeasance, as applicable, in
the case of the Officers&#146; Certificate, in clauses (a)&nbsp;through (f)&nbsp;and, in the case of the opinion
of Counsel, in clauses (b)&nbsp;and (c)&nbsp;of this paragraph, have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.5. <I>Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions.</I>
Subject to Section&nbsp;10.6 hereof, all money and U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively, and solely
for purposes of this Section&nbsp;10.5, the &#147;Trustee&#148;) pursuant to Section&nbsp;10.4 hereof in respect of the
Outstanding Securities of any series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any paying agent (including the Issuer acting as paying agent) as the Trustee
may determine, to the Holders of such Securities of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be segregated from
other funds except to the extent required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section&nbsp;10.4 hereof in respect of any series of Securities or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the Outstanding Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article&nbsp;Ten to the contrary notwithstanding, the Trustee shall deliver or pay
to the Issuer from time to time upon the request of the Issuer any money or non-callable U.S.
Government Obligations held by it as provided in Section&nbsp;10.4 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section&nbsp;10.4(a) hereof),
are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.6. <I>Repayment to Issuer.</I>
Any money deposited with the Trustee or any paying agent, or then held by the Issuer, in trust
for the payment of the principal of, premium or interest on any Security and remaining unclaimed
for two years after such principal, and premium, if any, or interest has become due and payable
shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured creditor, look only
to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with
respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon
cease; <I>provided</I>, <I>however</I>, that the Trustee or such paying agent, before being required to make any
such repayment, may at the expense of the Issuer cause to be published once, in the New York Times
and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /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">
specified therein, which shall not be less than 30&nbsp;days from the date of such
notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.7. <I>Reinstatement.</I>
If the Trustee or paying agent is unable to apply any money or non-callable U.S. Government
Obligations in accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuer&#146;s obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;10.2 or 10.3
hereof until such time as the Trustee or paying agent is permitted to apply all such money in
accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be; <I>provided</I>, <I>however</I>, that, if the
Issuer makes any payment of principal of, premium, if any, or interest on any Security following
the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders
of such Securities to receive such payment from the money held by the Trustee or paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.8. <I>Survival.</I>
The Trustee&#146;s rights under this Article&nbsp;Ten shall survive termination of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.9. <I>Satisfaction and Discharge of Indenture.</I>
If at any time (a)(i) the Issuer shall have paid or caused to be paid the principal of,
premium, if any, and interest, if any, on all the Securities Outstanding of any series (other than
Securities which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section&nbsp;2.9) as and when the same shall have become due and payable, or (ii)&nbsp;the Issuer
shall have delivered to the Trustee for cancellation all Securities of any series theretofore
authenticated (other than Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section&nbsp;2.9), or (b)(i) the Securities of any series mature within
one year, or all of them are to be called for redemption within one year under arrangements
satisfactory to the Trustee for giving the notice of redemption, (ii)&nbsp;the Issuer irrevocably
deposits in trust with the Trustee, as trust funds solely for the benefit of the Holders, money or
U.S. Government Obligations or a combination thereof sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certificate delivered to
the Trustee, without consideration of any reinvestment, to pay principal of and premium and
interest on the Securities to maturity or redemption, as the case may be, and to pay all other sums
payable by it hereunder, (iii)&nbsp;no Event of Default has occurred and is continuing on the date of
the deposit, (iv)&nbsp;the deposit will not result in a breach or violation of, or constitute a default
under, the Indenture or any other agreement or instrument to which the Issuer is a party or by
which it is bound, and (v)&nbsp;the Issuer delivers to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating
to the satisfaction and discharge of the Indenture have been complied with; and if, in any such
case, the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer
(including all amounts, payable to the Trustee pursuant to Section&nbsp;6.6), then, (x)&nbsp;after satisfying
the conditions in clause (a), only the Issuer&#146;s obligations under Sections&nbsp;6.6 and 10.5, as
applicable, will survive or (y)&nbsp;after satisfying the conditions in clause (b), only the Issuer&#146;s or
obligations in Article&nbsp;Two and Sections&nbsp;3.1, 3.2, 6.6, 6.10, 10.5, 10.6 and 10.7 will survive, and,
in either case, the Trustee, on demand of the Issuer accompanied by an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the satisfaction and
discharge contemplated by this provision have been complied with, and at the cost and expense of
the Issuer, shall execute proper
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /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">instruments acknowledging such satisfaction and discharging of
this Indenture. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred, and to compensate the Trustee for any services thereafter
reasonably and properly rendered, by the Trustee in connection with this Indenture or the
Securities.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ELEVEN<BR>
MISCELLANEOUS PROVISIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.1. <I>Partners, Incorporators, Stockholders, Officers and Directors of Issuer Exempt
from Individual Liability.</I>
No recourse under or upon any obligation, covenant or agreement contained in this Indenture,
or in any Security, or because of any indebtedness evidenced thereby, shall be had against any
incorporator, as such or against any past, present or future stockholder, officer, director or
employee, as such, of the Issuer or the Guarantors or any partner of the Issuer or the Guarantors
or of any successor, either directly or through the Issuer or the Guarantors or any successor,
under any rule of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance of the Securities by the Holders thereof and as
part of the consideration for the issue of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.2. <I>Provisions of Indenture for the Sole Benefit of Parties and Holders of
Securities.</I>
Nothing in this Indenture or in the Securities, expressed or implied, shall give or be
construed to give to any Person, other than the parties hereto and their successors and the Holders
of the Securities, any legal or equitable right, remedy or claim under this Indenture or under any
covenant or provision herein contained, all such covenants and provisions being for the sole
benefit of the parties hereto and their successors and of the Holders of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.3. <I>Successors and Assigns of Issuer Bound by Indenture.</I>
All the covenants, stipulations, promises and agreements in this Indenture contained by or on
behalf of the Issuer shall bind its successors and assigns, whether so expressed or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.4. <I>Notices and Demands on Issuer, Trustee and Holders of Securities.</I>
Any notice or demand which by any provision of this Indenture is required or permitted to be
given or served by the Trustee or by the Holders of Securities to or on the Issuer, or as required
pursuant to the Trust Indenture Act of 1939, may be given or served by being deposited postage
prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until
another address of the Issuer is filed by the Issuer with the Trustee) to Hovnanian Enterprises,
Inc., 110 West Front Street, P.O. Box 500, Red Bank, New Jersey 07701. Any notice, direction,
request or demand by the Issuer or any Holder of Securities to or upon the Trustee shall be deemed
to have been sufficiently given or served by being deposited postage prepaid, first-class mail
(except as otherwise specifically provided herein) addressed (until another address of the Trustee
is filed by the Trustee with the Issuer) to Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, DE 19890 &#091;specify series of Securities&#093;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice to Holders of Securities, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in
the Security register. Where this Indenture provides for notice in any manner, such notice may be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /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">waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice to the Issuer when such notice is required to be given pursuant to any
provision of this Indenture, then any manner of giving such notice as shall be reasonably
satisfactory to the Trustee shall be deemed to be sufficient notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.5. <I>Officers&#146; Certificates and Opinions of Counsel; Statements to Be Contained
Therein.</I>
Upon any application or demand by the Issuer to the Trustee to take any action under any of
the provisions of this Indenture, or as required pursuant to the Trust Indenture Act of 1939, the
Issuer shall furnish to the Trustee an Officers&#146; Certificate stating that all conditions precedent
provided for in this Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have
been complied with, except that in the case of any such application or demand as to which the
furnishing of such documents is specifically required by any provision of this Indenture relating
to such particular application or demand, no additional certificate or opinion need be furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion provided for in this Indenture (other than a certificate provided
pursuant to Section&nbsp;4.3(d)) and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Indenture shall include (a)&nbsp;a statement that the person
making such certificate or opinion has read such covenant or condition, (b)&nbsp;a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based, (c)&nbsp;a statement that, in the opinion of such
person, he has made such examination or investigation as is necessary to enable him to express an
opinion as to whether or not such covenant or condition has been complied with, and (d)&nbsp;a statement
as to whether or not, in the opinion of such person, such condition or covenant has been complied
with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of or representations by counsel, unless
such officer knows that the certificate or opinion or representations with respect to the matters
upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise of reasonable care should know that the same are erroneous. Any certificate, statement or
opinion of counsel may be based, insofar as it relates to factual matters, on information with
respect to which is in the possession of the Issuer upon the certificate, statement or opinion of
or representations by an officer or officers of the Issuer unless such counsel knows that the
certificate, statement or opinion or representations with respect to the matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based,
insofar as it relates to accounting matters, upon a certificate or opinion of or representations by
an accountant or firm of accountants in the employ of the Issuer unless such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /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">officer or counsel, as
the case may be, knows that the certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are erroneous.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of any independent firm of public accountants filed with and
directed to the Trustee shall contain a statement that such firm is independent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.6. <I>Payments Due on Saturdays, Sundays and Holidays.</I>
If the date of maturity of principal of or interest, if any, on the Securities of any series
or the date fixed for redemption, purchase or repayment of any such Security shall not be a
Business Day, then payment of interest, if any, premium, if any, or principal need not be made on
such date, but may be made on the next succeeding Business Day with the same force and effect as if
made on the date of maturity or the date fixed for redemption, purchase or repayment, and, in the
case of payment, no interest shall accrue for the period after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.7. <I>Conflict of Any Provision of Indenture with Trust Indenture Act of 1939.</I>
If and to the extent that any provision of this Indenture limits, qualifies or conflicts with
another provision included in this Indenture which is required to be included herein by any of
Sections&nbsp;310 to 317 of the Trust Indenture Act of 1939, inclusive, or is deemed applicable to this
Indenture by virtue of the provisions of the Trust Indenture Act of 1939, such required provision
shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.8. <I>GOVERNING LAW.</I>
THIS INDENTURE, EACH SECURITY AND EACH GUARANTEE SHALL BE DEEMED TO BE A CONTRACT UNDER THE
LAWS OF THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SUCH STATE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.9. <I>Counterparts.</I>
This Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.10. <I>Effect of Headings.</I>
The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11. <I>No Adverse Interpretation of Other Agreements.</I>
The Indenture may not be used to interpret another indenture or loan or debt agreement of the
Issuer or any subsidiary of the Issuer, and no such indenture or loan or debt agreement may be used
to interpret the Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWELVE<BR>
REDEMPTION OF SECURITIES AND SINKING FUNDS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.1. <I>Applicability of Article.</I>
The provisions of this Article shall be applicable to the Securities of any series which are
redeemable before their maturity or to any sinking fund for the retirement of Securities of a
series except as otherwise specified, as contemplated by Section&nbsp;2.3 for Securities of such series.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /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;SECTION 12.2. <I>Notice of Redemption; Partial Redemptions.</I>
Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or
in part at the option of the Issuer shall be given by mailing notice of such redemption by first
class mail, postage prepaid, at least 30&nbsp;days and not more than 60&nbsp;days prior to the date fixed for
redemption to such Holders of Securities of such series at their last addresses as they shall
appear in the Security register. Any notice which is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Holder receives the notice.
Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a
series designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption to each such Holder shall specify (i)&nbsp;the principal amount of each
Security of such series held by such Holder to be redeemed, (ii)&nbsp;the date fixed for redemption,
(iii)&nbsp;the redemption price, (iv)&nbsp;the place or places of payment, (v)&nbsp;the CUSIP number relating to
such Securities, (vi)&nbsp;that payment will be made upon presentation and surrender of such Securities,
(vii)&nbsp;whether such redemption is pursuant to the mandatory or optional sinking fund, or both, if
such be the case, (viii)&nbsp;whether interest, if any, (or, in the case of Original Issue Discount
Securities, original issue discount) accrued to the date fixed for redemption will be paid as
specified in such notice and (ix)&nbsp;whether on and after said date interest, if any, (or, in the case
of Original Issue Discount Securities, original issue discount) thereon or on the portions thereof
to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part
only, the notice of redemption shall state the portion of the principal amount thereof to be
redeemed and shall state that on and after the date fixed for redemption, upon surrender of such
Security, a new Security or Securities of such series in principal amount equal to the unredeemed
portion thereof will be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuer&#146;s request, by the Trustee in the name and at
the expense of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the redemption date specified in the notice of redemption given as provided in
this Section&nbsp;12.2, the Issuer will deposit with the Trustee or with one or more paying agents (or,
if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided
in Section&nbsp;3.5) an amount of money sufficient to redeem on the redemption date all the Securities
of such series so called for redemption at the appropriate redemption price, together with accrued
interest, if any, to the date fixed for redemption. The Issuer will deliver to the Trustee at
least 45&nbsp;days prior to the date fixed for redemption (unless a shorter notice period shall be
satisfactory to the Trustee) an Officers&#146; Certificate stating the aggregate principal amount of
Securities to be redeemed. In case of a redemption at the election of the Issuer prior to the
expiration of any restriction on such redemption, the Issuer shall deliver to the Trustee, prior to
the giving of any notice of redemption to Holders pursuant to this Section, an Officers&#146;
Certificate stating that such restriction has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Securities of a series are to be redeemed, the Trustee, within 10
Business Days after the Issuer gives written notice to the Trustee that such redemption is to
occur, shall select on a pro rata basis, by lot or in such manner as it shall deem, in its sole
discretion, appropriate and fair, Securities of such series to be redeemed. Notice of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /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">redemption shall be given only after such selection has been made. Securities may be redeemed
in part in denominations of $2,000 and multiples of $1,000 in excess thereof in original principal
amount of Securities, unless another minimum authorized denomination is specified for Securities of
such series, or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of
the Securities of such series selected for redemption and, in the case of any Securities of such
series selected for partial redemption, the principal amount thereof to be redeemed. For all
purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities of any series shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is
to be redeemed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.3. <I>Payment of Securities Called for Redemption.</I>
If notice of redemption has been given as provided by this Article&nbsp;Twelve, the Securities or
portions of Securities specified in such notice shall become due and payable on the date and at the
place or places stated in such notice at the applicable redemption price, together with interest,
if any accrued to the date fixed for redemption, and on and after said date (unless the Issuer
shall default in the payment of such Securities at the redemption price, together with interest, if
any, accrued to said date) interest, if any (or, in the case of Original Issue Discount Securities,
original issue discount), on the Securities or portions of Securities so called for redemption
shall cease to accrue, and such Securities shall cease from and after the date fixed for redemption
(unless an earlier date shall be specified in a Board Resolution, Officers&#146; Certificate or executed
supplemental indenture referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the form and
terms of the Securities of such series were established) except as provided in Sections&nbsp;6.5 and
10.4, to be entitled to any benefit or security under this Indenture, and the Holders thereof shall
have no right in respect of such Securities except the right to receive the redemption price
thereof and unpaid interest, if any, to the date fixed for redemption. On presentation and
surrender of such Securities at a place of payment specified in said notice, said Securities or the
specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption
price, together with interest, if any, accrued thereon to the date fixed for redemption; <I>provided</I>
that payment of interest, if any, becoming due on or prior to the date fixed for redemption shall
be payable to the Holders of Securities registered as such on the relevant record date subject to
the terms and provisions of Sections&nbsp;2.3 and 2.7 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the redemption price shall, until paid or duly provided for, bear interest from the
date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original
Issue Discount Security) borne by such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon presentation of any Security redeemed in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of
the Issuer, a new Security or Securities of such series, and of like tenor, of authorized
denominations, in principal amount equal to the unredeemed portion of the Security so presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.4. <I>Exclusion of Certain Securities from Eligibility for Selection for Redemption.</I>
Securities shall be excluded from eligibility for selection for redemption if they are
identified by registration and certificate number in an Officers&#146; Certificate delivered to the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /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">Trustee at least 45&nbsp;days prior to the last date on which notice of redemption may be given as being
owned of record and beneficially by, and not pledged or hypothecated by either (a)&nbsp;the Issuer, or
(b)&nbsp;a Person specifically identified in such written statement as an Affiliate of the Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.5. <I>Mandatory and Optional Sinking Funds.</I>
The minimum amount of any sinking fund payment provided for by the terms of the Securities of
any series is herein referred to as a &#147;mandatory sinking fund payment,&#148; and any payment in excess
of such minimum amount provided for by the terms of the Securities of any series is herein referred
to as an &#147;optional sinking fund payment.&#148; The date on which a sinking fund payment is to be made
is herein referred to as the &#147;sinking fund payment date.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In lieu of making all or any part of any mandatory sinking fund payment with respect to any
series of Securities in cash, the Issuer may at its option (a)&nbsp;deliver to the Trustee Securities of
such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the
mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the
Issuer and delivered to the Trustee for cancellation pursuant to Section&nbsp;2.10, (b)&nbsp;receive credit
for optional sinking fund payments (not previously so credited) made pursuant to this Section&nbsp;12.5,
or (c)&nbsp;receive credit for Securities of such series (not previously so credited) redeemed by the
Issuer through any optional redemption provision contained in the terms of such series. Securities
so delivered or credited shall be received or credited by the Trustee at the sinking fund
redemption price specified in such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the 60th day next preceding each sinking fund payment date for any series, the
Issuer will deliver to the Trustee an Officers&#146; Certificate (a)&nbsp;specifying the portion of the
mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied
by credit of Securities of such series and the basis for such credit, (b)&nbsp;stating that none of the
Securities of such series to be so credited has theretofore been so credited, (c)&nbsp;stating that no
defaults in the payment of interest or Events of Default with respect to such series have occurred
(which have not been waived or cured or otherwise ceased to exist) and are continuing, and (d)
stating whether or not the Issuer intends to exercise its right to make an optional sinking fund
payment with respect to such series and, if so, specifying the amount of such optional sinking fund
payment which the Issuer intends to pay on or before the next succeeding sinking fund payment date.
Any Securities of such series to be credited and required to be delivered to the Trustee in order
for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been
delivered to the Trustee shall be delivered for cancellation pursuant to Section&nbsp;2.10 to the
Trustee with such Officers&#146; Certificate (or reasonably promptly thereafter if acceptable to the
Trustee). Such Officers&#146; Certificate shall be irrevocable and upon its receipt by the Trustee the
Issuer shall become unconditionally obligated to make all the cash payments or payments therein
referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the
Issuer, on or before any such 60th day, to deliver such Officers&#146; Certificate and Securities
(subject to the parenthetical clause in the second preceding sentence) specified in this paragraph,
if any, shall not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i)&nbsp;that the mandatory sinking fund payment for such series due
on the next succeeding sinking fund payment date shall be paid entirely in cash without the
option to deliver or credit Securities of such series in respect thereof, and (ii)&nbsp;that the Issuer
will
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /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">make no optional sinking fund payment with respect to such series as provided in this Section
12.5.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000, or a lesser sum if the Issuer shall so request with
respect to the Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such series at the sinking
fund redemption price together with accrued interest, if any, to the date fixed for redemption. If
such amount shall be $50,000 or less and the Issuer makes no such request, then it shall be carried
over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner
provided in Section&nbsp;12.2, for redemption on such sinking fund payment date a sufficient principal
amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if
requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of
such series (or portions thereof) so selected. The Issuer, or the Trustee, in the name and at the
expense of the Issuer (if the Issuer shall so request the Trustee in writing) shall cause notice of
redemption of the Securities of such series to be given in substantially the manner provided in
Section&nbsp;12.2 (and with the effect provided in Section&nbsp;12.3) for the redemption of Securities of
such series in part at the option of the Issuer. The amount of any sinking fund payments not so
applied or allocated to the redemption of Securities of such series shall be added to the next cash
sinking fund payment for such series and, together with such payment, shall be applied in
accordance with the provisions of this Section&nbsp;12.5. Any and all sinking fund moneys held on the
stated maturity date of the Securities of any particular series (or earlier, if such maturity is
accelerated), which are not held for the payment or redemption of particular Securities of such
series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to
the payment of the principal of, and interest, if any, on, the Securities of such series at
maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before 9:00 A.M. on each sinking fund payment date, the Issuer shall pay to the Trustee
in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date
fixed for redemption on Securities to be redeemed on such sinking fund payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or give any notice of redemption of Securities for such series by operation of the
sinking fund during the continuance of a default in payment of interest on such Securities or of
any Event of Default with respect to such series except that, where the giving of notice of
redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to
be redeemed such Securities, <I>provided </I>that it shall have received from the Issuer a sum sufficient
for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the
time when any such default or Event of Default known to a Responsible Officer of the Trustee shall
occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such
default or Event of Default, be deemed to have been collected under Article&nbsp;Five and held for the
payment of all such Securities. In case such Event of Default shall have been waived as provided
in Section&nbsp;5.7 or the default cured on or before the 60th day preceding the sinking fund payment
date in any year, such moneys shall thereafter be applied on the next
succeeding sinking fund payment date in accordance with this Section to the redemption of such
Securities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /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">ARTICLE THIRTEEN<BR>
GUARANTEES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.1. <I>Applicability of Article.</I>
The provisions of this Article shall be applicable to each of the Guarantors specified
pursuant to Section&nbsp;2.3 for the Guarantee of Securities of a series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.2. <I>Guarantee.</I>
Each Guarantor of a particular series of Securities hereby unconditionally guarantees (each
such guarantee to be referred to herein as a &#147;Guarantee&#148;), jointly and severally with each other
Guarantor of the Securities of that series, if any, to each Holder of such Securities authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of this Indenture, such Securities or the obligations of the Issuer
hereunder or thereunder, (i)&nbsp;the due and punctual payment of the principal of and any premium or
interest on such Securities, whether at maturity or on an interest payment date, by acceleration,
pursuant to an offer to purchase such Securities or otherwise, and interest on the overdue
principal of and interest, if any, on such Securities, if lawful, and all other obligations of the
Issuer to the Holders of such Securities or the Trustee hereunder or thereunder shall be promptly
paid in full, all in accordance with the terms hereof and thereof including all amounts payable to
the Trustee under Section&nbsp;6.6 hereof, and (ii)&nbsp;in case of any extension of time of payment or
renewal of any such Securities or any of such other obligations, the same shall be promptly paid in
full when due or to be performed in accordance with the terms of the extension or renewal, whether
at stated maturity, by acceleration or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer fails to make any payment when due of any amount so guaranteed for whatever
reason, the Guarantor of the Securities of that series shall be obligated, jointly and severally
with each other Guarantor, if any, to pay the same immediately. Each Guarantor hereby agrees that
its obligations hereunder shall be continuing, absolute and unconditional, irrespective of, and
shall be unaffected by, the validity, regularity or enforceability of the Securities, this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of
the Securities or the Trustee with respect to any provisions hereof or thereof, the recovery of any
judgment against the Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of such Guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, demand of performance, filing of claims
with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, the benefit of discussion, protest, notice and all demand
whatsoever and covenants that its Guarantee shall not be discharged except by complete performance
of the obligations contained in the Securities guaranteed by such Guarantee, in this Indenture and
in this Article&nbsp;13. If any Holder of Securities of a series guaranteed hereby or the Trustee is
required by any court or otherwise to return to the Issuer or any Guarantor of such Securities, or
any custodian, trustee, liquidator or other similar official acting in relation to the Issuer or
any Guarantor, any amount paid by the Issuer or any Guarantor
of such Securities to the Trustee or such Holder, this Article&nbsp;13, to the extent theretofore
discharged with respect to any Guarantee of such Securities, shall be reinstated in full force and
effect. Each Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders of Securities of a series guaranteed hereby by such Guarantor in respect of
any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /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">obligations guaranteed hereby by such Guarantee until payment in full of all such obligations.
Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders of
Securities of a series guaranteed hereby by such Guarantor and the Trustee on the other hand, (i)
the maturity of the obligations guaranteed hereby may be accelerated as provided in Article&nbsp;Five
hereof for the purposes of such Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby and (ii)
in the event of any acceleration of such obligations as provided in Article&nbsp;Five hereof such
obligations (whether or not due and payable) shall forthwith become due and payable by such
Guarantor, jointly and severally with any other Guarantor of such Securities, for the purpose of
this Article&nbsp;Thirteen. In addition, without limiting the foregoing, upon the effectiveness of an
acceleration under Article&nbsp;Five, the Trustee may make a demand for payment on the Securities under
any Guarantee provided hereunder and not discharged.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Guarantee by a Guarantor, such Guarantor shall be subrogated to all
rights of the Holder of any Securities guaranteed hereby by such Guarantee against the Issuer in
respect of any amounts paid to such Holder by such Guarantor pursuant to the provisions of such
Guarantee; <I>provided </I>that the Guarantor shall not be entitled to enforce, or to receive any payments
arising out of or based upon, such right of subrogation until the principal of and interest on all
such Securities shall have been paid in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee set forth in this Section&nbsp;13.2 shall not be valid or become obligatory for any
purpose with respect to a Security until the certificate of authentication on such Security shall
have been signed by the Trustee or any duly appointed agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.3. <I>Obligations of the Guarantor Unconditional.</I>
Nothing contained in this Article&nbsp;Thirteen or elsewhere in this Indenture or in any Security
is intended to or shall impair, as between a Guarantor and the Holders of the Securities guaranteed
by such Guarantor&#146;s Guarantee, the obligations of such Guarantor, which are absolute and
unconditional, to pay to such Holders the principal of and interest on the Securities as and when
the same shall become due and payable in accordance with the provisions of this Guarantee or is
intended to or shall affect the relative rights of such Holders and creditors of such Guarantor,
nor shall anything herein or therein prevent the Trustee or such Holder from exercising all
remedies otherwise permitted by applicable law upon Default under this Indenture in respect of
cash, property or securities of such Guarantor received upon the exercise of any such remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of assets of a Guarantor referred to in this Article&nbsp;Thirteen, the
Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, and the Holders of the Securities
guaranteed hereby by such Guarantor shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or
other person making any distribution to the Trustee or to such Holders, for the purpose of
ascertaining the persons entitled to participate in such distribution, the holders of other
indebtedness of such Guarantor, the amount thereof or payable thereon, the amount or amounts
paid or distributed thereon and all other facts pertinent thereto or to this Article&nbsp;Thirteen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.4. <I>Article&nbsp;Thirteen Not to Prevent Events of Default.</I>
The failure to make a payment on account of principal or interest on the Securities of any
series by reason of any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /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">provision in this Article&nbsp;Thirteen shall not be construed as preventing the
occurrence of an Event of Default under Section&nbsp;5.1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.5. <I>Execution and Delivery of Guarantee.</I>
To evidence a Guarantee set forth in this Article&nbsp;Thirteen, the Guarantor hereby agrees that
the Guarantee Notation, substantially in the form of Exhibit&nbsp;A hereto, shall be endorsed on each
Security authenticated and delivered by the Trustee that is guaranteed by such Guarantee and that
this Indenture or indenture supplemental hereto shall be executed on behalf of such Guarantor by
its Chairman of the Board, its president or chief executive officer, any vice president, the chief
financial officer or the treasurer. Such signatures may be the manual or facsimile signatures of
the present or any future such officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby agrees that its Guarantee shall remain in full force and effect
notwithstanding any failure to endorse the Guarantee Notation on each such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an officer whose signature is on this Indenture or indenture supplemental hereto or on the
Securities guaranteed hereby no longer holds that office at the time the Trustee authenticates the
Security on which a notation of the Guarantee is endorsed, such Guarantee shall be valid
nevertheless.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of each Guarantee thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.6. <I>Limitation on Guarantor Liability.</I>
Notwithstanding anything to the contrary in this Article, each Guarantor, and by its
acceptance of a Security, each Holder, hereby confirms that it is the intention of all such parties
that the Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable
fraudulent conveyance provisions of the Bankruptcy Code or any comparable provision of state law.
To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree
that the obligations of each Guarantor under its Guarantee are limited to the maximum amount that
would not render the Guarantor&#146;s obligations subject to avoidance under applicable fraudulent
conveyance provisions of the Bankruptcy Code or any comparable provision of state law.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /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">SIGNATURES
</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 Indenture to be duly executed, all 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"><FONT style="FONT-variant: SMALL-CAPS">Hovnanian Enterprises, Inc.,</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">As Issuer</FONT><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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
<TD width="48%">&nbsp;</TD>
    </TR>
<TR>

<TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Wilmington
Trust Company, As Trustee</font><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD valign="top" align="left">&nbsp;</TD>
    </TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD align="left">&nbsp;</TD>
    </TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD align="left">&nbsp;</TD>
    </TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD align="left">&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="right" style="font-size: 10pt; margin-top: 12pt"><U>EXHIBIT A</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FORM OF NOTATION OF SECURITY
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">RELATING TO GUARANTEE&#093;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GUARANTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Name of Guarantor&#093; (hereinafter referred to as the &#147;Guarantor&#148;, which term includes any
successor person under the Indenture (the &#147;Indenture&#148;) referred to in the Security upon which this
notation is endorsed) (the &#147;Endorsed Security&#148;), has unconditionally guaranteed, jointly and
severally with each other Guarantor (i)&nbsp;the due and punctual payment of the principal of, premium,
if any, and interest on the Endorsed Security and all other Securities of the same series as the
Endorsed Security (the &#147;Guaranteed Securities&#148;), whether at maturity, by acceleration or otherwise,
the due and punctual payment of interest on the overdue principal of, premium, if any, and
interest, if any, on the Guaranteed Securities, to the extent lawful, and the due and punctual
performance of all other obligations of the Issuer to the Holders of Guaranteed Securities or the
Trustee all in accordance with the terms set forth in Article&nbsp;Thirteen of the Indenture and (ii)&nbsp;in
case of any extension of time of payment or renewal of any Guaranteed Securities or any of such
other obligations, that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto
in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Guarantor to the Holders of Guaranteed Securities and to the Trustee
pursuant to the Guarantee evidenced hereby and the Indenture are expressly set forth in Article
Thirteen of the Indenture and reference is hereby made to such Indenture for the terms of such
Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stockholder, officer, director, employee or incorporator, as such, past, present or future,
of the Guarantor shall have any personal liability under the Guarantee evidenced hereby by reason
of his or its status as such stockholder, officer, director, employee or incorporator. Each Holder
of a Guaranteed Security by accepting a Guaranteed Security waives and releases all such liability.
This waiver and release are part of the consideration for the issuance of the Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of a Guaranteed Security by accepting a Guaranteed Security agrees that any
Guarantor named below shall have no further liability with respect to its Guarantee if such
Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of
the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee evidenced hereby shall not be valid or obligatory for any purpose until the
certificate of authentication of the Guaranteed Securities shall have been executed by the Trustee
under the Indenture by the manual signature of one of its authorized officers.
</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">

<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">Guarantor<BR>
<BR>
&#091;NAME OF GUARANTOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&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 colspan="2" align="left">By:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Title:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</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">


<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"><U>EXHIBIT B</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;SUBSIDIARY GUARANTORS&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.12
<SEQUENCE>3
<FILENAME>y88639a1exv4w12.htm
<DESCRIPTION>EX-4.12
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w12</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;4.12</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 3pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>









<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Issuer</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUBSIDIARY GUARANTORS OF HOVNANIAN THAT BECOME PARTIES HERETO<BR>
FROM TIME TO TIME</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantors</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON TRUST COMPANY</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>as Trustee</B>
</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>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INDENTURE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated as of &#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF SENIOR SUBORDINATED INDENTURE</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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">CROSS REFERENCE SHEET<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>
</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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of Trust Indenture Act of 1939 and Indenture to be dated as of &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;
among HOVNANIAN ENTERPRISES, INC., SUBSIDIARY GUARANTORS OF HOVNANIAN that become parties hereto
from time to time and WILMINGTON TRUST COMPANY, as Trustee:
</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Section of the Act</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Section of Indenture</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(a)(1), (2)&nbsp;and (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(a)(3) and (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8 and 6.10(a), (b) and (d)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1 and 4.2(a)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(c)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(a)(i), (ii), (iii), (iv), (v), (vi) and (vii)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(a)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(b)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(b)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(c)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(d)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(c)(1) and (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(c)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(f)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315(a), (c)&nbsp;and (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.8</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not required</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(a) (last sentence)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">317(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">317(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.5(a)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">318(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.7</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">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This Cross Reference Sheet is not part of the Indenture.</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"><U><B>TABLE OF CONTENTS</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="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE One DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Two SECURITIES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forms Generally
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Trustee&#146;s Certificate of Authentication
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount Unlimited, Issuable in Series
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authentication and Delivery of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Authentication
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denomination and Date of Securities; Payments of Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration, Transfer and Exchange
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mutilated, Defaced, Destroyed, Lost and Stolen Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">18</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cancellation of Securities; Disposition Thereof
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Temporary Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CUSIP Numbers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Three COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Principal and Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offices for Notices and Payments,
etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Interest Extension
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointments to Fill Vacancies in Trustee&#146;s Office
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provision as to Paying Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Four SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Issuer to Furnish Trustee Information as to Names and Addresses of Securityholders</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preservation and Disclosure of Securityholders Lists
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Five REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities on Default; Suit Therefor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">26</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application of Moneys Collected by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Remedies Cumulative and Continuing
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&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="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Direction of Proceedings; Waiver of Defaults by Majority of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Defaults
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking to Pay Costs
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Six CONCERNING THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Duties and Responsibilities of the Trustee; During Default; Prior to Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Rights of the Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Trustee Not Responsible for Recitals, Disposition of Securities or Application of
Proceeds Thereof</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee and Agents May Hold
Securities; Collections, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moneys Held by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation and Indemnification of Trustee and Its Prior Claim
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Rely on
Officers&#146; Certificate, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">34</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Qualification of Trustee; Conflicting Interests
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">34</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Persons Eligible for Appointment as Trustee; Different Trustees for
Different Series</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">34</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Resignation and Removal; Appointment of Successor Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceptance of Appointment by Successor Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger, Conversion, Consolidation or Succession to Business of Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">37</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferential Collection of Claims Against the Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">38</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of Authenticating Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">38</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Seven CONCERNING THE SECURITYHOLDERS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evidence of Action Taken by Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proof of Execution of Instruments and of Holding of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders to be Treated as Owners
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Owned by Issuer Deemed Not Outstanding
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Revocation of Action Taken
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Record Date for Consents and Waivers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Eight SUPPLEMENTAL INDENTURES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures Without Consent of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures with Consent of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Supplemental Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Documents to Be Given to Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">44</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notation on Securities in Respect of Supplemental Indentures
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Nine CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER DISPOSITION</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&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="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidation Permitted, etc., on Certain Terms
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successor Corporation to be Substituted
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Counsel to be Given Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Ten LEGAL DEFEASANCE AND COVENANT DEFEASANCE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Defeasance and Discharge
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Covenant Defeasance
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conditions to Legal or Covenant Defeasance
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repayment to Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Satisfaction and Discharge of Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Eleven MISCELLANEOUS PROVISIONS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Partners, Incorporators, Stockholders, Officers and Directors of Issuer Exempt
from Individual Liability</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Provisions of Indenture for the Sole Benefit of Parties and Holders of Securities</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">51</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns of Issuer Bound by Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">51</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices and Demands on Issuer, Trustee and Holders of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">51</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Officers&#146; Certificates and Opinions of Counsel; Statements to Be Contained Therein</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payments Due on Saturdays, Sundays and Holidays
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conflict of Any Provision of Indenture with Trust Indenture Act of 1939
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GOVERNING LAW
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Headings
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Adverse Interpretation of Other Agreements
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Twelve REDEMPTION OF SECURITIES AND SINKING FUNDS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Redemption; Partial Redemptions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities Called for Redemption
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exclusion of Certain Securities from Eligibility for Selection for Redemption
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mandatory and Optional Sinking Funds
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Thirteen SUBORDINATION</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-<!-- /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="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Subordinated to Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Reliance on Certificate of Liquidating Agent; Further Evidence as to Ownership of Senior Indebtedness</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment Permitted If No Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">61</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disputes with Holders of Certain Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">61</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Charged with Knowledge of Prohibition
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">62</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee to Effectuate Subordination
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">62</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights of Trustee as Holder of Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">62</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article&nbsp;Applicable to Paying Agents
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">62</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Subordination Rights Not Impaired by Acts or Omissions of the Issuer or Holders of Senior Indebtedness</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">62</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Fiduciary for Holders of Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">63</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">63</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Fourteen SUBORDINATED GUARANTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">63</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">63</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">63</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee Subordinated to Senior Indebtedness of the Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Guarantors Not to Make Payments With Respect to Securities in Certain Circumstances</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:0px">Guarantee Subordinated to Prior Payment of All Senior Indebtedness of each Guarantor on Dissolution,
Winding Up, Liquidation or Reorganization of a Guarantor</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">67</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Holders to be Subrogated to Rights of Holders of Senior Indebtedness of each Guarantor</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Obligations of the Guarantor Unconditional
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">69</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:15px; text-indent:-15px">Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">69</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application by Trustee of Monies Deposited with It
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">70</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:0px; text-indent:0px">Subordination Rights Not Impaired by Acts or Omissions of a Guarantor or Holders of Senior
Indebtedness of such Guarantor</div>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">70</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders Authorize Trustee to Effectuate Subordination of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">70</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Hold Senior Indebtedness of a Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">71</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Fiduciary for Holders of Senior Indebtedness of a Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">71</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article&nbsp;Fourteen Not to Prevent Events of Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">71</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.15.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution and Delivery of Guarantee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">71</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.16.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Guarantor Liability
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.17.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officers&#146; Certificate
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-v-<!-- /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">FORM OF SENIOR SUBORDINATED INDENTURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM OF SENIOR SUBORDINATED INDENTURE, dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; among Hovnanian
Enterprises, Inc., a Delaware corporation (the &#147;Issuer&#148; or &#147;Hovnanian&#148;), Subsidiary Guarantors of
Hovnanian that become parties hereto from time to time and Wilmington Trust Company, a Delaware
banking corporation, as trustee (the &#147;Trustee&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>RECITALS</u> <u>OF</u> <u>THE</u> <u>ISSUER:</u>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the issuance from time to time of its unsecured
debentures, notes or other evidences of indebtedness to be issued in one or more series (the
&#147;Securities&#148;) up to such principal amount or amounts as may from time to time be authorized in
accordance with the terms of this Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and administration of the Securities;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been undertaken and completed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>RECITALS</u> <u>OF</u> <U>GUARANTORS</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Guarantor desires to make the Guarantees provided for herein; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid agreement of each of the
Guarantors, in accordance with its terms, have been done and the Guarantor will do all things
necessary to make the Guarantees, when executed by each of the Guarantors and endorsed on the
Securities authenticated and delivered hereunder, the valid obligations of each Guarantor as
hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS INDENTURE WITNESSETH:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ONE<BR>
DEFINITIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1. <I>Definitions.</I>
For all purposes of this Indenture and of any indenture supplemental hereto the following
terms shall have the respective meanings specified in this Section&nbsp;1.1 (except as otherwise
expressly provided herein or in any indenture supplemental hereto or unless the context otherwise
clearly requires). All other terms used in this Indenture that are defined in the Trust Indenture
Act of 1939, including terms defined therein by reference to the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), shall have the meanings assigned to such terms in said Trust Indenture Act
of 1939 and in the Securities Act as in force at the date of this Indenture (except as otherwise
expressly provided herein or in any indenture supplemental hereto or unless the context otherwise
clearly requires).
</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;All accounting terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with generally accepted accounting principles, and the term &#147;<I>generally
accepted accounting principles</I>&#148; means such accounting principles as are generally accepted in the
United States of America on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;<I>herein</I>&#148;, &#147;<I>hereof</I>&#148; and &#147;<I>hereunder</I>&#148; and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision. The
expressions &#147;<I>date of this Indenture</I>&#148;, &#147;<I>date hereof</I>&#148;, &#147;<I>date as of which this Indenture is dated</I>&#148; and
&#147;<I>date of execution and delivery of this Indenture</I>&#148; and other expressions of similar import refer to
the effective date of the original execution and delivery of this Indenture, <I>viz</I>. as of
&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified 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; and the terms &#147;<I>controlling</I>&#148; and
&#147;<I>controlled</I>&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Authenticating Agent</I>&#148; shall have the meaning set forth in Section&nbsp;6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Bankruptcy Code</I>&#148; means the United States Bankruptcy Code, 11 United States Code &#167;&#167; 101 et
seq., or any successor statute thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board of Directors</I>&#148; means the board of directors of the Issuer or any duly authorized
committee of that board or any director or directors and/or officer or officers to whom that board
or committee shall have duly delegated its authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board Resolution</I>&#148; means (1)&nbsp;one or more resolutions, certified by the secretary or an
assistant secretary of the Issuer to have been duly adopted or consented to by the Board of
Directors of the Issuer and to be in full force and effect, or (2)&nbsp;a certificate signed by the
director or directors and/or officer or officers to whom the Board of Directors or any duly
authorized committee of that Board shall have duly delegated its authority, in each case delivered
to the Trustee for the Securities of any series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Business Day</I>&#148; means, with respect to any Security, unless otherwise specified in a Board
Resolution and an Officers&#146; Certificate with respect to a particular series of Securities, a day
that (a)&nbsp;in the Place of Payment (or in any of the Places of Payment, if more than one) in which
amounts are payable, as specified in the form of such Security, and (b)&nbsp;in the city in which the
Corporate Trust Office is located, is not a day on which banking institutions are authorized or
required by law or regulation to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Commission</I>&#148; means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act or, if at any time after the execution and delivery of
</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="left" style="font-size: 10pt; margin-top: 6pt">this
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act of 1939, then the body performing such duties on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Corporate Trust Office</I>&#148; means the office of the Trustee of a series of Securities at which
the trust created by this Indenture shall, at any particular time, be principally administered,
which office is, at the date as of which this Indenture is dated, located at Rodney Square North,
1100 North Market Street, Wilmington, DE 19890.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Covenant Defeasance</I>&#148; has the meaning set forth in Section&nbsp;10.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Depositary</I>&#148; means, with respect to the Securities of any series issuable or issued in the
form of one or more Global Securities, the Person designated as Depositary by the Issuer pursuant
to Section&nbsp;2.3 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;Depositary&#148; shall mean or include each Person who is
then a Depositary hereunder, and, if at any time there is more than one such Person, &#147;Depositary&#148;
as used with respect to the Securities of any such series shall mean the Depositary with respect to
the Global Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Dollars</I>&#148; and the sign &#147;<I>$</I>&#148; means the coin and currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Eligible Guarantors</I>&#148; means each of Hovnanian&#146;s subsidiaries listed on Exhibit&nbsp;B hereto and
each other subsidiary of Hovnanian that Guarantees a series of Securities established under this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Event of Default</I>&#148; means any event or condition specified as such in Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Security</I>&#148; means a Security evidencing all or a part of a series of Securities issued
to the Depositary for such series in accordance with Section&nbsp;2.3 and bearing the legend prescribed
in Section&nbsp;2.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantee</I>&#148; has the meaning specified in Section&nbsp;14.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantor</I>&#148; has the meaning specified in Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder</I>&#148;, &#147;<I>Holder of Securities</I>&#148;, &#147;<I>Securityholder</I>&#148; or other similar terms mean, in the case of
any Security, the Person in whose name such Security is registered in the security register kept by
the Issuer for that purpose in accordance with the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Hovnanian</I>&#148; means Hovnanian Enterprises, Inc., a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; with respect to any Person means, without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;the principal of and premium, if any, and interest, if any, on indebtedness
for money borrowed of such Person, indebtedness of such Person evidenced by bonds, notes,
debentures or similar obligations, and any guaranty by such Person of
</DIV>

<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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">any indebtedness for
money borrowed or indebtedness evidenced by bonds, notes, debentures or similar obligations
of any other Person, whether any such indebtedness or guaranty is outstanding on the date of
this Indenture or is thereafter created, assumed or incurred, (ii)&nbsp;obligations of such
Person for the reimbursement of any obligor on any
letter of credit, banker&#146;s acceptance or similar credit transaction; (iii)&nbsp;the
principal of and premium, if any, and interest, if any, on indebtedness incurred, assumed or
guaranteed by such Person in connection with the acquisition by it or any of its
subsidiaries of any other businesses, properties or other assets; (iv)&nbsp;lease obligations
which such Person capitalizes in accordance with ASC Topic 840 promulgated by the Financial
Accounting Standards Board or such other generally accepted accounting principles as may be
from time to time in effect; (v)&nbsp;any indebtedness of such Person representing the balance
deferred and unpaid of the purchase price of any property or interest therein (except any
such balance that constitutes an accrued expense or trade payable) and any guaranty,
endorsement or other contingent obligation of such Person in respect of any indebtedness of
another that is outstanding on the date of this Indenture or is thereafter created, assumed
or incurred by such Person; and (vi)&nbsp;obligations of such Person under interest rate,
commodity or currency swaps, caps, collars, options and similar arrangements; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendments, modifications, refundings, renewals or extensions of any
indebtedness or obligation described as Indebtedness in clause (a)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; means this instrument as originally executed and delivered or, if amended or
supplemented as herein provided, as so amended or supplemented or both, including, for all purposes
of this instrument and any such supplement, the provisions of the Trust Indenture Act of 1939 that
are deemed to be a part of and govern this instrument and any such supplement, respectively, and
shall include the forms and terms of particular series of Securities established as contemplated
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>interest</I>&#148; means, when used with respect to non-interest bearing Securities (including,
without limitation, any Original Issue Discount Security that by its terms bears interest only
after maturity or upon default in any other payment due on such Security), interest payable after
maturity (whether at stated maturity, upon acceleration or redemption or otherwise) or after the
date, if any, on which the Issuer becomes obligated to acquire a Security, whether upon conversion,
by purchase or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer</I>&#148; means Hovnanian Enterprises, Inc., a Delaware corporation, and, subject to Article
Nine, its successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer Order</I>&#148; means a written statement, request or order of the Issuer, which is signed in
its name by the chairman of the Board of Directors, the chief financial officer, the president or
chief executive officer, any vice president or the treasurer of the Issuer, and delivered to the
Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Legal Defeasance</I>&#148; has the meaning specified in Section&nbsp;10.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officers&#146; Certificate</I>&#148; means a certificate signed by the chairman of the Board of Directors,
the president or chief executive officer, or any vice president and by the chief financial
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">officer,
the treasurer, any assistant treasurer, the controller, any assistant controller, the secretary or
any assistant secretary of the Issuer. Each such certificate shall include the statements provided
for in Section&nbsp;11.5 if and to the extent required by the provisions of such Section&nbsp;11.5. One of
the officers signing an Officers&#146; Certificate given pursuant to Section&nbsp;4.3 shall be the principal
executive, financial or accounting officer of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Opinion of Counsel</I>&#148; means an opinion in writing signed by the chief counsel of the Issuer or
by such other legal counsel who may be an employee of or counsel to the Issuer and who shall be
reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided
for in Section&nbsp;11.5, if and to the extent required by the provisions of such Section&nbsp;11.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue date</I>&#148; of any Security (or portion thereof) means the earlier of (a)&nbsp;the date
of such Security or (b)&nbsp;the date of any Security (or portion thereof) for which such Security was
issued (directly or indirectly) on registration of transfer, exchange or substitution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue discount</I>&#148; of any debt security, including any Original Issue Discount
Security, means the difference between the principal amount of such debt security and the initial
issue price of such debt security (as set forth in the case of an Original Issue Discount Security
on the face of such Security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Original Issue Discount Security</I>&#148; means any Security that provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Outstanding</I>&#148; when used with reference to Securities, shall, subject to the provisions of
Section&nbsp;7.4, mean, as of any particular time, all Securities authenticated and delivered by the
Trustee under this Indenture, except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities (other than Securities of any series as to which the provisions of
Article&nbsp;Ten hereof shall not be applicable), or portions thereof, for the payment or
redemption of which moneys or U.S. Government Obligations (as provided for in Section&nbsp;10.1)
in the necessary amount shall have been deposited in trust with the Trustee or with any
paying agent (other than the Issuer) or shall have been set aside, segregated and held in
trust by the Issuer for the Holders of such Securities (if the Issuer shall act as its own
paying agent), <I>provided </I>that, if such Securities, or portions thereof, are to be redeemed
prior to the maturity thereof, notice of such redemption shall have been given as herein
provided, or provision satisfactory to the Trustee shall have been made for giving such
notice; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities which shall have been paid or in substitution for which other Securities
shall have been authenticated and delivered pursuant to the terms of Section&nbsp;2.9 (except
with respect to any such Security as to which proof satisfactory to the Trustee is presented
that such Security is held by a Person in whose hands such Security is a legal, valid and
binding obligation of the Issuer).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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 determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall
be deemed to be Outstanding for such purposes shall be the portion of the principal amount thereof
that would be due and payable as of the date of such
determination (as certified by the Issuer to the Trustee) upon a declaration of acceleration
of the maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>paying agent&#148; </I>refers to a Person engaged to perform the obligations of the Trustee in respect
of payments made or funds held hereunder in respect of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Periodic Offering</I>&#148; means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation, the rate or rates of interest,
if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Issuer or its agents upon the issuance of such
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Person</I>&#148; means any individual, corporation, limited liability company, partnership, joint
venture, association, joint stock company, trust, estate, unincorporated organization or government
or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Place of Payment</I>&#148;, when used with respect to the Securities of any series, means the place or
places where the principal of and interest, if any, on the Securities of such series are payable as
determined in accordance with Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal</I>&#148; of a debt security, including any Security, means the amount (including, without
limitation, if and to the extent applicable, any premium and, in the case of an Original Issue
Discount Security, any accrued original issue discount, but excluding interest) that is payable
with respect to such debt security as of any date and for any purpose (including, without
limitation, in connection with any sinking fund, if any, upon any redemption at the option of the
Issuer, upon any purchase or exchange at the option of the Issuer or the holder of such debt
security and upon any acceleration of the maturity of such debt security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal amount</I>&#148; of a debt security, including any Security, means the principal amount as
set forth on the face of such debt security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>record date</I>&#148; shall have the meaning set forth in Section&nbsp;2.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Officer</I>&#148;, when used with respect to the Trustee of a series of Securities, means
any officer of the Trustee with direct responsibility for the administration of the trust created
by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer other than an Unrestricted
Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer which was an Unrestricted Subsidiary but which,
subsequent to the date hereof, is designated by the Issuer (by Board Resolution) to be a Restricted
Subsidiary; <I>provided, however</I>, that the Issuer may not designate any such Subsidiary to be a
Restricted Subsidiary if the Issuer would thereby breach any covenant or agreement
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">herein contained
(on the assumptions that any outstanding Indebtedness of such Subsidiary was incurred at the time
of such designation).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; shall have the meaning set forth in Section&nbsp;1.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Security</I>&#148; or &#147;<I>Securities</I>&#148; has the meaning stated in the first recital of this Indenture and
more particularly means any Securities authenticated and delivered under this Indenture;
<I>provided</I>, <I>however </I>that if at any time there is more than one Person acting as Trustee under
this Instrument, &#147;Securities&#148; with respect to the Indenture as to which such Person is Trustee
shall have the meaning stated in the first recital of this instrument and shall more particularly
mean Securities authenticated and delivered under this instrument, exclusive, however, of
Securities of any series as to which such Person is not Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Indebtedness of the Issuer</I>&#148; means Indebtedness of the Issuer outstanding at any
time (other than the Indebtedness evidenced by the Securities of any series) except (a)&nbsp;any
Indebtedness as to which, by the terms of the instrument creating or evidencing such Indebtedness,
it is provided that such Indebtedness is not senior or prior in right of payment to the Securities
of a series or is <I>pari passu </I>or subordinate by its terms in right of payment to such Securities,
(b)&nbsp;renewals, extensions and modifications of any such Indebtedness, (c)&nbsp;any Indebtedness of the
Issuer to a wholly-owned Subsidiary of the Issuer, (d)&nbsp;interest accruing after the filing of a
petition initiating any proceeding referred to in Sections&nbsp;5.1(e) and 5.1(f) unless such interest
is an allowed claim enforceable against the Issuer in a proceeding under federal or state
bankruptcy laws, (e)&nbsp;trade payables and (f)&nbsp;any liability for federal, state or local taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Indebtedness of each Guarantor</I>&#148; means Indebtedness of a Guarantor outstanding at any
time (other than a Guarantee) except (a)&nbsp;any Indebtedness as to which, by the terms of the
instrument creating or evidencing such Indebtedness, it is provided that such Indebtedness is not
senior or prior in right of payment to a Guarantee or is <I>pari passu </I>or subordinate by its terms in
right of payment to a Guarantee, (b)&nbsp;renewals, extensions and modifications of any such
Indebtedness, (c)&nbsp;any Indebtedness of a Guarantor to a wholly-owned Subsidiary of the Guarantor,
(d)&nbsp;interest accruing after the filing of a petition initiating any proceeding referred to in
Sections&nbsp;5.1(e) and 5.1(f) unless such interest is an allowed claim enforceable against the
Guarantor in a proceeding under federal or state bankruptcy laws, (e)&nbsp;trade payables and (f)&nbsp;any
liability for federal, state or local taxes.
<br><br style="font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Subordinated Indebtedness</I>&#148; means the Securities of a series and any other Indebtedness
of the Issuer that ranks <I>pari passu </I>with such Securities. Any Indebtedness of the Issuer that is
subordinate or junior by its terms in right of payment to any other Indebtedness of the Issuer
shall be subordinate to Senior Subordinated Indebtedness unless the instrument creating or
evidencing the same or pursuant to which the same is outstanding specifically provides that such
Indebtedness (i)&nbsp;is to rank <I>pari passu </I>with other Senior Subordinated Indebtedness and (ii)&nbsp;is not
subordinated by its terms to any Indebtedness of the Issuer which is not Senior Indebtedness.

<br><br style="font-size: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Significant Subsidiary</I>&#148; means any Subsidiary which is a &#147;significant subsidiary&#148; of the
Issuer within the meaning of Rule&nbsp;1.02(w) of Regulation&nbsp;S-K promulgated by the Commission as in
effect on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subsidiary</I>&#148; of any specified Person means any corporation, association or other business
entity of which such Person, or such Person and one or more Subsidiaries of such Person, or any one
or more Subsidiaries of such Person, directly or indirectly own voting securities entitling any one
or more of such Persons and its Subsidiaries to elect a majority of the directors or other persons
performing such functions, either at all times or, so long as there is no default or contingency
which permits the holders of any other class or classes of securities to vote for the election of
one or more directors or other persons performing such functions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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;&#147;<I>Trust Indenture Act of 1939</I>&#148; (except as otherwise provided in Sections&nbsp;8.1 and 8.2) means the
Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at
the date as of which this Indenture is originally executed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustee</I>&#148; means the Person identified as &#147;Trustee&#148; in the first paragraph hereof and, subject
to the provisions of Article&nbsp;Six, shall also include any successor trustee. &#147;Trustee&#148; shall also
mean or include each Person who is then a trustee hereunder and, if at any time there is more than
one such Person, &#147;Trustee&#148; as used with respect to the Securities of any series shall mean the
trustee with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unrestricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer acquired or organized after
the date hereof, <I>provided, however</I>, that such Subsidiary shall not be a successor, directly or
indirectly, to any Restricted Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer substantially all
the assets of which consist of stock or other securities of a Subsidiary or Subsidiaries of the
character described in clause (a)&nbsp;of this paragraph, unless and until such Subsidiary shall have
been designated to be a Restricted Subsidiary pursuant to clause (b)&nbsp;of the definition of
&#147;<I>Restricted Subsidiary</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Government Obligations</I>&#148; means non-callable, non-payable bonds, notes, bills or other
similar obligations issued or guaranteed by the United States government or any agency thereof the
full and timely payment of which are backed by the full faith and credit of the United States of
America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>vice president,</I>&#148; when used with respect to the Issuer or the Trustee, means any vice
president, regardless of whether designated by a number or a word or words added before or after
the title &#147;vice president.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Yield to Maturity</I>&#148; means the yield to maturity on a series of Securities, calculated at the
time of issuance of such series, or, if applicable, at the most recent redetermination of interest
on such series, and calculated in accordance with generally accepted financial practice or as
otherwise provided in the terms of such series of Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWO<BR>
SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <I>Forms Generally.</I>
The Securities of each series shall be substantially in such form (not inconsistent with this
Indenture) as shall be established by or pursuant to one or more Board Resolutions (as set forth in
a Board Resolution or, to the extent established pursuant to rather than set forth in a Board
Resolution, an Officers&#146; Certificate detailing such establishment) or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have imprinted or
otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the
provisions of this Indenture, as may be required to comply with any law or with any rules or
regulations pursuant thereto, or with any rules of any securities exchange or to conform to general
usage, all as may be determined by the officers executing such Securities, as evidenced by their
execution of such Securities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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 definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such Securities
as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <I>Form of Trustee&#146;s Certificate of Authentication.</I>
The Trustee&#146;s certificate of authentication on all Securities shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, as Trustee<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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time there shall be an Authenticating Agent appointed with respect to any series of
Securities, then the Securities of such series shall bear, in addition to the Trustee&#146;s certificate
of authentication, an alternate Certificate of Authentication which shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, as Trustee<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 colspan="2" align="left">as Authenticating Agent&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3. <I>Amount Unlimited, Issuable in Series.</I>
The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities may be issued in one or more series and the Securities of each such series
shall rank equally and <I>pari passu </I>with the Securities of each other series, but all Securities
issued hereunder shall be subordinate and junior in right of payment, to the extent and in the
manner set forth in Article&nbsp;Thirteen or the applicable Board Resolution, Officers&#146; Certificate or
supplemental indenture referred to below and relating to such Securities, to all Senior
Indebtedness of the Issuer. There shall be established in or pursuant to one or more Board
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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">Resolutions (and, to the extent established pursuant to rather than set forth in a Board
Resolution,
in an Officers&#146; Certificate detailing such establishment) or established in one or more
indentures supplemental hereto, prior to the initial issuance of Securities of any series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the designation of the Securities of the series, which shall distinguish the
Securities of such series from the Securities of all other series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any limit upon the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section&nbsp;2.8, 2.9, 2.11, 8.5 or 12.3);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the date or dates on which the principal of the Securities of the series is
payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the rate or rates at which the Securities of the series shall bear interest, if
any, the date or dates from which any such interest shall accrue, on which any such interest
shall be payable and on which a record shall be taken for the determination of Holders to
whom any such interest is payable or the method by which such rate or rates or date or dates
shall be determined or both;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the place or places where and the manner in which the principal of, premium, if
any, and interest, if any, on Securities of the series shall be payable (if other than as
provided in Section&nbsp;3.2) and the office or agency for the Securities of the series
maintained by the Issuer pursuant to Section&nbsp;3.2;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the right, if any, of the Issuer to redeem, purchase or repay Securities of the
series, in whole or in part, at its option and the period or periods within which, the price
or prices (or the method by which such price or prices shall be determined or both) at
which, the form or method of payment therefor if other than in cash and any terms and
conditions upon which and the manner in which (if different from the provisions of Article
Twelve) Securities of the series may be so redeemed, purchased or repaid, in whole or in
part, pursuant to any sinking fund or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of
the series in whole or in part pursuant to any mandatory redemption, sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within
which the price or prices (or the method by which such price or prices shall be determined
or both) at which, the form or method of payment therefor if other than in cash and any
terms and conditions upon which and the manner in which (if different from the provisions of
Article&nbsp;Twelve) Securities of the series shall be redeemed, purchased or repaid, in whole or
in part, pursuant to such obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if other than denominations of $2,000 and integral multiples of $1,000 in excess
thereof, the denominations in which Securities of the series shall be issuable;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon acceleration of the maturity thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) whether Securities of the series will be issuable as Global Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series) only upon
receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any trustees, depositaries, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) any deleted, modified or additional events of default or remedies or any deleted,
modified or additional covenants with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) whether the provisions of Article&nbsp;Ten will not be applicable to Securities of such
series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any provision relating to the issuance of Securities of such series at an original
issue discount (including, without limitation, the issue price thereof, the rate or rates at
which such original issue discount shall accrete, if any, and the date or dates from or to
which or period or periods during which such original issue discount shall accrete at such
rate or rates);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) if other than Dollars, the foreign currency in which payment of the principal of,
premium, if any, and interest, if any, on the Securities of such series shall be payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) if other than Wilmington Trust Company is to act as Trustee for the Securities of
such series, the name and Corporate Trust Office of such Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) if the amounts of payments of principal of, premium, if any, and interest, if any,
on the Securities of such series are to be determined with reference to an index, the manner
in which such amounts shall be determined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) the terms for conversion or exchange, if any, with respect to the Securities of
such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) which, if any, of the Eligible Guarantors shall guarantee the Securities of such
series on the terms set forth in Article&nbsp;Fourteen (each of the Eligible Guarantors that
guarantee the Securities on the terms set forth in Article&nbsp;Fourteen, if any, a &#147;Guarantor&#148;);
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) any other terms of the Securities of such series (which terms shall not be
inconsistent with the provisions of this Indenture).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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;All Securities of any one series shall be substantially identical, except as to denomination
and except as may otherwise be provided by or pursuant to the Board Resolution or Officers&#146;
Certificate referred to above or as set forth in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time and may be issued from time to
time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board
Resolution, such Officers&#146; Certificate or in any such indenture supplemental hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Board Resolution or Officers&#146; Certificate referred to above with respect to
Securities of any series filed with the Trustee on or before the initial issuance of the Securities
of such series shall be incorporated herein by reference with respect to Securities of such series
and shall thereafter be deemed to be a part of the Indenture for all purposes relating to
Securities of such series as fully as if such Board Resolution or Officers&#146; Certificate were set
forth herein in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4. <I>Authentication and Delivery of Securities.</I>
The Issuer may deliver Securities of any series executed by the Issuer to the Trustee for
authentication together with the applicable documents referred to below in this Section&nbsp;2.4, and
the Trustee shall thereupon authenticate and deliver such Securities to, or upon the order of, the
Issuer (contained in the Issuer Order referred to below in this Section&nbsp;2.4) or pursuant to such
procedures acceptable to the Trustee and to such recipients as may be specified from time to time
by an Issuer Order. If provided for in such procedures and agreed to by the Trustee, such Issuer
Order may authorize authentication and delivery pursuant to oral instructions from the Issuer or
its duly authorized agent, which instructions shall be promptly confirmed in writing. In
authenticating the Securities of such series and accepting the additional responsibilities under
this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in the
case of subparagraphs (2), (3)&nbsp;and (4)&nbsp;below only at or before the time of the first request of the
Issuer to the Trustee to authenticate Securities of such series) and (subject to Section&nbsp;6.1) shall
be fully protected in relying upon, unless and until such documents have been superseded or
revoked:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Issuer Order requesting such authentication and setting forth delivery
instructions provided that, with respect to Securities of a series subject to a Periodic
Offering, (a)&nbsp;such Issuer Order may be delivered by the Issuer to the Trustee prior to the
delivery to the Trustee of such Securities for authentication and delivery, (b)&nbsp;the Trustee
shall authenticate and deliver Securities of such series for original issue from time to
time, in an aggregate principal amount not exceeding the aggregate principal amount
established for such series, pursuant to an Issuer Order, (c)&nbsp;the maturity date or dates,
original issue date or dates, interest rate or rates, if any, and any other terms of
Securities of such series shall be determined by an Issuer Order and (d)&nbsp;after the original
issuance of the first Security of such series to be issued, any separate request by the
Issuer that the Trustee authenticate Securities of such series for original issuance will be
deemed to be a certification by the Issuer that it is in compliance with all conditions
precedent provided for in this Indenture relating to the authentication and delivery of such
Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Board Resolution, Officers&#146; Certificate or executed supplemental indenture
referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the forms and terms of the
Securities of such series were established;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an Officers&#146; Certificate stating that the form or forms and terms of the Securities
have been established pursuant to Sections&nbsp;2.1 and 2.3 and comply with this Indenture and
covering such other matters as the Trustee may reasonably request; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) at the option of the Issuer, either an Opinion of Counsel, or a letter from legal
counsel addressed to the Trustee permitting it to rely on an Opinion of Counsel,
substantially to the effect that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an underwritten offering, the Securities of such series have
been duly authorized, executed and delivered and, in the case of an offering that is
not underwritten, certain terms of the Securities of such series have been
established pursuant to a Board Resolution, an Officers&#146; Certificate or a
supplemental indenture in accordance with this Indenture, and when such other terms
as are to be established pursuant to procedures set forth in an Issuer Order shall
have been established, all such terms will have been duly authorized by the Issuer
and will have been established in conformity with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when the Securities of such series have been duly authorized, executed and
delivered by the Issuer and authenticated by the Trustee in accordance with the
provisions of this Indenture and delivered to and duly paid for by the purchasers
thereof, they will constitute valid and legally binding obligations of the Issuer,
enforceable in accordance with their respective terms, and will be entitled to the
benefits of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution and delivery by the Issuer of, and the performance by the
Issuer of its obligations under, the Securities of such series will not conflict
with any provision of applicable law or the articles of incorporation or bylaws of
the Issuer or any agreement or other instrument to which the Issuer or any of the
Guarantors is a party and that is material to the Issuer and its Subsidiaries,
considered as one enterprise, or, to such counsel&#146;s knowledge after the inquiry
indicated therein, any judgment, order or decree of any governmental agency or any
court having jurisdiction over the Issuer and any of its Subsidiaries, and no
consent, approval or authorization of any governmental body or agency is required
for the performance by the Issuer of its obligations under the Securities, except
such as are specified and have been obtained and such as may be required by the
securities or blue sky laws of the various states in connection with the offer and
sale of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinions, such counsel may qualify any opinions as to enforceability by
stating that such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, liquidation, moratorium and other similar laws relating to or affecting the rights
and remedies of creditors and is subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law) and an implied covenant of
good faith and fair dealing. Such counsel may also state that, insofar as such opinion involves
factual matters, such counsel has relied, to the extent such counsel deems
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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">proper, upon
certificates of officers of the Issuer and its subsidiaries, as applicable, and certificates of
public officials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have the right to decline to authenticate and deliver any Securities of any
series under this Section&nbsp;2.4 if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of
directors or board of trustees, executive committee or a trust committee of directors or
trustees or Responsible Officers shall determine that such action would expose the Trustee to
personal liability to existing Holders or would adversely affect the Trustee&#146;s own rights, duties
or immunities under the Securities, this Indenture or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall establish pursuant to Section&nbsp;2.3 that the Securities of a series are to
be issued in the form of one or more Global Securities, then the Issuer shall execute and the
Trustee shall, in accordance with this Section&nbsp;2.4 and the Issuer Order with respect to such
series, authenticate and deliver one or more Global Securities that (i)&nbsp;shall represent and shall
be denominated in an amount equal to the aggregate principal amount of all of the Securities of
such series to be issued in the form of Global Securities and not yet cancelled, (ii)&nbsp;shall be
registered in the name of the Depositary for such Global Security or Securities or the nominee of
such Depositary, (iii)&nbsp;shall be delivered by the Trustee to such Depositary or pursuant to such
Depositary&#146;s instructions, and (iv)&nbsp;shall bear a legend substantially to the following effect:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED
FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (THE &#147;DEPOSITARY&#148;) TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE &#038; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Depositary designated pursuant to Section&nbsp;2.3 must, at the time of its designation and at
all times while it serves as Depositary, be a clearing agency registered under the Exchange Act,
and any other applicable statute or regulation.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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;Reference is made to Section&nbsp;14.15 concerning execution and delivery of the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5. <I>Execution of Securities.</I>
The Securities shall be signed on behalf of the Issuer by the chairman of the Board of
Directors, the president or chief executive officer, any vice president, the chief financial
officer or the treasurer of the Issuer. Such signatures may be the manual or facsimile
signatures of the present or any future such officers. Typographical and other minor errors or
defects in any such reproduction of such signature shall not affect the validity or enforceability
of any Security that has been duly authenticated and delivered by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any officer of the Issuer who shall have signed any of the Securities shall cease to
be such officer before the Security so signed shall be authenticated and delivered by the Trustee
or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual
date of the execution of such Security, shall be the proper officers of the Issuer, although at the
date of the execution and delivery of this Indenture any such person was not such an officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;14.15 concerning execution and delivery of the Guarantees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6. <I>Certificate of Authentication.</I>
Only such Securities as shall bear thereon a certificate of authentication substantially in
the form hereinbefore recited, executed by the Trustee by the manual signature of one of its
authorized signatories, or its Authenticating Agent, shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. The execution of such certificate by the
Trustee or its Authenticating Agent upon any Security executed by the Issuer shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and
that the Holder is entitled to the benefits of this Indenture. Each reference in this Indenture to
authentication by the Trustee includes authentication by an agent appointed pursuant to Section
6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7. <I>Denomination and Date of Securities; Payments of Interest.</I>
The Securities of each series shall be issuable in registered form in denominations
established as contemplated by Section&nbsp;2.3 or, with respect to the Securities of any series, if not
so established, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner
or in accordance with such plan as the officers of the Issuer executing the same may determine with
the approval of the Trustee, as evidenced by the execution and authentication thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Security shall be dated the date of its authentication. The Securities of each series
shall bear interest, if any, from the date, and such interest, if any, shall be payable on the
dates, established as contemplated by Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Person in whose name any Security of any series is registered at the close of business on
any record date applicable to a particular series with respect to any interest payment date for
such series shall be entitled to receive the interest, if any, payable on such interest payment
date
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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">notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the
payment of the interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the Persons in whose names Outstanding Securities for such
series are registered (a)&nbsp;at the close of business on a subsequent record date (which shall be not
less than five Business Days prior to the date of payment of such defaulted interest) established
by notice given by mail by or on behalf of the Issuer to the Holders of Securities not less than 15
days preceding such subsequent record date or (b)&nbsp;as determined by such other procedure as is
mutually acceptable to the Issuer and the Trustee. The term &#147;record date&#148; as used with respect to
any interest payment date (except a date for payment of defaulted interest) for the Securities of
any series shall mean the date specified as such in the terms of the Securities of such series
established as contemplated by Section&nbsp;2.3, or, if no such date is so established, if such interest
payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar
month or, if such interest payment date is the fifteenth day of a calendar month, the first day of
such calendar month, whether or not such record date is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8. <I>Registration, Transfer and Exchange.</I>
The Issuer will keep at each office or agency to be maintained for the purpose as provided in
Section&nbsp;3.2 for each series of Securities a register or registers in which, subject to such
reasonable regulations as it may prescribe, it will provide for the registration of Securities of
each series and the registration of transfer of Securities of such series. Each such register
shall be in written form in the English language or in any other form capable of being converted
into such form within a reasonable time. At all reasonable times such register or registers shall
be open for inspection and available for copying by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon due presentation for registration of transfer of any Security of any series at any such
office or agency to be maintained for the purpose as provided in Section&nbsp;3.2, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Security or Securities of the same series, maturity date, interest rate, if any, and original
issue date in authorized denominations for a like aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities presented for registration of transfer shall (if so required by the Issuer or
the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his
attorney duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder thereof, Securities of any series (other than a Global Security,
except as set forth below) may be exchanged for a Security or Securities of such series having
authorized denominations and an equal aggregate principal amount, upon surrender of such Securities
to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance
with Section&nbsp;3.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer or Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer of
Securities. No service charge shall be made for any such transaction or for any exchange of
Securities of any series as contemplated by the immediately preceding paragraph.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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 Issuer shall not be required to exchange or register a transfer of (a)&nbsp;any Securities of
any series for a period of 15&nbsp;days next preceding the first mailing or publication of notice of
redemption of Securities of such series to be redeemed, (b)&nbsp;any Securities selected, called or
being called for redemption, in whole or in part, except, in the case of any Security to be
redeemed in part, the portion thereof not so to be redeemed or (c)&nbsp;any Security if the Holder
thereof has exercised his right, if any, to require the Issuer to repurchase such Security in whole
or in part, except the portion of such Security not required to be repurchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Section&nbsp;2.8, unless and until it is exchanged in
whole or in part for Securities in definitive registered form, a Global Security representing all
or a part of the Securities of a series may not be transferred except as a whole by the Depositary
for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a
successor Depositary for such series or a nominee of such successor Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Depositary for any Securities of a series represented by one or more Global
Securities notifies the Issuer that it is unwilling or unable to continue as Depositary for such
Securities or if at any time the Depositary for such Securities shall no longer be eligible under
Section&nbsp;2.4, the Issuer shall appoint a successor Depositary with respect to such Securities. If a
successor Depositary for such Securities is not appointed by the Issuer within 90&nbsp;days after the
Issuer receives such notice or becomes aware of such ineligibility, the Issuer&#146;s election pursuant
to Section&nbsp;2.3 that such Securities be represented by one or more Global Securities shall no longer
be effective and the Issuer shall execute, and the Trustee, upon receipt of an Issuer Order for the
authentication and delivery of definitive Securities of such series, will authenticate and deliver
Securities of such series in definitive registered form, in any authorized denominations, in an
aggregate principal amount equal to the principal amount of the Global Security or Securities
representing such Securities in exchange for such Global Security or Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event, the Issuer shall execute, and the Trustee, upon
receipt of an Issuer Order for the authentication and delivery of definitive Securities of such
series, shall authenticate and deliver, Securities of such series in definitive registered form, in
any authorized denominations, in an aggregate principal amount equal to the principal amount of the
Global Security or Securities representing such Securities, in exchange for such Global Security or
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified by the Issuer pursuant to Section&nbsp;2.3 with respect to Securities represented by a
Global Security, the Depositary for such Global Security may surrender such Global Security in
exchange in whole or in part for Securities of the same series in definitive registered form on
such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall
execute, and the Trustee shall authenticate and deliver, without service charge,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Person specified by such Depositary, a new Security or Securities of the
same series, of any authorized denominations as requested by such Person, in an
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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; margin-left: 2%">aggregate
principal amount equal to and in exchange for such Person&#146;s beneficial interest in the
Global Security; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such Depositary a new Global Security in a denomination equal to the
difference, if any, between the principal amount of the surrendered Global Security and
the aggregate principal amount of Securities authenticated and delivered pursuant to
clause (i)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the exchange of a Global Security for Securities in definitive registered form in
authorized denominations, such Global Security shall be cancelled by the Trustee or an agent of the
Trustee. Securities in definitive registered form issued in exchange for a Global Security
pursuant to this Section&nbsp;2.8 shall be registered in such names and in such authorized denominations
as the Depositary for such Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee or an agent of the Trustee or the Issuer or
an agent of the Issuer. The Trustee or such agent shall deliver at its office such Securities to
or as directed by the Persons in whose names such Securities are so registered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any registration of transfer or exchange of Securities shall be
valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9. <I>Mutilated, Defaced, Destroyed, Lost and Stolen Securities.</I>
In case any temporary or definitive Security shall become mutilated or defaced or be
destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request
of the Issuer, the Trustee shall authenticate and deliver a new Security of the same series,
maturity date, interest rate, if any, and original issue date, bearing a number or other
distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the
mutilated or defaced Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer
and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be
required by the Trustee or the Issuer or any such agent to indemnify and defend and to save each of
the Trustee and the Issuer and any such agent harmless and, in every case of destruction, loss or
theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the
ownership thereof and in the case of mutilation or defacement, shall surrender the Security to the
Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any substitute Security, the Issuer may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee or its agent) connected
therewith. In case any Security which has matured or is about to mature or has been called for
redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer
may instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such
payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee
such security or indemnity as any of them may require to hold each of them harmless, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Issuer and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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">the Trustee
and any agent of the Issuer or the Trustee evidence to the Trustee&#146;s satisfaction of the
destruction, loss or theft of such Security and of the ownership thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every substitute Security of any series issued pursuant to the provisions of this Section by
virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an
additional
contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security
shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall
be subject to all the limitations of rights set forth in) this Indenture equally and
proportionately with any and all other Securities of such series duly authenticated and delivered
hereunder. All Securities shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment
of mutilated, defaced, destroyed, lost or stolen Securities and shall preclude any and all other
rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other securities without
their surrender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <I>Cancellation of Securities; Disposition Thereof.</I>
All Securities surrendered for payment, redemption, registration of transfer or exchange, or
for credit against any payment in respect of a sinking or analogous fund, if surrendered to the
Issuer or any agent of the Issuer or the Trustee or any agent of the Trustee, shall be delivered to
the Trustee or its agent for cancellation or, if surrendered to the Trustee, shall be cancelled by
it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of all cancelled Securities in accordance
with its standard procedures and shall deliver a certificate of such disposition to the Issuer. If
the Issuer or its agent shall acquire any of the Securities, such acquisition shall not operate as
a redemption or satisfaction of the indebtedness represented by such Securities unless and until
the same are delivered to the Trustee or its agent for cancellation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <I>Temporary Securities.</I>
Pending the preparation of definitive Securities for any series, the Issuer may execute and
the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver temporary Securities
for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
satisfactory to the Trustee). Temporary Securities of any series shall be issuable in any
authorized denomination, and substantially in the form of the definitive Securities of such series
but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Issuer. Temporary Securities may contain such references to any
provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by
the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with like effect, as the definitive Securities. Without unreasonable delay the
Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary
Securities of such series may be surrendered in exchange therefor without charge at each office or
agency to be maintained by the Issuer for that purpose pursuant to Section&nbsp;3.2 and the Trustee
shall authenticate and deliver in exchange for such temporary Securities of such series an equal
aggregate principal amount of definitive Securities of the same series having authorized
denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the
same benefits under this Indenture as definitive Securities of such series, unless otherwise
established pursuant to Section&nbsp;2.3.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /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;SECTION 2.12. <I>CUSIP Numbers.</I>
The Issuer in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in use), and,
if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a convenience to Holders;
<I>provided </I>that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer
will promptly notify the Trustee of any change to such &#147;CUSIP&#148; numbers.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THREE<BR>
COVENANTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <I>Payment of Principal and Interest.</I>
The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid the
principal of, premium, if any, and interest, if any, on each of the Securities at the place, at the
respective times and in the manner provided in the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <I>Offices for Notices and Payments, etc.</I>
So long as any of the Securities are Outstanding, the Issuer will maintain in each Place of
Payment, an office or agency where the Securities may be presented for payment, an office or agency
where the Securities may be presented for registration of transfer and for exchange as provided in
this Indenture, and an office or agency where notices and demands to or upon the Issuer in respect
of the Securities or of this Indenture may be served. In case the Issuer shall at any time fail to
maintain any such office or agency, or shall fail to give notice to the Trustee of any change in
the location thereof, presentation may be made and notice and demand may be served in respect of
the Securities or of this Indenture to the Trustee. The Issuer hereby initially designates the
Corporate Trust Office of the Trustee for each such purpose and appoints the Trustee as registrar
and paying agent and as the agent upon whom notices and demands may be served with respect to the
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3. <I>No Interest Extension.</I>
In order to prevent any accumulation of claims for interest after maturity thereof, the Issuer
will not directly or indirectly extend or consent to the extension of the time for the payment of
any claim for interest on any of the Securities and will not directly or indirectly be a party to
or approve any such arrangement by the purchase or funding of said claims or in any other manner;
<I>provided</I>, <I>however</I>, that this Section&nbsp;3.3 shall not apply in any case where an extension shall be
made pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4. <I>Appointments to Fill Vacancies in Trustee&#146;s Office.</I>
The Issuer, whenever necessary to avoid or fill a vacancy in the office of the Trustee, will
appoint, in the manner provided in Section&nbsp;6.10, a Trustee, so that there shall at all times be a
Trustee hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5. <I>Provision as to Paying Agent.</I>
(a)&nbsp;If the Issuer shall appoint a paying agent other than the Trustee, it will cause such
paying agent to execute and deliver to the Trustee
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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">an instrument in which such paying agent shall
agree with the Trustee, subject to the provisions of this Section&nbsp;3.5,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that it will hold all sums held by it as such paying agent for the payment of the
principal of or interest, if any, on the Securities (whether such sums have been paid to it
by the Issuer or by any other obligor on the Securities) in trust for the benefit of the
Holders of the Securities and the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that it will give the Trustee notice of any failure by the Issuer (or by any other
obligor on the Securities) to make any payment of the principal of, premium, if any, or
interest, if any, on the Securities when the same shall be due and payable; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that it will, at any time during the continuance of any such failure, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by
such paying agent.
</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 Issuer shall act as its own paying agent, it will, on or before each due date of
the principal of or interest, if any, on the Securities, set aside, segregate and hold in trust for
the benefit of the Holders of the Securities a sum sufficient to pay such principal, premium, if
any, or interest, if any, so becoming due and will notify the Trustee of any failure to take such
action and of any failure by the Issuer (or by any other obligor under the Securities) to make any
payment of the principal of, premium, if any, or interest, if any, on the Securities when the same
shall become due and payable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, the Issuer may, at any time,
for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by it, or any paying agent
hereunder, as required by this Section&nbsp;3.5, such sums to be held by the Trustee upon the trusts
herein contained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, any agreement of the Trustee
or any paying agent to hold sums in trust as provided in this Section&nbsp;3.5 is subject to Sections
10.3 and 10.4.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Whenever the Issuer shall have one or more paying agents, it will, on or before 9:00 A.M.
on each due date of the principal of, premium, if any, or interest, if any, on any Securities,
deposit with a paying agent a sum sufficient to pay the principal, premium, if any, or interest, if
any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such
principal, premium, if any, or interest, if any, and (unless such paying agent is the Trustee) the
Issuer will promptly notify the Trustee of its action or failure so to act.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOUR<BR>
SECURITYHOLDERS LISTS AND REPORTS BY THE<BR>
ISSUER AND THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1. <I>Issuer to Furnish Trustee Information as to Names and Addresses of
Securityholders.</I>
The Issuer and any other obligor on the Securities covenant and agree that they
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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">will furnish
or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require
of the names and addresses of the Holders of the Securities of each series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) semiannually and not more than 15&nbsp;days after each January 1 and July&nbsp;1, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at such other times as the Trustee may request in writing, within 15&nbsp;days after
receipt by the Issuer of any such request,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that if and so long as the Trustee shall be the registrar for such series, such list shall
not be required to be furnished.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2. <I>Preservation and Disclosure of Securityholders Lists.</I>
(a)&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the Holders of each series of Securities (i)&nbsp;contained
in the most recent list furnished to it as provided in Section&nbsp;4.1, and (ii)&nbsp;received by it in the
capacity of registrar or paying agent for such series, if so acting. The Trustee may destroy any
list furnished to it as provided in Section&nbsp;4.1 upon receipt of a new list so furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The rights of Holders of each series of Securities to communicate with other Holders of
such series of Securities with respect to their rights under this Indenture or under the Securities
of such series, and the corresponding rights and privileges of the Trustee, shall be as provided by
the Trust Indenture Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Every Holder of Securities of any series, by receiving and holding the same, agrees with
the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of any of them
shall be held accountable by reason of any disclosure of information as to names and addresses of
Holders of Securities of such series made pursuant to the Trust Indenture Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3. <I>Reports by the Issuer.</I>
The Issuer covenants:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file with the Trustee, within 15&nbsp;days after the Issuer is required to file the same
with the Commission, copies of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Issuer may be required to file with the Commission
pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act; or, if the Issuer is not required to
file information, documents or reports pursuant to either of such Exchange Act Sections, then to
file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be required pursuant to
Section&nbsp;13 of the Exchange Act, in respect of a debt security listed and registered on a national
securities exchange as may be prescribed from time to time in such rules and regulations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports
with respect to compliance by the Issuer with the conditions and covenants provided for in this
Indenture as may be required from time to time by such rules and regulations;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to transmit by mail to the Holders of Securities within 30&nbsp;days after the filing thereof
with the Trustee, in the manner and to the extent provided in Section&nbsp;4.4(a), such summaries of any
information, documents and reports required to be filed by the Issuer pursuant to subsections (a)
and (b)&nbsp;of this Section&nbsp;4.3 as may be required to be transmitted to such Holders by rules and
regulations prescribed from time to time by the Commission; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to furnish to the Trustee, not less than annually, an Officers&#146; Certificate from the
principal executive officer, principal financial officer or principal accounting officer as to his
knowledge of the Issuer&#146;s compliance with all conditions and covenants under this Indenture. For
purposes of this subsection (d), such compliance shall be determined without regard to any period
of grace or requirement of notice provided under this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of the reports, information and documents referenced in Sections&nbsp;4.3(a), (b)&nbsp;and (c)
to the Trustee is for informational purposes only and the Trustee&#146;s receipt of them will not
constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Issuer&#146;s compliance with any of its covenants in this
Indenture (as to which the Trustee is entitled to rely exclusively on an Officers&#146; Certificate).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4. <I>Reports by the Trustee.</I>
(a)&nbsp;The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act of 1939 at the times
and in the manner provided pursuant thereto. To the extent that any such report is required by the
Trust Indenture Act of 1939 with respect to any 12&nbsp;month period, such report shall cover the 12
month period ending May&nbsp;15 and shall be transmitted by the next succeeding July&nbsp;15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A copy of each such report shall, at the time of such transmission to Securityholders, be
furnished to the Issuer and be filed by the Trustee with each stock exchange upon which the
Securities of any applicable series are listed and also with the Commission. The Issuer agrees to
promptly notify the Trustee with respect to any series when and as the Securities of such series
become admitted to trading on any national securities exchange.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FIVE<BR>
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS<BR>
ON EVENT OF DEFAULT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1. <I>Events of Default.</I>
&#147;Event of Default&#148;, wherever used herein with respect to Securities of any series, means any
one or more of the following events (whatever the reason for such Event of Default), unless it is
either inapplicable to a particular series or it is specifically deleted or modified in or pursuant
to the Board Resolution or supplemental indenture establishing such series of Securities or in the
form of Security, for such series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the payment of the principal of or premium, if any, of the Securities of
such series as and when the same shall become due and payable either at maturity, upon
redemption, by declaration or otherwise; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the payment of any installment of interest on any of the Securities of
such series as and when the same shall become due and payable, and continuance of such
default for a period of 30&nbsp;days; or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the payment or satisfaction of any sinking fund or other purchase
obligation with respect to Securities of such series, as and when such obligation shall
become due and payable; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) failure on the part of the Issuer or a Guarantor duly to observe or perform any
other of the covenants or agreements on the part of the Issuer in or a Guarantor of, the
Securities of such series or in this Indenture continued for a period of 90&nbsp;days after the
date on which written notice of such failure, requiring the Issuer or a Guarantor to remedy
the same, shall have been given by certified or registered mail to the Issuer or a Guarantor
by the Trustee, or to the Issuer or a Guarantor and the Trustee by the Holders of at least
25% in aggregate principal amount of the Securities of such series then Outstanding; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without the consent of the Issuer, a court having jurisdiction shall enter an order
for relief with respect to the Issuer or any of its Significant Subsidiaries under any
applicable bankruptcy, insolvency or other similar law of the United States of America, any
state thereof or the District of Columbia, or without the consent of the Issuer, a court
having jurisdiction shall enter a judgment, order or decree adjudging the Issuer or any of
its Significant Subsidiaries bankrupt or insolvent, or enter an order for relief for
reorganization, arrangement, adjustment or composition of or in respect of the Issuer or any
of its Significant Subsidiaries under any applicable bankruptcy, insolvency or other similar
law of the United States of America, any state thereof or the District of Columbia, and the
continuance of any such judgment, order or decree is unstayed and in effect for a period of
60 consecutive days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Issuer or any of its Significant Subsidiaries shall institute proceedings for
entry of an order for relief with respect to the Issuer or any of its Significant
Subsidiaries under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia, or for an adjudication of
insolvency, or shall consent to the institution of bankruptcy or insolvency proceedings
against it, or shall file a petition seeking, or seek or consent to reorganization,
arrangement, composition or relief under any applicable bankruptcy, insolvency or other
similar law of the United States of America, any state thereof or the District of Columbia,
or shall consent to the filing of such petition or to the appointment
of a receiver, custodian, liquidator, assignee, trustee, sequestrator or similar
official of the Issuer or of substantially all of its property, or the Issuer or any of its
Significant Subsidiaries shall make a general assignment for the benefit of creditors as
recognized under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Guarantee ceases to be in full force and effect (other than in accordance with
the terms of any Guarantee) or a Guarantor denies or disaffirms its obligations under the
Guarantee; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other Event of Default provided with respect to the Securities of such
series.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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;If an Event of Default with respect to Securities of any series then Outstanding occurs
and is continuing, then and in each and every such case, unless the principal of all of the
Securities of such series shall have already become due and payable, either the Trustee or the
Holders of not less than 25% in aggregate principal amount of the Securities of such series then
Outstanding, by notice in writing to the Issuer (and to the Trustee if given by Securityholders),
may declare the principal (or, if the Securities of such series are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the terms of such series)
of all the Securities of such series and the interest, if any, accrued thereon to be due and
payable immediately, and upon any such declaration the same shall become and shall be immediately
due and payable, notwithstanding anything to the contrary contained in this Indenture or in the
Securities of such series. This provision, however, is subject to the condition that, if at any
time after the unpaid principal amount (or such specified amount) of the Securities of such series
shall have been so declared due and payable and before any judgment or decree for the payment of
the moneys due shall have been obtained or entered as hereinafter <I>provided</I>, the Issuer shall pay or
shall deposit with the Trustee a sum sufficient to pay all matured installments of interest, if
any, upon all of the Securities of such series and the principal of any and all Securities of such
series which shall have become due otherwise than by acceleration (with interest on overdue
installments of interest, if any, to the extent that payment of such interest is enforceable under
applicable law and on such principal at the rate borne by the Securities of such series to the date
of such payment or deposit) and the reasonable compensation, disbursements, expenses and advances
of the Trustee and all other amounts due the Trustee under Section&nbsp;6.6, and any and all defaults
under this Indenture, other than the nonpayment of such portion of the principal amount of and
accrued interest, if any, on Securities of such series which shall have become due by acceleration,
shall have been cured or shall have been waived in accordance with Section&nbsp;5.7 or provision deemed
by the Trustee to be adequate shall have been made therefor, then and in every such case the
Holders of a majority in aggregate principal amount of the Securities of such series then
Outstanding, by written notice to the Issuer and to the Trustee, may rescind and annul such
declaration and its consequences; but no such rescission and annulment shall extend to or shall
affect any subsequent default, or shall impair any right consequent thereon. Notwithstanding the
previous sentence, no waiver shall be effective against any Holder for any Event of Default or
event which with notice or lapse of time or both would be an Event of Default with respect to any
covenant or provision which cannot be modified or amended without the consent of the Holder of each
outstanding Security affected thereby, unless all such affected Holders agree, in writing, to waive
such Event of Default or other event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default specified in Section&nbsp;5.1(e) or 5.1(f) occurs with respect to the
Issuer, all unpaid principal amount (or, if the Securities of any series then Outstanding are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the
terms of each such series) and accrued interest on all Securities of each series then Outstanding
shall <I>ipso facto </I>become and be immediately due and payable without any declaration or other act by
the Trustee or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Issuer, the Trustee and the Securityholders shall be restored respectively to their
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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">several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the
Trustee and the Securityholders shall continue as though no such proceeding had been taken.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to an Event of Default pursuant to Section&nbsp;5.1 (a), (b)&nbsp;or (c), the
Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof
shall have been given to a Responsible Officer by the Issuer, a paying agent or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.2. <I>Payment of Securities on Default; Suit Therefor.</I>
The Issuer covenants that (a)&nbsp;if default shall be made in the payment of any installment of
interest upon any of the Securities of any series then Outstanding as and when the same shall
become due and payable, and such default shall have continued for a period of 30&nbsp;days, or (b)&nbsp;if
default shall be made in the payment of the principal of any of the Securities of such series as
and when the same shall have become due and payable, whether at maturity of the Securities of such
series or upon redemption or by declaration or otherwise, then, upon demand of the Trustee, the
Issuer will pay to the Trustee, for the benefit of the Holders of the Securities, the whole amount
that then shall have become due and payable on all such Securities of such series for principal or
interest, if any, or both, as the case may be, with interest upon the overdue principal and (to the
extent that payment of such interest is enforceable under applicable law) upon the overdue
installments of interest, if any, at the rate borne by the Securities of such series; and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel,
and any expenses or liabilities incurred by the Trustee hereunder other than through its negligence
or bad faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and
may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Issuer or any other obligor on the Securities of such series
and collect in the manner provided by law out of the property of the Issuer or any other obligor on
the Securities of such series, wherever situated, the moneys adjudged or decreed to be payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be pending proceedings for the bankruptcy or for the reorganization of the
Issuer or any other obligor on the Securities of any series then Outstanding under any bankruptcy,
insolvency or other similar law now or hereafter in effect, or if a receiver or trustee or similar
official shall have been appointed for the property of the Issuer or such other obligor, or in the
case of any other similar judicial proceedings relative to the Issuer or other obligor upon the
Securities of such series, or to the creditors or property of the Issuer or such other obligor, the
Trustee, irrespective of whether the principal of the Securities of such series shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand pursuant to the provisions of this Section&nbsp;5.2, shall be
entitled and empowered by intervention in such proceedings or otherwise to file and prove a claim
or claims for the whole amount of principal and interest, if any, owing and unpaid in respect of
the Securities of such series, and, in case of any judicial proceedings, to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee and of the Securityholders allowed in such judicial proceedings relative
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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">to the Issuer
or any other obligor on the Securities of such series, its or their creditors, or its or their
property, and to collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute the same after the deduction of its charges and expenses, and any
receiver, assignee or trustee or similar official in bankruptcy or reorganization is hereby
authorized by each of the Securityholders to make such payments to the Trustee, and, if the
Trustee shall consent to the making of such payments directly to the Securityholders, to pay to the
Trustee any amount due it for compensation and expenses or otherwise pursuant to Section&nbsp;6.6,
including counsel fees and expenses incurred by it up to the date of such distribution. To the
extent that such payment of reasonable compensation, expenses and counsel fees and expenses out of
the estate in any such proceedings shall be denied for any reason, payment of the same shall be
secured by a lien on, and shall be paid out of, any and all distributions, dividends, moneys,
securities and other property which the Holders of the Securities of such series may be entitled to
receive in such proceedings, whether in liquidation or under any plan of reorganization or
arrangement or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities, or the
production thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the
Securities of the series in respect of which such judgment has been recovered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.3. <I>Application of Moneys Collected by Trustee.</I>
Any moneys collected by the Trustee pursuant to Section&nbsp;5.2 with respect to Securities of any
series then Outstanding shall be applied in the order following, at the date or dates fixed by the
Trustee for the distribution of such moneys, upon presentation of the several Securities of such
series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if
fully paid:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of costs and expenses of collection and reasonable compensation
to the Trustee, its agents, attorneys and counsel, and of all other expenses and liabilities
incurred, and all advances made, by the Trustee pursuant to Section&nbsp;6.6 except as a result
of its negligence or bad faith;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: If the principal of the Outstanding Securities of such series shall not have
become due and be unpaid, to the payment of interest, if any, on the Securities of such
series, in the order of the maturity of the installments of such interest, if any, with
interest (to the extent that such interest has been collected by the Trustee) upon the
overdue installments of interest, if any, at the rate borne by the Securities of such
series, such payment to be made ratably to the Persons entitled thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: If the principal of the Outstanding Securities of such series shall have become
due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid
upon the Securities of such series for principal and interest, if any, with interest on the
overdue principal and (to the extent that such interest has been collected by the Trustee)
upon overdue installments of interest, if any, at the rate borne by the Securities of such
series; and in case such moneys shall be insufficient to pay in full the whole amounts so
due and unpaid upon the Securities of such series, then to the payment
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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; margin-left: 2%">of such principal and
interest, if any, without preference or priority of principal over interest or of interest
over principal, or of any installment of interest over any other installment of interest, or
of any Security over any other Security, ratably to the aggregate of such principal and
accrued and unpaid interest; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: To the payment of any surplus then remaining to the Issuer, its successors or
assigns, 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;No claim for interest which in any manner at or after maturity shall have been transferred or
pledged separate or apart from the Securities to which it relates, or which in any manner shall
have been kept alive after maturity by an extension (otherwise than pursuant to an extension made
pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding), purchase, funding or otherwise by or on behalf or with the consent or approval of the
Issuer shall be entitled, in case of a default hereunder, to any benefit of this Indenture, except
after prior payment in full of the principal of all Securities of any series then Outstanding and
of all claims for interest not so transferred, pledged, kept alive, extended, purchased or funded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.4. <I>Proceedings by Securityholders.</I>
No Holder of any Securities of any series then Outstanding shall have any right by virtue of
or by availing of any provision of this Indenture to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture or for the appointment of a
receiver or trustee or similar official, or for any other remedy hereunder, unless such Holder
previously shall have given to the Trustee written notice of default and of the continuance
thereof, as hereinbefore provided, and unless the Holders of not less than 25% in aggregate
principal amount of the Securities of such series then Outstanding shall have made written request
to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60&nbsp;days
after its receipt of such notice, request and offer of indemnity, shall have neglected or refused
to institute any such action, suit or proceeding, it being understood and intended, and being
expressly covenanted by the Holder of every Security of such series with every other Holder and the
Trustee, that no one or more Holders of Securities of such series shall have any right in any
manner whatever by virtue of or by availing of any provision of this Indenture or of the Securities
to affect, disturb or prejudice the rights of any other Holder of such Securities of such series,
or to obtain or seek to obtain priority over or preference as to any other such Holder, or to
enforce any right under this Indenture or the Securities, except in the manner herein provided and
for the equal, ratable and common benefit of all Holders of Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions in this Indenture, but subject to Article&nbsp;Thirteen, the
right of any Holder of any Security to receive payment of the principal of, premium, if any, and
interest, if any, on such Security, on or after the respective due dates expressed in such
Security, or to institute suit for the enforcement of any such payment on or after such respective
dates shall not be impaired or affected without the consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.5. <I>Proceedings by Trustee.</I>
In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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">protect and enforce any of such rights, either by suit in
equity or by action at law or by proceedings in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of
any power granted in this Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.6. <I>Remedies Cumulative and Continuing.</I>
All powers and remedies given by this Article&nbsp;Five to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of
any other powers and remedies available to the Trustee or the Securityholders, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture, and no delay or omission of the Trustee or of any Securityholder to
exercise any right or power accruing upon any default occurring and continuing as aforesaid shall
impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section&nbsp;5.4, every power and remedy given
by this Article&nbsp;Five or by law to the Trustee or to the Securityholders may be exercised from time
to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.7. <I>Direction of Proceedings; Waiver of Defaults by Majority of Securityholders.</I>
The Holders of a majority in aggregate principal amount of the Securities of any series then
Outstanding shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee
with respect to Securities of such series; <I>provided</I>, <I>however</I>, that (subject to the provisions of
Section&nbsp;6.1) the Trustee shall have the right to decline to follow any such direction if the
Trustee shall determine upon advice of counsel that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith by its board of directors, its executive
committee, or a trust committee of directors or Responsible Officers or both shall determine that
the action or proceeding so directed would involve the Trustee in personal liability. The Holders
of a majority in aggregate principal amount of the Securities of any series then Outstanding may on
behalf of the Holders of all of the Securities of such series waive any past default or Event of
Default hereunder and its consequences except a default in the payment of interest, if any, on, or
the principal of, the Securities of such series. Upon any such waiver the Issuer, the Trustee and
the Holders of the Securities of such series shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon. Whenever any default or Event of Default
hereunder shall have been waived as permitted by this Section&nbsp;5.7, said default or Event of Default
shall for all purposes of the Securities and this Indenture be deemed to have been cured and to be
not continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.8. <I>Notice of Defaults.</I>
The Trustee shall, within 90&nbsp;days after the occurrence of a default, with respect to
Securities of any series then Outstanding, mail to all Holders of Securities of such series, as the
names and the addresses of such Holders appear upon the Securities register, notice of all defaults
known to the Trustee with respect to such series, unless such defaults shall have been cured before
the giving of such notice (the term &#147;defaults&#148; for the purpose of this Section&nbsp;5.8 being hereby
defined to be the events specified in clauses (a), (b), (c), (d), (e), (f), (g)&nbsp;and (h)&nbsp;of Section
5.1, not including periods of grace, if any, provided for therein and irrespective of the giving of
the written notice specified in said clause (d)&nbsp;but in the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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">case of any default of the character
specified in said clause (d)&nbsp;no such notice to Securityholders shall be given until at least 60
days after the giving of written notice thereof to the Issuer pursuant to said clause (d));
<I>provided</I>, <I>however</I>, that, except in the case of default in the payment of the principal of or
interest, if any, on any of the Securities, or in the payment or satisfaction of any sinking
fund or other purchase obligation, the Trustee shall be protected in withholding such notice if and
so long as the board of directors, the executive committee, or a trust committee of directors or
Responsible Officers or both of the Trustee in good faith determines that the withholding of such
notice is in the best interests of the Securityholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.9. <I>Undertaking to Pay Costs.</I>
All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the cost of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys&#146; fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section&nbsp;5.9 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding in
the aggregate more than 10% in principal amount of the Securities of any series then Outstanding,
or to any suit instituted by any Securityholders for the enforcement of the payment of the
principal of or interest, if any, on any Security against the Issuer on or after the due date
expressed in such Security.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SIX<BR>
CONCERNING THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1. <I>Duties and Responsibilities of the Trustee; During Default; Prior to Default.</I>
In case an Event of Default with respect to the Securities of a series has occurred (which has
not been cured or waived) the Trustee shall exercise with respect to such series of Securities such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except
that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of an Event of Default with respect to the Securities of
any series and after the curing or waiving of all such Events of Default with respect to
such series which may have occurred:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties and obligations of the Trustee with respect to the Securities of
any series shall be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case
of any such statements, certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a
duty to examine the same to determine whether or not they conform to the
requirements of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders pursuant to
Section&nbsp;5.7 relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for
believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2. <I>Certain Rights of the Trustee.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.1:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, Officers&#146; Certificate or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officers&#146; Certificate or Issuer Order (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a Board Resolution;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Trustee may consult with counsel of its selection and any advice of such counsel
promptly confirmed in writing shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance
thereon in accordance with such advice or Opinion of Counsel;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders pursuant to
the provisions of this Indenture (including, without limitation,
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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">pursuant to Section&nbsp;5.7), unless
such Securityholders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which might be incurred
therein or thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Trustee shall not be liable for any action taken or omitted by it in good faith and
believed by it to be authorized or within the discretion, rights or powers conferred upon it by
this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;prior to the occurrence of an Event of Default hereunder and after the curing or waiving
of all Events of Default, the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other
paper or document unless requested in writing so to do by the Holders of not less than a majority
in aggregate principal amount of the Securities of all series affected then Outstanding; <I>provided</I>
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a
condition to proceeding; the reasonable expenses of every such investigation shall be paid by the
Issuer or, if paid by the Trustee or any predecessor Trustee, shall be repaid by the Issuer upon
demand;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys not regularly in its employ and the
Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or
attorney appointed with due care by it hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Trustee shall not be charged with knowledge of any default or Event of Default with
respect to a series of Securities unless either (i)&nbsp;a Responsible Officer of the Trustee assigned
to the Corporate Trust Office of the Trustee (or any successor division or department of the
Trustee) shall have actual knowledge of such default or Event of Default or (ii)&nbsp;written notice of
such default or Event of Default shall have been given to the Trustee by the Issuer or any other
obligor on such series of Securities or by any Holder of Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Trustee shall not be liable for any action taken, suffered or omitted by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;the permissive rights of the Trustee hereunder shall not be construed as duties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;in no event shall the Trustee be liable for any consequential, special, punitive or
indirect loss or damages, even if advised of the likelihood thereof in advance and regardless of
the form of action;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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">enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;the Trustee may request that the Issuer deliver an Officers&#146; Certificate setting forth the
name of the individuals and/or titles of Officers authorized at such time to take specific actions
pursuant to this Indenture, which Officers&#146; Certificate may be signed by any person authorized to
sign an Officers&#146; Certificate, including any person specified as so authorized in any such
Officers&#146; Certificate previously delivered and not superseded; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;the Trustee shall not be responsible for delays or failures in performance of its
obligations hereunder resulting from acts beyond its reasonable control. Such acts shall include
but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental
regulations superimposed after the fact, fire, communication line failures, computer viruses, power
failures, earthquakes, terrorist attacks or other disasters, it being understood that the Trustee
shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3. <I>Trustee Not Responsible for Recitals, Disposition of Securities or Application
of Proceeds Thereof.</I>
The recitals contained herein and in the Securities, except the Trustee&#146;s certificates of
authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no representation as to the
validity or sufficiency of this Indenture, of the Securities or of any prospectus used to sell the
Securities. The Trustee shall not be accountable for the use or application by the Issuer of any
of the Securities or of the proceeds thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4. <I>Trustee and Agents May Hold Securities; Collections, etc.</I>
The Trustee or any agent of the Issuer or the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities with the same rights it would have if it
were not the Trustee or such agent and, subject to Sections&nbsp;6.8 and 6.13, may otherwise deal with
the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights
it would have if it were not the Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.5. <I>Moneys Held by Trustee.</I>
Subject to the provisions of Section&nbsp;10.4 hereof, all moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent required by mandatory
provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under
any liability for interest on any moneys received by it hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.6. <I>Compensation and Indemnification of Trustee and Its Prior Claim.</I>
The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall
be entitled to, such compensation as shall be agreed to in writing between the Issuer and the
Trustee (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee
and each predecessor Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by or on behalf of it in accordance with any of the provisions of this
Indenture
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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">(including the reasonable compensation and the expenses and
disbursements of its counsel and of all agents and other persons not regularly in its employ)
except any such expense, disbursement or advance as may arise from its negligence or bad faith.
The Issuer also covenants to indemnify the Trustee and each predecessor Trustee for, and to hold it
harmless against, any and all loss, liability, damage, claim or expense, including taxes (other
than taxes based on the income of the Trustee), incurred without negligence or bad faith on its
part, arising out of or in connection with the acceptance or administration of this Indenture or
the trusts hereunder and its duties hereunder, including the costs and expenses of defending itself
against or investigating any claim or liability in the premises. The obligations of the Issuer
under this Section&nbsp;6.6 to compensate and indemnify the Trustee and each predecessor Trustee and to
pay or reimburse the Trustee and each predecessor Trustee for expenses, disbursements and advances
shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge
of this Indenture or the resignation or removal of the Trustee and shall not be subordinate to the
payment of Senior Indebtedness pursuant to Article&nbsp;Thirteen. Such additional indebtedness shall be
a senior claim to that of the Securities upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the benefit of the Holders of particular
Securities. When the Trustee incurs expenses or renders services in connection with an Event of
Default specified in Section&nbsp;5.1 or in connection with Article&nbsp;Five hereof, the expenses (including
the reasonable fees and expenses of its counsel) and the compensation for the service in connection
therewith are intended to constitute expenses of administration under any bankruptcy law. The
provisions of this Section&nbsp;6.6 shall survive the resignation or removal of the Trustee and the
termination of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.7. <I>Right of Trustee to Rely on Officers&#146; Certificate, etc.</I>
Subject to Sections&nbsp;6.1 and 6.2, whenever in the administration of the trusts of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established
prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad
faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officers&#146; Certificate delivered to the Trustee, and such certificate, in the absence of negligence
or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken,
suffered or omitted by it under the provisions of this Indenture upon the faith thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.8. <I>Qualification of Trustee; Conflicting Interests.</I>
This Indenture shall always have a Trustee who satisfies the requirements of Section&nbsp;310(a)(1)
of the Trust Indenture Act of 1939. The Trustee shall have a combined capital and surplus of at
least $25,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with Section 310(b) of the Trust Indenture Act of 1939 regarding
disqualification of a trustee upon acquiring a conflicting interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.9. <I>Persons Eligible for Appointment as Trustee; Different Trustees for Different
Series.</I>
The Trustee for each series of Securities hereunder shall at all times be a corporation
organized and doing business under the laws of the United States of America or of any state thereof
or the District of Columbia having a combined capital and surplus of at least $25,000,000, and
which is authorized under such laws to exercise corporate trust powers and is subject to
supervision or examination by federal, state or District of Columbia authority, or a
corporation or other Person permitted to act as trustee by the Commission. If such
corporation
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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">publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the purposes of this
Section&nbsp;6.9, the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. No
obligor upon the Securities or any Affiliate of such obligor shall serve as trustee upon the
Securities. In case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section&nbsp;6.9, the Trustee shall resign immediately in the manner and with the
effect specified in Section&nbsp;6.10.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A different Trustee may be appointed by the Issuer for each series of Securities prior to the
issuance of such Securities. If the initial Trustee for any series of Securities is to be a
trustee other than Wilmington Trust Company, the Issuer and such Trustee shall, prior to the
issuance of such Securities, execute and deliver an indenture supplemental hereto, which shall
provide for the appointment of such Trustee as Trustee for the Securities of such series and shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <I>Resignation and Removal; Appointment of Successor Trustee.</I>
(a)&nbsp;The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with
respect to one or more or all series of Securities by giving written notice of resignation to the
Issuer. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor
trustee or trustees with respect to the applicable series by written instrument in duplicate,
executed by authority of the Board of Directors, one copy of which instrument shall be delivered to
the resigning trustee and one copy to the successor trustee or trustees. If no successor trustee
shall have been so appointed with respect to any series of Securities and have accepted appointment
within 30&nbsp;days after the mailing of such notice of resignation, the resigning trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee, or any
Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series
for at least six months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all
others similarly situated, petition any such court for the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case at any time any of the following shall occur:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall fail to comply with the provisions of Section&nbsp;6.8 with respect to
any series of Securities after written request therefor by the Issuer or by any
Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section&nbsp;6.9 and shall fail to resign after written request therefor by the Issuer or by any
such Securityholder; or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the
Trustee or of its property shall be appointed, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of
Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Article
Five, any Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months may on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee with respect to such series. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Holders of a majority in aggregate principal amount of the Securities of each series
then Outstanding may at any time remove the Trustee with respect to Securities of such series and
appoint a successor trustee with respect to the Securities of such series by delivering to the
Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence provided
for in Section&nbsp;7.1 of the action in that regard taken by the Securityholders. If no successor
trustee shall have been so appointed with respect to any series and have accepted appointment
within 30&nbsp;days after the delivery of such evidence of removal, the Trustee may petition any court
of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has
been a <I>bona fide </I>Holder of a Security or Securities of the applicable series for at least six
months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any resignation or removal of the Trustee with respect to any series of Securities and any
appointment of a successor trustee with respect to such series pursuant to any of the provisions of
this Section&nbsp;6.10 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section&nbsp;6.11.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11. <I>Acceptance of Appointment by Successor Trustee.</I>
Any successor trustee appointed as provided in Section&nbsp;6.10 shall execute and deliver to the
Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee with respect to all or any
applicable series shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all rights, powers, duties and obligations with respect to
such series of its predecessor hereunder, with like effect as if originally named as trustee for
such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor
trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to
Section&nbsp;10.4, pay over to the successor trustee all moneys at the time held by it hereunder and
shall execute and deliver an instrument transferring to such successor trustee all such rights,
powers, duties and obligations. Upon request of any such successor trustee, the Issuer shall
execute any and all
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /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">instruments in writing for more fully and certainly vesting in and confirming
to such successor trustee all such rights and powers. Any trustee ceasing to act shall,
nevertheless, retain a prior claim upon all property or funds held or collected by such
trustee to secure any amounts then due it pursuant to the provisions of Section&nbsp;6.6.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor trustee is appointed with respect to the Securities of one or more (but not
all) series, the Issuer, the predecessor Trustee and each successor trustee with respect to the
Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of
any series as to which the predecessor Trustee is not retiring shall continue to be vested in the
predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust
or trusts under separate indentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor trustee with respect to any series of Securities shall accept appointment as
provided in this Section&nbsp;6.11 unless at the time of such acceptance such successor trustee shall be
qualified under the provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon acceptance of appointment by any successor trustee as provided in this Section&nbsp;6.11, the
Issuer shall give notice thereof to the Holders of Securities of each series affected, by mailing
such notice to such Holders at their addresses as they shall appear on the Securities register. If
the Issuer fails to give such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be given at the expense of the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.12. <I>Merger, Conversion, Consolidation or Succession to Business of Trustee.</I>
Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee (including the trust created by this Indenture), shall be
the successor of the Trustee hereunder, <I>provided </I>that such corporation shall be qualified under the
provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture and any of the Securities of any series shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor
Trustee and deliver such Securities so authenticated; and, in case at that time any of the
Securities of any series shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor Trustee; and in all such cases such certificate of authentication shall have the full
force as if such successor Trustee had itself authenticated such Securities; <I>provided</I>, that the
right to adopt the certificate of authentication of any predecessor Trustee or to authenticate
Securities
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /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">of any series in the name of any predecessor Trustee shall apply only to its successor
or successors by merger, conversion or consolidation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.13. <I>Preferential Collection of Claims Against the Issuer.</I>
The Trustee shall comply with Section 311(a) of the Trust Indenture Act of 1939, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture Act of 1939. A Trustee who
has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act of 1939
to the extent indicated therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.14. <I>Appointment of Authenticating Agent.</I>
As long as any Securities of a series remain Outstanding, the Trustee may, by an instrument in
writing, appoint with the approval of the Issuer an authenticating agent (the &#147;Authenticating
Agent&#148;) which shall be authorized to act on behalf of the Trustee to authenticate Securities,
including Securities issued upon exchange, registration of transfer, partial redemption or pursuant
to Section&nbsp;2.9. Securities of each such series authenticated by such Authenticating Agent shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee. Whenever reference is made in this Indenture to the authentication
and delivery of Securities of any series by the Trustee or to the Trustee&#146;s Certificate of
Authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent for such series and a Certificate of Authentication executed
on behalf of the Trustee by such Authenticating Agent. Such Authenticating Agent shall at all
times be a corporation organized and doing business under the laws of the United States of America
or of any state thereof or the District of Columbia, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least $25,000,000 (determined
as provided in Section&nbsp;6.9 with respect to the Trustee) and subject to supervision or examination
by federal or state authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which any Authenticating Agent may be merged or converted, or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency business (including the authenticating agency contemplated by this Indenture) of any
Authenticating Agent, shall continue to be the Authenticating Agent with respect to all series of
Securities for which it served as Authenticating Agent without the execution or filing of any paper
or any further act on the part of the Trustee or such Authenticating Agent. Any Authenticating
Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice
of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receiving such a notice of resignation or upon such a termination, or in case at any time
any Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section&nbsp;6.14 with respect to one or more series of Securities, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Issuer and the Issuer shall provide notice of
such appointment to all Holders of Securities of such series in the manner and to the extent
provided in Section&nbsp;11.4. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Authenticating Agent. The
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /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">Issuer
agrees to pay to the Authenticating Agent for such series from time to time reasonable
compensation. The Authenticating Agent for the Securities of any series shall have no
responsibility or liability for any action taken by it as such at the direction of the Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;6.2, 6.3, 6.4 and 7.3 shall be applicable to any Authenticating Agent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SEVEN<BR>
CONCERNING THE SECURITYHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1. <I>Evidence of Action Taken by Securityholders.</I>
Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by a specified percentage in principal amount of
the Securityholders of any or all series may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such specified percentage of Securityholders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Sections&nbsp;6.1 and 6.2) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this Article&nbsp;Seven.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2. <I>Proof of Execution of Instruments and of Holding of Securities.</I>
Subject to Sections&nbsp;6.1 and 6.2, the execution of any instrument by a Securityholder or his
agent or proxy may be proved in the following manner:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The fact and date of the execution by any Holder of any instrument may be proved by
the certificate of any notary public or other officer of any jurisdiction authorized to take
acknowledgments of deeds or administer oaths that the person executing such instruments
acknowledged to him the execution thereof, or by an affidavit of a witness to such execution
sworn to before any such notary or other such officer. Where such execution is by or on
behalf of any legal entity other than an individual, such certificate or affidavit shall
also constitute sufficient proof of the authority of the person executing the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The ownership of Securities shall be proved by the Security register or by a
certificate of the Security registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3. <I>Holders to be Treated as Owners.</I>
The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the
Person in whose name any Security shall be registered upon the Security register for such series as
the absolute owner of such Security (whether or not such Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions of this Indenture,
interest, if any, on such Security and for all other purposes; and neither the Issuer nor the
Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4. <I>Securities Owned by Issuer Deemed Not Outstanding.</I>
In determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have concurred in any direction, consent or waiver under this
Indenture, Securities
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /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">which are owned by the Issuer or any other obligor on the
Securities with respect to which such determination is being made or by any Affiliate of the
Issuer or any other obligor on the Securities with respect to which such determination is being
made shall be disregarded and deemed not to be Outstanding for the purpose of any such
determination, except that for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver only Securities which a Responsible Officer of the
Trustee knows are so owned shall be so disregarded. Securities so owned which have been pledged in
good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee&#146;s right so to act with respect to such Securities and that the pledgee is not
the Issuer or any other obligor upon the Securities or any Affiliate of the Issuer or any other
obligor on the Securities. In case of a dispute as to such right, the advice of counsel shall be
full protection in respect of any decision made by the Trustee in accordance with such advice.
Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officers&#146;
Certificate listing and identifying all Securities, if any, known by the Issuer to be owned or held
by or for the account of any of the above-described Persons; and, subject to Sections&nbsp;6.1 and 6.2,
the Trustee shall be entitled to accept such Officers&#146; Certificate as conclusive evidence of the
facts therein set forth and of the fact that all Securities not listed therein are Outstanding for
the purpose of any such determination.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5. <I>Right of Revocation of Action Taken.</I>
At any time prior to (but not after) the evidencing to the Trustee, as provided in Section
7.1, of the taking of any action by the Holders of the percentage in aggregate principal amount of
the Securities of any or all series, as the case may be, specified in this Indenture in connection
with such action, any Holder of a Security the serial number of which is shown by the evidence to
be included among the serial numbers of the Securities the Holders of which have consented to such
action may, by filing written notice at the Corporate Trust Office and upon proof of holding as
provided in this Article&nbsp;Seven, revoke such action so far as concerns such Security provided that
such revocation shall not become effective until three Business Days after such filing. Except as
aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon
such Holder and upon all future Holders and owners of such Security and of any Securities issued in
exchange or substitution therefor or on registration of transfer thereof, irrespective of whether
or not any notation in regard thereto is made upon any such Security. Any action taken by the
Holders of the percentage in aggregate principal amount of the Securities of any or all series, as
the case may be, specified in this Indenture in connection with such action shall be conclusively
binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6. <I>Record Date for Consents and Waivers.</I>
The Issuer may, but shall not be obligated to, establish a record date for the purpose of
determining the Persons entitled to (i)&nbsp;waive any past default with respect to the Securities of
such series in accordance with Section&nbsp;5.7 of the Indenture, (ii)&nbsp;consent to any supplemental
indenture in accordance with Section&nbsp;8.2 of the Indenture or (iii)&nbsp;waive compliance with any term,
condition or provision of any covenant hereunder. If a record date is fixed, the Holders on such
record date, or their duly designated proxies, and any such Persons, shall be entitled to waive any
such past default, consent to any such supplemental indenture or waive compliance with any such
term, condition or provision, whether or not such Holder remains a Holder after such record date;
<I>provided</I>, <I>however</I>, that unless such waiver or consent is obtained from the Holders, or duly
designated proxies, of the requisite principal amount of Outstanding Securities of such series
prior to the date which is the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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">120th day after such record date, any such
waiver or consent previously given shall automatically and, without further action by any
Holder be cancelled and of no further effect.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE EIGHT<BR>
SUPPLEMENTAL INDENTURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1. <I>Supplemental Indentures Without Consent of Securityholders.</I>
The Issuer, when authorized by a Board Resolution (which resolution may provide general terms
or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order), and the Trustee may from time to
time and at any time enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act of 1939 as in force at the date of the execution
thereof) for one or more of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to evidence the succession of another Person to the Issuer or successive
successions, and the assumption by the successor Person of the covenants, agreements and
obligations of the Issuer herein and in the Securities or the Guarantees or to otherwise
evidence compliance with Article&nbsp;Nine hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to add to the covenants of the Issuer such further covenants, restrictions,
conditions or provisions for the protection of the Holders of all or any series of
Securities (and if such covenants, restrictions, conditions or provisions are to be for the
protection of less than all series of Securities, stating that the same are expressly being
included solely for the protection of such series), or to surrender any right or power
herein conferred upon the Issuer, and to make the occurrence, or the occurrence and
continuance, of a default in any such additional covenants, restrictions, conditions or
provisions an Event of Default permitting the enforcement of all or any of the several
remedies provided in this Indenture as herein set forth; <I>provided</I>, <I>however, </I>that in respect
of any such additional covenant, restriction, condition or provision such supplemental
indenture may provide for a particular period of grace after default (which period may be
shorter or longer than that allowed in the case of other defaults) or may provide for an
immediate enforcement upon such an Event of Default or may limit the remedies available to
the Trustee upon such an Event of Default or may limit the right of the Holders of a
majority in aggregate principal amount of the Securities of such series to waive such an
Event of Default;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to cure any ambiguity or to correct or supplement any provision contained herein or
in any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to establish the form or terms of Securities or the Guarantees to be endorsed
thereon of any series as permitted by Sections&nbsp;2.1 and 2.3, to provide for any Guarantees of
the Securities of any series and to confirm and evidence the termination or discharge of any
Guarantee of or mortgage, lien, pledge, charge, security interest or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /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; margin-left: 2%">encumbrance securing
the Securities of a series when such release, termination or discharge is permitted by the
Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to provide for the issuance of uncertificated Securities of any series (including
Securities registrable as to principal only) in addition to or in place of certificated
Securities and to provide for exchangeability of such Securities for the Securities issued
hereunder in fully registered form and to make all appropriate changes for such purpose;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust Indenture
Act of 1939, or under any similar federal statute hereafter enacted, and to add to this
Indenture such other provisions as may be expressly permitted by the Trust Indenture Act of
1939, <I>excluding, however, </I>the provisions referred to in Section&nbsp;316(a)(2) of the Trust
Indenture Act of 1939 as in effect at the date as of which this instrument was executed or
any corresponding provision provided for in any similar federal statute hereafter enacted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to evidence and provide for the acceptance of appointment hereunder of a Trustee
other than Wilmington Trust Company as Trustee for a series of Securities and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section&nbsp;6.9 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section&nbsp;8.2 hereof, to add to or modify the provisions hereof as may be
necessary or desirable to provide for the denomination of Securities in foreign currencies
which shall not adversely affect the interests of the Holders of the Securities in any
material respect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to modify the covenants or Events of Default of the Issuer solely in respect of, or
add new covenants or Events of Default of the Issuer that apply solely to, Securities not
Outstanding on the date of such supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to evidence and provide for the acceptance of appointment hereunder by a successor
trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Section&nbsp;6.11;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to conform the text of this Indenture, the Securities of any series, or the
Guarantees to any provision of the &#147;Description of Debt Securities&#148; section of any
prospectus or the comparable section in any applicable prospectus supplement that is used to
sell the Securities of such series to the extent that such provision was intended to be a
verbatim recitation of a provision of this Indenture, the Securities of such series sold
thereby, or the Guarantees thereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to make any other change that does not adversely affect the legal rights of any
Holder of Securities of the series affected by such change.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /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 Trustee is hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee&#146;s own rights, duties or immunities under this
Indenture or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities then Outstanding, notwithstanding any
of the provisions of Section&nbsp;8.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2. <I>Supplemental Indentures with Consent of Securityholders.</I>
With the consent (evidenced as provided in Article&nbsp;Seven and including written consents
obtained in connection with a tender offer or exchange offer) of the Holders of not less than a
majority in aggregate principal amount of the Securities then Outstanding of any series affected
thereby, the Issuer, when authorized by a Board Resolution (which resolution may provide general
terms or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order), and the Trustee may, from time to
time and at any time, enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act of 1939 as in force at the date of execution
thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner
the rights of the Holders of the Securities of such series or waiving future compliance with any
provision of the Indenture or the Securities (other than a continuing default or Event of Default
in the payment of principal of or interest on Securities, which shall require the consent of the
Holders of each Security so affected); <I>provided</I>, that no such supplemental indenture or waiver
shall (a)&nbsp;change the stated final maturity of the principal of any Security, or reduce the
principal amount thereof, or reduce the rate or extend the time of payment of interest (including
default interest), if any, thereon (or, in the case of an Original Issue Discount Security, reduce
the rate of accretion of original issue discount thereon), or reduce or alter the method of
computation of any amount payable on redemption, repayment or purchase by the Issuer thereof (or
the time at which any such redemption, repayment or purchase may be made), or make the principal
thereof (including any amount in respect of original issue discount), or interest, if any, thereon
payable in any coin or currency other than that provided in the Securities or in accordance with
the terms of the Securities, or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the maturity thereof pursuant to
Section&nbsp;5.1 or the amount thereof provable in bankruptcy pursuant to Section&nbsp;5.2, make any change
to Sections&nbsp;5.4 or 5.7, or impair or affect the right of any Securityholder to institute suit for
the payment thereof or, if the Securities provide therefor, any right of repayment or purchase at
the option of the Securityholder, in each case without the consent of the Holder of each Security
so affected or modify the ranking or priority of the Securities or the Guarantees issued hereunder,
or (b)&nbsp;reduce the aforesaid percentage of Securities of any series, the consent of the Holders of
which is required for any such supplemental indenture, without the consent of the Holders of each
Security so affected. No consent of any Holder of any Security shall be necessary under this
Section&nbsp;8.2 to permit the Trustee and the Issuer to execute supplemental indentures pursuant to
Sections&nbsp;8.1 and 9.2.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /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;A supplemental indenture which changes or eliminates any covenant, Event of Default or other
provision of this Indenture which has expressly been included solely for the benefit of one or more
particular series of Securities, or which modifies the rights of Holders of Securities of such
series, with respect to such covenant or provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors (which resolution may provide general terms or parameters for such action and may provide
that the specific terms of such action may be determined in accordance with or pursuant to an
Issuer Order) certified by the secretary or an assistant secretary of the Issuer authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of the Holders of the Securities as aforesaid and other documents, if any, required by
Section&nbsp;7.1, the Trustee shall join with the Issuer in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee&#146;s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may at its discretion, but shall not be
obligated to, enter into such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Securityholders under this Section&nbsp;8.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section&nbsp;8.2, the Issuer (or the Trustee at the request and
expense of the Issuer) shall give notice thereof to the Holders of then Outstanding Securities of
each series affected thereby, as provided in Section&nbsp;11.4. Any failure of the Issuer to give such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.3. <I>Effect of Supplemental Indenture.</I>
Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Issuer, the Guarantors and the Holders of Securities of each series affected
thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to
such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture for
any and all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4. <I>Documents to Be Given to Trustee.</I>
The Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, shall be entitled to receive
an Officers&#146; Certificate and an Opinion of Counsel as provided in Section&nbsp;11.5 as conclusive
evidence that any supplemental indenture executed pursuant to this Article&nbsp;Eight complies with the
applicable provisions of this Indenture and that all conditions precedent to the execution and
delivery of such supplemental indenture have been satisfied. An Opinion of Counsel pursuant to
this Section&nbsp;8.4 shall also include (a)&nbsp;an opinion that any such supplemental indenture has been
duly authorized, executed and delivered and constitutes the valid and legally binding obligation of
the Issuer and the Guarantors party thereto, if any, enforceable in accordance with its terms and
(b)&nbsp;in the case of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /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">8.1(m) an opinion that such supplemental indenture does not adversely affect the
legal rights of any Holder of Securities of the series affected by such change. In rendering such
opinion, such counsel may qualify any opinions as to enforceability by stating that such
enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
liquidation, moratorium and other similar laws relating to or affecting the rights and remedies of
creditors and is subject to general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law)
and an implied covenant of good faith and fair dealing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.5. <I>Notation on Securities in Respect of Supplemental Indentures.</I>
Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article&nbsp;Eight may bear a notation in form approved by
the Trustee for such series as to any matter provided for by such supplemental indenture or as to
any action taken by Securityholders. If the Issuer or the Trustee shall so determine, new
Securities of any series so modified as to conform, in the opinion of the Trustee and the Issuer,
to any modification of this Indenture contained in any such supplemental indenture may be prepared
and executed by the Issuer, and such Securities may be authenticated by the Trustee and delivered
in exchange for the Securities of such series then Outstanding.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE NINE<BR>
CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER<BR>
DISPOSITION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1. <I>Consolidation Permitted, etc., on Certain Terms.</I>
Subject to the provisions of Section&nbsp;9.2, nothing contained in this Indenture or in any of the
Securities shall prevent any consolidation or merger of the Issuer with or into any other Person or
Persons (whether or not affiliated with the Issuer), or successive consolidations or mergers in
which the Issuer or its successor or successors shall be a party or parties, or shall prevent any
sale, lease, exchange or other disposition of all or substantially all the property and assets of
the Issuer to any other Person (whether or not affiliated with the Issuer) authorized to acquire
and operate the same; <I>provided</I>, <I>however</I>, and the Issuer hereby covenants and agrees, that any such
consolidation, merger, sale, lease, exchange or other disposition shall be upon the conditions that
(a)&nbsp;immediately after giving effect to such consolidation, merger, sale, lease, exchange or other
disposition of the Person (whether the Issuer or such other Person) formed by or surviving any such
consolidation or merger, or to which such sale, lease, exchange or other disposition shall have
been made, no Event of Default, and no event which after notice or lapse of time or both, would
become an Event of Default, shall have occurred and be continuing; (b)&nbsp;the Person (if other than
the Issuer) formed by or surviving any such consolidation or merger, or to which such sale, lease,
exchange or other disposition shall have been made, shall be a corporation or partnership organized
under the laws of the United States of America, any state thereof or the District of Columbia; and
(c)&nbsp;the due and punctual payment of the principal of premium, if any, and interest, if any, on all
the Securities, according to their tenor, and the due and punctual performance and observance of
all of the covenants and conditions of this Indenture to be performed by the Issuer, shall be
expressly assumed, by supplemental indenture satisfactory in form to the Trustee executed and
delivered to the Trustee, by the Person (if other than the Issuer) formed by such consolidation, or
into which the Issuer shall have been merged, or by the Person which shall have acquired or leased
such property.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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;SECTION 9.2. <I>Successor Corporation to be Substituted.</I>
In case of any such consolidation or merger or any sale, conveyance or lease of all or
substantially all of the property of the Issuer and upon the assumption by the successor Person, by
supplemental indenture executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the due and punctual payment of the principal of, premium, if any, and interest,
if any, on all of the Securities and the due and punctual performance of all of the covenants
and conditions of this Indenture to be performed by the Issuer, such successor Person shall succeed
to and be substituted for the Issuer, with the same effect as if it had been named herein as the
party of the first part, and the Issuer (including any intervening successor to the Issuer which
shall have become the obligor hereunder) shall be relieved of any further obligation under this
Indenture and the Securities; <I>provided</I>, <I>however</I>, that in the case of a sale, lease, exchange or
other disposition of the property and assets of the Issuer (including any such intervening
successor), the Issuer (including any such intervening successor) shall continue to be liable on
its obligations under this Indenture and the Securities to the extent, but only to the extent, of
liability to pay the principal of, premium, if any, and interest, if any, on the Securities at the
time, places and rate prescribed in this Indenture and the Securities. Such successor Person
thereupon may cause to be signed, and may issue either in its own name or in the name of the
Issuer, any or all of the Securities issuable hereunder which theretofore shall not have been
signed by the Issuer and delivered to the Trustee; and, upon the order of such successor Person
instead of the Issuer and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall
have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and
any Securities which such successor Person thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All the Securities so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities had been issued at the
date of the execution hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any such consolidation or merger or any sale, lease, exchange or other disposition
of all or substantially all of the property and assets of the Issuer, such changes in phraseology
and form (but not in substance) may be made in the Securities, thereafter to be issued, as may be
appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.3. <I>Opinion of Counsel to be Given Trustee.</I>
The Trustee, subject to Sections&nbsp;6.1 and 6.2, shall receive an Officers&#146; Certificate and
Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, lease,
exchange or other disposition and any such assumption complies with the provisions of this Article
Nine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TEN<BR>
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.1. <I>Applicability of Article.</I>
Unless specified otherwise pursuant to Section&nbsp;2.3 for Securities of a series, this Article
shall apply to each series of Securities issued under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.2. <I>Legal Defeasance and Discharge.</I>
The Issuer shall, subject to the satisfaction of the conditions set forth in Section&nbsp;10.4
hereof, be deemed to have been discharged
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /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">from its obligations with respect to the Outstanding
Securities of any series on the date the conditions set forth below are satisfied with respect to
such series (hereinafter, &#147;Legal Defeasance&#148;). For this purpose, Legal Defeasance
means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness
represented by the Outstanding Securities of any series, which shall thereafter be deemed to be
Outstanding only for the purposes of Section&nbsp;10.5 hereof and the other Sections of this Indenture
referred to in clauses (a)&nbsp;and (b)&nbsp;below, and to have satisfied all of its obligations under such
Securities and this Indenture (and the Trustee, on demand of and at the expense of the Issuer,
shall execute proper instruments delivered to it by the Issuer acknowledging the same), except of
the following provisions which shall survive until otherwise terminated or discharged hereunder;
(a)&nbsp;the rights of Holder of Outstanding Securities of such series to receive payments in respect of
the principal of, premium, if any, and interest on such Securities when such payments are due from
the trust referred to below; (b)&nbsp;the Issuer&#146;s obligations with respect to the Securities concerning
mutilated, destroyed, lost or stolen Securities and the maintenance of an office or agency for
payment and money for security payments held in trust; (c)&nbsp;the rights, powers, trusts, duties and
immunities of the Trustee, and the Issuer&#146;s obligations in connection therewith; and (d)&nbsp;the Legal
Defeasance provisions of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.3. <I>Covenant Defeasance.</I>
The Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth
in Section&nbsp;10.4 hereof, be released from their obligations under the covenants contained in Article
Nine (other than Section&nbsp;9.1(c)) and, to the extent described in the applicable supplemental
indenture, with respect to the covenants of any series of Securities, on and after the date that
the conditions set forth in Section&nbsp;10.4 are satisfied with respect to such series (hereinafter,
&#147;Covenant Defeasance&#148;), and the Securities of such series shall thereafter be deemed not
Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be
deemed Outstanding for all other purposes hereunder (it being understood that such Securities shall
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the Outstanding Securities of any series, the Issuer may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a default or an Event of Default
under Section&nbsp;5.1 hereof, but, except as specified above, the remainder of this Indenture and such
Securities shall be unaffected thereby. Subject to the satisfaction of the conditions set forth in
Section&nbsp;10.4 hereof, Sections&nbsp;5.1(d), 5.1(e), 5.1(f) and 5.1(g) hereof shall not constitute Events
of Default or defaults hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.4. <I>Conditions to Legal or Covenant Defeasance.</I>
The following shall be the conditions to the application of either Section&nbsp;10.2 or 10.3 hereof
to the Outstanding Securities of any series:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to exercise either Legal Defeasance or Covenant Defeasance:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Issuer must irrevocably deposit, or cause to be deposited, with the Trustee, in trust,
for the benefit of the Holders of the Securities of a particular series, cash in U.S. dollars, U.S.
Government Obligations, or a combination thereof, in such amounts as will be
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /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">sufficient, in the
opinion of a nationally recognized firm of independent public accountants, to pay, without
reinvestment, the principal of, premium, if any, and interest on the Outstanding Securities of such
series on the stated maturity thereof or on the applicable redemption date, as
the case may be, and the Issuer must specify whether the Securities are being defeased to
maturity or to a particular redemption date;
</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 case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Issuer has received from, or there
has been published by, the Internal Revenue Service a ruling, or there has been a change in the
applicable United States federal income tax law after the date of this Indenture, in either case to
the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the
Outstanding Securities of such series will not recognize income, gain or loss for United States
federal income tax purposes as a result of such Legal Defeasance, and will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;in the case of Covenant Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Holders of the Outstanding
Securities of such series will not recognize income, gain or loss for United States federal income
tax purposes as a result of such Covenant Defeasance, and such Holders will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;no default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a default or Event of Default resulting from the borrowing of funds to be
applied to such deposit) or insofar as Events of Default from bankruptcy or insolvency events are
concerned, at any time in the period ending on the 91st day after the date of deposit;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than the Indenture) to
which the Issuer or any of its Restricted Subsidiaries is a party or by which the issuer or any of
its Restricted Subsidiaries is bound;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate stating that the deposit
was not made by the Issuer with the intent of preferring the Holders of the Securities over other
creditors of the Issuer, or with the intent of defeating, hindering, delaying or defrauding
creditors of the Issuer or others;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate and an opinion of Counsel
in the United States reasonably acceptable to the Trustee, each stating that the conditions
precedent provided for or relating to Legal Defeasance or Covenant Defeasance, as applicable, in
the case of the Officers&#146; Certificate, in clauses (a)&nbsp;through (f)&nbsp;and, in the case of the opinion
of Counsel, in clauses (b)&nbsp;and (c)&nbsp;of this paragraph, have been complied with.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.5. <I>Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions.</I>
Subject to Section&nbsp;10.6 hereof, all money and U.S.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /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">Government Obligations (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively, and solely for purposes of this Section&nbsp;10.5, the &#147;Trustee&#148;)
pursuant to Section&nbsp;10.4 hereof in respect of the Outstanding Securities of any series shall be
held in trust and applied by the Trustee, in accordance with the provisions of such Securities and
this Indenture, to the payment, either directly or through any paying agent (including the Issuer
acting as paying agent) as the Trustee may determine, to the Holders of such Securities of all sums
due and to become due thereon in respect of principal, premium, if any, and interest, but such
money need not be segregated from other funds except to the extent required by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section&nbsp;10.4 hereof in respect of any series of Securities or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the Outstanding Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article&nbsp;Ten to the contrary notwithstanding, the Trustee shall deliver or pay
to the Issuer from time to time upon the request of the Issuer any money or non-callable U.S.
Government Obligations held by it as provided in Section&nbsp;10.4 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section&nbsp;10.4(a) hereof),
are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.6. <I>Repayment to Issuer. </I>Any money deposited with the Trustee or any paying agent, or then held by the Issuer, in trust
for the payment of the principal of, premium or interest on any Security and remaining unclaimed
for two years after such principal, and premium, if any, or interest has become due and payable
shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured creditor, look only
to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with
respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon
cease; <I>provided</I>, <I>however</I>, that the Trustee or such paying agent, before being required to make any
such repayment, may at the expense of the Issuer cause to be published once, in the New York Times
and The Wall Street Journal (national edition), notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30&nbsp;days from the date of such
notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.7. <I>Reinstatement. </I>If the Trustee or paying agent is unable to apply any money or non-callable U.S. Government
Obligations in accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuer&#146;s obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;10.2 or 10.3
hereof until such time as the Trustee or paying agent is permitted to apply all such money in
accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be; <I>provided</I>, <I>however</I>, that, if the
Issuer makes any payment of principal of, premium, if any, or interest on any Security following
the reinstatement of its obligations, the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /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">Issuer shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or
paying agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.8. <I>Survival. </I>The Trustee&#146;s rights under this Article&nbsp;Ten shall survive termination of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.9. <I>Satisfaction and Discharge of Indenture. </I>If at any time (a)(i) the Issuer shall have paid or caused to be paid the principal of,
premium, if any, and interest, if any, on all the Securities Outstanding of any series (other than
Securities which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section&nbsp;2.9) as and when the same shall have become due and payable, or (ii)&nbsp;the Issuer
shall have delivered to the Trustee for cancellation all Securities of any series theretofore
authenticated (other than Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section&nbsp;2.9), or (b)(i) the Securities of any series mature within
one year, or all of them are to be called for redemption within one year under arrangements
satisfactory to the Trustee for giving the notice of redemption, (ii)&nbsp;the Issuer irrevocably
deposits in trust with the Trustee, as trust funds solely for the benefit of the Holders, money or
U.S. Government Obligations or a combination thereof sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certificate delivered to
the Trustee, without consideration of any reinvestment, to pay principal of and premium and
interest on the Securities to maturity or redemption, as the case may be, and to pay all other sums
payable by it hereunder, (iii)&nbsp;no Event of Default has occurred and is continuing on the date of
the deposit, (iv)&nbsp;the deposit will not result in a breach or violation of, or constitute a default
under, the Indenture or any other agreement or instrument to which the Issuer is a party or by
which it is bound, and (v)&nbsp;the Issuer delivers to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating
to the satisfaction and discharge of the Indenture have been complied with; and if, in any such
case, the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer
(including all amounts, payable to the Trustee pursuant to Section&nbsp;6.6), then, (x)&nbsp;after satisfying
the conditions in clause (a), only the Issuer&#146;s obligations under Sections&nbsp;6.6 and 10.5, as
applicable, will survive or (y)&nbsp;after satisfying the conditions in clause (b), only the Issuer&#146;s or
obligations in Article&nbsp;Two and Sections&nbsp;3.1, 3.2, 6.6, 6.10, 10.5, 10.6 and 10.7 will survive, and,
in either case, the Trustee, on demand of the Issuer accompanied by an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the satisfaction and
discharge contemplated by this provision have been complied with, and at the cost and expense of
the Issuer, shall execute proper instruments acknowledging such satisfaction and discharging of
this Indenture. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred, and to compensate the Trustee for any services thereafter
reasonably and properly rendered, by the Trustee in connection with this Indenture or the
Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ELEVEN<BR>
MISCELLANEOUS PROVISIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.1. <I>Partners, Incorporators, Stockholders, Officers and Directors of Issuer Exempt
from Individual Liability. </I>No recourse under or upon any obligation, covenant or agreement contained in this Indenture,
or in any Security, or because of any indebtedness evidenced thereby, shall be had against any
incorporator, as such or against any past, present or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /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">future stockholder, officer, director or employee, as such, of the Issuer or the Guarantors or any partner of the Issuer or the Guarantors
or of any successor, either directly or through the Issuer or the Guarantors or any successor,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and
released by the acceptance of the Securities by the Holders thereof and as part of the
consideration for the issue of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.2. <I>Provisions of Indenture for the Sole Benefit of Parties and Holders of
Securities. </I>Nothing in this Indenture or in the Securities, expressed or implied, shall give or be
construed to give to any Person, other than the parties hereto and their successors and the Holders
of the Senior Indebtedness and the Holders of the Securities, any legal or equitable right, remedy
or claim under this Indenture or under any covenant or provision herein contained, all such
covenants and provisions being for the sole benefit of the parties hereto and their successors and
of the Holders of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.3. <I>Successors and Assigns of Issuer Bound by Indenture. </I>All the covenants, stipulations, promises and agreements in this Indenture contained by or on
behalf of the Issuer shall bind its successors and assigns, whether so expressed or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.4. <I>Notices and Demands on Issuer, Trustee and Holders of Securities.</I>
Any notice or demand which by any provision of this Indenture is required or permitted to be
given or served by the Trustee or by the Holders of Securities to or on the Issuer, or as required
pursuant to the Trust Indenture Act of 1939, may be given or served by being deposited postage
prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until
another address of the Issuer is filed by the Issuer with the Trustee) to Hovnanian Enterprises,
Inc., 110 West Front Street, P.O. Box 500, Red Bank, New Jersey 07701. Any notice, direction,
request or demand by the Issuer or any Holder of Securities to or upon the Trustee shall be deemed
to have been sufficiently given or served by being deposited postage prepaid, first-class mail
(except as otherwise specifically provided herein) addressed (until another address of the Trustee
is filed by the Trustee with the Issuer) to Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, DE 19890 &#091;specify series of Securities&#093;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice to Holders of Securities, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder entitled thereto, at his last address as it
appears in the Security register. Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice, either before or
after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by
Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice to the Issuer when such notice is required to be given pursuant to any
provision of this Indenture, then any manner of giving such notice as shall be reasonably
satisfactory to the Trustee shall be deemed to be sufficient notice.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /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;SECTION 11.5. <I>Officers&#146; Certificates and Opinions of Counsel; Statements to Be Contained
Therein. </I>Upon any application or demand by the Issuer to the Trustee to take any action under any of
the provisions of this Indenture, or as required pursuant to the Trust Indenture Act of 1939, the
Issuer shall furnish to the Trustee an Officers&#146; Certificate stating that all conditions precedent
provided for in this Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have
been complied with, except that in the case of any such application or demand as to which the
furnishing of such documents is specifically required by any provision of this Indenture relating
to such particular application or demand, no additional certificate or opinion need be furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion provided for in this Indenture (other than a certificate provided
pursuant to Section&nbsp;4.3(d)) and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Indenture shall include (a)&nbsp;a statement that the person
making such certificate or opinion has read such covenant or condition, (b)&nbsp;a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based, (c)&nbsp;a statement that, in the opinion of such
person, he has made such examination or investigation as is necessary to enable him to express an
opinion as to whether or not such covenant or condition has been complied with, and (d)&nbsp;a statement
as to whether or not, in the opinion of such person, such condition or covenant has been complied
with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of or representations by counsel, unless
such officer knows that the certificate or opinion or representations with respect to the matters
upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise of reasonable care should know that the same are erroneous. Any certificate, statement or
opinion of counsel may be based, insofar as it relates to factual matters, on information with
respect to which is in the possession of the Issuer upon the certificate, statement or opinion of
or representations by an officer or officers of the Issuer unless such counsel knows that the
certificate, statement or opinion or representations with respect to the matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based,
insofar as it relates to accounting matters, upon a certificate or opinion of or representations by
an accountant or firm of accountants in the employ of the Issuer unless such officer or counsel, as
the case may be, knows that the certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of any independent firm of public accountants filed with and
directed to the Trustee shall contain a statement that such firm is independent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.6. <I>Payments Due on Saturdays, Sundays and Holidays. </I>If the date of maturity of principal of or interest, if any, on the Securities of any series
or the date fixed for
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /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">redemption, purchase or repayment of any such Security shall not be a
Business Day, then payment of interest, if any, premium, if any, or principal need not be made on
such date, but may be made on the next succeeding Business Day with the same force and effect as if
made on the date of maturity or the date fixed for redemption, purchase or repayment, and, in the
case of payment, no interest shall accrue for the period after such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.7. <I>Conflict of Any Provision of Indenture with Trust Indenture Act of 1939. </I>If and to the extent that any provision of this Indenture limits, qualifies or conflicts with
another provision included in this Indenture which is required to be included herein by any of
Sections&nbsp;310 to 317 of the Trust Indenture Act of 1939, inclusive, or is deemed applicable to this
Indenture by virtue of the provisions of the Trust Indenture Act of 1939, such required provision
shall control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.8. <I>GOVERNING LAW. </I>THIS INDENTURE, EACH SECURITY AND EACH GUARANTEE SHALL BE DEEMED TO BE A CONTRACT UNDER THE
LAWS OF THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SUCH STATE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.9. <I>Counterparts. </I>This Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.10. <I>Effect of Headings. </I>The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11. <I>No Adverse Interpretation of Other Agreements. </I>The Indenture may not be used to interpret another indenture or loan or debt agreement of the
Issuer or any subsidiary of the Issuer, and no such indenture or loan or debt agreement may be used
to interpret the Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWELVE<BR>
REDEMPTION OF SECURITIES AND SINKING FUNDS
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.1. <I>Applicability of Article. </I>The provisions of this Article shall be applicable to the Securities of any series which are
redeemable before their maturity or to any sinking fund for the retirement of Securities of a
series except as otherwise specified, as contemplated by Section&nbsp;2.3 for Securities of such series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.2. <I>Notice of Redemption; Partial Redemptions. </I>Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or
in part at the option of the Issuer shall be given by mailing notice of such redemption by first
class mail, postage prepaid, at least 30&nbsp;days and not more than 60&nbsp;days prior to the date fixed for
redemption to such Holders of Securities of such series at their last addresses as they shall
appear in the Security register. Any notice which is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Holder receives the notice.
Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a
series designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security of such series.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /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 notice of redemption to each such Holder shall specify (i)&nbsp;the principal amount of each
Security of such series held by such Holder to be redeemed, (ii)&nbsp;the date fixed for redemption,
(iii)&nbsp;the redemption price, (iv)&nbsp;the place or places of payment, (v)&nbsp;the CUSIP number relating to
such Securities, (vi)&nbsp;that payment will be made upon presentation and surrender of such Securities,
(vii)&nbsp;whether such redemption is pursuant to the mandatory or optional sinking fund, or both, if
such be the case, (viii)&nbsp;whether interest, if any, (or, in the case of Original Issue Discount
Securities, original issue discount) accrued to the date fixed for redemption will be paid as
specified in such notice and (ix)&nbsp;whether on and after said date interest, if any, (or, in the case
of Original Issue Discount Securities, original issue discount) thereon or on the portions thereof
to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part
only, the notice of redemption shall state the portion of the principal amount thereof to be
redeemed and shall state that on and after the date fixed for redemption, upon surrender of such
Security, a new Security or Securities of such series in principal amount equal to the unredeemed
portion thereof will be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuer&#146;s request, by the Trustee in the name and at
the expense of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the redemption date specified in the notice of redemption given as provided in
this Section&nbsp;12.2, the Issuer will deposit with the Trustee or with one or more paying agents (or,
if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided
in Section&nbsp;3.5) an amount of money sufficient to redeem on the redemption date all the
Securities of such series so called for redemption at the appropriate redemption price,
together with accrued interest, if any, to the date fixed for redemption. The Issuer will deliver
to the Trustee at least 45&nbsp;days prior to the date fixed for redemption (unless a shorter notice
period shall be satisfactory to the Trustee) an Officers&#146; Certificate stating the aggregate
principal amount of Securities to be redeemed. In case of a redemption at the election of the
Issuer prior to the expiration of any restriction on such redemption, the Issuer shall deliver to
the Trustee, prior to the giving of any notice of redemption to Holders pursuant to this Section,
an Officers&#146; Certificate stating that such restriction has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Securities of a series are to be redeemed, the Trustee, within 10
Business Days after the Issuer gives written notice to the Trustee that such redemption is to
occur, shall select on a pro rata basis, by lot or in such manner as it shall deem, in its sole
discretion, appropriate and fair, Securities of such series to be redeemed. Notice of the
redemption shall be given only after such selection has been made. Securities may be redeemed in
part in denominations of $2,000 and multiples of $1,000 in excess thereof in original principal
amount of Securities, unless another minimum authorized denomination is specified for Securities of
such series, or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of
the Securities of such series selected for redemption and, in the case of any Securities of such
series selected for partial redemption, the principal amount thereof to be redeemed. For all
purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities of any series shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is
to be redeemed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /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;SECTION 12.3. <I>Payment of Securities Called for Redemption. </I>If notice of redemption has been given as provided by this Article&nbsp;Twelve, the Securities or
portions of Securities specified in such notice shall become due and payable on the date and at the
place or places stated in such notice at the applicable redemption price, together with interest,
if any accrued to the date fixed for redemption, and on and after said date (unless the Issuer
shall default in the payment of such Securities at the redemption price, together with interest, if
any, accrued to said date) interest, if any (or, in the case of Original Issue Discount Securities,
original issue discount), on the Securities or portions of Securities so called for redemption
shall cease to accrue, and such Securities shall cease from and after the date fixed for redemption
(unless an earlier date shall be specified in a Board Resolution, Officers&#146; Certificate or executed
supplemental indenture referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the form and
terms of the Securities of such series were established) except as provided in Sections&nbsp;6.5 and
10.4, to be entitled to any benefit or security under this Indenture, and the Holders thereof shall
have no right in respect of such Securities except the right to receive the redemption price
thereof and unpaid interest, if any, to the date fixed for redemption. On presentation and
surrender of such Securities at a place of payment specified in said notice, said Securities or the
specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption
price, together with interest, if any, accrued thereon to the date fixed for redemption; <I>provided</I>
that payment of interest, if any, becoming due on or prior to the date fixed for redemption shall
be payable to the Holders of Securities registered as such on the relevant record date subject to
the terms and provisions of Sections&nbsp;2.3 and 2.7 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the redemption price shall, until paid or duly provided for, bear interest from the
date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original
Issue Discount Security) borne by such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon presentation of any Security redeemed in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of
the Issuer, a new Security or Securities of such series, and of like tenor, of authorized
denominations, in principal amount equal to the unredeemed portion of the Security so presented.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.4. <I>Exclusion of Certain Securities from Eligibility for Selection for Redemption. </I>Securities shall be excluded from eligibility for selection for redemption if they are
identified by registration and certificate number in an Officers&#146; Certificate delivered to the
Trustee at least 45&nbsp;days prior to the last date on which notice of redemption may be given as being
owned of record and beneficially by, and not pledged or hypothecated by either (a)&nbsp;the Issuer, or
(b)&nbsp;a Person specifically identified in such written statement as an Affiliate of the Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.5. <I>Mandatory and Optional Sinking Funds. </I>The minimum amount of any sinking fund payment provided for by the terms of the Securities of
any series is herein referred to as a &#147;mandatory sinking fund payment,&#148; and any payment in excess
of such minimum amount provided for by the terms of the Securities of any series is herein referred
to as an &#147;optional sinking fund payment.&#148; The date on which a sinking fund payment is to be made
is herein referred to as the &#147;sinking fund payment date.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /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 lieu of making all or any part of any mandatory sinking fund payment with respect to any
series of Securities in cash, the Issuer may at its option (a)&nbsp;deliver to the Trustee Securities of
such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the
mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the
Issuer and delivered to the Trustee for cancellation pursuant to Section&nbsp;2.10, (b)&nbsp;receive credit
for optional sinking fund payments (not previously so credited) made pursuant to this Section&nbsp;12.5,
or (c)&nbsp;receive credit for Securities of such series (not previously so credited) redeemed by the
Issuer through any optional redemption provision contained in the terms of such series. Securities
so delivered or credited shall be received or credited by the Trustee at the sinking fund
redemption price specified in such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the 60th day next preceding each sinking fund payment date for any series, the
Issuer will deliver to the Trustee an Officers&#146; Certificate (a)&nbsp;specifying the portion of the
mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied
by credit of Securities of such series and the basis for such credit, (b)&nbsp;stating that none of the
Securities of such series to be so credited has theretofore been so credited, (c)&nbsp;stating that no
defaults in the payment of interest or Events of Default with respect to such series have occurred
(which have not been waived or cured or otherwise ceased to exist) and are continuing,
and (d)&nbsp;stating whether or not the Issuer intends to exercise its right to make an optional
sinking fund payment with respect to such series and, if so, specifying the amount of such optional
sinking fund payment which the Issuer intends to pay on or before the next succeeding sinking fund
payment date. Any Securities of such series to be credited and required to be delivered to the
Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not
theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section
2.10 to the Trustee with such Officers&#146; Certificate (or reasonably promptly thereafter if
acceptable to the Trustee). Such Officers&#146; Certificate shall be irrevocable and upon its receipt
by the Trustee the Issuer shall become unconditionally obligated to make all the cash payments or
payments therein referred to, if any, on or before the next succeeding sinking fund payment date.
Failure of the Issuer, on or before any such 60th day, to deliver such Officers&#146; Certificate and
Securities (subject to the parenthetical clause in the second preceding sentence) specified in this
paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i)&nbsp;that the mandatory sinking fund payment for such series due
on the next succeeding sinking fund payment date shall be paid entirely in cash without the option
to deliver or credit Securities of such series in respect thereof, and (ii)&nbsp;that the Issuer will
make no optional sinking fund payment with respect to such series as provided in this Section&nbsp;12.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000, or a lesser sum if the Issuer shall so request with
respect to the Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such series at the sinking
fund redemption price together with accrued interest, if any, to the date fixed for redemption. If
such amount shall be $50,000 or less and the Issuer makes no such request, then it shall be carried
over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner
provided in Section&nbsp;12.2, for redemption on such sinking fund payment date a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /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">sufficient principal amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if
requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of
such series (or portions thereof) so selected. The Issuer, or the Trustee, in the name and at the
expense of the Issuer (if the Issuer shall so request the Trustee in writing) shall cause notice of
redemption of the Securities of such series to be given in substantially the manner provided in
Section&nbsp;12.2 (and with the effect provided in Section&nbsp;12.3) for the redemption of Securities of
such series in part at the option of the Issuer. The amount of any sinking fund payments not so
applied or allocated to the redemption of Securities of such series shall be added to the next cash
sinking fund payment for such series and, together with such payment, shall be applied in
accordance with the provisions of this Section&nbsp;12.5. Any and all sinking fund moneys held on the
stated maturity date of the Securities of any particular series (or earlier, if such maturity is
accelerated), which are not held for the payment or redemption of particular Securities of such
series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to
the payment of the principal of, and interest, if any, on, the Securities of such series at
maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before 9:00 A.M. on each sinking fund payment date, the Issuer shall pay to the Trustee
in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date
fixed for redemption on Securities to be redeemed on such sinking fund payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or give any notice of redemption of Securities for such series by operation of the
sinking fund during the continuance of a default in payment of interest on such Securities or of
any Event of Default with respect to such series except that, where the giving of notice of
redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to
be redeemed such Securities, <I>provided </I>that it shall have received from the Issuer a sum sufficient
for such redemption. Except as aforesaid, and subject to Article&nbsp;Thirteen, any moneys in the
sinking fund for such series at the time when any such default or Event of Default known to a
Responsible Officer of the Trustee shall occur, and any moneys thereafter paid into the sinking
fund, shall, during the continuance of such default or Event of Default, be deemed to have been
collected under Article&nbsp;Five and held for the payment of all such Securities. In case such Event
of Default shall have been waived as provided in Section&nbsp;5.7 or the default cured on or before the
60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be
applied on the next succeeding sinking fund payment date in accordance with this Section to the
redemption of such Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THIRTEEN<BR>
SUBORDINATION
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.1. <I>Securities Subordinated to Senior Indebtedness. </I>(a)&nbsp;The Issuer covenants and agrees, and each Holder of Securities of each series, by his
acceptance thereof, likewise covenants and agrees, that anything in this Indenture or the
Securities of any series to the contrary notwithstanding, the indebtedness evidenced by the
Securities of each series is subordinate and junior in right of payment, to the extent provided
herein, to all Senior Indebtedness, whether outstanding on the date of execution of this Indenture
or thereafter created, incurred or assumed, and that the subordination is for the benefit of the
holders of Senior Indebtedness but the Securities shall in all respects rank pari passu with all
other Senior
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /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">Subordinated Indebtedness of the Issuer. The Securities shall rank senior to all
existing and future Indebtedness of the Issuer that is neither Senior Indebtedness nor Senior
Subordinated Indebtedness and only Indebtedness of the Issuer that is Senior Indebtedness shall
rank senior to the Securities in accordance with the provisions set forth herein.
</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 Section&nbsp;13.4, if (i)&nbsp;the Issuer shall default in the payment of any principal
of, premium, if any, or interest, if any, on any Senior Indebtedness when the same becomes due and
payable, whether at maturity or at a date fixed for prepayment or by declaration of acceleration or
otherwise, or (ii)&nbsp;any other default shall occur with respect to Senior Indebtedness and the
maturity of such Senior Indebtedness has been accelerated in accordance with its terms, then, upon
written notice of such default to the Issuer and the Trustee by the holders of Senior Indebtedness
or any trustee therefor, unless and until, in either case, the default has been cured or waived, or
has ceased to exist, or any such acceleration has been rescinded or such Senior Indebtedness has
been paid in full, no direct or indirect payment (in cash, property, securities, by set-off or
otherwise) shall be made or agreed to be made on account of the principal of, premium, if any, or
interest, if any, on any of the Securities, or in respect of any redemption, retirement, purchase
or other acquisition of any of the Securities other than those made in capital stock of the Issuer
(or cash in lieu of fractional shares thereof).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If any default (other than a default described in paragraph (b)&nbsp;of this Section&nbsp;13.1)
shall occur under the Senior Indebtedness, pursuant to which the maturity thereof may be
accelerated immediately without further notice (except such notice as may be required to effect
such acceleration) or the expiration of any applicable grace periods occurs (a &#147;Senior Nonmonetary
Default&#148;), then, upon the receipt by the Issuer and the Trustee of written notice thereof (a
&#147;Payment Notice&#148;) from or on behalf of holders of not less than 25% in aggregate principal amount
of the Senior Indebtedness outstanding specifying an election to prohibit such payment and other
action by the Issuer in accordance with the following provisions of this paragraph (c), the Issuer
may not make any payment or take any other action that would be prohibited by paragraph (b)&nbsp;of this
Section&nbsp;13.1 during the period (the &#147;Payment Blockage Period&#148;) commencing on the date of receipt of
such Payment Notice and ending on the earlier of (i)&nbsp;the date, if any, on which the holders of such
Senior Indebtedness or their representative notify the Trustee that such Senior Nonmonetary Default
is cured or waived or ceases to exist or the Senior Indebtedness to which such Senior Nonmonetary
Default relates is discharged or (ii)&nbsp;the 120th day after the date of receipt of such Payment
Notice. Notwithstanding the provisions described in the immediately preceding sentence, the Issuer
may resume payments on the Securities following such Payment Blockage Period. In no event shall a
Payment Blockage Period extend beyond 120&nbsp;days from the date of the receipt by the Trustee of the
Payment Notice (the &#147;Initial Period&#148;). Any number of additional Payment Blockage Periods may be
commenced during the Initial Period; <I>provided</I>, <I>however</I>, that no such additional period shall extend
beyond the Initial Period. After the expiration of the Initial Period, no Payment Blockage Period
may be commenced on the basis of a Senior Nonmonetary Default on the Senior Indebtedness which was
the basis of a Payment Blockage Period commenced during the Initial Period until at least 270
consecutive days have elapsed from the last day of the Initial Period. No Senior Nonmonetary
Default with respect to Senior Indebtedness which existed or was continuing on the date of the
commencement of any Payment Blockage Period and of which the applicable holder(s) of Senior
Indebtedness are aware shall be, or can be made, the basis for the commencement of a second Payment
Blockage Period whether or not within a period of 270 consecutive days unless such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /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">event of default shall have been cured or waived for a period of not less than 90 consecutive days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If (i) (A)&nbsp;without the consent of the Issuer, a receiver, conservator, liquidator or
trustee of the Issuer or of any of its property is appointed by the order or decree of any court or
agency or supervisory authority having jurisdiction, and such decree or order remains in effect for
more than 60&nbsp;days or (B)&nbsp;the Issuer is adjudicated bankrupt or insolvent or (C)&nbsp;any of its property
is sequestered by court order and such order remains in effect for more than 60&nbsp;days or (D)&nbsp;a
petition is filed against the Issuer under any state or federal bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any
jurisdiction whether now or hereafter in effect (including without limitation the Bankruptcy Code),
and is not dismissed within 60&nbsp;days after such filing; or (ii)&nbsp;the Issuer (A)&nbsp;commences a voluntary
case or other proceeding seeking liquidation, reorganization, arrangement, insolvency, readjustment
of debt, dissolution, liquidation or other relief with respect to itself or its debt or other
liabilities under any bankruptcy, insolvency or other similar law now or hereafter in effect
(including without limitation the Bankruptcy Code) or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any substantial part of its
property, or (B)&nbsp;consents to any such relief or to the appointment of or taking possession by any
such official in an involuntary case or other proceeding commenced against it, or (C)&nbsp;fails
generally to, or cannot, pay its debts generally as they become due or (D)
takes any corporate action to authorize or effect any of the foregoing; or (iii)&nbsp;any
Subsidiary of the Issuer takes, suffers or permits to exist any of the events or conditions
referred to in the foregoing clause (i)&nbsp;or (ii), then all Senior Indebtedness (including any
interest thereon accruing after the commencement of any such proceedings) shall first be paid in
full before any payment or distribution, whether in cash, securities or other property, shall be
made to any Holder of any Securities on account thereof. Any payment or distribution, whether in
cash, securities or other property (other than securities of the Issuer or any other corporation
provided for by a plan of reorganization or readjustment the payment of which is subordinate, at
least to the extent provided in these subordination provisions with respect to the indebtedness
evidenced by the Securities to the payment of all Senior Indebtedness then outstanding and to any
securities issued in respect thereof under any such plan of reorganization or adjustment) which
would otherwise (but for these subordination provisions) be payable or deliverable in respect of
the Securities of any series shall be paid or delivered directly to the holders of Senior
Indebtedness in accordance with the priorities then existing among such holders until all Senior
Indebtedness (including any interest thereon accruing after the commencement of any such
proceedings) shall have been paid in full. In the event of any such proceeding, after payment in
full of all sums owing with respect to Senior Indebtedness, the Holders of the Securities, together
with the holders of any obligations of the Issuer ranking on a parity with the Securities, shall be
entitled to be paid from the remaining assets of the Issuer the amounts at the time due and owing
on account of unpaid principal of and interest, if any, on the Securities and such other
obligations before any payment or other distribution, whether in cash, property or otherwise, shall
be made on account of any capital stock or any obligations of the Issuer ranking junior to the
Securities and such other obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If, notwithstanding the foregoing, any payment or distribution of any character, whether
in cash, securities or other property (other than securities of the Issuer or any other corporation
provided for by a plan of reorganization or readjustment the payment of which
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /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">is subordinate, at least to the extent provided in the subordination provisions with respect to the indebtedness
evidenced by the Securities, to the payment of all Senior Indebtedness then outstanding and to any
securities issued in respect thereof under any such plan of reorganization or readjustment), shall
be received by the Trustee or any Holder in contravention of any of the terms hereof, such payment
or distribution of securities shall be received in trust for the benefit of and shall be paid over
or delivered and transferred to the holders of the Senior Indebtedness then outstanding in
accordance with the priorities then existing among such holders for application to the payment of
all Senior Indebtedness remaining unpaid, to the extent necessary to pay all such Senior
Indebtedness in full. In the event of the failure of the Trustee or any Holder to endorse or
assign any such payment, distribution or security, each holder of Senior Indebtedness is hereby
irrevocably authorized to endorse or assign the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No present or future holder of any Senior Indebtedness shall be prejudiced in the right to
enforce subordination of the indebtedness evidenced by the Securities by any act or failure to act
on the part of the Issuer or any Holder of Securities. Nothing contained herein shall impair, as
between the Issuer and the Holders of Securities of each series, the obligation of the Issuer to
pay to such Holders the principal of and interest, if any, on such Securities or prevent the
Trustee or the Holder from exercising all rights, powers and remedies otherwise permitted by
applicable law or hereunder upon a default or Event of Default hereunder, all subject to the rights
of the holders of the Senior Indebtedness to remove cash, securities or other property otherwise
payable or deliverable to the Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Senior Indebtedness shall not be deemed to have been paid in full unless the holders
thereof shall have received cash, securities or other property equal to the amount of such Senior
Indebtedness then outstanding. Upon the payment in full of all Senior Indebtedness, the Holders of
Securities of each series shall be subrogated to all rights of any holders of Senior Indebtedness
to receive any further payment or distributions applicable to the Senior Indebtedness until the
indebtedness evidenced by the Securities of such series shall have been paid in full and such
payments or distributions received by such Holders, by reason of such subrogation, of cash,
securities or other property which otherwise would be paid or distributed to the holders of Senior
Indebtedness, shall, as between the Issuer and its creditors other than the holders of Senior
Indebtedness, on the one hand, and such Holders, on the other hand, be deemed to be a payment by
the Issuer on account of Senior Indebtedness, and not on account of the Securities of such series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The provisions of this Section&nbsp;13.1 shall not impair any rights, interests, remedies or
powers of any secured creditor of the Issuer in respect of any security interest the creation of
which is not prohibited by the provisions of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The securing of any obligations of the Issuer, otherwise ranking on a parity with the
Securities or ranking junior to the Securities, shall not be deemed to prevent such obligations
from constituting, respectively, obligations ranking on a parity with the Securities or ranking
junior to the Securities.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.2. <I>Reliance on Certificate of Liquidating Agent; Further Evidence as to Ownership
of Senior Indebtedness. </I>Upon any payment or distribution of assets of the Issuer, the Trustee and the Holders shall be
entitled to rely upon an order or decree issued by any court of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /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">competent jurisdiction in which such dissolution or winding up or liquidation or reorganization or arrangement proceedings are
pending or upon a certificate of the bankruptcy trustee, receiver, assignee for the benefit of
creditors or other Person making such payment or distribution, delivered to the Trustee or to the
Holders, for the purpose of ascertaining the Persons entitled to participate in such distribution,
the holders of the Senior Indebtedness and other indebtedness of the Issuer, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article&nbsp;Thirteen. In the absence of any such bankruptcy trustee, receiver,
assignee or other Person, the Trustee shall be entitled to rely upon written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee or representative on
behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such
a trustee or representative). If the Trustee determines, in good faith, that further evidence is
required with respect to the right of any Person as a holder of Senior Indebtedness to participate
in any payment or distributions pursuant to this Article&nbsp;Thirteen, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior
Indebtedness held by such Person, as to the extent to which such Person is entitled to participate
in such payment or distribution, and to other facts pertinent to the rights of such Person under
this Article&nbsp;Thirteen, and if such evidence is not furnished, the Trustee may defer any payment to
such Person pending judicial determination as to the right of such Person to receive such payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.3. <I>Payment Permitted If No Default. </I>Nothing contained in this Article&nbsp;Thirteen or elsewhere in this Indenture, or in any of the
Securities, shall prevent (a)&nbsp;the Issuer at any time, except during the pendency of any default
with respect to Senior Indebtedness described in Section&nbsp;13.1(b) or Section&nbsp;13.1(c) or of any of
the events described in Section&nbsp;13.1(d), from making payments of the principal of or interest, if
any, on the Securities, or (b)&nbsp;the application by the Trustee or any paying agent of any moneys
deposited with it hereunder to payments of the principal of or interest, if any, on the Securities,
if, at the time of such deposit, the Trustee or such paying agent, as the case may be, did not have
the written notice provided for in Section&nbsp;13.5 of any event prohibiting the making of such
deposit, or if, at the time of such deposit (whether or not in trust) by the Issuer with the
Trustee or paying agent (other than the Issuer) such payment would not have been prohibited by the
provisions of this Article&nbsp;Thirteen, and the Trustee or any paying agent shall not be affected by
any notice to the contrary received by it on or after such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.4. <I>Disputes with Holders of Certain Senior Indebtedness. </I>Any failure by the Issuer to make any payment on or under any Senior Indebtedness, other than
any Senior Indebtedness as to which the provisions of this Section&nbsp;13.4 shall have been waived by
the Issuer in the instrument or instruments by which the Issuer incurred, assumed, guaranteed or
otherwise created such Senior Indebtedness, shall not be deemed a default under Section&nbsp;13.1 hereof
if (i)&nbsp;the Issuer shall be disputing its obligation to make such payment or perform such
obligation, and (ii)&nbsp;either (A)&nbsp;no final judgment relating to such dispute shall have been issued
against the Issuer which is in full force and effect and is not subject to further review,
including a judgment that has become final by reason of the expiration of the time within which a
party may seek further appeal or review, or (B)&nbsp;if a judgment that is subject to further review or
appeal has been issued, the Issuer shall in good faith be prosecuting an appeal or other proceeding
for review, and a stay of execution shall have been obtained pending such appeal or review.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /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;SECTION 13.5. <I>Trustee Not Charged with Knowledge of Prohibition. </I>Anything in this Article&nbsp;Thirteen or elsewhere in this Indenture contained to the contrary
notwithstanding, the Trustee shall not at any time be charged with knowledge of the existence of
any facts which would prohibit the making of any payment of moneys to or by the Trustee and shall
be entitled to assume conclusively that no such facts exist and that no event specified in clauses
(b)&nbsp;and (c)&nbsp;of Section&nbsp;13.1 has happened unless and until the Trustee shall have received an
Officers&#146; Certificate to the effect or notice in writing to that effect signed by or on behalf of
the holder or holders, or the representatives, of Senior Indebtedness who shall have been certified
by the Issuer or otherwise established to the reasonable satisfaction of the Trustee to be such
holder or holders or representatives or from any trustee under any indenture pursuant to which such
Senior Indebtedness shall be outstanding; <I>provided</I>, <I>however</I>, that, if the Trustee shall not have
received the Officers&#146; Certificate or notice provided for in this Section&nbsp;13.5 at least three
Business Days preceding the date upon which by the terms hereof any moneys become payable for any
purpose (including, without limitation, the payment of either the principal of or interest, if any,
on any Security), then, anything herein contained to the contrary notwithstanding, the Trustee
shall have full power and authority to receive such moneys and apply the same to the purpose for
which they were received and shall not be affected by any notice to the contrary that may be
received by it within three Business Days preceding such date. The Issuer shall give prompt
written notice to the Trustee and to each paying agent of any facts
that would prohibit any payment of moneys to or by the Trustee or any paying agent, and the
Trustee shall not be charged with knowledge of the curing of any default or the elimination of any
other fact or condition preventing such payment or distribution unless and until the Trustee shall
have received an Officers&#146; Certificate to such effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.6. <I>Trustee to Effectuate Subordination. </I>Each Holder of Securities by his acceptance thereof authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to effectuate the subordination as
between such Holder and holders of Senior Indebtedness as provided in this Article&nbsp;Thirteen and
appoints the Trustee its attorney-in-fact for any and all such purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.7. <I>Rights of Trustee as Holder of Senior Indebtedness. </I>The Trustee shall be entitled to all the rights set forth in this Article&nbsp;Thirteen with
respect to any Senior Indebtedness which may at the time be held by it, to the same extent as any
other holder of Senior Indebtedness and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder. Nothing in this Article&nbsp;Thirteen shall apply to claims of, or
payments to, the Trustee under or pursuant to Section&nbsp;6.6.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.8. <I>Article&nbsp;Applicable to Paying Agents. </I>In case at any time any paying agent other than the Trustee shall have been appointed by the
Issuer and be then acting hereunder, the term &#147;Trustee&#148; as used in this Article&nbsp;Thirteen shall in
such case (unless the context shall otherwise require) be construed as extending to and including
such paying agent within its meaning as fully for all intents and purposes as if the paying agent
were named in this Article&nbsp;Thirteen in addition to or in place of the Trustee; <I>provided</I>, <I>however</I>,
that Sections&nbsp;13.5 and 13.7 shall not apply to the Issuer if it acts as paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.9. <I>Subordination Rights Not Impaired by Acts or Omissions of the Issuer or
Holders of Senior Indebtedness. </I>No right of any present or future holders of any Senior
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /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">Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Issuer or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the Issuer with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or be otherwise charged with.
The holders of Senior Indebtedness, may at any time or from time to time and in their absolute
direction, change the manner, place or terms of payment, change or extend the time of payment of,
or renew or alter, any such Senior Indebtedness, or amend or supplement any instrument pursuant to
which any such Senior Indebtedness is issued or by which it may be secured, or release any security
therefor, or exercise or refrain from exercising any other of their rights under such Senior
Indebtedness, including, without limitation, the waiver of default thereunder, all without notice
to or assent from the Holders of the Securities or the Trustee and without affecting the
obligations of the Issuer, the Trustee or the Holders of Securities under this Article&nbsp;Thirteen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.10. <I>Trustee Not Fiduciary for Holders of Senior Indebtedness. </I>The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior
Indebtedness, and shall not be liable to any such holders if it shall mistakenly pay over or
distribute money or assets to Securityholders or the Issuer. With respect to the holders of Senior
Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or
obligations as are specifically set forth in this Article&nbsp;Thirteen and no implied covenants or
obligations with respect to holders of Senior Indebtedness shall be read into this Indenture
against the Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.11. <I>Applicability of Article. </I>Unless specified otherwise pursuant to Section&nbsp;2.3 for Securities of a series, this Article
Thirteen shall apply to each series of Securities issued under this Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOURTEEN<BR>
SUBORDINATED GUARANTEE
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.1. <I>Applicability of Article. </I>The provisions of this Article shall be applicable to each of the Guarantors specified
pursuant to Section&nbsp;2.3 for the Guarantee of Securities of a series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.2. <I>Guarantee. </I>Each Guarantor of a particular series of Securities hereby unconditionally guarantees (each
such guarantee to be referred to herein as a &#147;Guarantee&#148;), jointly and severally with each other
Guarantor of the Securities of that series, if any, to each Holder of such Securities authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of this Indenture, such Securities or the obligations of the Issuer
hereunder or thereunder, (i)&nbsp;the due and punctual payment of the principal of and any premium or
interest on such Securities, whether at maturity or on an interest payment date, by acceleration,
pursuant to an offer to purchase such Securities or otherwise, and interest on the overdue
principal of and interest, if any, on such Securities, if lawful, and all other obligations of the
Issuer to the Holders of such Securities or the Trustee hereunder or thereunder shall be promptly
paid in full, all in accordance with the terms hereof and thereof including all amounts payable to
the Trustee under Section&nbsp;6.6 hereof, and (ii)&nbsp;in case of any extension of time of payment or
renewal of any such Securities or any of such other obligations, the same shall be promptly paid in
full when due or to be performed in accordance
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /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">with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer fails to make any payment when due of any amount so guaranteed for whatever
reason, the Guarantor of the Securities of that series shall be obligated, jointly and severally
with each other Guarantor, if any, to pay the same immediately. Each Guarantor hereby agrees that
its obligations hereunder shall be continuing, absolute and unconditional, irrespective of, and
shall be unaffected by, the validity, regularity or enforceability of the Securities, this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of
the Securities or the Trustee with respect to any provisions hereof or thereof, the recovery of any
judgment against the Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of such Guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, demand of
performance, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer,
any right to require a proceeding first against the Issuer, the benefit of discussion, protest,
notice and all demand whatsoever and covenants that its Guarantee shall not be discharged except by
complete performance of the obligations contained in the Securities guaranteed by such Guarantee,
in this Indenture and in this Article&nbsp;Fourteen. If any Holder of Securities of a series guaranteed
hereby or the Trustee is required by any court or otherwise to return to the Issuer or any
Guarantor of such Securities, or any custodian, trustee, liquidator or other similar official
acting in relation to the Issuer or any Guarantor, any amount paid by the Issuer or any Guarantor
of such Securities to the Trustee or such Holder, this Article&nbsp;Fourteen, to the extent theretofore
discharged with respect to any Guarantee of such Securities, shall be reinstated in full force and
effect. Each Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders of Securities of a series guaranteed hereby by such Guarantor in respect of
any obligations guaranteed hereby by such Guarantee until payment in full of all such obligations.
Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders of
Securities of a series guaranteed hereby by such Guarantor and the Trustee on the other hand, (i)
the maturity of the obligations guaranteed hereby may be accelerated as provided in Article&nbsp;Five
hereof for the purposes of such Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby and (ii)
in the event of any acceleration of such obligations as provided in Article&nbsp;Five hereof such
obligations (whether or not due and payable) shall forthwith become due and payable by such
Guarantor, jointly and severally with any other Guarantor of such Securities, for the purpose of
this Article&nbsp;Fourteen. In addition, without limiting the foregoing, upon the effectiveness of an
acceleration under Article&nbsp;Five, the Trustee may make a demand for payment on the Securities under
any Guarantee provided hereunder and not discharged.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Guarantee by a Guarantor, such Guarantor shall be subrogated to all
rights of the Holder of any Securities guaranteed hereby by such Guarantee against the Issuer in
respect of any amounts paid to such Holder by such Guarantor pursuant to the provisions of such
Guarantee; <I>provided </I>that the Guarantor shall not be entitled to enforce, or to receive any payments
arising out of or based upon, such right of subrogation until the principal of and interest on all
such Securities shall have been paid in full.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee set forth in this Section&nbsp;14.2 shall not be valid or become obligatory for any
purpose with respect to a Security until the certificate of authentication on such Security shall
have been signed by the Trustee or any duly appointed agent.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.3. <I>Guarantee Subordinated to Senior Indebtedness of the Guarantor. </I>Each Guarantor agrees, and each Holder of the Securities by his acceptance thereof likewise
agrees, that the payments pursuant to the Guarantee by each Guarantor shall be subordinated in
accordance with the following provisions of this Article&nbsp;Fourteen unless, with respect to any
series of Securities, specified otherwise pursuant to Section&nbsp;2.3, to the prior payment in full of
all Senior Indebtedness of each Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Article&nbsp;Fourteen shall constitute a continuing offer to all persons who, in reliance upon
such provisions, become holders of, or continue to hold, Senior Indebtedness of each Guarantor, and
such provisions are made for the benefit of the holders of Senior Indebtedness of each Guarantor, and such holders are made obligees hereunder and any one or
more of them may enforce such provisions.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.4. <I>Guarantors Not to Make Payments With Respect to Securities in Certain
Circumstances. </I>(a)&nbsp;Upon the maturity of the principal of any Senior Indebtedness of each Guarantor (other
than payment of sinking fund installments) by lapse of time, acceleration or otherwise, all
principal thereof and interest thereon shall first be paid in full, or such payment duly provided
for in cash or in a manner satisfactory to the holders of such Senior Indebtedness of each
Guarantor, before any payment, pursuant to the Guarantee, is made on account of the principal or
interest on the Securities or to acquire any of the Securities or on account of the mandatory
redemption provisions in the Securities (except mandatory redemption payments made in respect of
Securities acquired by each Guarantor before the maturity of such Senior Indebtedness of each
Guarantor).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless Section&nbsp;14.5 shall be applicable, if (i)&nbsp;a Guarantor shall default in the payment
of any principal of, premium, if any, or interest, if any, on any Senior Indebtedness when the same
becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration of
acceleration or otherwise, or (ii)&nbsp;any other default shall occur with respect to Senior
Indebtedness and the maturity of such Senior Indebtedness has been accelerated in accordance with
its terms, then, upon written notice of such default to the Guarantor and the Trustee by the
holders of Senior Indebtedness or any trustee therefor, unless and until, in either case, the
default has been cured or waived, or has ceased to exist, or any such acceleration has been
rescinded or such Senior Indebtedness has been paid in full, no direct or indirect payment (in
cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account
of the principal of, premium, if any, or interest, if any, on any of the Securities, or in respect
of any redemption, retirement, purchase or other acquisition of any of the Securities other than
those made in capital stock of the Guarantor (or cash in lieu of fractional shares thereof).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Unless Section&nbsp;14.5 shall be applicable, If any default (other than a default described in
paragraph (b)&nbsp;of this Section&nbsp;14.4) shall occur under the Senior Indebtedness, pursuant to which
the maturity thereof may be accelerated immediately without further notice (except such notice as
may be required to effect such acceleration) or the expiration of any applicable grace periods
occurs (a &#147;Guarantor Senior Nonmonetary Default&#148;), then, upon the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /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">receipt by the applicable Guarantor and the Trustee of written notice thereof (a &#147;Guarantor Payment Notice&#148;) from or on
behalf of holders of not less than 25% in aggregate principal amount of the Senior Indebtedness of
such Guarantor outstanding specifying an election to prohibit such payment and other action by the
Guarantor in accordance with the following provisions of this paragraph (c), the Guarantor may not
make any payment or take any other action that would be prohibited by paragraph (b)&nbsp;of this Section
14.4 during the period (the &#147;Guarantor Payment Blockage Period&#148;) commencing on the date of receipt
of such Guarantor Payment Notice and ending on the earlier of (i)&nbsp;the date, if any, on which the
holders of such Senior Indebtedness or their representative notify the Trustee that such Guarantor
Senior Nonmonetary Default is cured or waived or ceases to exist or the Senior Indebtedness to
which such Guarantor Senior Nonmonetary Default relates is discharged or (ii)&nbsp;the 120th day after
the date of receipt of such Guarantor Payment Notice. Notwithstanding the provisions described in
the immediately preceding sentence, the Guarantor may resume payments on the Securities
following such Guarantor Payment Blockage Period. In no event shall a Guarantor Payment
Blockage Period extend beyond 120&nbsp;days from the date of the receipt by the Trustee of the Guarantor
Payment Notice (the &#147;Guarantor Initial Period&#148;). Any number of additional Guarantor Payment
Blockage Periods may be commenced during the Guarantor Initial Period; <I>provide</I>d, <I>however</I>, that no
such additional period shall extend beyond the Guarantor Initial Period. After the expiration of
the Guarantor Initial Period, no Guarantor Payment Blockage Period may be commenced on the basis of
a Guarantor Senior Nonmonetary Default on the Senior Indebtedness which was the basis of a
Guarantor Payment Blockage Period commenced during the Guarantor Initial Period until at least 270
consecutive days have elapsed from the last day of the Guarantor Initial Period. No Guarantor
Senior Nonmonetary Default with respect to Senior Indebtedness which existed or was continuing on
the date of the commencement of any Payment Blockage Period and of which the applicable holder(s)
of Senior Indebtedness are aware shall be, or can be made, the basis for the commencement of a
second Guarantor Payment Blockage Period whether or not within a period of 270 consecutive days
unless such event of default shall have been cured or waived for a period of not less than 90
consecutive days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that notwithstanding the provisions of this Section&nbsp;14.4 each Guarantor shall
make, pursuant to this Guarantee, any payment or distribution of any character to the Trustee on
account of the principal of or interest on the Securities, or on account of the mandatory
redemption provisions, after the happening of an event of default with respect to any Senior
Indebtedness of each Guarantor based on a default in the payment of the principal or interest on
Senior Indebtedness of each Guarantor, or after receipt by the Trustee of a Guarantor Payment
Notice as provided in this Section&nbsp;14.4 or after the acceleration of the Securities of any series
pursuant to Section&nbsp;5.1, then, but only if the Trustee is in receipt of the notice specified in
Section&nbsp;14.8, unless and until such default or event of default shall have been cured or waived or
shall have ceased to exist, or such acceleration shall have been rescinded, such payment (subject
to the provisions of Sections&nbsp;14.8 and 14.9) shall be held by the Trustee in trust for the benefit
of, and, if the Senior Indebtedness of each Guarantor shall have been declared immediately due and
payable, shall be paid forthwith over and delivered to, the holders of Senior Indebtedness of each
Guarantor (pro rata as to each of such holders on the basis of the respective amounts of Senior
Indebtedness of each Guarantor held by them) or their representative or the trustee under the
indenture or other agreement (if any) pursuant to which Senior Indebtedness of each Guarantor may
have been issued, as their respective interests may appear, such payments to be made in accordance
with an Officers&#146; Certificate as provided in Section&nbsp;11.5 (on which the Trustee may
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /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">conclusively rely) identifying all holders of Senior Indebtedness of each Guarantor and the principal amount of
Senior Indebtedness of each Guarantor then outstanding held by each and stating the reasons why
such Officers&#146; Certificate is being delivered to the Trustee, for application to the payment of all
Senior Indebtedness of each Guarantor remaining unpaid to the extent necessary to pay all Senior
Indebtedness of each Guarantor in full in accordance with its terms, after giving effect to any
concurrent payment or distribution to or for the holders of Senior Indebtedness of each Guarantor.
In the event of the failure of any Holder of a Security to endorse or assign any such payment or
distribution, each holder of Senior Indebtedness of each Guarantor is hereby irrevocably authorized
to endorse or assign the same. Each Guarantor shall give prompt notice to the Trustee of any
default under any Senior Indebtedness of each Guarantor or under any agreement pursuant to which
Senior Indebtedness of each Guarantor may have been issued.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.5. <I>Guarantee Subordinated to Prior Payment of All Senior Indebtedness of each
Guarantor on Dissolution, Winding Up, Liquidation or Reorganization of a Guarantor. </I>In the event of (i)&nbsp;any insolvency, bankruptcy, receivership, liquidation, reorganization,
readjustment, composition or other similar proceeding relating to a Guarantor, its creditors or its
property, (ii)&nbsp;any case or proceeding for the liquidation, dissolution or other winding-up of a
Guarantor, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings,
(iii)&nbsp;any assignment by such Guarantor for the benefit of creditors, or (iv)&nbsp;any other marshalling
of the assets of such Guarantor:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holders of all Senior Indebtedness of such Guarantor shall first be entitled to
receive payment in full (or to have such payment duly provided for) of the principal and
interest due thereon (including any interest thereon accruing after commencement of any such
proceeding) before the Holders of the Securities are entitled to receive, pursuant to this
Guarantee any payment or any distribution, whether in cash, securities or other property, on
account of the principal or interest on the Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payment or distribution of assets of such Guarantor of any kind or character,
whether in cash, property or securities (other than securities of such Guarantor as
reorganized or readjusted or securities of such Guarantor or any other company, trust or
corporation provided for by a plan of reorganization or readjustment, junior or the payment
of which is otherwise subordinate, at least to the extent provided in this Article, to the
payment of all Senior Indebtedness of such Guarantor at the time outstanding and to the
payment of all securities issued in exchange therefor to the holders of the Senior
Indebtedness of such Guarantor at the time outstanding), to which the Holders of the
Securities or the Trustee on behalf of the Holders of the Securities would be entitled,
pursuant to this Guarantee except for the provisions of this Article&nbsp;Fourteen, including any
such payment or distribution which may be payable or deliverable by reason of the payment of
any other indebtedness of such Guarantor being subordinated to the payment of the
Securities, shall be paid by the liquidating trustee or agent or other person making such
payment or distribution directly to the holders of Senior Indebtedness of such Guarantor or
their representative(s), or to the trustee under any indenture under which Senior
Indebtedness of such Guarantor may have been issued (pro rata as to each such holder,
representative or trustee on the basis of the respective amounts of unpaid Senior
Indebtedness of such Guarantor held or represented by each), to the extent necessary to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /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; margin-left: 2%">&nbsp;make payment in full of all Senior Indebtedness of such Guarantor remaining unpaid after giving
effect to any concurrent payment or distribution or provision therefor to the holders of
such Senior Indebtedness of such Guarantor; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;in the event that notwithstanding the foregoing provisions of this Section&nbsp;14.5,
any payment or distribution of assets of such Guarantor of any kind or character, whether in
cash, property or securities shall be received, pursuant to the Guarantee, by the Trustee or
the Holders of the Securities on account of principal or interest on the Securities before
all Senior Indebtedness of such Guarantor is paid in full, or effective provisions made for
its payment, such payment or distribution (subject to the provisions of Sections&nbsp;14.8 and
14.9) shall be received and held in trust for and shall be paid over or delivered to the
liquidating trustee, agent or other person making such payment or distribution or to the
holders of the Senior Indebtedness of such Guarantor remaining unpaid or unprovided for or their representative, or to the trustee under any indenture
under which Senior Indebtedness of such Guarantor may have been issued (pro rata as provided
in subsection (2)&nbsp;above), for application to the payment of such Senior Indebtedness of such
Guarantor until all such Senior Indebtedness of such Guarantor shall have been paid in full,
after giving effect to any concurrent payment or distribution or provision therefor to the
holders of such Senior Indebtedness of such Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Guarantor effects a transaction permitted by Article&nbsp;Nine, such transaction shall not be
deemed to be a dissolution, winding up, liquidation or reorganization of such Guarantor for
purposes of this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Guarantor shall give prompt written notice to the Trustee of any dissolution, winding up,
liquidation or reorganization of such Guarantor, assignment for the benefit of creditors by such
Guarantor or any other marshalling of assets of such Guarantor.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.6. <I>Holders to be Subrogated to Rights of Holders of Senior Indebtedness of each
Guarantor. </I>Subject to the payment in full of all Senior Indebtedness of each Guarantor, the Holders of
the Securities shall be subrogated to the rights of the holders of Senior Indebtedness of each
Guarantor to receive payments or distributions of assets of each Guarantor applicable to the Senior
Indebtedness of each Guarantor until all amounts owing under the Guarantee shall be paid in full
and for the purpose of such subrogation no payments or distributions to the holders of Senior
Indebtedness of each Guarantor by virtue of this Article&nbsp;Fourteen which otherwise would have been
made to the Holders of the Securities, shall, as between each Guarantor, its creditors other than
holders of its Senior Indebtedness of each Guarantor and the Holders, be deemed to be a payment by
each Guarantor to or on account of the Senior Indebtedness of each Guarantor, it being understood
that the provisions of this Article&nbsp;Fourteen are solely for the purpose of defining the relative
rights of the holders of Senior Indebtedness of the Guarantors on the one hand and the Holders on
the other hand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any payment or distribution to which the Holders would otherwise have been entitled but for
the provisions of this Article shall have been applied, pursuant to the provisions of this Article,
to the payment of Senior Indebtedness of each Guarantor, then and in such case, the Holders shall
be entitled to receive from the holders of such Senior Indebtedness of each Guarantor at the time
outstanding any payments or distributions received by such holders of such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /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">Senior Indebtedness of each Guarantor in excess of the amount sufficient to pay all amounts payable under or in respect of
such Senior Indebtedness of each Guarantor in full.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.7. <I>Obligations of the Guarantor Unconditional. </I>Nothing contained in this Article&nbsp;Fourteen or elsewhere in this Indenture or in any Security
is intended to or shall impair, as between a Guarantor and the Holders of the Securities guaranteed
by such Guarantor&#146;s Guarantee, the obligations of such Guarantor, which are absolute and
unconditional, to pay to such Holders the principal of and interest on the Securities as and when
the same shall become due and payable in accordance with the provisions of this Guarantee or is
intended to or shall affect the relative rights of such Holders and creditors of a Guarantor other
than the holders of the Senior Indebtedness of such Guarantor, nor shall anything herein or therein prevent the Trustee or such Holder from exercising all remedies
otherwise permitted by applicable law upon default under this Indenture, subject to the rights, if
any, under this Article&nbsp;Fourteen of the holders of Senior Indebtedness of a Guarantor, in respect
of cash, property or securities of such Guarantor received upon the exercise of any such remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of assets of a Guarantor referred to in this Article&nbsp;Fourteen, the
Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, and the Holders of the Securities
guaranteed hereby by such Guarantor shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or
other person making any distribution to the Trustee or to such Holders, for the purpose of
ascertaining the persons entitled to participate in such distribution, the holders of the Senior
Indebtedness and other indebtedness of such Guarantor, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article&nbsp;Fourteen.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.8. <I>Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice. </I>The Trustee shall not at any time be charged with knowledge of the existence of any facts
which would prohibit the making of any payment to or by the Trustee, and the Trustee shall not be
required to withhold payment to the Holders of Securities as provided in Section&nbsp;14.4(d), unless
and until the Trustee shall have received written notice thereof at its Corporate Trust Office from
a Guarantor or from one or more holders of Senior Indebtedness of such Guarantor or from any
representative thereof or trustee therefor identifying the specific sections of this Indenture
involved and describing in detail the facts that would obligate the Trustee to withhold payments to
Holders of Securities, as well as any other facts required by the next succeeding paragraph of this
Section&nbsp;14.8; and, prior to the receipt of any such written notice, the Trustee, subject to the
provisions of Sections&nbsp;6.1 and 6.2, shall be entitled to assume conclusively that no such facts
exist; <I>provided</I>, <I>however</I>, that, if the Trustee shall not have received any such written notice
provided for in this Section&nbsp;14.8 at least three Business Days preceding the date upon which by the
terms hereof any moneys become payable for any purpose (including, without limitation, the payment
of either the principal of or interest, if any, on any Security), then, anything herein contained
to the contrary notwithstanding, the Trustee shall have full power and authority to receive such
moneys and apply the same to the purpose for which they were received and shall not be affected by
any notice to the contrary that may be received by it within three Business Days preceding such
date.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be entitled to rely on the delivery to it of a written notice by a person
representing himself to be a holder of Senior Indebtedness of a Guarantor (or a trustee on behalf
of such holder) to establish that such notice has been given by a holder of Senior Indebtedness of
such Guarantor or a trustee on behalf of any such holder. In the event that the Trustee determines
in good faith that further evidence is required with respect to the right of any person as a holder
of Senior Indebtedness of a Guarantor to participate in any payment or distribution pursuant to
this Article&nbsp;Fourteen, the Trustee may request such person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness of such Guarantor held by such
person, the extent to which such person is entitled to participate in such payment or distribution
and any other facts pertinent to the rights of such person under this Article&nbsp;Fourteen, and if such evidence is not furnished the Trustee may defer any payment to
such person pending judicial determination as to the right of such person to receive such payment.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.9. <I>Application by Trustee of Monies Deposited with It. </I>Except as provided in Section&nbsp;10.5, any deposit of monies by a Guarantor with the Trustee or
any Paying Agent (whether or not in trust) for the payment of the principal or interest on any
Securities shall be subject to the provisions of Sections&nbsp;14.3, 14.4, 14.5 and 14.6 except that, if
prior to the opening of business on the date on which by the terms of this Indenture any such
monies may become payable for any purpose (including, without limitation, the payment, pursuant to
this Guarantee, of either the principal or the interest on any Security) the Trustee shall not have
received with respect to such monies the notice provided for in Section&nbsp;14.8, then the Trustee
shall have full power and authority to receive such monies and to apply the same to the purpose for
which they were received and shall not be affected by any notice to the contrary which may be
received by it on or after such date, without, however, limiting any rights that holders of Senior
Indebtedness of a Guarantor may have to recover any such payments from the Holders in accordance
with the provisions of this Article.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.10. <I>Subordination Rights Not Impaired by Acts or Omissions of a Guarantor or
Holders of Senior Indebtedness of such Guarantor. </I>No right of any present or future holders of any Senior Indebtedness of a Guarantor to enforce
subordination as provided herein shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of such Guarantor or by any act or failure to act, in good faith, by
any such holder, or by any noncompliance by such Guarantor with the terms of this Indenture,
regardless of any knowledge thereof which any such holder may have or be otherwise charged with.
The holders of Senior Indebtedness of such Guarantor may extend, renew, modify or amend the terms
of the Senior Indebtedness of such Guarantor or any security therefor and release, sell or exchange
such security and otherwise deal freely with such Guarantor, all without affecting the liabilities
and obligations of the parties to this Indenture or the Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.11. <I>Holders Authorize Trustee to Effectuate Subordination of Securities. </I>Each Holder of the Securities by his acceptance thereof authorizes and expressly directs the
Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article&nbsp;Fourteen and appoints the Trustee his attorney-in-fact for
such purpose, including, in the event of any dissolution, winding up, liquidation or reorganization
of a Guarantor (whether in bankruptcy, insolvency or receivership proceedings, voluntary
liquidation or upon assignment for the benefit of creditors or otherwise) tending
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /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">towards liquidation of the business and assets of such Guarantor, the timely filing of a claim for the
unpaid balance, pursuant to this Guarantee, of its or his Securities in the form required in said
proceedings and cause said claim to be approved. If the Trustee does not file a proper claim or
proof of debt in the form required in such proceeding on or prior to 30&nbsp;days before the expiration
of the time to file such claim or claims, then the holders of Senior Indebtedness of such Guarantor
have the right to file and are hereby authorized to file an appropriate claim for and on behalf of
the Holders of said Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.12. <I>Right of Trustee to Hold Senior Indebtedness of a Guarantor. </I>The Trustee in its individual capacity, shall be entitled to all of the rights set forth in
this Article&nbsp;Fourteen in respect of any Senior Indebtedness of a Guarantor at any time held by it
to the same extent as any other holder of such Senior Indebtedness of a Guarantor, and nothing in
this Indenture shall be construed to deprive the Trustee of any of its rights as such holder.
Nothing in this Article&nbsp;Fourteen shall apply to claims of, or payments to, the Trustee under or
pursuant to Section&nbsp;6.6.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.13. <I>Trustee Not Fiduciary for Holders of Senior Indebtedness of a Guarantor. </I>With respect to the holders of Senior Indebtedness of a Guarantor, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are specifically set forth in
this Article&nbsp;Fourteen, and no implied covenants or obligations with respect to the holders of
Senior Indebtedness of a Guarantor shall be read into this Indenture against the Trustee. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of a
Guarantor and the Trustee shall not be liable to any holder of Senior Indebtedness of a Guarantor
if it shall pay over or deliver to Holders of Securities, a Guarantor or any other person monies or
assets to which any holder of Senior Indebtedness of such Guarantor shall be entitled by virtue of
this Article&nbsp;Fourteen or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.14. <I>Article&nbsp;Fourteen Not to Prevent Events of Default. </I>The failure to make a payment on account of principal or interest on the Securities of any
series by reason of any provision in this Article&nbsp;Fourteen shall not be construed as preventing the
occurrence of an Event of Default under Section&nbsp;5.1.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.15. <I>Execution and Delivery of Guarantee. </I>To evidence a Guarantee set forth in this Article&nbsp;Fourteen, the Guarantor hereby agrees that
the Guarantee Notation, substantially in the form of Exhibit&nbsp;A hereto, shall be endorsed on each
Security authenticated and delivered by the Trustee that is guaranteed by such Guarantee and that
this Indenture or indenture supplemental hereto shall be executed on behalf of such Guarantor by
its Chairman of the Board, its president or chief executive officer, any vice president, the chief
financial officer or the treasurer. Such signatures may be the manual or facsimile signatures of
the present or any future such officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby agrees that its Guarantee shall remain in full force and effect
notwithstanding any failure to endorse the Guarantee Notation on each such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an officer whose signature is on this Indenture or indenture supplemental hereto or on the
Securities guaranteed hereby no longer holds that office at the time the Trustee authenticates
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /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">the Security on which a notation of the Guarantee is endorsed, such Guarantee shall be valid
nevertheless.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of each Guarantee thereof.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.16. <I>Limitation on Guarantor Liability. </I>Notwithstanding anything to the contrary in this Article, each Guarantor, and by its
acceptance of a Security, each Holder, hereby confirms that it is the intention of all such parties
that the Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable
fraudulent conveyance provisions of the Bankruptcy Code or any comparable provision of state law.
To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree
that the obligations of each Guarantor under its Guarantee are limited to the maximum amount that
would not render the Guarantor&#146;s obligations subject to avoidance under applicable fraudulent
conveyance provisions of the Bankruptcy Code or any comparable provision of state law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.17. <I>Officers&#146; Certificate. </I>If there occurs an event referred to in the first sentence of Section&nbsp;14.4(c) or the first
sentence of Section&nbsp;14.5, the applicable Guarantor shall promptly give to the Trustee an Officers&#146;
Certificate (on which the Trustee may conclusively rely) identifying all holders of Senior
Indebtedness of such Guarantor and the principal amount of Senior Indebtedness of such Guarantor
then outstanding held by each such holder and stating the reasons why such Officers&#146; Certificate is
being delivered to the Trustee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /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">SIGNATURES
</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 Indenture to be duly executed, all 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"><FONT style="FONT-variant: SMALL-CAPS"> Hovnanian Enterprises, Inc.,</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">As Issuer</FONT><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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Wilmington Trust Company,<BR>
As Trustee</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&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"><U>EXHIBIT A</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FORM OF NOTATION OF SECURITY
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">RELATING TO GUARANTEE&#093;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt">GUARANTEE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Name of Guarantor&#093; (hereinafter referred to as the &#147;Guarantor&#148;, which term includes any
successor person under the Indenture (the &#147;Indenture&#148;) referred to in the Security upon which this
notation is endorsed) (the &#147;Endorsed Security&#148;), has unconditionally guaranteed, jointly and
severally with each other Guarantor (i)&nbsp;the due and punctual payment of the principal of, premium,
if any, and interest on the Endorsed Security and all other Securities of the same series as the
Endorsed Security (the &#147;Guaranteed Securities&#148;), whether at maturity, by acceleration or otherwise,
the due and punctual payment of interest on the overdue principal of, premium, if any, and
interest, if any, on the Guaranteed Securities, to the extent lawful, and the due and punctual
performance of all other obligations of the Issuer to the Holders of Guaranteed Securities or the
Trustee all in accordance with the terms set forth in Article&nbsp;Fourteen of the Indenture and (ii)&nbsp;in
case of any extension of time of payment or renewal of any Guaranteed Securities or any of such
other obligations, that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto
in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Guarantor to the Holders of Guaranteed Securities and to the Trustee
pursuant to the Guarantee evidenced hereby and the Indenture are expressly set forth in Article
Fourteen of the Indenture and reference is hereby made to such Indenture for the terms of such
Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stockholder, officer, director, employee or incorporator, as such, past, present or future,
of the Guarantor shall have any personal liability under the Guarantee evidenced hereby by reason
of his or its status as such stockholder, officer, director, employee or incorporator. Each Holder
of a Guaranteed Security by accepting a Guaranteed Security waives and releases all such liability.
This waiver and release are part of the consideration for the issuance of the Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of a Guaranteed Security by accepting a Guaranteed Security agrees that any
Guarantor named below shall have no further liability with respect to its Guarantee if such
Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of
the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee evidenced hereby shall not be valid or obligatory for any purpose until the
certificate of authentication of the Guaranteed Securities shall have been executed by the Trustee
under the Indenture by the manual signature of one of its authorized officers.
</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">

<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">Guarantor<BR>
<BR>
&#091;NAME OF GUARANTOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">By:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&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 -->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 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"><U>EXHIBIT B</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;SUBSIDIARY GUARANTORS&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.13
<SEQUENCE>4
<FILENAME>y88639a1exv4w13.htm
<DESCRIPTION>EX-4.13
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w13</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;4.13</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 3pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>









<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Issuer</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUBSIDIARY GUARANTORS OF HOVNANIAN THAT BECOME PARTIES HERETO
FROM TIME TO TIME</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantors</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON TRUST COMPANY</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>as Trustee</B>
</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>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INDENTURE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF SUBORDINATED INDENTURE</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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">CROSS REFERENCE SHEET<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of Trust Indenture Act of 1939 and Indenture to be dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;
among HOVNANIAN ENTERPRISES, INC., SUBSIDIARY GUARANTORS OF HOVNANIAN that become parties hereto
from time to time and WILMINGTON TRUST COMPANY, as Trustee:
</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="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Section of the Act</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Section of Indenture</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(a)(1), (2)&nbsp;and (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(a)(3) and (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8 and 6.10(a), (b)&nbsp;and (d)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">311(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">311(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">311(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">312(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1 and 4.2(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">312(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(b)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">312(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(c)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(a)(i), (ii), (iii), (iv), (v), (vi)&nbsp;and (vii)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(a)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(b)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(b)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(b)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(c)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(d)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.3</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(c)(1) and (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(c)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">315(a), (c)&nbsp;and (d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">315(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.8</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">315(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.9</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not required</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(a) (last sentence)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.4</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">317(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.2</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">317(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.5(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">318(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.7</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">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This Cross Reference Sheet is not part of the
Indenture.</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"><U><B>TABLE OF CONTENTS</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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE One DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 1.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Two SECURITIES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forms Generally
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">8</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Trustee&#146;s Certificate of
Authentication
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount Unlimited, Issuable in Series
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authentication and Delivery of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Authentication
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denomination and Date of Securities;
Payments of Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration, Transfer and Exchange
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mutilated, Defaced, Destroyed, Lost and
Stolen Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cancellation of Securities; Disposition
Thereof
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Temporary Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 2.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CUSIP Numbers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Three COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Principal and Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offices for Notices and Payments, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Interest Extension
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointments to Fill Vacancies in Trustee&#146;s
Office
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 3.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provision as to Paying Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Four SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER AND THE
TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 4.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issuer to Furnish Trustee Information as to
Names and Addresses of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 4.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preservation and Disclosure of
Securityholders Lists
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 4.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 4.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Five REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities on Default; Suit
Therefor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application of Moneys Collected by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">28</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Remedies Cumulative and Continuing
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Direction of Proceedings; Waiver of Defaults
by Majority of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Defaults
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 5.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking to Pay Costs
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Six CONCERNING THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Duties and Responsibilities of the Trustee;
During Default; Prior to Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Rights of the Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Responsible for Recitals,
Disposition of Securities or Application of
Proceeds Thereof
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">34</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee and Agents May Hold Securities;
Collections, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moneys Held by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation and Indemnification of Trustee
and Its Prior Claim
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Rely on Officers&#146;
Certificate, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Qualification of Trustee; Conflicting
Interests
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Eligible for Appointment as Trustee;
Different Trustees for Different Series
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Resignation and Removal; Appointment of
Successor Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">37</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceptance of Appointment by Successor
Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">38</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger, Conversion, Consolidation or
Succession to Business of Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferential Collection of Claims Against
the Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 6.14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of Authenticating Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Seven CONCERNING THE SECURITYHOLDERS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evidence of Action Taken by Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proof of Execution of Instruments and of
Holding of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders to be Treated as Owners
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Owned by Issuer Deemed Not
Outstanding
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Revocation of Action Taken
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">42</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 7.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Record Date for Consents and Waivers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">42</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Eight SUPPLEMENTAL INDENTURES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures Without Consent of
Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures with Consent of
Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Supplemental Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Documents to Be Given to Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">46</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 8.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notation on Securities in Respect of
Supplemental Indentures
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Nine CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER
DISPOSITION</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 9.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidation Permitted, etc., on Certain
Terms
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 9.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successor Corporation to be Substituted
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 9.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Counsel to be Given Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Ten LEGAL DEFEASANCE AND COVENANT DEFEASANCE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Defeasance and Discharge
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Covenant Defeasance
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conditions to Legal or Covenant Defeasance
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposited Money and Government Securities to
be Held in Trust; Other Miscellaneous
Provisions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">51</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repayment to Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">51</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 10.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Satisfaction and Discharge of Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Eleven MISCELLANEOUS PROVISIONS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partners, Incorporators, Stockholders,
Officers and Directors of Issuer Exempt from
Individual Liability
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provisions of Indenture for the Sole Benefit
of Parties and Holders of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns of Issuer Bound by
Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices and Demands on Issuer, Trustee and
Holders of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officers&#146; Certificates and Opinions of
Counsel; Statements to Be Contained Therein
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payments Due on Saturdays, Sundays and
Holidays
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conflict of Any Provision of Indenture with
Trust Indenture Act of 1939
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GOVERNING LAW
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Headings
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 11.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Adverse Interpretation of Other Agreements
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Twelve REDEMPTION OF SECURITIES AND SINKING FUNDS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Redemption; Partial Redemptions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities Called for Redemption
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">57</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exclusion of Certain Securities from
Eligibility for Selection for Redemption
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58</TD>
    <TD nowrap valign="bottom">&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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 12.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mandatory and Optional Sinking Funds
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Thirteen SUBORDINATION</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Subordinated to Senior
Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">60</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reliance on Certificate of Liquidating
Agent; Further Evidence as to Ownership of
Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">63</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment Permitted If No Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disputes with Holders of Certain Senior
Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Charged with Knowledge of
Prohibition
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee to Effectuate Subordination
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights of Trustee as Holder of Senior
Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article&nbsp;Applicable to Paying Agents
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination Rights Not Impaired by Acts or
Omissions of the Issuer or Holders of Senior
Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Fiduciary for Holders of Senior
Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 13.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Fourteen SUBORDINATED GUARANTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee Subordinated to Senior
Indebtedness of the Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantors Not to Make Payments With Respect
to Securities in Certain Circumstances
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee Subordinated to Prior Payment of
All Senior Indebtedness of each Guarantor on
Dissolution, Winding Up, Liquidation or
Reorganization of a Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">70</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders to be Subrogated to Rights of
Holders of Senior Indebtedness of each
Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">71</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Obligations of the Guarantor Unconditional
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Entitled to Assume Payments Not
Prohibited in Absence of Notice
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application by Trustee of Monies Deposited
with It
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">73</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination Rights Not Impaired by Acts or
Omissions of a Guarantor or Holders of
Senior Indebtedness of such Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders Authorize Trustee to Effectuate
Subordination of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Hold Senior Indebtedness
of a Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Fiduciary for Holders of Senior
Indebtedness of a Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article&nbsp;Fourteen Not to Prevent Events of
Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.15.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution and Delivery of Guarantee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.16.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Guarantor Liability
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-0px">SECTION 14.17.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officers&#146; Certificate
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-<!-- /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">FORM OF SUBORDINATED INDENTURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM OF SUBORDINATED INDENTURE, dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; among Hovnanian Enterprises,
Inc., a Delaware corporation (the &#147;Issuer&#148; or &#147;Hovnanian&#148;), Subsidiary Guarantors of Hovnanian that
become parties hereto from time to time and Wilmington Trust Company, a Delaware banking
corporation, as trustee (the &#147;Trustee&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>RECITALS</U> <U>OF</U> <U>THE</U> <U>ISSUER</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the issuance from time to time of its unsecured
subordinated debentures, notes or other evidences of indebtedness to be issued in one or more
series (the &#147;Securities&#148;) up to such principal amount or amounts as may from time to time be
authorized in accordance with the terms of this Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and administration of the Securities;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been undertaken and completed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>RECITALS</U> <U>OF</U> <U>GUARANTORS</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Guarantor desires to make the Guarantees provided for herein; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid agreement of each of the
Guarantors, in accordance with its terms, have been done and the Guarantor will do all things
necessary to make the Guarantees, when executed by each of the Guarantors and endorsed on the
Securities authenticated and delivered hereunder, the valid obligations of each Guarantor as
hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS INDENTURE WITNESSETH:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ONE<BR>
DEFINITIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1. <I>Definitions.</I>
For all purposes of this Indenture and of any indenture supplemental hereto the following
terms shall have the respective meanings specified in this Section&nbsp;1.1 (except as otherwise
expressly provided herein or in any indenture supplemental hereto or unless the context otherwise
clearly requires). All other terms used in this Indenture that are defined in the Trust Indenture
Act of 1939, including terms defined therein by reference to the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), shall have the meanings assigned to such terms in said Trust Indenture Act
of 1939 and in the Securities Act as in force at the date of this Indenture (except as otherwise
</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">expressly provided herein or in any indenture supplemental hereto or unless the context otherwise
clearly requires).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All accounting terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with generally accepted accounting principles, and the term &#147;<I>generally
accepted accounting principles</I>&#148; means such accounting principles as are generally accepted in the
United States of America on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;<I>herein</I>&#148;, &#147;<I>hereof</I>&#148; and &#147;<I>hereunder</I>&#148; and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision. The
expressions &#147;<I>date of this Indenture</I>&#148;, &#147;<I>date hereof</I>&#148;, &#147;<I>date as of which this Indenture is dated</I>&#148; and
&#147;<I>date of execution and delivery of this Indenture</I>&#148; and other expressions of similar import refer to
the effective date of the original execution and delivery of this Indenture, <I>viz</I>. as of
&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified 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; and the terms &#147;<I>controlling</I>&#148; and
&#147;<I>controlled</I>&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Authenticating Agent</I>&#148; shall have the meaning set forth in Section&nbsp;6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Bankruptcy Code</I>&#148; means the United States Bankruptcy Code, 11 United States Code &#167;&#167; 101 et
seq., or any successor statute thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board of Directors</I>&#148; means the board of directors of the Issuer or any duly authorized
committee of that board or any director or directors and/or officer or officers to whom that board
or committee shall have duly delegated its authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board Resolution</I>&#148; means (1)&nbsp;one or more resolutions, certified by the secretary or an
assistant secretary of the Issuer to have been duly adopted or consented to by the Board of
Directors of the Issuer and to be in full force and effect, or (2)&nbsp;a certificate signed by the
director or directors and/or officer or officers to whom the Board of Directors or any duly
authorized committee of that Board shall have duly delegated its authority, in each case delivered
to the Trustee for the Securities of any series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Business Day</I>&#148; means, with respect to any Security, unless otherwise specified in a Board
Resolution and an Officers&#146; Certificate with respect to a particular series of Securities, a day
that (a)&nbsp;in the Place of Payment (or in any of the Places of Payment, if more than one) in which
amounts are payable, as specified in the form of such Security, and (b)&nbsp;in the city in which the
Corporate Trust Office is located, is not a day on which banking institutions are authorized or
required by law or regulation to close.
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Commission</I>&#148; means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act or, if at any time after the execution and delivery of this
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act of 1939, then the body performing such duties on such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Corporate Trust Office</I>&#148; means the office of the Trustee of a series of Securities at which
the trust created by this Indenture shall, at any particular time, be principally administered,
which office is, at the date as of which this Indenture is dated, located at Rodney Square North,
1100 North Market Street, Wilmington, DE 19890.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Covenant Defeasance</I>&#148; has the meaning set forth in Section&nbsp;10.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Depositary</I>&#148; means, with respect to the Securities of any series issuable or issued in the
form of one or more Global Securities, the Person designated as Depositary by the Issuer pursuant
to Section&nbsp;2.3 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;Depositary&#148; shall mean or include each Person who is
then a Depositary hereunder, and, if at any time there is more than one such Person, &#147;Depositary&#148;
as used with respect to the Securities of any such series shall mean the Depositary with respect to
the Global Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Dollars</I>&#148; and the sign &#147;<I>$</I>&#148; means the coin and currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Eligible Guarantors</I>&#148; means each of Hovnanian&#146;s subsidiaries listed on Exhibit&nbsp;B hereto and
each other subsidiary of Hovnanian that Guarantees a series of Securities established under this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Event of Default</I>&#148; means any event or condition specified as such in Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Security</I>&#148; means a Security evidencing all or a part of a series of Securities issued
to the Depositary for such series in accordance with Section&nbsp;2.3 and bearing the legend prescribed
in Section&nbsp;2.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantee</I>&#148; has the meaning specified in Section&nbsp;14.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantor</I>&#148; has the meaning specified in Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder</I>&#148;, &#147;<I>Holder of Securities</I>&#148;, &#147;<I>Securityholder</I>&#148; or other similar terms mean, in the case of
any Security, the Person in whose name such Security is registered in the security register kept by
the Issuer for that purpose in accordance with the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Hovnanian</I>&#148; means Hovnanian Enterprises, Inc., a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; with respect to any Person means, without duplication:
</DIV>

<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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;the principal of and premium, if any, and interest, if any, on indebtedness
for money borrowed of such Person, indebtedness of such Person evidenced by bonds, notes,
debentures or similar obligations, and any guaranty by such Person of any indebtedness for
money borrowed or indebtedness evidenced by bonds, notes, debentures or similar obligations
of any other Person, whether any such indebtedness or guaranty is outstanding on the date
of this Indenture or is thereafter created, assumed or incurred, (ii)&nbsp;obligations of such
Person for the reimbursement of any obligor on any letter of credit, banker&#146;s acceptance or
similar credit transaction; (iii)&nbsp;the principal of and premium, if any, and interest, if
any, on indebtedness incurred, assumed or guaranteed by such Person in connection with the
acquisition by it or any of its subsidiaries of any other businesses, properties or other
assets; (iv)&nbsp;lease obligations which such Person capitalizes in accordance with ASC Topic
840 promulgated by the Financial Accounting Standards Board or such other generally
accepted accounting principles as may be from time to time in effect; (v)&nbsp;any indebtedness
of such Person representing the balance deferred and unpaid of the purchase price of any
property or interest therein (except any such balance that constitutes an accrued expense
or trade payable) and any guaranty, endorsement or other contingent obligation of such
Person in respect of any indebtedness of another that is outstanding on the date of this
Indenture or is thereafter created, assumed or incurred by such Person; and (vi)
obligations of such Person under interest rate, commodity or currency swaps, caps, collars,
options and similar arrangements; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendments, modifications, refundings, renewals or extensions of any
indebtedness or obligation described as Indebtedness in clause (a)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; means this instrument as originally executed and delivered or, if amended or
supplemented as herein provided, as so amended or supplemented or both, including, for all purposes
of this instrument and any such supplement, the provisions of the Trust Indenture Act of 1939 that
are deemed to be a part of and govern this instrument and any such supplement, respectively, and
shall include the forms and terms of particular series of Securities established as contemplated
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>interest</I>&#148; means, when used with respect to non-interest bearing Securities (including,
without limitation, any Original Issue Discount Security that by its terms bears interest only
after maturity or upon default in any other payment due on such Security), interest payable after
maturity (whether at stated maturity, upon acceleration or redemption or otherwise) or after the
date, if any, on which the Issuer becomes obligated to acquire a Security, whether upon conversion,
by purchase or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer</I>&#148; means Hovnanian Enterprises, Inc., a Delaware corporation, and, subject to Article
Nine, its successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer Order</I>&#148; means a written statement, request or order of the Issuer, which is signed in
its name by the chairman of the Board of Directors, the chief financial officer, the president or
chief executive officer, any vice president or the treasurer of the Issuer, and delivered to the
Trustee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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;&#147;<I>Legal Defeasance</I>&#148; has the meaning specified in Section&nbsp;10.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officers&#146; Certificate</I>&#148; means a certificate signed by the chairman of the Board of Directors,
the president or chief executive officer, or any vice president and by the chief financial officer,
the treasurer, any assistant treasurer, the controller, any assistant controller, the secretary or
any assistant secretary of the Issuer. Each such certificate shall include the statements provided
for in Section&nbsp;11.5 if and to the extent required by the provisions of such Section&nbsp;11.5. One of
the officers signing an Officers&#146; Certificate given pursuant to Section&nbsp;4.3 shall be the principal
executive, financial or accounting officer of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Opinion of Counsel</I>&#148; means an opinion in writing signed by the chief counsel of the Issuer or
by such other legal counsel who may be an employee of or counsel to the Issuer and who shall be
reasonably satisfactory to the Trustee. Each such opinion shall include the statements provided
for in Section&nbsp;11.5, if and to the extent required by the provisions of such Section&nbsp;11.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue date</I>&#148; of any Security (or portion thereof) means the earlier of (a)&nbsp;the date
of such Security or (b)&nbsp;the date of any Security (or portion thereof) for which such Security was
issued (directly or indirectly) on registration of transfer, exchange or substitution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue discount</I>&#148; of any debt security, including any Original Issue Discount
Security, means the difference between the principal amount of such debt security and the initial
issue price of such debt security (as set forth in the case of an Original Issue Discount Security
on the face of such Security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Original Issue Discount Security</I>&#148; means any Security that provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Outstanding</I>&#148; when used with reference to Securities, shall, subject to the provisions of
Section&nbsp;7.4, mean, as of any particular time, all Securities authenticated and delivered by the
Trustee under this Indenture, except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities (other than Securities of any series as to which the provisions of
Article&nbsp;Ten hereof shall not be applicable), or portions thereof, for the payment or
redemption of which moneys or U.S. Government Obligations (as provided for in Section&nbsp;10.1)
in the necessary amount shall have been deposited in trust with the Trustee or with any
paying agent (other than the Issuer) or shall have been set aside, segregated and held in
trust by the Issuer for the Holders of such Securities (if the Issuer shall act as its own
paying agent), <I>provided </I>that, if such Securities, or portions thereof, are to be redeemed
prior to the maturity thereof, notice of such redemption shall have been given as herein
provided, or provision satisfactory to the Trustee shall have been made for giving such
notice; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities which shall have been paid or in substitution for which other
Securities shall have been authenticated and delivered pursuant to the terms of Section&nbsp;2.9
(except with respect to any such Security as to which proof satisfactory to the Trustee is
presented that such Security is held by a Person in whose hands such Security is a legal,
valid and binding obligation of the Issuer).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall
be deemed to be Outstanding for such purposes shall be the portion of the principal amount thereof
that would be due and payable as of the date of such determination (as certified by the Issuer to
the Trustee) upon a declaration of acceleration of the maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>paying agent&#148; </I>refers to a Person engaged to perform the obligations of the Trustee in respect
of payments made or funds held hereunder in respect of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Periodic Offering</I>&#148; means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation, the rate or rates of interest,
if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Issuer or its agents upon the issuance of such
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Person</I>&#148; means any individual, corporation, limited liability company, partnership, joint
venture, association, joint stock company, trust, estate, unincorporated organization or government
or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Place of Payment</I>&#148;, when used with respect to the Securities of any series, means the place or
places where the principal of and interest, if any, on the Securities of such series are payable as
determined in accordance with Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal</I>&#148; of a debt security, including any Security, means the amount (including, without
limitation, if and to the extent applicable, any premium and, in the case of an Original Issue
Discount Security, any accrued original issue discount, but excluding interest) that is payable
with respect to such debt security as of any date and for any purpose (including, without
limitation, in connection with any sinking fund, if any, upon any redemption at the option of the
Issuer, upon any purchase or exchange at the option of the Issuer or the holder of such debt
security and upon any acceleration of the maturity of such debt security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal amount</I>&#148; of a debt security, including any Security, means the principal amount as
set forth on the face of such debt security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>record date</I>&#148; shall have the meaning set forth in Section&nbsp;2.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Officer</I>&#148;, when used with respect to the Trustee of a series of Securities, means
any officer of the Trustee with direct responsibility for the administration of the trust created
by this Indenture.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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;&#147;<I>Restricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer other than an Unrestricted
Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer which was an Unrestricted Subsidiary but which,
subsequent to the date hereof, is designated by the Issuer (by Board Resolution) to be a Restricted
Subsidiary; <I>provided, however</I>, that the Issuer may not designate any such Subsidiary to be a
Restricted Subsidiary if the Issuer would thereby breach any covenant or agreement herein contained
(on the assumptions that any outstanding Indebtedness of such Subsidiary was incurred at the time
of such designation).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; shall have the meaning set forth in Section&nbsp;1.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Security</I>&#148; or &#147;<I>Securities</I>&#148; has the meaning stated in the first recital of this Indenture and
more particularly means any Securities authenticated and delivered under this Indenture; <I>provided</I>,
<I>however </I>that if at any time there is more than one Person acting as Trustee under this Instrument,
&#147;Securities&#148; with respect to the Indenture as to which such Person is Trustee shall have the
meaning stated in the first recital of this instrument and shall more particularly mean Securities
authenticated and delivered under this instrument, exclusive, however, of Securities of any series
as to which such Person is not Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Indebtedness of the Issuer</I>&#148; means Indebtedness of the Issuer outstanding at any
time (other than the Indebtedness evidenced by the Securities of any series) except (a)&nbsp;any
Indebtedness as to which, by the terms of the instrument creating or evidencing such Indebtedness,
it is provided that such Indebtedness is not senior or prior in right of payment to the Securities
of a series or is <I>pari passu </I>or subordinate by its terms in right of payment to such Securities,
(b)&nbsp;renewals, extensions and modifications of any such Indebtedness, (c)&nbsp;any Indebtedness of the
Issuer to a wholly-owned Subsidiary of the Issuer, (d)&nbsp;interest accruing after the filing of a
petition initiating any proceeding referred to in Sections&nbsp;5.1(e) and 5.1(f) unless such interest
is an allowed claim enforceable against the Issuer in a proceeding under federal or state
bankruptcy laws, (e)&nbsp;trade payables and (f)&nbsp;any liability for federal, state or local taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Indebtedness of each Guarantor</I>&#148; means Indebtedness of a Guarantor outstanding at any
time (other than a Guarantee) except (a)&nbsp;any Indebtedness as to which, by the terms of the
instrument creating or evidencing such Indebtedness, it is provided that such Indebtedness is not
senior or prior in right of payment to a Guarantee or is <I>pari passu </I>or subordinate by its terms in
right of payment to a Guarantee, (b)&nbsp;renewals, extensions and modifications of any such
Indebtedness, (c)&nbsp;any Indebtedness of a Guarantor to a wholly-owned Subsidiary of the Guarantor,
(d)&nbsp;interest accruing after the filing of a petition initiating any proceeding referred to in
Sections&nbsp;5.1(e) and 5.1(f) unless such interest is an allowed claim enforceable against the
Guarantor in a proceeding under federal or state bankruptcy laws, (e)&nbsp;trade payables and (f)&nbsp;any
liability for federal, state or local taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Significant Subsidiary</I>&#148; means any Subsidiary which is a &#147;significant subsidiary&#148; of the
Issuer within the meaning of Rule&nbsp;1.02(w) of Regulation&nbsp;S-K promulgated by the Commission as in
effect on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subsidiary</I>&#148; of any specified Person means any corporation, association or other business
entity of which such Person, or such Person and one or more Subsidiaries of such Person, or any one
or more Subsidiaries of such Person, directly or indirectly own voting securities entitling any one
or more of such Persons and its Subsidiaries to elect a majority of the directors or other persons
performing such functions, either at all times or, so long as
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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">there is no default or contingency which permits the holders of any other class or classes of
securities to vote for the election of one or more directors or other persons performing such
functions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trust Indenture Act of 1939</I>&#148; (except as otherwise provided in Sections&nbsp;8.1 and 8.2) means the
Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at
the date as of which this Indenture is originally executed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustee</I>&#148; means the Person identified as &#147;Trustee&#148; in the first paragraph hereof and, subject
to the provisions of Article&nbsp;Six, shall also include any successor trustee. &#147;Trustee&#148; shall also
mean or include each Person who is then a trustee hereunder and, if at any time there is more than
one such Person, &#147;Trustee&#148; as used with respect to the Securities of any series shall mean the
trustee with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unrestricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer acquired or organized after
the date hereof, <I>provided, however</I>, that such Subsidiary shall not be a successor, directly or
indirectly, to any Restricted Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer substantially all
the assets of which consist of stock or other securities of a Subsidiary or Subsidiaries of the
character described in clause (a)&nbsp;of this paragraph, unless and until such Subsidiary shall have
been designated to be a Restricted Subsidiary pursuant to clause (b)&nbsp;of the definition of
&#147;<I>Restricted Subsidiary</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Government Obligations</I>&#148; means non-callable, non-payable bonds, notes, bills or other
similar obligations issued or guaranteed by the United States government or any agency thereof the
full and timely payment of which are backed by the full faith and credit of the United States of
America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>vice president,</I>&#148; when used with respect to the Issuer or the Trustee, means any vice
president, regardless of whether designated by a number or a word or words added before or after
the title &#147;vice president.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Yield to Maturity</I>&#148; means the yield to maturity on a series of Securities, calculated at the
time of issuance of such series, or, if applicable, at the most recent redetermination of interest
on such series, and calculated in accordance with generally accepted financial practice or as
otherwise provided in the terms of such series of Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWO<BR>
SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <I>Forms Generally.</I>
The Securities of each series shall be substantially in such form (not inconsistent with this
Indenture) as shall be established by or pursuant to one or more Board Resolutions (as set forth in
a Board Resolution or, to the extent established pursuant to rather than set forth in a Board
Resolution, an Officers&#146; Certificate detailing such establishment) or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have imprinted or
otherwise reproduced thereon such
legend or legends or endorsements, not inconsistent with the provisions of this Indenture, as
may be required to comply with any law or with any rules
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">or regulations pursuant thereto, or with any rules of any securities exchange or to conform to
general usage, all as may be determined by the officers executing such Securities, as evidenced by
their execution of such Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such Securities
as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <I>Form of Trustee&#146;s Certificate of Authentication.</I>
The Trustee&#146;s certificate of authentication on all Securities shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, as Trustee<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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time there shall be an Authenticating Agent appointed with respect to any series of
Securities, then the Securities of such series shall bear, in addition to the Trustee&#146;s certificate
of authentication, an alternate Certificate of Authentication which shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, as Trustee<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 colspan="2" align="left">as Authenticating Agent&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3. <I>Amount Unlimited, Issuable in Series.</I>
The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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 Securities may be issued in one or more series and the Securities of each such series
shall rank equally and <I>pari passu </I>with the Securities of each other series, but all Securities
issued hereunder shall be subordinate and junior in right of payment, to the extent and in the
manner set forth in Article&nbsp;Thirteen or the applicable Board Resolution, Officers&#146; Certificate or
supplemental indenture referred to below and relating to such Securities, to all Senior
Indebtedness of the Issuer. There shall be established in or pursuant to one or more Board
Resolutions (and, to the extent established pursuant to rather than set forth in a Board
Resolution, in an Officers&#146; Certificate detailing such establishment) or established in one or more
indentures supplemental hereto, prior to the initial issuance of Securities of any series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the designation of the Securities of the series, which shall distinguish the
Securities of such series from the Securities of all other series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any limit upon the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Securities of the series pursuant to Section&nbsp;2.8, 2.9, 2.11, 8.5 or 12.3);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the date or dates on which the principal of the Securities of the series is
payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the rate or rates at which the Securities of the series shall bear interest, if
any, the date or dates from which any such interest shall accrue, on which any such
interest shall be payable and on which a record shall be taken for the determination of
Holders to whom any such interest is payable or the method by which such rate or rates or
date or dates shall be determined or both;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the place or places where and the manner in which the principal of, premium, if
any, and interest, if any, on Securities of the series shall be payable (if other than as
provided in Section&nbsp;3.2) and the office or agency for the Securities of the series
maintained by the Issuer pursuant to Section&nbsp;3.2;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the right, if any, of the Issuer to redeem, purchase or repay Securities of the
series, in whole or in part, at its option and the period or periods within which, the
price or prices (or the method by which such price or prices shall be determined or both)
at which, the form or method of payment therefor if other than in cash and any terms and
conditions upon which and the manner in which (if different from the provisions of Article
Twelve) Securities of the series may be so redeemed, purchased or repaid, in whole or in
part, pursuant to any sinking fund or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of
the series in whole or in part pursuant to any mandatory redemption, sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within
which the price or prices (or the method by which such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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; margin-left: 2%">price or prices shall be determined or both) at which, the form or method of payment
therefor if other than in cash and any terms and conditions upon which and the manner in
which (if different from the provisions of Article&nbsp;Twelve) Securities of the series shall
be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if other than denominations of $2,000 and integral multiples of $1,000 in excess
thereof, the denominations in which Securities of the series shall be issuable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon acceleration of the maturity thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) whether Securities of the series will be issuable as Global Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series) only upon
receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any trustees, depositaries, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) any deleted, modified or additional events of default or remedies or any deleted,
modified or additional covenants with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) whether the provisions of Article&nbsp;Ten will not be applicable to Securities of
such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any provision relating to the issuance of Securities of such series at an
original issue discount (including, without limitation, the issue price thereof, the rate
or rates at which such original issue discount shall accrete, if any, and the date or dates
from or to which or period or periods during which such original issue discount shall
accrete at such rate or rates);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) if other than Dollars, the foreign currency in which payment of the principal of,
premium, if any, and interest, if any, on the Securities of such series shall be payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) if other than Wilmington Trust Company is to act as Trustee for the Securities of
such series, the name and Corporate Trust Office of such Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) if the amounts of payments of principal of, premium, if any, and interest, if
any, on the Securities of such series are to be determined with reference to an index, the
manner in which such amounts shall be determined;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) the terms for conversion or exchange, if any, with respect to the Securities of
such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) which, if any, of the Eligible Guarantors shall guarantee the Securities of such
series on the terms set forth in Article&nbsp;Fourteen (each of the Eligible Guarantors that
guarantee the Securities on the terms set forth in Article&nbsp;Fourteen, if any, a
&#147;Guarantor&#148;); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) any other terms of the Securities of such series (which terms shall not be
inconsistent with the provisions of this Indenture).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities of any one series shall be substantially identical, except as to denomination
and except as may otherwise be provided by or pursuant to the Board Resolution or Officers&#146;
Certificate referred to above or as set forth in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time and may be issued from time to
time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board
Resolution, such Officers&#146; Certificate or in any such indenture supplemental hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Board Resolution or Officers&#146; Certificate referred to above with respect to
Securities of any series filed with the Trustee on or before the initial issuance of the Securities
of such series shall be incorporated herein by reference with respect to Securities of such series
and shall thereafter be deemed to be a part of the Indenture for all purposes relating to
Securities of such series as fully as if such Board Resolution or Officers&#146; Certificate were set
forth herein in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4. <I>Authentication and Delivery of Securities.</I>
The Issuer may deliver Securities of any series executed by the Issuer to the Trustee for
authentication together with the applicable documents referred to below in this Section&nbsp;2.4, and
the Trustee shall thereupon authenticate and deliver such Securities to, or upon the order of, the
Issuer (contained in the Issuer Order referred to below in this Section&nbsp;2.4) or pursuant to such
procedures acceptable to the Trustee and to such recipients as may be specified from time to time
by an Issuer Order. If provided for in such procedures and agreed to by the Trustee, such Issuer
Order may authorize authentication and delivery pursuant to oral instructions from the Issuer or
its duly authorized agent, which instructions shall be promptly confirmed in writing. In
authenticating the Securities of such series and accepting the additional responsibilities under
this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in the
case of subparagraphs (2), (3)&nbsp;and (4)&nbsp;below only at or before the time of the first request of the
Issuer to the Trustee to authenticate Securities of such series) and (subject to Section&nbsp;6.1) shall
be fully protected in relying upon, unless and until such documents have been superseded or
revoked:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Issuer Order requesting such authentication and setting forth delivery
instructions provided that, with respect to Securities of a series subject to a Periodic
Offering, (a)&nbsp;such Issuer Order may be delivered by the Issuer to the Trustee prior to the
delivery to the Trustee of such Securities for authentication and delivery, (b)&nbsp;the Trustee
shall authenticate and deliver Securities of such series for
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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; margin-left: 2%">original issue from time to time, in an aggregate principal amount not exceeding the
aggregate principal amount established for such series, pursuant to an Issuer Order, (c)
the maturity date or dates, original issue date or dates, interest rate or rates, if any,
and any other terms of Securities of such series shall be determined by an Issuer Order and
(d)&nbsp;after the original issuance of the first Security of such series to be issued, any
separate request by the Issuer that the Trustee authenticate Securities of such series for
original issuance will be deemed to be a certification by the Issuer that it is in
compliance with all conditions precedent provided for in this Indenture relating to the
authentication and delivery of such Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Board Resolution, Officers&#146; Certificate or executed supplemental indenture
referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the forms and terms of the
Securities of such series were established;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an Officers&#146; Certificate stating that the form or forms and terms of the
Securities have been established pursuant to Sections&nbsp;2.1 and 2.3 and comply with this
Indenture and covering such other matters as the Trustee may reasonably request; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) at the option of the Issuer, either an Opinion of Counsel, or a letter from legal
counsel addressed to the Trustee permitting it to rely on an Opinion of Counsel,
substantially to the effect that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an underwritten offering, the Securities of such series
have been duly authorized, executed and delivered and, in the case of an offering
that is not underwritten, certain terms of the Securities of such series have been
established pursuant to a Board Resolution, an Officers&#146; Certificate or a
supplemental indenture in accordance with this Indenture, and when such other terms
as are to be established pursuant to procedures set forth in an Issuer Order shall
have been established, all such terms will have been duly authorized by the Issuer
and will have been established in conformity with the provisions of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when the Securities of such series have been duly authorized, executed and
delivered by the Issuer and authenticated by the Trustee in accordance with the
provisions of this Indenture and delivered to and duly paid for by the purchasers
thereof, they will constitute valid and legally binding obligations of the Issuer,
enforceable in accordance with their respective terms, and will be entitled to the
benefits of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution and delivery by the Issuer of, and the performance by the
Issuer of its obligations under, the Securities of such series will not conflict
with any provision of applicable law or the articles of incorporation or bylaws of
the Issuer or any agreement or other instrument to which the Issuer or any of the
Guarantors is a party and that is material to the Issuer and its Subsidiaries,
considered as one enterprise, or, to such counsel&#146;s knowledge after the inquiry
indicated therein, any judgment, order
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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; margin-left: 4%">or decree of any governmental agency or any court having jurisdiction over the
Issuer and any of its Subsidiaries, and no consent, approval or authorization of
any governmental body or agency is required for the performance by the Issuer of
its obligations under the Securities, except such as are specified and have been
obtained and such as may be required by the securities or blue sky laws of the
various states in connection with the offer and sale of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinions, such counsel may qualify any opinions as to enforceability by
stating that such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, liquidation, moratorium and other similar laws relating to or affecting the rights
and remedies of creditors and is subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law) and an implied covenant of
good faith and fair dealing. Such counsel may also state that, insofar as such opinion involves
factual matters, such counsel has relied, to the extent such counsel deems proper, upon
certificates of officers of the Issuer and its subsidiaries, as applicable, and certificates of
public officials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have the right to decline to authenticate and deliver any Securities of any
series under this Section&nbsp;2.4 if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors
or board of trustees, executive committee or a trust committee of directors or trustees or
Responsible Officers shall determine that such action would expose the Trustee to personal
liability to existing Holders or would adversely affect the Trustee&#146;s own rights, duties or
immunities under the Securities, this Indenture or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall establish pursuant to Section&nbsp;2.3 that the Securities of a series are to
be issued in the form of one or more Global Securities, then the Issuer shall execute and the
Trustee shall, in accordance with this Section&nbsp;2.4 and the Issuer Order with respect to such
series, authenticate and deliver one or more Global Securities that (i)&nbsp;shall represent and shall
be denominated in an amount equal to the aggregate principal amount of all of the Securities of
such series to be issued in the form of Global Securities and not yet cancelled, (ii)&nbsp;shall be
registered in the name of the Depositary for such Global Security or Securities or the nominee of
such Depositary, (iii)&nbsp;shall be delivered by the Trustee to such Depositary or pursuant to such
Depositary&#146;s instructions, and (iv)&nbsp;shall bear a legend substantially to the following effect:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED
FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (THE &#147;DEPOSITARY&#148;) TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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"><B>NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE &#038; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Depositary designated pursuant to Section&nbsp;2.3 must, at the time of its designation and at
all times while it serves as Depositary, be a clearing agency registered under the Exchange Act and
any other applicable statute or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;14.15 concerning execution and delivery of the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5. <I>Execution of Securities.</I>
The Securities shall be signed on behalf of the Issuer by the chairman of the Board of
Directors, the president or chief executive officer, any vice president, the chief financial
officer or the treasurer of the Issuer. Such signatures may be the manual or facsimile signatures
of the present or any future such officers. Typographical and other minor errors or defects in any
such reproduction of such signature shall not affect the validity or enforceability of any Security
that has been duly authenticated and delivered by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any officer of the Issuer who shall have signed any of the Securities shall cease to
be such officer before the Security so signed shall be authenticated and delivered by the Trustee
or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual
date of the execution of such Security, shall be the proper officers of the Issuer, although at the
date of the execution and delivery of this Indenture any such person was not such an officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;14.15 concerning execution and delivery of the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6. <I>Certificate of Authentication.</I>
Only such Securities as shall bear thereon a certificate of authentication substantially in
the form hereinbefore recited, executed by the Trustee by the manual signature of one of its
authorized signatories, or its Authenticating Agent, shall be entitled
to the benefits of this Indenture or be valid or obligatory for any purpose. The execution of
such certificate by the Trustee or its
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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">Authenticating Agent upon any Security executed by the Issuer shall be conclusive evidence that the
Security so authenticated has been duly authenticated and delivered hereunder and that the Holder
is entitled to the benefits of this Indenture. Each reference in this Indenture to authentication
by the Trustee includes authentication by an agent appointed pursuant to Section&nbsp;6.14.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7. <I>Denomination and Date of Securities; Payments of Interest.</I>
The Securities of each series shall be issuable in registered form in denominations
established as contemplated by Section&nbsp;2.3 or, with respect to the Securities of any series, if not
so established, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner
or in accordance with such plan as the officers of the Issuer executing the same may determine with
the approval of the Trustee, as evidenced by the execution and authentication thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Security shall be dated the date of its authentication. The Securities of each series
shall bear interest, if any, from the date, and such interest, if any, shall be payable on the
dates, established as contemplated by Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Person in whose name any Security of any series is registered at the close of business on
any record date applicable to a particular series with respect to any interest payment date for
such series shall be entitled to receive the interest, if any, payable on such interest payment
date notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the
payment of the interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the Persons in whose names Outstanding Securities for such
series are registered (a)&nbsp;at the close of business on a subsequent record date (which shall be not
less than five Business Days prior to the date of payment of such defaulted interest) established
by notice given by mail by or on behalf of the Issuer to the Holders of Securities not less than 15
days preceding such subsequent record date or (b)&nbsp;as determined by such other procedure as is
mutually acceptable to the Issuer and the Trustee. The term &#147;record date&#148; as used with respect to
any interest payment date (except a date for payment of defaulted interest) for the Securities of
any series shall mean the date specified as such in the terms of the Securities of such series
established as contemplated by Section&nbsp;2.3, or, if no such date is so established, if such interest
payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar
month or, if such interest payment date is the fifteenth day of a calendar month, the first day of
such calendar month, whether or not such record date is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8. <I>Registration, Transfer and Exchange.</I>
The Issuer will keep at each office or agency to be maintained for the purpose as provided in
Section&nbsp;3.2 for each series of Securities a register or registers in which, subject to such
reasonable regulations as it may prescribe, it will provide for the registration of Securities of
each series and the registration of transfer of Securities of such
series. Each such register shall be in written form in the English language or in any other
form capable of being converted into such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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">form within a reasonable time. At all reasonable times such register or registers shall be open
for inspection and available for copying by the Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon due presentation for registration of transfer of any Security of any series at any such
office or agency to be maintained for the purpose as provided in Section&nbsp;3.2, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Security or Securities of the same series, maturity date, interest rate, if any, and original
issue date in authorized denominations for a like aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities presented for registration of transfer shall (if so required by the Issuer or
the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his
attorney duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder thereof, Securities of any series (other than a Global Security,
except as set forth below) may be exchanged for a Security or Securities of such series having
authorized denominations and an equal aggregate principal amount, upon surrender of such Securities
to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance
with Section&nbsp;3.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer or Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer of
Securities. No service charge shall be made for any such transaction or for any exchange of
Securities of any series as contemplated by the immediately preceding paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not be required to exchange or register a transfer of (a)&nbsp;any Securities of
any series for a period of 15&nbsp;days next preceding the first mailing or publication of notice of
redemption of Securities of such series to be redeemed, (b)&nbsp;any Securities selected, called or
being called for redemption, in whole or in part, except, in the case of any Security to be
redeemed in part, the portion thereof not so to be redeemed or (c)&nbsp;any Security if the Holder
thereof has exercised his right, if any, to require the Issuer to repurchase such Security in whole
or in part, except the portion of such Security not required to be repurchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Section&nbsp;2.8, unless and until it is exchanged in
whole or in part for Securities in definitive registered form, a Global Security representing all
or a part of the Securities of a series may not be transferred except as a whole by the Depositary
for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a
successor Depositary for such series or a nominee of such successor Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Depositary for any Securities of a series represented by one or more Global
Securities notifies the Issuer that it is unwilling or unable to continue as Depositary for such
Securities or if at any time the Depositary for such Securities shall no
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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">longer be eligible under Section&nbsp;2.4, the Issuer shall appoint a successor Depositary with respect
to such Securities. If a successor Depositary for such Securities is not appointed by the Issuer
within 90&nbsp;days after the Issuer receives such notice or becomes aware of such ineligibility, the
Issuer&#146;s election pursuant to Section&nbsp;2.3 that such Securities be represented by one or more Global
Securities shall no longer be effective and the Issuer shall execute, and the Trustee, upon receipt
of an Issuer Order for the authentication and delivery of definitive Securities of such series,
will authenticate and deliver Securities of such series in definitive registered form, in any
authorized denominations, in an aggregate principal amount equal to the principal amount of the
Global Security or Securities representing such Securities in exchange for such Global Security or
Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event, the Issuer shall execute, and the Trustee, upon
receipt of an Issuer Order for the authentication and delivery of definitive Securities of such
series, shall authenticate and deliver, Securities of such series in definitive registered form, in
any authorized denominations, in an aggregate principal amount equal to the principal amount of the
Global Security or Securities representing such Securities, in exchange for such Global Security or
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified by the Issuer pursuant to Section&nbsp;2.3 with respect to Securities represented by a
Global Security, the Depositary for such Global Security may surrender such Global Security in
exchange in whole or in part for Securities of the same series in definitive registered form on
such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall
execute, and the Trustee shall authenticate and deliver, without service charge,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Person specified by such Depositary, a new Security or Securities of the
same series, of any authorized denominations as requested by such Person, in an aggregate
principal amount equal to and in exchange for such Person&#146;s beneficial interest in the
Global Security; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such Depositary a new Global Security in a denomination equal to the
difference, if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities authenticated and delivered pursuant to clause (i)
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the exchange of a Global Security for Securities in definitive registered form in
authorized denominations, such Global Security shall be cancelled by the Trustee or an agent of the
Trustee. Securities in definitive registered form issued in exchange for a Global Security
pursuant to this Section&nbsp;2.8 shall be registered in such names and in such authorized denominations
as the Depositary for such Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee or an agent of the Trustee or the Issuer or
an agent of the Issuer. The Trustee or such agent shall deliver at its office such Securities to
or as directed by the Persons in whose names such Securities are so registered.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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;All Securities issued upon any registration of transfer or exchange of Securities shall be
valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9. <I>Mutilated, Defaced, Destroyed, Lost and Stolen Securities.</I>
In case any temporary or definitive Security shall become mutilated or defaced or be
destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request
of the Issuer, the Trustee shall authenticate and deliver a new Security of the same series,
maturity date, interest rate, if any, and original issue date, bearing a number or other
distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the
mutilated or defaced Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer
and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be
required by the Trustee or the Issuer or any such agent to indemnify and defend and to save each of
the Trustee and the Issuer and any such agent harmless and, in every case of destruction, loss or
theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the
ownership thereof and in the case of mutilation or defacement, shall surrender the Security to the
Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any substitute Security, the Issuer may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee or its agent) connected
therewith. In case any Security which has matured or is about to mature or has been called for
redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer
may instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such
payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee
such security or indemnity as any of them may require to hold each of them harmless, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee
and any agent of the Issuer or the Trustee evidence to the Trustee&#146;s satisfaction of the
destruction, loss or theft of such Security and of the ownership thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every substitute Security of any series issued pursuant to the provisions of this Section by
virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an
additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen
Security shall be at any time enforceable by anyone and shall be entitled to all the benefits of
(but shall be subject to all the limitations of rights set forth in) this Indenture equally and
proportionately with any and all other Securities of such series duly authenticated and delivered
hereunder. All Securities shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment
of mutilated, defaced, destroyed, lost or stolen Securities and shall preclude any and all other
rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the
replacement or payment of negotiable instruments or other securities without their surrender.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /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;SECTION 2.10. <I>Cancellation of Securities; Disposition Thereof.</I>
All Securities surrendered for payment, redemption, registration of transfer or exchange, or
for credit against any payment in respect of a sinking or analogous fund, if surrendered to the
Issuer or any agent of the Issuer or the Trustee or any agent of the Trustee, shall be delivered to
the Trustee or its agent for cancellation or, if surrendered to the Trustee, shall be cancelled by
it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of all cancelled Securities in accordance
with its standard procedures and shall deliver a certificate of such disposition to the Issuer. If
the Issuer or its agent shall acquire any of the Securities, such acquisition shall not operate as
a redemption or satisfaction of the indebtedness represented by such Securities unless and until
the same are delivered to the Trustee or its agent for cancellation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <I>Temporary Securities.</I>
Pending the preparation of definitive Securities for any series, the Issuer may execute and
the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver temporary Securities
for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
satisfactory to the Trustee). Temporary Securities of any series shall be issuable in any
authorized denomination, and substantially in the form of the definitive Securities of such series
but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Issuer. Temporary Securities may contain such references to any
provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by
the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with like effect, as the definitive Securities. Without unreasonable delay the
Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary
Securities of such series may be surrendered in exchange therefor without charge at each office or
agency to be maintained by the Issuer for that purpose pursuant to Section&nbsp;3.2 and the Trustee
shall authenticate and deliver in exchange for such temporary Securities of such series an equal
aggregate principal amount of definitive Securities of the same series having authorized
denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the
same benefits under this Indenture as definitive Securities of such series, unless otherwise
established pursuant to Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12. <I>CUSIP Numbers.</I>
The Issuer in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in use), and,
if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a convenience to Holders;
<I>provided </I>that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer
will promptly notify the Trustee of any change to such &#147;CUSIP&#148; numbers.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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">ARTICLE THREE<BR>
COVENANTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <I>Payment of Principal and Interest.</I>
The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid the
principal of, premium, if any, and interest, if any, on each of the Securities at the place, at the
respective times and in the manner provided in the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <I>Offices for Notices and Payments, etc.</I>
So long as any of the Securities are Outstanding, the Issuer will maintain in each Place of
Payment, an office or agency where the Securities may be presented for payment, an office or agency
where the Securities may be presented for registration of transfer and for exchange as provided in
this Indenture, and an office or agency where notices and demands to or upon the Issuer in respect
of the Securities or of this Indenture may be served. In case the Issuer shall at any time fail to
maintain any such office or agency, or shall fail to give notice to the Trustee of any change in
the location thereof, presentation may be made and notice and demand may be served in respect of
the Securities or of this Indenture to the Trustee. The Issuer hereby initially designates the
Corporate Trust Office of the Trustee for each such purpose and appoints the Trustee as registrar
and paying agent and as the agent upon whom notices and demands may be served with respect to the
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3. <I>No Interest Extension.</I>
In order to prevent any accumulation of claims for interest after maturity thereof, the Issuer
will not directly or indirectly extend or consent to the extension of the time for the payment of
any claim for interest on any of the Securities and will not directly or indirectly be a party to
or approve any such arrangement by the purchase or funding of said claims or in any other manner;
<I>provided</I>, <I>however</I>, that this Section&nbsp;3.3 shall not apply in any case where an extension shall be
made pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4. <I>Appointments to Fill Vacancies in Trustee&#146;s Office.</I>
The Issuer, whenever necessary to avoid or fill a vacancy in the office of the Trustee, will
appoint, in the manner provided in Section&nbsp;6.10, a Trustee, so that there shall at all times be a
Trustee hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5. <I>Provision as to Paying Agent.</I>
(a)&nbsp;If the Issuer shall appoint a paying agent other than the Trustee, it will cause such
paying agent to execute and deliver to the Trustee an instrument in which such paying agent shall
agree with the Trustee, subject to the provisions of this Section&nbsp;3.5,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that it will hold all sums held by it as such paying agent for the payment of the
principal of or interest, if any, on the Securities (whether such sums
have been paid to it by the Issuer or by any other obligor on the Securities) in trust
for the benefit of the Holders of the Securities and the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that it will give the Trustee notice of any failure by the Issuer (or by any other
obligor on the Securities) to make any payment of the principal of,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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; margin-left: 2%">premium, if any, or interest, if any, on the Securities when the same shall be due and
payable; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that it will, at any time during the continuance of any such failure, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by
such paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Issuer shall act as its own paying agent, it will, on or before each due date of
the principal of or interest, if any, on the Securities, set aside, segregate and hold in trust for
the benefit of the Holders of the Securities a sum sufficient to pay such principal, premium, if
any, or interest, if any, so becoming due and will notify the Trustee of any failure to take such
action and of any failure by the Issuer (or by any other obligor under the Securities) to make any
payment of the principal of, premium, if any, or interest, if any, on the Securities when the same
shall become due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, the Issuer may, at any time,
for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by it, or any paying agent
hereunder, as required by this Section&nbsp;3.5, such sums to be held by the Trustee upon the trusts
herein contained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, any agreement of the Trustee
or any paying agent to hold sums in trust as provided in this Section&nbsp;3.5 is subject to Sections
10.3 and 10.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Whenever the Issuer shall have one or more paying agents, it will, on or before 9:00 A.M.
on each due date of the principal of, premium, if any, or interest, if any, on any Securities,
deposit with a paying agent a sum sufficient to pay the principal, premium, if any, or interest, if
any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such
principal, premium, if any, or interest, if any, and (unless such paying agent is the Trustee) the
Issuer will promptly notify the Trustee of its action or failure so to act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOUR<BR>
SECURITYHOLDERS LISTS AND REPORTS BY THE<BR>
ISSUER AND THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1. <I>Issuer to Furnish Trustee Information as to Names and Addresses of
Securityholders.</I>
The Issuer and any other obligor on the Securities covenant and agree that they will furnish
or cause to be furnished to the Trustee a list in such form as the Trustee may reasonably require
of the names and addresses of the Holders of the Securities of each series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) semiannually and not more than 15&nbsp;days after each January 1 and July&nbsp;1, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at such other times as the Trustee may request in writing, within 15&nbsp;days after
receipt by the Issuer of any such request,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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"><I>provided </I>that if and so long as the Trustee shall be the registrar for such series, such list shall
not be required to be furnished.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2. <I>Preservation and Disclosure of Securityholders Lists.</I>
(a)&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the Holders of each series of Securities (i)&nbsp;contained
in the most recent list furnished to it as provided in Section&nbsp;4.1, and (ii)&nbsp;received by it in the
capacity of registrar or paying agent for such series, if so acting. The Trustee may destroy any
list furnished to it as provided in Section&nbsp;4.1 upon receipt of a new list so furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The rights of Holders of each series of Securities to communicate with other Holders of
such series of Securities with respect to their rights under this Indenture or under the Securities
of such series, and the corresponding rights and privileges of the Trustee, shall be as provided by
the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Every Holder of Securities of any series, by receiving and holding the same, agrees with
the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of any of them
shall be held accountable by reason of any disclosure of information as to names and addresses of
Holders of Securities of such series made pursuant to the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3. <I>Reports by the Issuer.</I>
The Issuer covenants:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file with the Trustee, within 15&nbsp;days after the Issuer is required to file the same
with the Commission, copies of the annual reports and of the information, documents and other
reports (or copies of such portions of any of the foregoing as the Commission may from time to time
by rules and regulations prescribe) which the Issuer may be required to file with the Commission
pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act; or, if the Issuer is not required to
file information, documents or reports pursuant to either of such Exchange Act Sections, then to
file with the Trustee and the Commission, in accordance with rules and regulations prescribed from
time to time by the Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section&nbsp;13 of the Exchange Act, in respect of a debt
security listed and registered on a national securities exchange as may be prescribed from time to
time in such rules and regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports
with respect to compliance by the Issuer with the conditions and covenants provided for in this
Indenture as may be required from time to time by such rules and regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to transmit by mail to the Holders of Securities within 30&nbsp;days after the filing thereof
with the Trustee, in the manner and to the extent provided in Section&nbsp;4.4(a),
such summaries of any information, documents and reports required to be filed by the Issuer
pursuant to subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;4.3 as may be required to be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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">transmitted to such Holders by rules and regulations prescribed from time to time by the
Commission; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to furnish to the Trustee, not less than annually, an Officers&#146; Certificate from the
principal executive officer, principal financial officer or principal accounting officer as to his
knowledge of the Issuer&#146;s compliance with all conditions and covenants under this Indenture. For
purposes of this subsection (d), such compliance shall be determined without regard to any period
of grace or requirement of notice provided under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of the reports, information and documents referenced in Sections&nbsp;4.3(a), (b)&nbsp;and (c)
to the Trustee is for informational purposes only and the Trustee&#146;s receipt of them will not
constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Issuer&#146;s compliance with any of its covenants in this
Indenture (as to which the Trustee is entitled to rely exclusively on an Officers&#146; Certificate).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4. <I>Reports by the Trustee.</I>
(a)&nbsp;The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act of 1939 at the times
and in the manner provided pursuant thereto. To the extent that any such report is required by the
Trust Indenture Act of 1939 with respect to any 12&nbsp;month period, such report shall cover the 12
month period ending May&nbsp;15 and shall be transmitted by the next succeeding July&nbsp;15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A copy of each such report shall, at the time of such transmission to Securityholders, be
furnished to the Issuer and be filed by the Trustee with each stock exchange upon which the
Securities of any applicable series are listed and also with the Commission. The Issuer agrees to
promptly notify the Trustee with respect to any series when and as the Securities of such series
become admitted to trading on any national securities exchange.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FIVE<BR>
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS<BR>
ON EVENT OF DEFAULT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1. <I>Events of Default.</I>
&#147;Event of Default&#148;, wherever used herein with respect to Securities of any series, means any
one or more of the following events (whatever the reason for such Event of Default), unless it is
either inapplicable to a particular series or it is specifically deleted or modified in or pursuant
to the Board Resolution or supplemental indenture establishing such series of Securities or in the
form of Security, for such series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the payment of the principal of or premium, if any, of the Securities
of such series as and when the same shall become due and payable either at maturity, upon
redemption, by declaration or otherwise; or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the payment of any installment of interest on any of the Securities of
such series as and when the same shall become due and payable, and continuance of such
default for a period of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the payment or satisfaction of any sinking fund or other purchase
obligation with respect to Securities of such series, as and when such obligation shall
become due and payable; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) failure on the part of the Issuer or a Guarantor duly to observe or perform any
other of the covenants or agreements on the part of the Issuer in or a Guarantor of, the
Securities of such series or in this Indenture continued for a period of 90&nbsp;days after the
date on which written notice of such failure, requiring the Issuer or a Guarantor to remedy
the same, shall have been given by certified or registered mail to the Issuer or a
Guarantor by the Trustee, or to the Issuer or a Guarantor and the Trustee by the Holders of
at least 25% in aggregate principal amount of the Securities of such series then
Outstanding; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without the consent of the Issuer, a court having jurisdiction shall enter an
order for relief with respect to the Issuer or any of its Significant Subsidiaries under
any applicable bankruptcy, insolvency or other similar law of the United States of America,
any state thereof or the District of Columbia, or without the consent of the Issuer, a
court having jurisdiction shall enter a judgment, order or decree adjudging the Issuer or
any of its Significant Subsidiaries bankrupt or insolvent, or enter an order for relief for
reorganization, arrangement, adjustment or composition of or in respect of the Issuer or
any of its Significant Subsidiaries under any applicable bankruptcy, insolvency or other
similar law of the United States of America, any state thereof or the District of Columbia,
and the continuance of any such judgment, order or decree is unstayed and in effect for a
period of 60 consecutive days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Issuer or any of its Significant Subsidiaries shall institute proceedings for
entry of an order for relief with respect to the Issuer or any of its Significant
Subsidiaries under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia, or for an adjudication of
insolvency, or shall consent to the institution of bankruptcy or insolvency proceedings
against it, or shall file a petition seeking, or seek or consent to reorganization,
arrangement, composition or relief under any applicable bankruptcy, insolvency or other
similar law of the United States of America, any state thereof or the District of Columbia,
or shall consent to the filing of such petition or to the appointment of a receiver,
custodian, liquidator, assignee, trustee, sequestrator or similar official of the Issuer or
of substantially all of its property, or the Issuer or any of its Significant Subsidiaries
shall make a general assignment for the benefit of creditors as recognized under any
applicable bankruptcy, insolvency or other similar law of the United States of America, any
state thereof or the District of Columbia; or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Guarantee ceases to be in full force and effect (other than in accordance with
the terms of any Guarantee) or a Guarantor denies or disaffirms its obligations under the
Guarantee; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other Event of Default provided with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any series then Outstanding occurs and is
continuing, then and in each and every such case, unless the principal of all of the Securities of
such series shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Securities of such series then Outstanding, by
notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the
principal (or, if the Securities of such series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) of all the
Securities of such series and the interest, if any, accrued thereon to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and
payable, notwithstanding anything to the contrary contained in this Indenture or in the Securities
of such series. This provision, however, is subject to the condition that, if at any time after
the unpaid principal amount (or such specified amount) of the Securities of such series shall have
been so declared due and payable and before any judgment or decree for the payment of the moneys
due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall
deposit with the Trustee a sum sufficient to pay all matured installments of interest, if any, upon
all of the Securities of such series and the principal of any and all Securities of such series
which shall have become due otherwise than by acceleration (with interest on overdue installments
of interest, if any, to the extent that payment of such interest is enforceable under applicable
law and on such principal at the rate borne by the Securities of such series to the date of such
payment or deposit) and the reasonable compensation, disbursements, expenses and advances of the
Trustee and all other amounts due the Trustee under Section&nbsp;6.6, and any and all defaults under
this Indenture, other than the nonpayment of such portion of the principal amount of and accrued
interest, if any, on Securities of such series which shall have become due by acceleration, shall
have been cured or shall have been waived in accordance with Section&nbsp;5.7 or provision deemed by the
Trustee to be adequate shall have been made therefor, then and in every such case the Holders of a
majority in aggregate principal amount of the Securities of such series then Outstanding, by
written notice to the Issuer and to the Trustee, may rescind and annul such declaration and its
consequences; but no such rescission and annulment shall extend to or shall affect any subsequent
default, or shall impair any right consequent thereon. Notwithstanding the previous sentence, no
waiver shall be effective against any Holder for any Event of Default or event which with notice or
lapse of time or both would be an Event of Default with respect to any covenant or provision which
cannot be modified or amended without the consent of the Holder of each outstanding Security
affected thereby, unless all such affected Holders agree, in writing, to waive such Event of
Default or other event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default specified in Section&nbsp;5.1(e) or 5.1(f) occurs with respect to the
Issuer, all unpaid principal amount (or, if the Securities of any series then Outstanding are
Original Issue Discount Securities, such portion of the principal amount as may be
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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">specified in the terms of each such series) and accrued interest on all Securities of each
series then Outstanding shall <I>ipso facto </I>become and be immediately due and payable without any
declaration or other act by the Trustee or any Securityholder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Issuer, the Trustee and the Securityholders shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the
Trustee and the Securityholders shall continue as though no such proceeding had been taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to an Event of Default pursuant to Section&nbsp;5.1 (a), (b)&nbsp;or (c), the
Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof
shall have been given to a Responsible Officer by the Issuer, a paying agent or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
5.2. <I>Payment of Securities on Default; Suit Therefor.</I> The Issuer covenants that (a)&nbsp;if default shall be made in the payment of any installment of
interest upon any of the Securities of any series then Outstanding as and when the same shall
become due and payable, and such default shall have continued for a period of 30&nbsp;days, or (b)&nbsp;if
default shall be made in the payment of the principal of any of the Securities of such series as
and when the same shall have become due and payable, whether at maturity of the Securities of such
series or upon redemption or by declaration or otherwise, then, upon demand of the Trustee, the
Issuer will pay to the Trustee, for the benefit of the Holders of the Securities, the whole amount
that then shall have become due and payable on all such Securities of such series for principal or
interest, if any, or both, as the case may be, with interest upon the overdue principal and (to the
extent that payment of such interest is enforceable under applicable law) upon the overdue
installments of interest, if any, at the rate borne by the Securities of such series; and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel,
and any expenses or liabilities incurred by the Trustee hereunder other than through its negligence
or bad faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and
may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Issuer or any other obligor on the Securities of such series
and collect in the manner provided by law out of the property of the Issuer or any other obligor on
the Securities of such series, wherever situated, the moneys adjudged or decreed to be payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be pending proceedings for the bankruptcy or for the reorganization of the
Issuer or any other obligor on the Securities of any series then Outstanding under any bankruptcy,
insolvency or other similar law now or hereafter in effect, or if a receiver or trustee or similar
official shall have been appointed for the property of the Issuer or such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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">other obligor, or in the case of any other similar judicial proceedings relative to the Issuer
or other obligor upon the Securities of such series, or to the creditors or property of the
Issuer or such other obligor, the Trustee, irrespective of whether the principal of the Securities
of such series shall then be due and payable as therein expressed or by declaration or otherwise
and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of
this Section&nbsp;5.2, shall be entitled and empowered by intervention in such proceedings or otherwise
to file and prove a claim or claims for the whole amount of principal and interest, if any, owing
and unpaid in respect of the Securities of such series, and, in case of any judicial proceedings,
to file such proofs of claim and other papers or documents as may be necessary or advisable in
order to have the claims of the Trustee and of the Securityholders allowed in such judicial
proceedings relative to the Issuer or any other obligor on the Securities of such series, its or
their creditors, or its or their property, and to collect and receive any moneys or other property
payable or deliverable on any such claims, and to distribute the same after the deduction of its
charges and expenses, and any receiver, assignee or trustee or similar official in bankruptcy or
reorganization is hereby authorized by each of the Securityholders to make such payments to the
Trustee, and, if the Trustee shall consent to the making of such payments directly to the
Securityholders, to pay to the Trustee any amount due it for compensation and expenses or otherwise
pursuant to Section&nbsp;6.6, including counsel fees and expenses incurred by it up to the date of such
distribution. To the extent that such payment of reasonable compensation, expenses and counsel
fees and expenses out of the estate in any such proceedings shall be denied for any reason, payment
of the same shall be secured by a lien on, and shall be paid out of, any and all distributions,
dividends, moneys, securities and other property which the Holders of the Securities of such series
may be entitled to receive in such proceedings, whether in liquidation or under any plan of
reorganization or arrangement or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities, or the
production thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the
Securities of the series in respect of which such judgment has been recovered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.3. <I>Application of Moneys Collected by Trustee. </I>Any moneys collected by the Trustee pursuant to Section&nbsp;5.2 with respect to Securities of any
series then Outstanding shall be applied in the order following, at the date or dates fixed by the
Trustee for the distribution of such moneys, upon presentation of the several Securities of such
series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if
fully paid:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of costs and expenses of collection and reasonable compensation
to the Trustee, its agents, attorneys and counsel, and of all other expenses and
liabilities incurred, and all advances made, by the Trustee pursuant to Section&nbsp;6.6 except
as a result of its negligence or bad faith;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: If the principal of the Outstanding Securities of such series shall not have
become due and be unpaid, to the payment of interest, if any, on the Securities of such series, in the order of the maturity of the installments of such
interest, if any, with interest (to the extent that such interest has been collected by the
Trustee) upon the overdue installments of interest, if any, at the rate borne by the
Securities of such series, such payment to be made ratably to the Persons entitled thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: If the principal of the Outstanding Securities of such series shall have
become due, by declaration or otherwise, to the payment of the whole amount then owing and
unpaid upon the Securities of such series for principal and interest, if any, with interest
on the overdue principal and (to the extent that such interest has been collected by the
Trustee) upon overdue installments of interest, if any, at the rate borne by the Securities
of such series; and in case such moneys shall be insufficient to pay in full the whole
amounts so due and unpaid upon the Securities of such series, then to the payment of such
principal and interest, if any, without preference or priority of principal over interest
or of interest over principal, or of any installment of interest over any other installment
of interest, or of any Security over any other Security, ratably to the aggregate of such
principal and accrued and unpaid interest; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: To the payment of any surplus then remaining to the Issuer, its successors or
assigns, 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;No claim for interest which in any manner at or after maturity shall have been transferred or
pledged separate or apart from the Securities to which it relates, or which in any manner shall
have been kept alive after maturity by an extension (otherwise than pursuant to an extension made
pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding), purchase, funding or otherwise by or on behalf or with the consent or approval of the
Issuer shall be entitled, in case of a default hereunder, to any benefit of this Indenture, except
after prior payment in full of the principal of all Securities of any series then Outstanding and
of all claims for interest not so transferred, pledged, kept alive, extended, purchased or funded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.4. <I>Proceedings by Securityholders.</I>
No Holder of any Securities of any series then Outstanding shall have any right by virtue of
or by availing of any provision of this Indenture to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture or for the appointment of a
receiver or trustee or similar official, or for any other remedy hereunder, unless such Holder
previously shall have given to the Trustee written notice of default and of the continuance
thereof, as hereinbefore provided, and unless the Holders of not less than 25% in aggregate
principal amount of the Securities of such series then Outstanding shall have made written request
to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60&nbsp;days
after its receipt of such notice, request and offer of indemnity, shall have neglected or refused
to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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">institute any such action, suit or proceeding, it being understood and intended, and being
expressly covenanted by the Holder of every Security of such series with every other Holder and the Trustee, that no
one or more Holders of Securities of such series shall have any right in any manner whatever by
virtue of or by availing of any provision of this Indenture or of the Securities to affect, disturb
or prejudice the rights of any other Holder of such Securities of such series, or to obtain or seek
to obtain priority over or preference as to any other such Holder, or to enforce any right under
this Indenture or the Securities, except in the manner herein provided and for the equal, ratable
and common benefit of all Holders of Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions in this Indenture, but subject to Article&nbsp;Thirteen, the
right of any Holder of any Security to receive payment of the principal of, premium, if any, and
interest, if any, on such Security, on or after the respective due dates expressed in such
Security, or to institute suit for the enforcement of any such payment on or after such respective
dates shall not be impaired or affected without the consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.5. <I>Proceedings by Trustee. </I>In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in
equity or by action at law or by proceedings in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of
any power granted in this Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.6. <I>Remedies Cumulative and Continuing. </I>All powers and remedies given by this Article&nbsp;Five to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of
any other powers and remedies available to the Trustee or the Securityholders, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture, and no delay or omission of the Trustee or of any Securityholder to
exercise any right or power accruing upon any default occurring and continuing as aforesaid shall
impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section&nbsp;5.4, every power and remedy given
by this Article&nbsp;Five or by law to the Trustee or to the Securityholders may be exercised from time
to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.7. <I>Direction of Proceedings; Waiver of Defaults by Majority of Securityholders.</I>
The Holders of a majority in aggregate principal amount of the Securities of any series then
Outstanding shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee
with respect to Securities of such series; <I>provided</I>, <I>however</I>, that (subject to the provisions of
Section&nbsp;6.1) the Trustee shall have the right to decline to follow any such direction if the Trustee shall determine upon advice of counsel
that the action or proceeding so directed may not lawfully be taken or if the Trustee in good
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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">faith by its board of directors, its executive committee, or a trust committee of directors or
Responsible Officers or both shall determine that the action or proceeding so directed would
involve the Trustee in personal liability. The Holders of a majority in aggregate principal amount
of the Securities of any series then Outstanding may on behalf of the Holders of all of the
Securities of such series waive any past default or Event of Default hereunder and its consequences
except a default in the payment of interest, if any, on, or the principal of, the Securities of
such series. Upon any such waiver the Issuer, the Trustee and the Holders of the Securities of
such series shall be restored to their former positions and rights hereunder, respectively; but no
such waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent thereon. Whenever any default or Event of Default hereunder shall have been waived as
permitted by this Section&nbsp;5.7, said default or Event of Default shall for all purposes of the
Securities and this Indenture be deemed to have been cured and to be not continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.8. <I>Notice of Defaults. </I>The Trustee shall, within 90&nbsp;days after the occurrence of a default, with respect to
Securities of any series then Outstanding, mail to all Holders of Securities of such series, as the
names and the addresses of such Holders appear upon the Securities register, notice of all defaults
known to the Trustee with respect to such series, unless such defaults shall have been cured before
the giving of such notice (the term &#147;defaults&#148; for the purpose of this Section&nbsp;5.8 being hereby
defined to be the events specified in clauses (a), (b), (c), (d), (e), (f), (g)&nbsp;and (h)&nbsp;of Section
5.1, not including periods of grace, if any, provided for therein and irrespective of the giving of
the written notice specified in said clause (d)&nbsp;but in the case of any default of the character
specified in said clause (d)&nbsp;no such notice to Securityholders shall be given until at least 60
days after the giving of written notice thereof to the Issuer pursuant to said clause (d));
<I>provided</I>, <I>however</I>, that, except in the case of default in the payment of the principal of or
interest, if any, on any of the Securities, or in the payment or satisfaction of any sinking fund
or other purchase obligation, the Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee, or a trust committee of directors or
Responsible Officers or both of the Trustee in good faith determines that the withholding of such
notice is in the best interests of the Securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.9. <I>Undertaking to Pay Costs. </I>All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the cost of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys&#146; fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section&nbsp;5.9 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding in
the aggregate more than 10% in principal amount of the Securities of any series then Outstanding, or to any suit instituted
by any Securityholders for the enforcement of the payment of the principal of or interest, if any,
on any Security against the Issuer on or after the due date expressed in such Security.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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">ARTICLE SIX<BR>
CONCERNING THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1. <I>Duties and Responsibilities of the Trustee; During Default; Prior to Default.</I>
In case an Event of Default with respect to the Securities of a series has occurred (which has
not been cured or waived) the Trustee shall exercise with respect to such series of Securities such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except
that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of an Event of Default with respect to the Securities of
any series and after the curing or waiving of all such Events of Default with respect to
such series which may have occurred:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties and obligations of the Trustee with respect to the Securities
of any series shall be determined solely by the express provisions of this
Indenture, and the Trustee shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the
Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the
case of any such statements, certificates or opinions which by any provision hereof
are specifically required to be furnished to the Trustee, the Trustee shall be
under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders pursuant to
Section&nbsp;5.7 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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">performance of any of its duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for
believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2. <I>Certain Rights of the Trustee.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.1:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, Officers&#146; Certificate or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officers&#146; Certificate or Issuer Order (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a Board Resolution;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee may consult with counsel of its selection and any advice of such counsel
promptly confirmed in writing shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance
thereon in accordance with such advice or Opinion of Counsel;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders pursuant to
the provisions of this Indenture (including, without limitation, pursuant to Section&nbsp;5.7), unless
such Securityholders shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which might be incurred therein or thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Trustee shall not be liable for any action taken or omitted by it in good faith and
believed by it to be authorized or within the discretion, rights or powers conferred upon it by
this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) prior to the occurrence of an Event of Default hereunder and after the curing or waiving
of all Events of Default, the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other
paper or document unless requested in writing so to do by the Holders of not less than a majority
in aggregate principal amount of the Securities of all series affected then Outstanding; <I>provided</I>
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may
require reasonable indemnity against such expenses or liabilities as a condition to proceeding; the
reasonable expenses of every such investigation shall be paid by the Issuer
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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; margin-left: 2%">or, if paid by the Trustee or any predecessor Trustee, shall be repaid by the Issuer upon demand;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys not regularly in its employ and the
Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or
attorney appointed with due care by it hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Trustee shall not be charged with knowledge of any default or Event of Default with
respect to a series of Securities unless either (i)&nbsp;a Responsible Officer of the Trustee assigned
to the Corporate Trust Office of the Trustee (or any successor division or department of the
Trustee) shall have actual knowledge of such default or Event of Default or (ii)&nbsp;written notice of
such default or Event of Default shall have been given to the Trustee by the Issuer or any other
obligor on such series of Securities or by any Holder of Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall not be liable for any action taken, suffered or omitted by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the permissive rights of the Trustee hereunder shall not be construed as duties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in no event shall the Trustee be liable for any consequential, special, punitive or
indirect loss or damages, even if advised of the likelihood thereof in advance and regardless of
the form of action;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Trustee may request that the Issuer deliver an Officers&#146; Certificate setting forth the
name of the individuals and/or titles of Officers authorized at such time to take specific actions
pursuant to this Indenture, which Officers&#146; Certificate may be signed by any person authorized to
sign an Officers&#146; Certificate, including any person specified as so authorized in any such
Officers&#146; Certificate previously delivered and not superseded; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Trustee shall not be responsible for delays or failures in performance of its
obligations hereunder resulting from acts beyond its reasonable control. Such acts shall include
but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental
regulations superimposed after the fact, fire, communication line failures, computer viruses, power
failures, earthquakes, terrorist attacks or other disasters, it being understood that the Trustee
shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3. <I>Trustee Not Responsible for Recitals, Disposition of Securities or Application
of Proceeds Thereof. </I>The recitals contained herein and in the Securities,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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">except the Trustee&#146;s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no representation as to the
validity or sufficiency of this Indenture, of the Securities or of any prospectus used to sell the
Securities. The Trustee shall not be accountable for the use or application by the Issuer of any
of the Securities or of the proceeds thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4. <I>Trustee and Agents May Hold Securities; Collections, etc. </I>The Trustee or any agent of the Issuer or the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities with the same rights it would have if it
were not the Trustee or such agent and, subject to Sections&nbsp;6.8 and 6.13, may otherwise deal with
the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights
it would have if it were not the Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.5. <I>Moneys Held by Trustee. </I>Subject to the provisions of Section&nbsp;10.4 hereof, all moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent required by mandatory
provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under
any liability for interest on any moneys received by it hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.6. <I>Compensation and Indemnification of Trustee and Its Prior Claim.</I>
The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall
be entitled to, such compensation as shall be agreed to in writing between the Issuer and the
Trustee (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee
and each predecessor Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by or on behalf of it in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses and disbursements of its counsel
and of all agents and other persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its negligence or bad faith. The Issuer also covenants
to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any and
all loss, liability, damage, claim or expense, including taxes (other than taxes based on the
income of the Trustee), incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of this Indenture or the trusts hereunder and its
duties hereunder, including the costs and expenses of defending itself against or investigating any
claim or liability in the premises. The obligations of the Issuer under this Section&nbsp;6.6 to
compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the
Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder and shall survive the
satisfaction and discharge of this Indenture or the resignation or removal of the Trustee and
shall not be subordinate to the payment of Senior Indebtedness pursuant to Article&nbsp;Thirteen. Such
additional indebtedness shall be a senior claim to that of the Securities upon all property and
funds held or collected by the Trustee as such, except funds held in trust for the benefit of the
Holders of particular Securities. When the Trustee incurs expenses or renders services in
connection with an Event of Default specified in Section
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /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">5.1 or in connection with Article&nbsp;Five hereof, the expenses (including the reasonable fees and expenses of its counsel) and the
compensation for the service in connection therewith are intended to constitute expenses of
administration under any bankruptcy law. The provisions of this Section&nbsp;6.6 shall survive the
resignation or removal of the Trustee and the termination of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.7. <I>Right of Trustee to Rely on Officers&#146; Certificate, etc. </I>Subject to Sections&nbsp;6.1 and 6.2, whenever in the administration of the trusts of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established
prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad
faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officers&#146; Certificate delivered to the Trustee, and such certificate, in the absence of negligence
or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken,
suffered or omitted by it under the provisions of this Indenture upon the faith thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.8. <I>Qualification of Trustee; Conflicting Interests. </I>This Indenture shall always have a Trustee who satisfies the requirements of Section&nbsp;310(a)(1)
of the Trust Indenture Act of 1939. The Trustee shall have a combined capital and surplus of at
least $25,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with Section 310(b) of the Trust Indenture Act of 1939 regarding
disqualification of a trustee upon acquiring a conflicting interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.9. <I>Persons Eligible for Appointment as Trustee; Different Trustees for Different
Series. </I>The Trustee for each series of Securities hereunder shall at all times be a corporation
organized and doing business under the laws of the United States of America or of any state thereof
or the District of Columbia having a combined capital and surplus of at least $25,000,000, and
which is authorized under such laws to exercise corporate trust powers and is subject to
supervision or examination by federal, state or District of Columbia authority, or a corporation or
other Person permitted to act as trustee by the Commission. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section&nbsp;6.9, the combined capital and surplus
of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. No obligor upon the Securities or any Affiliate of such
obligor shall serve as trustee upon the Securities. In case at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section&nbsp;6.9, the Trustee shall resign
immediately in the manner and with the effect specified in Section&nbsp;6.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A different Trustee may be appointed by the Issuer for each series of Securities prior to the
issuance of such Securities. If the initial Trustee for any series of Securities is to be a
trustee other than Wilmington Trust Company, the Issuer and such Trustee shall, prior to the
issuance of such Securities, execute and deliver an indenture supplemental hereto, which shall
provide for the appointment of such Trustee as Trustee for the Securities of such series and shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /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">by more than one Trustee, it being understood that nothing herein or in such supplemental indenture
shall constitute such Trustees co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <I>Resignation and Removal; Appointment of Successor Trustee.</I>
(a)&nbsp;The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with
respect to one or more or all series of Securities by giving written notice of resignation to the
Issuer. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor
trustee or trustees with respect to the applicable series by written instrument in duplicate,
executed by authority of the Board of Directors, one copy of which instrument shall be delivered to
the resigning trustee and one copy to the successor trustee or trustees. If no successor trustee
shall have been so appointed with respect to any series of Securities and have accepted appointment
within 30&nbsp;days after the mailing of such notice of resignation, the resigning trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee, or any
Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series
for at least six months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all
others similarly situated, petition any such court for the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case at any time any of the following shall occur:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall fail to comply with the provisions of Section&nbsp;6.8 with respect
to any series of Securities after written request therefor by the Issuer or by any
Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section&nbsp;6.9 and shall fail to resign after written request therefor by the Issuer or by any
such Securityholder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of
the Trustee or of its property shall be appointed, or any public officer
shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of
Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Article
Five, any Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months may on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee with respect to such series. Such court
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /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">may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Holders of a majority in aggregate principal amount of the Securities of each series
then Outstanding may at any time remove the Trustee with respect to Securities of such series and
appoint a successor trustee with respect to the Securities of such series by delivering to the
Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence provided
for in Section&nbsp;7.1 of the action in that regard taken by the Securityholders. If no successor
trustee shall have been so appointed with respect to any series and have accepted appointment
within 30&nbsp;days after the delivery of such evidence of removal, the Trustee may petition any court
of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has
been a <I>bona fide </I>Holder of a Security or Securities of the applicable series for at least six
months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any resignation or removal of the Trustee with respect to any series of Securities and any
appointment of a successor trustee with respect to such series pursuant to any of the provisions of
this Section&nbsp;6.10 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section&nbsp;6.11.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11. <I>Acceptance of Appointment by Successor Trustee. </I>Any successor trustee appointed as provided in Section&nbsp;6.10 shall execute and deliver to the
Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee with respect to all or any
applicable series shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all rights, powers, duties and obligations with respect to
such series of its predecessor hereunder, with like effect as if originally named as trustee for
such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor
trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to
Section&nbsp;10.4, pay over to the successor trustee all moneys at the time held by it hereunder and
shall execute and deliver an instrument transferring to such successor trustee all such rights,
powers, duties and obligations. Upon request of any such successor trustee, the Issuer shall
execute any and all instruments in writing for more fully and certainly vesting in and confirming
to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless,
retain a prior claim upon all property or funds held or collected by such trustee to secure any
amounts then due it pursuant to the provisions of Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor trustee is appointed with respect to the Securities of one or more (but not
all) series, the Issuer, the predecessor Trustee and each successor trustee with respect to the
Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of
any series as to which the predecessor Trustee is not retiring shall continue to be vested in the
predecessor Trustee, and shall add to or change any of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /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">provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust
or trusts under separate indentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor trustee with respect to any series of Securities shall accept appointment as
provided in this Section&nbsp;6.11 unless at the time of such acceptance such successor trustee shall be
qualified under the provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon acceptance of appointment by any successor trustee as provided in this Section&nbsp;6.11, the
Issuer shall give notice thereof to the Holders of Securities of each series affected, by mailing
such notice to such Holders at their addresses as they shall appear on the Securities register. If
the Issuer fails to give such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be given at the expense of the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.12. <I>Merger, Conversion, Consolidation or Succession to Business of Trustee. </I>Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee (including the trust created by this Indenture), shall be
the successor of the Trustee hereunder, provided that such corporation shall be qualified under the
provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture and any of the Securities of any series shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor
Trustee and deliver such Securities so authenticated; and, in case at that time any of the
Securities of any series shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor Trustee; and in all such cases such certificate of
authentication shall have the full force as if such successor Trustee had itself authenticated such
Securities; <I>provided</I>, that the right to adopt the certificate of authentication of any predecessor
Trustee or to authenticate Securities of any series in the name of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.13. <I>Preferential Collection of Claims Against the Issuer. </I>The Trustee shall comply with Section 311(a) of the Trust Indenture Act of 1939, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture Act of 1939. A Trustee who
has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act of 1939
to the extent indicated therein.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /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;SECTION 6.14. <I>Appointment of Authenticating Agent.</I>
As long as any Securities of a series remain Outstanding, the Trustee may, by an instrument in
writing, appoint with the approval of the Issuer an authenticating agent (the &#147;Authenticating
Agent&#148;) which shall be authorized to act on behalf of the Trustee to authenticate Securities,
including Securities issued upon exchange, registration of transfer, partial redemption or pursuant
to Section&nbsp;2.9. Securities of each such series authenticated by such Authenticating Agent shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee. Whenever reference is made in this Indenture to the authentication
and delivery of Securities of any series by the Trustee or to the Trustee&#146;s Certificate of
Authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent for such series and a Certificate of Authentication executed
on behalf of the Trustee by such Authenticating Agent. Such Authenticating Agent shall at all
times be a corporation organized and doing business under the laws of the United States of America
or of any state thereof or the District of Columbia, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least $25,000,000 (determined
as provided in Section&nbsp;6.9 with respect to the Trustee) and subject to supervision or examination
by federal or state authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which any Authenticating Agent may be merged or converted, or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency business (including the authenticating agency contemplated by this Indenture) of any
Authenticating Agent, shall continue to be the Authenticating Agent with respect to all series of
Securities for which it served as Authenticating Agent without the execution or filing of any paper
or any further act on the part of the Trustee or such Authenticating Agent. Any Authenticating
Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice
of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receiving such a notice of resignation or upon such a termination, or in case at any time
any Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section&nbsp;6.14 with respect to one or more series of Securities, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Issuer and the Issuer shall provide notice of
such appointment to all Holders of Securities of such series in the manner and to the extent
provided in Section&nbsp;11.4. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Authenticating Agent. The Issuer
agrees to pay to the Authenticating Agent for such series from time to time reasonable
compensation. The Authenticating Agent for the Securities of any series shall have no
responsibility or liability for any action taken by it as such at the direction of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;6.2, 6.3, 6.4 and 7.3 shall be applicable to any Authenticating Agent.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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">ARTICLE SEVEN<BR>
CONCERNING THE SECURITYHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1. <I>Evidence of Action Taken by Securityholders. </I>Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by a specified percentage in principal amount of
the Securityholders of any or all series may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such specified percentage of Securityholders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Sections&nbsp;6.1 and 6.2) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this Article&nbsp;Seven.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2. <I>Proof of Execution of Instruments and of Holding of Securities.</I>
Subject to Sections&nbsp;6.1 and 6.2, the execution of any instrument by a Securityholder or his
agent or proxy may be proved in the following manner:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The fact and date of the execution by any Holder of any instrument may be proved
by the certificate of any notary public or other officer of any jurisdiction authorized to
take acknowledgments of deeds or administer oaths that the person executing such
instruments acknowledged to him the execution thereof, or by an affidavit of a witness to
such execution sworn to before any such notary or other such officer. Where such execution
is by or on behalf of any legal entity other than an individual, such certificate or
affidavit shall also constitute sufficient proof of the authority of the person executing
the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The ownership of Securities shall be proved by the Security register or by a
certificate of the Security registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3. <I>Holders to be Treated as Owners.</I>
The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the
Person in whose name any Security shall be registered upon the Security register for such series as
the absolute owner of such Security (whether or not such Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions of this Indenture,
interest, if any, on such Security and for all other purposes; and neither the Issuer nor the
Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4. <I>Securities Owned by Issuer Deemed Not Outstanding.</I>
In determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have concurred in any direction, consent or waiver under this
Indenture, Securities which are owned by the Issuer or any other obligor on the Securities with
respect to which such determination is being made or by any Affiliate of the Issuer or any other
obligor on the Securities with respect to which such determination is being made shall be
disregarded and deemed not to be Outstanding for the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /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">purpose of any such determination, except that for the purpose of determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver only Securities which a Responsible Officer of the Trustee knows are
so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s
right so to act with respect to such Securities and that the pledgee is not the Issuer or any other
obligor upon the Securities or any Affiliate of the Issuer or any other obligor on the Securities.
In case of a dispute as to such right, the advice of counsel shall be full protection in respect of
any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the
Issuer shall furnish to the Trustee promptly an Officers&#146; Certificate listing and identifying all
Securities, if any, known by the Issuer to be owned or held by or for the account of any of the
above-described Persons; and, subject to Sections&nbsp;6.1 and 6.2, the Trustee shall be entitled to
accept such Officers&#146; Certificate as conclusive evidence of the facts therein set forth and of the
fact that all Securities not listed therein are Outstanding for the purpose of any such
determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5. <I>Right of Revocation of Action Taken. </I>At any time prior to (but not after) the evidencing to the Trustee, as provided in Section
7.1, of the taking of any action by the Holders of the percentage in aggregate principal amount of
the Securities of any or all series, as the case may be, specified in this Indenture in connection
with such action, any Holder of a Security the serial number of which is shown by the evidence to
be included among the serial numbers of the Securities the Holders of which have consented to such
action may, by filing written notice at the Corporate Trust Office and upon proof of holding as
provided in this Article&nbsp;Seven, revoke such action so far as concerns such Security provided that
such revocation shall not become effective until three Business Days after such filing. Except as
aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon
such Holder and upon all future Holders and owners of such Security and of any Securities issued in
exchange or substitution therefor or on registration of transfer thereof, irrespective of whether
or not any notation in regard thereto is made upon any such Security. Any action taken by the Holders of the percentage in aggregate principal amount of the Securities
of any or all series, as the case may be, specified in this Indenture in connection with such
action shall be conclusively binding upon the Issuer, the Trustee and the Holders of all the
Securities affected by such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6. <I>Record Date for Consents and Waivers. </I>The Issuer may, but shall not be obligated to, establish a record date for the purpose of
determining the Persons entitled to (i)&nbsp;waive any past default with respect to the Securities of
such series in accordance with Section&nbsp;5.7 of the Indenture, (ii)&nbsp;consent to any supplemental
indenture in accordance with Section&nbsp;8.2 of the Indenture or (iii)&nbsp;waive compliance with any term,
condition or provision of any covenant hereunder. If a record date is fixed, the Holders on such
record date, or their duly designated proxies, and any such Persons, shall be entitled to waive any
such past default, consent to any such supplemental indenture or waive compliance with any such
term, condition or provision, whether or not such Holder remains a Holder after such record date;
<I>provided</I>, <I>however</I>, that unless such waiver or consent is obtained from the Holders, or duly
designated proxies, of the requisite principal amount of Outstanding Securities of such series
prior to the date which is the 120th day after such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /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">record date, any such waiver or consent previously given shall automatically and, without further action by any Holder be cancelled and of
no further effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE EIGHT<BR>
SUPPLEMENTAL INDENTURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1. <I>Supplemental Indentures Without Consent of Securityholders. </I>The Issuer, when authorized by a Board Resolution (which resolution may provide general terms
or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order), and the Trustee may from time to
time and at any time enter into an indenture or indentures supplemental hereto (which shall conform
to the provisions of the Trust Indenture Act of 1939 as in force at the date of the execution
thereof) for one or more of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to evidence the succession of another Person to the Issuer or successive
successions, and the assumption by the successor Person of the covenants, agreements and
obligations of the Issuer herein and in the Securities or the Guarantees or to otherwise
evidence compliance with Article&nbsp;Nine hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to add to the covenants of the Issuer such further covenants, restrictions,
conditions or provisions for the protection of the Holders of all or any series of
Securities (and if such covenants, restrictions, conditions or provisions are to be for the
protection of less than all series of Securities, stating that the same are expressly being
included solely for the protection of such series), or to surrender any right or power
herein conferred upon the Issuer, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Default permitting the enforcement of
all or any of the several remedies provided in this Indenture as herein set forth;
<I>provided</I>, <I>however, </I>that in respect of any such additional covenant, restriction, condition
or provision such supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other
defaults) or may provide for an immediate enforcement upon such an Event of Default or may
limit the remedies available to the Trustee upon such an Event of Default or may limit the
right of the Holders of a majority in aggregate principal amount of the Securities of such
series to waive such an Event of Default;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to cure any ambiguity or to correct or supplement any provision contained herein
or in any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to establish the form or terms of Securities or the Guarantees to be endorsed
thereon of any series as permitted by Sections&nbsp;2.1 and 2.3, to provide for
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /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; margin-left: 2%">any Guarantees of the Securities of any series and to confirm and evidence the termination or discharge of
any Guarantee of or mortgage, lien, pledge, charge, security interest or encumbrance
securing the Securities of a series when such release, termination or discharge is
permitted by the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to provide for the issuance of uncertificated Securities of any series (including
Securities registrable as to principal only) in addition to or in place of certificated
Securities and to provide for exchangeability of such Securities for the Securities issued
hereunder in fully registered form and to make all appropriate changes for such purpose;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust Indenture
Act of 1939, or under any similar federal statute hereafter enacted, and to add to this
Indenture such other provisions as may be expressly permitted by the Trust Indenture Act of
1939, <I>excluding, however, </I>the provisions referred to in Section&nbsp;316(a)(2) of the Trust
Indenture Act of 1939 as in effect at the date as of which this instrument was executed or
any corresponding provision provided for in any similar federal statute hereafter enacted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to evidence and provide for the acceptance of appointment hereunder of a Trustee
other than Wilmington Trust Company as Trustee for a series of Securities and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section&nbsp;6.9 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section&nbsp;8.2 hereof, to add to or modify the provisions hereof as may be
necessary or desirable to provide for the denomination of Securities in foreign currencies which shall not adversely affect the interests of the
Holders of the Securities in any material respect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to modify the covenants or Events of Default of the Issuer solely in respect of, or add
new covenants or Events of Default of the Issuer that apply solely to, Securities not Outstanding
on the date of such supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to evidence and provide for the acceptance of appointment hereunder by a successor
trustee with respect to the Securities of one or more series and to add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one trustee, pursuant to the requirements of
Section&nbsp;6.11;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to conform the text of this Indenture, the Securities of any series, or the Guarantees
to any provision of the &#147;Description of Debt Securities&#148; section of any prospectus or the
comparable section in any applicable prospectus supplement that is used to sell the Securities of
such series to the extent that such provision was intended to be a verbatim recitation of a
provision of this Indenture, the Securities of such series sold thereby, or the Guarantees
thereof; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to make any other change that does not adversely affect the legal rights of any Holder
of Securities of the series affected by such change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee is hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which affects the Trustee&#146;s own rights, duties or immunities under this Indenture or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities then Outstanding, notwithstanding any
of the provisions of Section&nbsp;8.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2. <I>Supplemental Indentures with Consent of Securityholders. </I>With the consent (evidenced as provided in Article&nbsp;Seven and including written consents
obtained in connection with a tender offer or exchange offer) of the Holders of not less than a
majority in aggregate principal amount of the Securities then Outstanding of any series affected
thereby, the Issuer, when authorized by a Board Resolution (which resolution may provide general
terms or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order), and the Trustee may, from time to
time and at any time, enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act of 1939 as in force at the date of execution
thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner
the rights of the Holders of the Securities of such series or waiving future compliance with any
provision of the Indenture or the Securities (other than a continuing
default or Event of Default in the payment of principal of or interest on Securities, which
shall require the consent of the Holders of each Security so affected); <I>provided</I>, that no such
supplemental indenture or waiver shall (a)&nbsp;change the stated final maturity of the principal of any
Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment
of interest (including default interest), if any, thereon (or, in the case of an Original Issue
Discount Security, reduce the rate of accretion of original issue discount thereon), or reduce or
alter the method of computation of any amount payable on redemption, repayment or purchase by the
Issuer thereof (or the time at which any such redemption, repayment or purchase may be made), or
make the principal thereof (including any amount in respect of original issue discount), or
interest, if any, thereon payable in any coin or currency other than that provided in the
Securities or in accordance with the terms of the Securities, or reduce the amount of the principal
of an Original Issue Discount Security that would be due and payable upon an acceleration of the
maturity thereof pursuant to Section&nbsp;5.1 or the amount thereof provable in bankruptcy pursuant to
Section&nbsp;5.2, make any change to Sections&nbsp;5.4 or 5.7, or impair or affect the right of any
Securityholder to institute suit for the payment thereof or, if the Securities provide therefor,
any right of repayment or purchase at the option of the Securityholder, in each case without the
consent of the Holder of each Security so affected or modify the ranking or priority of the
Securities or the Guarantees issued hereunder, or (b)&nbsp;reduce the aforesaid percentage of Securities
of any series, the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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">consent of the Holders of which is required for any such supplemental indenture,
without the consent of the Holders of each Security so affected. No consent of any Holder of any
Security shall be necessary under this Section&nbsp;8.2 to permit the Trustee and the Issuer to execute
supplemental indentures pursuant to Sections&nbsp;8.1 and 9.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture which changes or eliminates any covenant, Event of Default or other
provision of this Indenture which has expressly been included solely for the benefit of one or more
particular series of Securities, or which modifies the rights of Holders of Securities of such
series, with respect to such covenant or provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors (which resolution may provide general terms or parameters for such action and may provide
that the specific terms of such action may be determined in accordance with or pursuant to an
Issuer Order) certified by the secretary or an assistant secretary of the Issuer authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of the Holders of the Securities as aforesaid and other documents, if any, required by
Section&nbsp;7.1, the Trustee shall join with the Issuer in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee&#146;s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may at its discretion, but shall not be
obligated to, enter into such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Securityholders under this Section&nbsp;8.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section&nbsp;8.2, the Issuer (or the Trustee at the request and
expense of the Issuer) shall give notice thereof to the Holders of then Outstanding Securities of
each series affected thereby, as provided in Section&nbsp;11.4. Any failure of the Issuer to give such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.3. <I>Effect of Supplemental Indenture. </I>Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Issuer, the Guarantors and the Holders of Securities of each series affected
thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to
such modifications and amendments, and all the terms and conditions of any such supplemental
indenture shall be and shall be deemed to be part of the terms and conditions of this Indenture for
any and all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4. <I>Documents to Be Given to Trustee. </I>The Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, shall be entitled to receive
an Officers&#146; Certificate and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /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">an Opinion of Counsel as provided in Section&nbsp;11.5 as conclusive evidence that any supplemental indenture executed pursuant to this Article&nbsp;Eight complies with the
applicable provisions of this Indenture and that all conditions precedent to the execution and
delivery of such supplemental indenture have been satisfied. An Opinion of Counsel pursuant to
this Section&nbsp;8.4 shall also include (a)&nbsp;an opinion that any such supplemental indenture has been
duly authorized, executed and delivered and constitutes the valid and legally binding obligation of
the Issuer and the Guarantors party thereto, if any, enforceable in accordance with its terms and
(b)&nbsp;in the case of 8.1(m) an opinion that such supplemental indenture does not adversely affect the
legal rights of any Holder of Securities of the series affected by such change. In rendering such
opinion, such counsel may qualify any opinions as to enforceability by stating that such
enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
liquidation, moratorium and other similar laws relating to or affecting the rights and remedies of
creditors and is subject to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.5. <I>Notation on Securities in Respect of Supplemental Indentures.</I>
Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article&nbsp;Eight may bear a notation in form approved by
the Trustee for such series as to any matter provided for by such supplemental indenture or as to
any action taken by Securityholders. If the Issuer or the Trustee shall so determine, new
Securities of any series so modified as to conform, in the opinion of the Trustee and the Issuer,
to any modification of this Indenture contained in any such supplemental indenture may be prepared
and executed by the Issuer, and such Securities may be authenticated by the Trustee and delivered in exchange for the Securities of
such series then Outstanding.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE NINE<BR>
CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER<BR>
DISPOSITION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1. <I>Consolidation Permitted, etc., on Certain Terms. </I>Subject to the provisions of Section&nbsp;9.2, nothing contained in this Indenture or in any of the
Securities shall prevent any consolidation or merger of the Issuer with or into any other Person or
Persons (whether or not affiliated with the Issuer), or successive consolidations or mergers in
which the Issuer or its successor or successors shall be a party or parties, or shall prevent any
sale, lease, exchange or other disposition of all or substantially all the property and assets of
the Issuer to any other Person (whether or not affiliated with the Issuer) authorized to acquire
and operate the same; <I>provided</I>, <I>however</I>, and the Issuer hereby covenants and agrees, that any such
consolidation, merger, sale, lease, exchange or other disposition shall be upon the conditions that
(a)&nbsp;immediately after giving effect to such consolidation, merger, sale, lease, exchange or other
disposition of the Person (whether the Issuer or such other Person) formed by or surviving any such
consolidation or merger, or to which such sale, lease, exchange or other disposition shall have
been made, no Event of Default, and no event which after notice or lapse of time or both, would
become an Event of Default, shall have occurred and be continuing; (b)&nbsp;the Person (if other than
the Issuer) formed by or surviving any such consolidation or merger, or to which such sale, lease,
exchange or other
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /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">disposition shall have been made, shall be a corporation or partnership organized
under the laws of the United States of America, any state thereof or the District of Columbia; and
(c)&nbsp;the due and punctual payment of the principal of premium, if any, and interest, if any, on all
the Securities, according to their tenor, and the due and punctual performance and observance of
all of the covenants and conditions of this Indenture to be performed by the Issuer, shall be
expressly assumed, by supplemental indenture satisfactory in form to the Trustee executed and
delivered to the Trustee, by the Person (if other than the Issuer) formed by such consolidation, or
into which the Issuer shall have been merged, or by the Person which shall have acquired or leased
such property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.2. <I>Successor Corporation to be Substituted. </I>In case of any such consolidation or merger or any sale, conveyance or lease of all or
substantially all of the property of the Issuer and upon the assumption by the successor Person, by
supplemental indenture executed and delivered to the Trustee and satisfactory in form to the
Trustee, of the due and punctual payment of the principal of, premium, if any, and interest, if
any, on all of the Securities and the due and punctual performance of all of the covenants and
conditions of this Indenture to be performed by the Issuer, such successor Person shall succeed to
and be substituted for the Issuer, with the same effect as if it had been named herein as the party
of the first part, and the Issuer (including any intervening successor to the Issuer which shall
have become the obligor hereunder) shall be relieved of any further obligation under this Indenture
and the Securities; <I>provided</I>, <I>however</I>, that in the case of a sale, lease, exchange or other
disposition of the property and assets of the Issuer (including any such intervening
successor), the Issuer (including any such intervening successor) shall continue to be liable on
its obligations under this Indenture and the Securities to the extent, but only to the extent, of
liability to pay the principal of, premium, if any, and interest, if any, on the Securities at the
time, places and rate prescribed in this Indenture and the Securities. Such successor Person
thereupon may cause to be signed, and may issue either in its own name or in the name of the
Issuer, any or all of the Securities issuable hereunder which theretofore shall not have been
signed by the Issuer and delivered to the Trustee; and, upon the order of such successor Person
instead of the Issuer and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall
have been signed and delivered by the officers of the Issuer to the Trustee for authentication, and
any Securities which such successor Person thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All the Securities so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities had been issued at the
date of the execution hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any such consolidation or merger or any sale, lease, exchange or other disposition
of all or substantially all of the property and assets of the Issuer, such changes in phraseology
and form (but not in substance) may be made in the Securities, thereafter to be issued, as may be
appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.3. <I>Opinion of Counsel to be Given Trustee. </I>The Trustee, subject to Sections&nbsp;6.1 and 6.2, shall receive an Officers&#146; Certificate and
Opinion of Counsel as
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /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">conclusive evidence that any such consolidation, merger, sale, lease,
exchange or other disposition and any such assumption complies with the provisions of this Article
Nine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TEN<BR>
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.1. <I>Applicability of Article. </I>Unless specified otherwise pursuant to Section&nbsp;2.3 for Securities of a series, this Article
shall apply to each series of Securities issued under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.2. <I>Legal Defeasance and Discharge. </I>The Issuer shall, subject to the satisfaction of the conditions set forth in Section&nbsp;10.4
hereof, be deemed to have been discharged from its obligations with respect to the Outstanding
Securities of any series on the date the conditions set forth below are satisfied with respect to
such series (hereinafter, &#147;Legal Defeasance&#148;). For this purpose, Legal Defeasance means that the
Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the
Outstanding Securities of any series, which shall thereafter be deemed to be Outstanding only for
the purposes of Section&nbsp;10.5 hereof and the other Sections of this Indenture referred to in clauses
(a)&nbsp;and (b)&nbsp;below, and to have satisfied all of its obligations under such Securities and this Indenture (and the Trustee, on
demand of and at the expense of the Issuer, shall execute proper instruments delivered to it by the
Issuer acknowledging the same), except of the following provisions which shall survive until
otherwise terminated or discharged hereunder; (a)&nbsp;the rights of Holder of Outstanding Securities of
such series to receive payments in respect of the principal of, premium, if any, and interest on
such Securities when such payments are due from the trust referred to below; (b)&nbsp;the Issuer&#146;s
obligations with respect to the Securities concerning mutilated, destroyed, lost or stolen
Securities and the maintenance of an office or agency for payment and money for security payments
held in trust; (c)&nbsp;the rights, powers, trusts, duties and immunities of the Trustee, and the
Issuer&#146;s obligations in connection therewith; and (d)&nbsp;the Legal Defeasance provisions of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.3. <I>Covenant Defeasance. </I>The Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth
in Section&nbsp;10.4 hereof, be released from their obligations under the covenants contained in Article
Nine (other than Section&nbsp;9.1(c)) and, to the extent described in the applicable supplemental
indenture, with respect to the covenants of any series of Securities, on and after the date that
the conditions set forth in Section&nbsp;10.4 are satisfied with respect to such series (hereinafter,
&#147;Covenant Defeasance&#148;), and the Securities of such series shall thereafter be deemed not
Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be
deemed Outstanding for all other purposes hereunder (it being understood that such Securities shall
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the Outstanding Securities of any series, the Issuer may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /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">reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a default or an Event of Default
under Section&nbsp;5.1 hereof, but, except as specified above, the remainder of this Indenture and such
Securities shall be unaffected thereby. Subject to the satisfaction of the conditions set forth in
Section&nbsp;10.4 hereof, Sections&nbsp;5.1(d), 5.1(e), 5.1(f) and 5.1(g) hereof shall not constitute Events
of Default or defaults hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.4. <I>Conditions to Legal o</I>r <I>Covenant Defeasance. </I>The following shall be the conditions to the application of either Section&nbsp;10.2 or 10.3 hereof
to the Outstanding Securities of any series:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to exercise either Legal Defeasance or Covenant Defeasance:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Issuer must irrevocably deposit, or cause to be deposited, with the Trustee, in trust,
for the benefit of the Holders of the Securities of a particular series, cash in U.S. dollars, U.S.
Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the
opinion of a nationally recognized firm of independent public accountants, to pay, without
reinvestment, the principal of, premium, if any, and interest on the Outstanding Securities of such
series on the stated maturity thereof or on the applicable
redemption date, as the case may be, and the Issuer must specify whether the Securities are
being defeased to maturity or to a particular redemption date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in the case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Issuer has received from, or there
has been published by, the Internal Revenue Service a ruling, or there has been a change in the
applicable United States federal income tax law after the date of this Indenture, in either case to
the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the
Outstanding Securities of such series will not recognize income, gain or loss for United States
federal income tax purposes as a result of such Legal Defeasance, and will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;in the case of Covenant Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Holders of the Outstanding
Securities of such series will not recognize income, gain or loss for United States federal income
tax purposes as a result of such Covenant Defeasance, and such Holders will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;no default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a default or Event of Default resulting from the borrowing of funds to be
applied to such deposit) or insofar as Events of Default from bankruptcy or insolvency events are
concerned, at any time in the period ending on the 91st day after the date of deposit;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /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;(e)&nbsp;such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than the Indenture) to
which the Issuer or any of its Restricted Subsidiaries is a party or by which the issuer or any of
its Restricted Subsidiaries is bound;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate stating that the deposit
was not made by the Issuer with the intent of preferring the Holders of the Securities over other
creditors of the Issuer, or with the intent of defeating, hindering, delaying or defrauding
creditors of the Issuer or others;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate and an opinion of Counsel
in the United States reasonably acceptable to the Trustee, each stating that the conditions
precedent provided for or relating to Legal Defeasance or Covenant Defeasance, as applicable, in
the case of the Officers&#146; Certificate, in clauses (a)&nbsp;through (f)&nbsp;and, in the case of the opinion
of Counsel, in clauses (b)&nbsp;and (c)&nbsp;of this paragraph, have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.5. <I>Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. </I>Subject to Section&nbsp;10.6 hereof, all money and U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively, and solely
for purposes of this Section&nbsp;10.5, the &#147;Trustee&#148;) pursuant to Section&nbsp;10.4 hereof in respect of the
Outstanding Securities of any series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any paying agent (including the Issuer acting as paying agent) as the Trustee
may determine, to the Holders of such Securities of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be segregated from
other funds except to the extent required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section&nbsp;10.4 hereof in respect of any series of Securities or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the Outstanding Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article&nbsp;Ten to the contrary notwithstanding, the Trustee shall deliver or pay
to the Issuer from time to time upon the request of the Issuer any money or non-callable U.S.
Government Obligations held by it as provided in Section&nbsp;10.4 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section&nbsp;10.4(a) hereof),
are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.6. <I>Repayment to Issuer. </I>Any money deposited with the Trustee or any paying agent, or then held by the Issuer, in trust
for the payment of the principal of,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /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">premium or interest on any Security and remaining unclaimed
for two years after such principal, and premium, if any, or interest has become due and payable
shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured creditor, look only
to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with
respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon
cease; <I>provided</I>, <I>however</I>, that the Trustee or such paying agent, before being required to make any
such repayment, may at the expense of the Issuer cause to be published once, in the New York Times
and The Wall Street Journal (national edition), notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30&nbsp;days from the date of such
notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.7. <I>Reinstatement. </I>If the Trustee or paying agent is unable to apply any money or non-callable U.S. Government
Obligations in accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the Issuer&#146;s obligations
under this Indenture and the Securities shall be revived and reinstated as though no deposit had
occurred pursuant to Section&nbsp;10.2 or 10.3 hereof until such time as the Trustee or paying agent is
permitted to apply all such money in accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may
be; <I>provided</I>, <I>however</I>, that, if the Issuer makes any payment of principal of, premium, if any, or
interest on any Security following the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the Holders of such Securities to receive such payment from the money
held by the Trustee or paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.8. <I>Survival. </I>The Trustee&#146;s rights under this Article&nbsp;Ten shall survive termination of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.9. <I>Satisfaction and Discharge of Indenture.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time (a)(i) the Issuer shall have paid or caused to be paid the principal of,
premium, if any, and interest, if any, on all the Securities Outstanding of any series (other than
Securities which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section&nbsp;2.9) as and when the same shall have become due and payable, or (ii)&nbsp;the Issuer
shall have delivered to the Trustee for cancellation all Securities of any series theretofore
authenticated (other than Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section&nbsp;2.9), or (b)(i) the Securities of any series mature within
one year, or all of them are to be called for redemption within one year under arrangements
satisfactory to the Trustee for giving the notice of redemption, (ii)&nbsp;the Issuer irrevocably
deposits in trust with the Trustee, as trust funds solely for the benefit of the Holders, money or
U.S. Government Obligations or a combination thereof sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certificate delivered to
the Trustee, without consideration of any reinvestment, to pay principal of and premium and
interest on the Securities to maturity or redemption, as the case may be, and to pay all other sums
payable by it hereunder, (iii)&nbsp;no Event of Default has occurred and is continuing on the date of
the deposit, (iv)&nbsp;the deposit will not result in a breach or violation of, or constitute a default
under, the Indenture or any other agreement or
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /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">instrument to which the Issuer is a party or by which it is bound, and (v)&nbsp;the Issuer
delivers to the Trustee an Officers&#146; Certificate and an Opinion of Counsel, in each case stating
that all conditions precedent provided for herein relating to the satisfaction and discharge of the
Indenture have been complied with; and if, in any such case, the Issuer shall also pay or cause to
be paid all other sums payable hereunder by the Issuer (including all amounts, payable to the
Trustee pursuant to Section&nbsp;6.6), then, (x)&nbsp;after satisfying the conditions in clause (a), only the
Issuer&#146;s obligations under Sections&nbsp;6.6 and 10.5, as applicable, will survive or (y)&nbsp;after
satisfying the conditions in clause (b), only the Issuer&#146;s or obligations in Article&nbsp;Two and
Sections&nbsp;3.1, 3.2, 6.6, 6.10, 10.5, 10.6 and 10.7 will survive, and, in either case, the Trustee,
on demand of the Issuer accompanied by an Officers&#146; Certificate and an Opinion of Counsel, each
stating that all conditions precedent relating to the satisfaction and discharge contemplated by
this provision have been complied with, and at the cost and expense of the Issuer, shall execute
proper instruments acknowledging such satisfaction and discharging of this Indenture. The Issuer
agrees to reimburse the Trustee for any costs or expenses thereafter reasonably and properly
incurred, and to compensate the Trustee for any services thereafter reasonably and properly
rendered, by the Trustee in connection with this Indenture or the Securities.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ELEVEN<BR>
MISCELLANEOUS PROVISIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.1. <I>Partners, Incorporators, Stockholders, Officers and Directors of Issuer Exempt
from Individual Liability.</I>
No recourse under or upon any obligation, covenant or agreement contained in this Indenture,
or in any Security, or because of any indebtedness evidenced thereby, shall be had against any
incorporator, as such or against any past, present or future stockholder, officer, director or
employee, as such, of the Issuer or the Guarantors or any partner of the Issuer or the Guarantors
or of any successor, either directly or through the Issuer or the Guarantors or any successor,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and
released by the acceptance of the Securities by the Holders thereof and as part of the
consideration for the issue of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.2. <I>Provisions of Indenture for the Sole Benefit of Parties and Holders of
Securities.</I>
Nothing in this Indenture or in the Securities, expressed or implied, shall give or be
construed to give to any Person, other than the parties hereto and their successors and the Holders
of the Senior Indebtedness and the Holders of the Securities, any legal or equitable right, remedy
or claim under this Indenture or under any covenant or provision herein contained, all such
covenants and provisions being for the sole benefit of the parties hereto and their successors and
of the Holders of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.3. <I>Successors and Assigns of Issuer Bound by Indenture.</I>
All the covenants, stipulations, promises and agreements in this Indenture contained by or on
behalf of the Issuer shall bind its successors and assigns, whether so expressed or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.4. <I>Notices and Demands on Issuer, Trustee and Holders of Securities.</I>
Any notice or demand which by any provision of this Indenture is required or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /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">permitted to be
given or served by the Trustee or by the Holders of Securities to or on the Issuer, or as required
pursuant to the Trust Indenture Act of 1939, may be given or served by being deposited postage
prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until
another address of the Issuer is filed by the Issuer with the Trustee) to Hovnanian Enterprises,
Inc., 110 West Front Street, P.O. Box 500, Red Bank, New Jersey 07701. Any notice, direction,
request or demand by the Issuer or any Holder of Securities to or upon the Trustee shall be deemed
to have been sufficiently given or served by being deposited postage prepaid, first-class mail
(except as otherwise specifically provided herein) addressed (until another address of the Trustee
is filed by the Trustee with the Issuer) to Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, DE 19890 &#091;specify series of Securities&#093;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice to Holders of Securities, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in
the Security register. Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice to the Issuer when such notice is required to be given pursuant to any
provision of this Indenture, then any manner of giving such notice as shall be reasonably
satisfactory to the Trustee shall be deemed to be sufficient notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.5. <I>Officers&#146; Certificates and Opinions of Counsel; Statements to Be Contained
Therein.</I>
Upon any application or demand by the Issuer to the Trustee to take any action under any of
the provisions of this Indenture, or as required pursuant to the Trust Indenture Act of 1939, the
Issuer shall furnish to the Trustee an Officers&#146; Certificate stating that all conditions precedent
provided for in this Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have
been complied with, except that in the case of any such application or demand as to which the
furnishing of such documents is specifically required by any provision of this Indenture relating
to such particular application or demand, no additional certificate or opinion need be furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion provided for in this Indenture (other than a certificate provided
pursuant to Section&nbsp;4.3(d)) and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Indenture shall include (a)&nbsp;a statement that the person
making such certificate or opinion has read such covenant or condition, (b)&nbsp;a brief statement as to
the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion
are based, (c)&nbsp;a statement that, in the opinion of such person, he has made such examination or
investigation as is necessary to enable him to express an opinion as to whether or not such
covenant or condition has been complied with, and (d)&nbsp;a statement as to whether or not, in the
opinion of such person, such condition or covenant has been complied with.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /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;Any certificate, statement or opinion of an officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of or representations by counsel unless
such officer knows that the certificate or opinion or representations with respect to the matters
upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise of reasonable care should know that the same are erroneous. Any certificate, statement or
opinion of counsel may be based, insofar as it relates to factual matters, on information with
respect to which is in the possession of the Issuer, upon the certificate, statement or opinion of
or representations by an officer or officers of the Issuer, unless such counsel knows that the
certificate, statement or opinion or representations with respect to the matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based,
insofar as it relates to accounting matters, upon a certificate or opinion of or representations by
an accountant or firm of accountants in the employ of the Issuer unless such officer or counsel, as
the case may be, knows that the certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of any independent firm of public accountants filed with and
directed to the Trustee shall contain a statement that such firm is independent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.6. <I>Payments Due on Saturdays, Sundays and Holidays.</I>
If the date of maturity of principal of or interest, if any, on the Securities of any series
or the date fixed for redemption, purchase or repayment of any such Security shall not be a
Business Day, then payment of interest, if any, premium, if any, or principal need not be made on
such date, but may be made on the next succeeding Business Day with the same force and effect as if
made on the date of maturity or the date fixed for redemption, purchase or repayment, and, in the
case of payment, no interest shall accrue for the period after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.7. <I>Conflict of Any Provision of Indenture with Trust Indenture Act of 1939.</I>
If and to the extent that any provision of this Indenture limits, qualifies or conflicts with
another provision included in this Indenture which is required to be included herein by any of
Sections&nbsp;310 to 317 of the Trust Indenture Act of 1939, inclusive, or is deemed applicable to this
Indenture by virtue of the provisions of the Trust Indenture Act of 1939, such required provision
shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.8. <I>GOVERNING LAW.</I>
THIS INDENTURE, EACH SECURITY AND EACH GUARANTEE SHALL BE DEEMED TO BE A CONTRACT UNDER THE
LAWS OF THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SUCH STATE.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /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;SECTION 11.9. <I>Counterparts.</I>
This Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.10. <I>Effect of Headings.</I>
The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11. <I>No Adverse Interpretation of Other Agreements.</I>
The Indenture may not be used to interpret another indenture or loan or debt agreement of the
Issuer or any subsidiary of the Issuer, and no such indenture or loan or debt agreement may be used
to interpret the Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWELVE<BR>
REDEMPTION OF SECURITIES AND SINKING FUNDS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.1. <I>Applicability of Article.</I>
The provisions of this Article shall be applicable to the Securities of any series which are
redeemable before their maturity or to any sinking fund for the retirement of Securities of a
series except as otherwise specified, as contemplated by Section&nbsp;2.3 for Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.2. <I>Notice of Redemption; Partial Redemptions.</I>
Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or
in part at the option of the Issuer shall be given by mailing notice of such redemption by first
class mail, postage prepaid, at least 30&nbsp;days and not more than 60&nbsp;days prior to the date fixed for
redemption to such Holders of Securities of such series at their last addresses as they shall
appear in the Security register. Any notice which is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Holder receives the notice.
Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a
series designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption to each such Holder shall specify (i)&nbsp;the principal amount of each
Security of such series held by such Holder to be redeemed, (ii)&nbsp;the date fixed for
redemption, (iii)&nbsp;the redemption price, (iv)&nbsp;the place or places of payment, (v)&nbsp;the CUSIP
number relating to such Securities, (vi)&nbsp;that payment will be made upon presentation and surrender
of such Securities, (vii)&nbsp;whether such redemption is pursuant to the mandatory or optional sinking
fund, or both, if such be the case, (viii)&nbsp;whether interest, if any, (or, in the case of Original
Issue Discount Securities, original issue discount) accrued to the date fixed for redemption will
be paid as specified in such notice and (ix)&nbsp;whether on and after said date interest, if any, (or,
in the case of Original Issue Discount Securities, original issue discount) thereon or on the
portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be
redeemed in part only, the notice of redemption shall state the portion of the principal amount
thereof to be redeemed and shall state that on and after the date fixed for redemption, upon
surrender of such Security, a new Security or Securities of such series in principal amount equal
to the unredeemed portion thereof will be issued.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /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 notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuer&#146;s request, by the Trustee in the name and at
the expense of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the redemption date specified in the notice of redemption given as provided in
this Section&nbsp;12.2, the Issuer will deposit with the Trustee or with one or more paying agents (or,
if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided
in Section&nbsp;3.5) an amount of money sufficient to redeem on the redemption date all the Securities
of such series so called for redemption at the appropriate redemption price, together with accrued
interest, if any, to the date fixed for redemption. The Issuer will deliver to the Trustee at
least 45&nbsp;days prior to the date fixed for redemption (unless a shorter notice period shall be
satisfactory to the Trustee) an Officers&#146; Certificate stating the aggregate principal amount of
Securities to be redeemed. In case of a redemption at the election of the Issuer prior to the
expiration of any restriction on such redemption, the Issuer shall deliver to the Trustee, prior to
the giving of any notice of redemption to Holders pursuant to this Section, an Officers&#146;
Certificate stating that such restriction has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Securities of a series are to be redeemed, the Trustee, within 10
Business Days after the Issuer gives written notice to the Trustee that such redemption is to
occur, shall select on a pro rata basis, by lot or in such manner as it shall deem, in its sole
discretion, appropriate and fair, Securities of such series to be redeemed. Notice of the
redemption shall be given only after such selection has been made. Securities may be redeemed in
part in denominations of $2,000 and multiples of $1,000 in excess thereof in original principal
amount of Securities, unless another minimum authorized denomination is specified for Securities of
such series, or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of
the Securities of such series selected for redemption and, in the case of any Securities of such
series selected for partial redemption, the principal amount thereof to be redeemed. For all
purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities of any series shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is
to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.3. <I>Payment of Securities Called for Redemption.</I>
If notice of redemption has been given as provided by this Article&nbsp;Twelve, the Securities or
portions of Securities specified in such notice shall become due and payable on the date and at the
place or places stated in such notice at the applicable redemption price, together with interest,
if any accrued to the date fixed for redemption, and on and after said date (unless the Issuer
shall default in the payment of such Securities at the redemption price, together with interest, if
any, accrued to said date) interest, if any (or, in the case of Original Issue Discount Securities,
original issue discount), on the Securities or portions of Securities so called for redemption
shall cease to accrue, and such Securities shall cease from and after the date fixed for redemption
(unless an earlier date shall be specified in a Board Resolution, Officers&#146; Certificate or executed
supplemental indenture referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the form and
terms of the Securities of such series were established) except as provided in Sections&nbsp;6.5 and
10.4, to be entitled to any benefit or security under this Indenture, and the Holders thereof shall
have no right in respect of such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /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">Securities except the right to receive the redemption price
thereof and unpaid interest, if any, to the date fixed for redemption. On presentation and
surrender of such Securities at a place of payment specified in said notice, said Securities or the
specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption
price, together with interest, if any, accrued thereon to the date fixed for redemption; <I>provided</I>
that payment of interest, if any, becoming due on or prior to the date fixed for redemption shall
be payable to the Holders of Securities registered as such on the relevant record date subject to
the terms and provisions of Sections&nbsp;2.3 and 2.7 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the redemption price shall, until paid or duly provided for, bear interest from the
date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original
Issue Discount Security) borne by such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon presentation of any Security redeemed in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of
the Issuer, a new Security or Securities of such series, and of like tenor, of authorized
denominations, in principal amount equal to the unredeemed portion of the Security so presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.4. <I>Exclusion of Certain Securities from Eligibility for Selection for Redemption.</I>
Securities shall be excluded from eligibility for selection for redemption if they are
identified by registration and certificate number in an Officers&#146; Certificate delivered to the
Trustee at least 45&nbsp;days prior to the last date on which notice of redemption may be given as being
owned of record and beneficially by, and not pledged or hypothecated by either (a)&nbsp;the Issuer, or
(b)&nbsp;a Person specifically identified in such written statement as an Affiliate of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.5. <I>Mandatory and Optional Sinking Funds.</I>
The minimum amount of any sinking fund payment provided for by the terms of the Securities of
any series is herein referred to as a &#147;mandatory sinking fund payment,&#148; and any payment in excess
of such minimum amount provided for by the terms
of the Securities of any series is herein referred to as an &#147;optional sinking fund payment.&#148;
The date on which a sinking fund payment is to be made is herein referred to as the &#147;sinking fund
payment date.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In lieu of making all or any part of any mandatory sinking fund payment with respect to any
series of Securities in cash, the Issuer may at its option (a)&nbsp;deliver to the Trustee Securities of
such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the
mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the
Issuer and delivered to the Trustee for cancellation pursuant to Section&nbsp;2.10, (b)&nbsp;receive credit
for optional sinking fund payments (not previously so credited) made pursuant to this Section&nbsp;12.5,
or (c)&nbsp;receive credit for Securities of such series (not previously so credited) redeemed by the
Issuer through any optional redemption provision contained in the terms of such series. Securities
so delivered or credited shall be received or credited by the Trustee at the sinking fund
redemption price specified in such Securities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /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;On or before the 60th day next preceding each sinking fund payment date for any series, the
Issuer will deliver to the Trustee an Officers&#146; Certificate (a)&nbsp;specifying the portion of the
mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied
by credit of Securities of such series and the basis for such credit, (b)&nbsp;stating that none of the
Securities of such series to be so credited has theretofore been so credited, (c)&nbsp;stating that no
defaults in the payment of interest or Events of Default with respect to such series have occurred
(which have not been waived or cured or otherwise ceased to exist) and are continuing, and (d)
stating whether or not the Issuer intends to exercise its right to make an optional sinking fund
payment with respect to such series and, if so, specifying the amount of such optional sinking fund
payment which the Issuer intends to pay on or before the next succeeding sinking fund payment date.
Any Securities of such series to be credited and required to be delivered to the Trustee in order
for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been
delivered to the Trustee shall be delivered for cancellation pursuant to Section&nbsp;2.10 to the
Trustee with such Officers&#146; Certificate (or reasonably promptly thereafter if acceptable to the
Trustee). Such Officers&#146; Certificate shall be irrevocable and upon its receipt by the Trustee the
Issuer shall become unconditionally obligated to make all the cash payments or payments therein
referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the
Issuer, on or before any such 60th day, to deliver such Officers&#146; Certificate and Securities
(subject to the parenthetical clause in the second preceding sentence) specified in this paragraph,
if any, shall not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i)&nbsp;that the mandatory sinking fund payment for such series due
on the next succeeding sinking fund payment date shall be paid entirely in cash without the option
to deliver or credit Securities of such series in respect thereof, and (ii)&nbsp;that the Issuer will
make no optional sinking fund payment with respect to such series as provided in this Section&nbsp;12.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000, or a lesser sum if the Issuer shall so request with
respect to the Securities of any particular series, such cash
shall be applied on the next succeeding sinking fund payment date to the redemption of
Securities of such series at the sinking fund redemption price together with accrued interest, if
any, to the date fixed for redemption. If such amount shall be $50,000 or less and the Issuer
makes no such request, then it shall be carried over until a sum in excess of $50,000 is available.
The Trustee shall select, in the manner provided in Section&nbsp;12.2, for redemption on such sinking
fund payment date a sufficient principal amount of Securities of such series to absorb said cash,
as nearly as may be, and shall (if requested in writing by the Issuer) inform the Issuer of the
serial numbers of the Securities of such series (or portions thereof) so selected. The Issuer, or
the Trustee, in the name and at the expense of the Issuer (if the Issuer shall so request the
Trustee in writing) shall cause notice of redemption of the Securities of such series to be given
in substantially the manner provided in Section&nbsp;12.2 (and with the effect provided in Section&nbsp;12.3)
for the redemption of Securities of such series in part at the option of the Issuer. The amount of
any sinking fund payments not so applied or allocated to the redemption of Securities of such
series shall be added to the next cash sinking fund payment for such series and, together with such
payment, shall be applied in accordance with the provisions of this Section&nbsp;12.5. Any and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /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">all
sinking fund moneys held on the stated maturity date of the Securities of any particular series (or
earlier, if such maturity is accelerated), which are not held for the payment or redemption of
particular Securities of such series shall be applied, together with other moneys, if necessary,
sufficient for the purpose, to the payment of the principal of, and interest, if any, on, the
Securities of such series at maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before 9:00 A.M. on each sinking fund payment date, the Issuer shall pay to the Trustee
in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date
fixed for redemption on Securities to be redeemed on such sinking fund payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or give any notice of redemption of Securities for such series by operation of the
sinking fund during the continuance of a default in payment of interest on such Securities or of
any Event of Default with respect to such series except that, where the giving of notice of
redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to
be redeemed such Securities, <I>provided </I>that it shall have received from the Issuer a sum sufficient
for such redemption. Except as aforesaid, and subject to Article&nbsp;Thirteen, any moneys in the
sinking fund for such series at the time when any such default or Event of Default known to a
Responsible Officer of the Trustee shall occur, and any moneys thereafter paid into the sinking
fund, shall, during the continuance of such default or Event of Default, be deemed to have been
collected under Article&nbsp;Five and held for the payment of all such Securities. In case such Event
of Default shall have been waived as provided in Section&nbsp;5.7 or the default cured on or before the
60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be
applied on the next succeeding sinking fund payment date in accordance with this Section to the
redemption of such Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THIRTEEN<BR>
SUBORDINATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.1. <I>Securities Subordinated to Senior Indebtedness.</I>
(a)&nbsp;The Issuer covenants and agrees, and each Holder of Securities of each series, by his
acceptance thereof, likewise covenants and agrees, that anything in this Indenture or the
Securities of any series to the contrary notwithstanding, the indebtedness evidenced by the
Securities of each series is subordinate and junior in right of payment, to the extent provided
herein, to all Senior Indebtedness, whether outstanding on the date of execution of this Indenture
or thereafter created, incurred or assumed, and that the subordination is for the benefit of the
holders of Senior Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to Section&nbsp;13.4, if (i)&nbsp;the Issuer shall default in the payment of any principal
of, premium, if any, or interest, if any, on any Senior Indebtedness when the same becomes due and
payable, whether at maturity or at a date fixed for prepayment or by declaration of acceleration or
otherwise, or (ii)&nbsp;any other default shall occur with respect to Senior Indebtedness and the
maturity of such Senior Indebtedness has been accelerated in accordance with its terms, then, upon
written notice of such default to the Issuer and the Trustee by the holders of Senior Indebtedness
or any trustee therefor, unless and until, in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /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">either case, the default has been cured or waived, or
has ceased to exist, or any such acceleration has been rescinded or such Senior Indebtedness has
been paid in full, no direct or indirect payment (in cash, property, securities, by set-off or
otherwise) shall be made or agreed to be made on account of the principal of, premium, if any, or
interest, if any, on any of the Securities, or in respect of any redemption, retirement, purchase
or other acquisition of any of the Securities other than those made in capital stock of the Issuer
(or cash in lieu of fractional shares thereof).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If any default (other than a default described in paragraph (b)&nbsp;of this Section&nbsp;13.1)
shall occur under the Senior Indebtedness, pursuant to which the maturity thereof may be
accelerated immediately without further notice (except such notice as may be required to effect
such acceleration) or the expiration of any applicable grace periods occurs (a &#147;Senior Nonmonetary
Default&#148;), then, upon the receipt by the Issuer and the Trustee of written notice thereof (a
&#147;Payment Notice&#148;) from or on behalf of holders of not less than 25% in aggregate principal amount
of the Senior Indebtedness outstanding specifying an election to prohibit such payment and other
action by the Issuer in accordance with the following provisions of this paragraph (c), the Issuer
may not make any payment or take any other action that would be prohibited by paragraph (b)&nbsp;of this
Section&nbsp;13.1 during the period (the &#147;Payment Blockage Period&#148;) commencing on the date of receipt of
such Payment Notice and ending on the earlier of (i)&nbsp;the date, if any, on which the holders of such
Senior Indebtedness or their representative notify the Trustee that such Senior Nonmonetary Default
is cured or waived or ceases to exist or the Senior Indebtedness to which such Senior Nonmonetary
Default relates is discharged or (ii)&nbsp;the 120th day after the date of receipt of such Payment
Notice. Notwithstanding the provisions described in the immediately preceding sentence, the Issuer
may resume payments on the Securities following such Payment Blockage Period. In no event shall a
Payment Blockage Period extend beyond 120&nbsp;days from the date of the receipt by the Trustee of the
Payment Notice (the &#147;Initial Period&#148;). Any number of additional Payment Blockage Periods may be
commenced during the Initial Period; <I>provided</I>, <I>however</I>, that no such additional period shall extend
beyond the Initial Period. After the expiration of the Initial Period, no Payment Blockage Period
may be commenced on the basis of a Senior Nonmonetary Default on the Senior Indebtedness which was
the basis of a Payment Blockage Period commenced during the Initial Period until at least 270
consecutive days have elapsed from
the last day of the Initial Period. No Senior Nonmonetary Default with respect to Senior
Indebtedness which existed or was continuing on the date of the commencement of any Payment
Blockage Period and of which the applicable holder(s) of Senior Indebtedness are aware shall be, or
can be made, the basis for the commencement of a second Payment Blockage Period whether or not
within a period of 270 consecutive days unless such event of default shall have been cured or
waived for a period of not less than 90 consecutive days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If (i) (A)&nbsp;without the consent of the Issuer, a receiver, conservator, liquidator or
trustee of the Issuer or of any of its property is appointed by the order or decree of any court or
agency or supervisory authority having jurisdiction, and such decree or order remains in effect for
more than 60&nbsp;days or (B)&nbsp;the Issuer is adjudicated bankrupt or insolvent or (C)&nbsp;any of its property
is sequestered by court order and such order remains in effect for more than 60&nbsp;days or (D)&nbsp;a
petition is filed against the Issuer under any state or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /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">federal bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any
jurisdiction whether now or hereafter in effect (including without limitation the Bankruptcy Code),
and is not dismissed within 60&nbsp;days after such filing; or (ii)&nbsp;the Issuer (A)&nbsp;commences a voluntary
case or other proceeding seeking liquidation, reorganization, arrangement, insolvency, readjustment
of debt, dissolution, liquidation or other relief with respect to itself or its debt or other
liabilities under any bankruptcy, insolvency or other similar law now or hereafter in effect
(including without limitation the Bankruptcy Code) or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any substantial part of its
property, or (B)&nbsp;consents to any such relief or to the appointment of or taking possession by any
such official in an involuntary case or other proceeding commenced against it, or (C)&nbsp;fails
generally to, or cannot, pay its debts generally as they become due or (D)&nbsp;takes any corporate
action to authorize or effect any of the foregoing; or (iii)&nbsp;any Subsidiary of the Issuer takes,
suffers or permits to exist any of the events or conditions referred to in the foregoing clause (i)
or (ii), then all Senior Indebtedness (including any interest thereon accruing after the
commencement of any such proceedings) shall first be paid in full before any payment or
distribution, whether in cash, securities or other property, shall be made to any Holder of any
Securities on account thereof. Any payment or distribution, whether in cash, securities or other
property (other than securities of the Issuer or any other corporation provided for by a plan of
reorganization or readjustment the payment of which is subordinate, at least to the extent provided
in these subordination provisions with respect to the indebtedness evidenced by the Securities to
the payment of all Senior Indebtedness then outstanding and to any securities issued in respect
thereof under any such plan of reorganization or adjustment) which would otherwise (but for these
subordination provisions) be payable or deliverable in respect of the Securities of any series
shall be paid or delivered directly to the holders of Senior Indebtedness in accordance with the
priorities then existing among such holders until all Senior Indebtedness (including any interest
thereon accruing after the commencement of any such proceedings) shall have been paid in full. In
the event of any such proceeding, after payment in full of all sums owing with respect to Senior
Indebtedness, the Holders of the Securities, together with the holders of any obligations of the
Issuer ranking on a parity with the Securities, shall be entitled to be paid from the remaining
assets of the Issuer the amounts at the time due and owing on account of unpaid principal of and
interest, if any, on the Securities and such other obligations before any payment or other
distribution, whether in cash, property or
otherwise, shall be made on account of any capital stock or any obligations of the Issuer
ranking junior to the Securities and such other obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If, notwithstanding the foregoing, any payment or distribution of any character, whether
in cash, securities or other property (other than securities of the Issuer or any other corporation
provided for by a plan of reorganization or readjustment the payment of which is subordinate, at
least to the extent provided in the subordination provisions with respect to the indebtedness
evidenced by the Securities, to the payment of all Senior Indebtedness then outstanding and to any
securities issued in respect thereof under any such plan of reorganization or readjustment), shall
be received by the Trustee or any Holder in contravention of any of the terms hereof, such payment
or distribution of securities shall be received in trust for the benefit of and shall be paid over
or delivered and transferred to the holders of the Senior Indebtedness then outstanding in
accordance with the priorities
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /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">then existing among such holders for application to the payment of
all Senior Indebtedness remaining unpaid, to the extent necessary to pay all such Senior
Indebtedness in full. In the event of the failure of the Trustee or any Holder to endorse or
assign any such payment, distribution or security, each holder of Senior Indebtedness is hereby
irrevocably authorized to endorse or assign the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No present or future holder of any Senior Indebtedness shall be prejudiced in the right to
enforce subordination of the indebtedness evidenced by the Securities by any act or failure to act
on the part of the Issuer or any Holder of Securities. Nothing contained herein shall impair, as
between the Issuer and the Holders of Securities of each series, the obligation of the Issuer to
pay to such Holders the principal of and interest, if any, on such Securities or prevent the
Trustee or the Holder from exercising all rights, powers and remedies otherwise permitted by
applicable law or hereunder upon a default or Event of Default hereunder, all subject to the rights
of the holders of the Senior Indebtedness to remove cash, securities or other property otherwise
payable or deliverable to the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Senior Indebtedness shall not be deemed to have been paid in full unless the holders
thereof shall have received cash, securities or other property equal to the amount of such Senior
Indebtedness then outstanding. Upon the payment in full of all Senior Indebtedness, the Holders of
Securities of each series shall be subrogated to all rights of any holders of Senior Indebtedness
to receive any further payment or distributions applicable to the Senior Indebtedness until the
indebtedness evidenced by the Securities of such series shall have been paid in full and such
payments or distributions received by such Holders, by reason of such subrogation, of cash,
securities or other property which otherwise would be paid or distributed to the holders of Senior
Indebtedness, shall, as between the Issuer and its creditors other than the holders of Senior
Indebtedness, on the one hand, and such Holders, on the other hand, be deemed to be a payment by
the Issuer on account of Senior Indebtedness, and not on account of the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The provisions of this Section&nbsp;13.1 shall not impair any rights, interests, remedies or
powers of any secured creditor of the Issuer in respect of any security interest the creation of
which is not prohibited by the provisions of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The securing of any obligations of the Issuer, otherwise ranking on a parity with the
Securities, shall not be deemed to prevent such obligations from constituting obligations ranking
on a parity with the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.2. <I>Reliance on Certificate of Liquidating Agent; Further Evidence as to Ownership
of Senior Indebtedness.</I>
Upon any payment or distribution of assets of the Issuer, the Trustee and the Holders shall be
entitled to rely upon an order or decree issued by any court of competent jurisdiction in which
such dissolution or winding up or liquidation or reorganization or arrangement proceedings are
pending or upon a certificate of the bankruptcy trustee, receiver, assignee for the benefit of
creditors or other Person making such payment or distribution, delivered to the Trustee or to the
Holders, for the purpose of ascertaining the Persons entitled to participate in such distribution,
the holders of the Senior Indebtedness and other indebtedness of the Issuer, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /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">pertinent
thereto or to this Article&nbsp;Thirteen. In the absence of any such bankruptcy trustee, receiver,
assignee or other Person, the Trustee shall be entitled to rely upon written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee or representative on
behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such
a trustee or representative). If the Trustee determines, in good faith, that further evidence is
required with respect to the right of any Person as a holder of Senior Indebtedness to participate
in any payment or distributions pursuant to this Article&nbsp;Thirteen, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior
Indebtedness held by such Person, as to the extent to which such Person is entitled to participate
in such payment or distribution, and to other facts pertinent to the rights of such Person under
this Article&nbsp;Thirteen, and if such evidence is not furnished, the Trustee may defer any payment to
such Person pending judicial determination as to the right of such Person to receive such payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.3. <I>Payment Permitted If No Default.</I>
Nothing contained in this Article&nbsp;Thirteen or elsewhere in this Indenture, or in any of the
Securities, shall prevent (a)&nbsp;the Issuer at any time, except during the pendency of any default
with respect to Senior Indebtedness described in Section&nbsp;13.1(b) or Section&nbsp;13.1(c) or of any of
the events described in Section&nbsp;13.1(d), from making payments of the principal of or interest, if
any, on the Securities, or (b)&nbsp;the application by the Trustee or any paying agent of any moneys
deposited with it hereunder to payments of the principal of or interest, if any, on the Securities,
if, at the time of such deposit, the Trustee or such paying agent, as the case may be, did not have
the written notice provided for in Section&nbsp;13.5 of any event prohibiting the making of such
deposit, or if, at the time of such deposit (whether or not in trust) by the Issuer with the
Trustee or paying agent (other than the Issuer) such payment would not have been prohibited by the
provisions of this Article&nbsp;Thirteen, and the Trustee or any paying agent shall not be affected by
any notice to the contrary received by it on or after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.4. <I>Disputes with Holders of Certain Senior Indebtedness.</I>
Any failure by the Issuer to make any payment on or under any Senior Indebtedness, other than
any Senior Indebtedness as to which the provisions of this Section&nbsp;13.4 shall have been waived by
the Issuer in the instrument or instruments by which the Issuer incurred, assumed, guaranteed or
otherwise created such Senior Indebtedness, shall not be deemed a default under Section&nbsp;13.1 hereof
if (i)&nbsp;the Issuer shall be disputing its obligation to make such payment or perform such
obligation, and (ii)&nbsp;either (A)&nbsp;no final judgment relating to such dispute shall have been issued
against the Issuer which is in full force and effect and is not subject to further review,
including a judgment that has become final by reason of the expiration of the time within which a
party may seek further appeal or review, or (B)&nbsp;if a judgment that is subject to further review or
appeal has been issued, the Issuer shall in good faith be prosecuting an appeal or other proceeding
for review, and a stay of execution shall have been obtained pending such appeal or review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.5. <I>Trustee Not Charged with Knowledge of Prohibition.</I>
Anything in this Article&nbsp;Thirteen or elsewhere in this Indenture contained to the contrary
notwithstanding, the Trustee shall not at any time be charged with knowledge of the existence of
any facts which would prohibit the making of any payment of moneys to or by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /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">the Trustee and shall
be entitled to assume conclusively that no such facts exist and that no event specified in clauses
(b)&nbsp;and (c)&nbsp;of Section&nbsp;13.1 has happened unless and until the Trustee shall have received an
Officers&#146; Certificate to the effect or notice in writing to that effect signed by or on behalf of
the holder or holders, or the representatives, of Senior Indebtedness who shall have been certified
by the Issuer or otherwise established to the reasonable satisfaction of the Trustee to be such
holder or holders or representatives or from any trustee under any indenture pursuant to which such
Senior Indebtedness shall be outstanding; <I>provided</I>, <I>however</I>, that, if the Trustee shall not have
received the Officers&#146; Certificate or notice provided for in this Section&nbsp;13.5 at least three
Business Days preceding the date upon which by the terms hereof any moneys become payable for any
purpose (including, without limitation, the payment of either the principal of or interest, if any,
on any Security), then, anything herein contained to the contrary notwithstanding, the Trustee
shall have full power and authority to receive such moneys and apply the same to the purpose for
which they were received and shall not be affected by any notice to the contrary that may be
received by it within three Business Days preceding such date. The Issuer shall give prompt
written notice to the Trustee and to each paying agent of any facts that would prohibit any payment
of moneys to or by the Trustee or any paying agent, and the Trustee shall not be charged with
knowledge of the curing of any default or the elimination of any other fact or condition preventing
such payment or distribution unless and until the Trustee shall have received an Officers&#146;
Certificate to such effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.6. <I>Trustee to Effectuate Subordination.</I>
Each Holder of Securities by his acceptance thereof authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to effectuate the subordination as
between such Holder and holders of Senior Indebtedness as provided in this Article&nbsp;Thirteen and
appoints the Trustee its attorney-in-fact for any and all such purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.7. <I>Rights of Trustee as Holder of Senior Indebtedness.</I>
The Trustee shall be entitled to all the rights set forth in this Article&nbsp;Thirteen with
respect to any Senior Indebtedness which may at the time be held by it, to the same extent as any
other holder of Senior Indebtedness and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder. Nothing in this Article&nbsp;Thirteen shall apply to claims of, or
payments to, the Trustee under or pursuant to Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.8. <I>Article&nbsp;Applicable to Paying Agents.</I>
In case at any time any paying agent other than the Trustee shall have been appointed by the
Issuer and be then acting hereunder, the term &#147;Trustee&#148; as used in this Article&nbsp;Thirteen shall in
such case (unless the context shall otherwise require) be construed as extending to and including
such paying agent within its meaning as fully for all intents and purposes as if the paying agent
were named in this Article&nbsp;Thirteen in addition to or in place of the Trustee; <I>provided</I>, <I>however</I>,
that Sections&nbsp;13.5 and 13.7 shall not apply to the Issuer if it acts as paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.9. <I>Subordination Rights Not Impaired by Acts or Omissions of the Issuer or
Holders of Senior Indebtedness.</I>
No right of any present or future holders of any Senior Indebtedness to enforce subordination
as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Issuer or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /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">Issuer with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or be otherwise charged with.
The holders of Senior Indebtedness, may at any time or from time to time and in their absolute
direction, change the manner, place or terms of payment, change or extend the time of payment of,
or renew or alter, any such Senior Indebtedness, or amend or supplement any instrument pursuant to
which any such Senior Indebtedness is issued or by which it may be secured, or release any security
therefor, or exercise or refrain from exercising any other of their rights under such Senior
Indebtedness, including, without limitation, the waiver of default thereunder, all without notice
to or assent from the Holders of the Securities or the Trustee and without affecting the
obligations of the Issuer, the Trustee or the Holders of Securities under this Article&nbsp;Thirteen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.10. <I>Trustee Not Fiduciary for Holders of Senior Indebtedness.</I>
The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior
Indebtedness, and shall not be liable to any such holders if it shall mistakenly pay over or
distribute money or assets to Securityholders or the Issuer. With respect to the holders of Senior
Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or
obligations as are specifically set forth in this Article&nbsp;Thirteen and no implied covenants or
obligations with respect to holders of Senior Indebtedness shall be read into this Indenture
against the Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.11. <I>Applicability of Article.</I>
Unless specified otherwise pursuant to Section&nbsp;2.3 for Securities of a series, this Article
Thirteen shall apply to each series of Securities issued under this Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOURTEEN<BR>
SUBORDINATED GUARANTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.1. <I>Applicability of Article.</I>
The provisions of this Article shall be applicable to each of the Guarantors specified
pursuant to Section&nbsp;2.3 for the Guarantee of Securities of a series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.2. <I>Guarantee.</I>
Each Guarantor of a particular series of Securities hereby unconditionally guarantees (each
such guarantee to be referred to herein as a &#147;Guarantee&#148;), jointly and severally with each other
Guarantor of the Securities of that series, if any, to each Holder of such Securities authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of this Indenture, such Securities or the obligations of the Issuer
hereunder or thereunder, (i)&nbsp;the due and punctual payment of the principal of and any premium or
interest on such Securities, whether at maturity or on an interest payment date, by acceleration,
pursuant to an offer to purchase such Securities or otherwise, and interest on the overdue
principal of and interest, if any, on such Securities, if lawful, and all other obligations of the
Issuer to the Holders of such Securities or the Trustee hereunder or thereunder shall be promptly
paid in full, all in accordance with the terms hereof and thereof including all amounts payable to
the Trustee under Section&nbsp;6.6 hereof, and (ii)&nbsp;in case of any extension of time of payment or
renewal of any such Securities or any of such other obligations, the same shall be promptly paid in
full when due or to be performed in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /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">accordance with the terms of the extension or renewal, whether
at stated maturity, by acceleration or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer fails to make any payment when due of any amount so guaranteed for whatever
reason, the Guarantor of the Securities of that series shall be obligated, jointly and severally
with each other Guarantor, if any, to pay the same immediately. Each Guarantor hereby agrees that
its obligations hereunder shall be continuing, absolute and unconditional, irrespective of, and
shall be unaffected by, the validity, regularity or enforceability of the Securities, this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of
the Securities or the Trustee with respect to any provisions hereof or thereof, the recovery of any
judgment against the Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of such Guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, demand of performance, filing of claims
with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, the benefit of discussion, protest, notice and all demand
whatsoever and covenants that its Guarantee shall not be discharged except by complete performance
of the obligations contained in the Securities guaranteed by such Guarantee, in this Indenture and
in this Article&nbsp;Fourteen. If any Holder of Securities of a series guaranteed hereby or the Trustee
is required by any court or otherwise to return to the Issuer or any Guarantor of such Securities,
or any custodian,
trustee, liquidator or other similar official acting in relation to the Issuer or any
Guarantor, any amount paid by the Issuer or any Guarantor of such Securities to the Trustee or such
Holder, this Article&nbsp;Fourteen, to the extent theretofore discharged with respect to any Guarantee
of such Securities, shall be reinstated in full force and effect. Each Guarantor agrees that it
shall not be entitled to any right of subrogation in relation to the Holders of Securities of a
series guaranteed hereby by such Guarantor in respect of any obligations guaranteed hereby by such
Guarantee until payment in full of all such obligations. Each Guarantor further agrees that, as
between such Guarantor, on the one hand, and the Holders of Securities of a series guaranteed
hereby by such Guarantor and the Trustee on the other hand, (i)&nbsp;the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article&nbsp;Five hereof for the purposes of such
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby and (ii)&nbsp;in the event of any acceleration of such
obligations as provided in Article&nbsp;Five hereof such obligations (whether or not due and payable)
shall forthwith become due and payable by such Guarantor, jointly and severally with any other
Guarantor of such Securities, for the purpose of this Article&nbsp;Fourteen. In addition, without
limiting the foregoing, upon the effectiveness of an acceleration under Article&nbsp;Five, the Trustee
may make a demand for payment on the Securities under any Guarantee provided hereunder and not
discharged.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Guarantee by a Guarantor, such Guarantor shall be subrogated to all
rights of the Holder of any Securities guaranteed hereby by such Guarantee against the Issuer in
respect of any amounts paid to such Holder by such Guarantor pursuant to the provisions of such
Guarantee; <I>provided </I>that the Guarantor shall not be entitled to enforce, or to receive any payments
arising out of or based upon, such
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /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">right of subrogation until the principal of and interest on all
such Securities shall have been paid in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee set forth in this Section&nbsp;14.2 shall not be valid or become obligatory for any
purpose with respect to a Security until the certificate of authentication on such Security shall
have been signed by the Trustee or any duly appointed agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.3. <I>Guarantee Subordinated to Senior Indebtedness of the Guarantor.</I>
Each Guarantor agrees, and each Holder of the Securities by his acceptance thereof likewise
agrees, that the payments pursuant to the Guarantee by each Guarantor shall be subordinated in
accordance with the following provisions of this Article&nbsp;Fourteen unless, with respect to any
series of Securities, specified otherwise pursuant to Section&nbsp;2.3, to the prior payment in full of
all Senior Indebtedness of each Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Article&nbsp;Fourteen shall constitute a continuing offer to all persons who, in reliance upon
such provisions, become holders of, or continue to hold, Senior Indebtedness of each Guarantor, and
such provisions are made for the benefit of the holders of Senior Indebtedness of each Guarantor,
and such holders are made obligees hereunder and any one or more of them may enforce such
provisions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.4. <I>Guarantors Not to Make Payments With Respect to Securities in Certain
Circumstances.</I>
(a)&nbsp;Upon the maturity of the principal of any Senior Indebtedness of each Guarantor (other
than payment of sinking fund installments) by lapse of time, acceleration or otherwise, all
principal thereof and interest thereon shall first be paid in full, or such payment duly provided
for in cash or in a manner satisfactory to the holders of such Senior Indebtedness of each
Guarantor, before any payment, pursuant to the Guarantee, is made on account of the principal or
interest on the Securities or to acquire any of the Securities or on account of the mandatory
redemption provisions in the Securities (except mandatory redemption payments made in respect of
Securities acquired by each Guarantor before the maturity of such Senior Indebtedness of each
Guarantor).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless Section&nbsp;14.5 shall be applicable, if (i)&nbsp;a Guarantor shall default in the payment
of any principal of, premium, if any, or interest, if any, on any Senior Indebtedness when the same
becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration of
acceleration or otherwise, or (ii)&nbsp;any other default shall occur with respect to Senior
Indebtedness and the maturity of such Senior Indebtedness has been accelerated in accordance with
its terms, then, upon written notice of such default to the Guarantor and the Trustee by the
holders of Senior Indebtedness or any trustee therefor, unless and until, in either case, the
default has been cured or waived, or has ceased to exist, or any such acceleration has been
rescinded or such Senior Indebtedness has been paid in full, no direct or indirect payment (in
cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account
of the principal of, premium, if any, or interest, if any, on any of the Securities, or in respect
of any redemption, retirement, purchase or other acquisition of any of the Securities other than
those made in capital stock of the Guarantor (or cash in lieu of fractional shares thereof).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /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;(c)&nbsp;Unless Section&nbsp;14.5 shall be applicable, If any default (other than a default described in
paragraph (b)&nbsp;of this Section&nbsp;14.4) shall occur under the Senior Indebtedness, pursuant to which
the maturity thereof may be accelerated immediately without further notice (except such notice as
may be required to effect such acceleration) or the expiration of any applicable grace periods
occurs (a &#147;Guarantor Senior Nonmonetary Default&#148;), then, upon the receipt by the applicable
Guarantor and the Trustee of written notice thereof (a &#147;Guarantor Payment Notice&#148;) from or on
behalf of holders of not less than 25% in aggregate principal amount of the Senior Indebtedness of
such Guarantor outstanding specifying an election to prohibit such payment and other action by the
Guarantor in accordance with the following provisions of this paragraph (c), the Guarantor may not
make any payment or take any other action that would be prohibited by paragraph (b)&nbsp;of this Section
14.4 during the period (the &#147;Guarantor Payment Blockage Period&#148;) commencing on the date of receipt
of such Guarantor Payment Notice and ending on the earlier of (i)&nbsp;the date, if any, on which the
holders of such Senior Indebtedness or their representative notify the Trustee that such Guarantor
Senior Nonmonetary Default is cured or waived or ceases to exist or the Senior Indebtedness to
which such Guarantor Senior Nonmonetary Default relates is discharged or (ii)&nbsp;the 120th day after
the date of receipt of such Guarantor Payment Notice. Notwithstanding the provisions described in
the immediately preceding sentence, the Guarantor may resume payments on the Securities following
such Guarantor Payment Blockage Period. In no event shall a Guarantor
Payment Blockage Period extend beyond 120&nbsp;days from the date of the receipt by the Trustee of
the Guarantor Payment Notice (the &#147;Guarantor Initial Period&#148;). Any number of additional Guarantor
Payment Blockage Periods may be commenced during the Guarantor Initial Period; <I>provide</I>d, <I>however</I>,
that no such additional period shall extend beyond the Guarantor Initial Period. After the
expiration of the Guarantor Initial Period, no Guarantor Payment Blockage Period may be commenced
on the basis of a Guarantor Senior Nonmonetary Default on the Senior Indebtedness which was the
basis of a Guarantor Payment Blockage Period commenced during the Guarantor Initial Period until at
least 270 consecutive days have elapsed from the last day of the Guarantor Initial Period. No
Guarantor Senior Nonmonetary Default with respect to Senior Indebtedness which existed or was
continuing on the date of the commencement of any Payment Blockage Period and of which the
applicable holder(s) of Senior Indebtedness are aware shall be, or can be made, the basis for the
commencement of a second Guarantor Payment Blockage Period whether or not within a period of 270
consecutive days unless such event of default shall have been cured or waived for a period of not
less than 90 consecutive days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that notwithstanding the provisions of this Section&nbsp;14.4 each Guarantor shall
make, pursuant to this Guarantee, any payment or distribution of any character to the Trustee on
account of the principal of or interest on the Securities, or on account of the mandatory
redemption provisions, after the happening of an event of default with respect to any Senior
Indebtedness of each Guarantor based on a default in the payment of the principal or interest on
Senior Indebtedness of each Guarantor, or after receipt by the Trustee of a Guarantor Payment
Notice as provided in this Section&nbsp;14.4 or after the acceleration of the Securities of any series
pursuant to Section&nbsp;5.1, then, but only if the Trustee is in receipt of the notice specified in
Section&nbsp;14.8, unless and until such default or event of default shall have been cured or waived or
shall have ceased to exist, or such acceleration shall have been rescinded, such payment (subject
to the provisions of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /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">Sections&nbsp;14.8 and 14.9) shall be held by the Trustee in trust for the benefit
of, and, if the Senior Indebtedness of each Guarantor shall have been declared immediately due and
payable, shall be paid forthwith over and delivered to, the holders of Senior Indebtedness of each
Guarantor (pro rata as to each of such holders on the basis of the respective amounts of Senior
Indebtedness of each Guarantor held by them) or their representative or the trustee under the
indenture or other agreement (if any) pursuant to which Senior Indebtedness of each Guarantor may
have been issued, as their respective interests may appear, such payments to be made in accordance
with an Officers&#146; Certificate as provided in Section&nbsp;11.5 (on which the Trustee may conclusively
rely) identifying all holders of Senior Indebtedness of each Guarantor and the principal amount of
Senior Indebtedness of each Guarantor then outstanding held by each and stating the reasons why
such Officers&#146; Certificate is being delivered to the Trustee, for application to the payment of all
Senior Indebtedness of each Guarantor remaining unpaid to the extent necessary to pay all Senior
Indebtedness of each Guarantor in full in accordance with its terms, after giving effect to any
concurrent payment or distribution to or for the holders of Senior Indebtedness of each Guarantor.
In the event of the failure of any Holder of a Security to endorse or assign any such payment or
distribution, each holder of Senior Indebtedness of each Guarantor is hereby irrevocably authorized
to endorse or assign the same. Each Guarantor shall give prompt notice to the Trustee of any
default under any Senior Indebtedness of each Guarantor or under any agreement pursuant to which
Senior Indebtedness of each Guarantor may have been issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.5. <I>Guarantee Subordinated to Prior Payment of All Senior Indebtedness of each
Guarantor on Dissolution, Winding Up, Liquidation or Reorganization of a Guarantor.</I>
In the event of (i)&nbsp;any insolvency, bankruptcy, receivership, liquidation, reorganization,
readjustment, composition or other similar proceeding relating to a Guarantor, its creditors or its
property, (ii)&nbsp;any case or proceeding for the liquidation, dissolution or other winding-up of a
Guarantor, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings,
(iii)&nbsp;any assignment by such Guarantor for the benefit of creditors, or (iv)&nbsp;any other marshalling
of the assets of such Guarantor:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holders of all Senior Indebtedness of such Guarantor shall first be entitled
to receive payment in full (or to have such payment duly provided for) of the principal and
interest due thereon (including any interest thereon accruing after commencement of any
such proceeding) before the Holders of the Securities are entitled to receive, pursuant to
this Guarantee any payment or any distribution, whether in cash, securities or other
property, on account of the principal or interest on the Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payment or distribution of assets of such Guarantor of any kind or character,
whether in cash, property or securities (other than securities of such Guarantor as
reorganized or readjusted or securities of such Guarantor or any other company, trust or
corporation provided for by a plan of reorganization or readjustment, junior or the payment
of which is otherwise subordinate, at least to the extent provided in this Article, to the
payment of all Senior Indebtedness of such Guarantor at the time outstanding and to the
payment of all securities issued in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /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; margin-left: 2%">exchange therefor to the holders of the Senior
Indebtedness of such Guarantor at the time outstanding), to which the Holders of the
Securities or the Trustee on behalf of the Holders of the Securities would be entitled,
pursuant to this Guarantee except for the provisions of this Article&nbsp;Fourteen, including
any such payment or distribution which may be payable or deliverable by reason of the
payment of any other indebtedness of such Guarantor being subordinated to the payment of
the Securities, shall be paid by the liquidating trustee or agent or other person making
such payment or distribution directly to the holders of Senior Indebtedness of such
Guarantor or their representative(s), or to the trustee under any indenture under which
Senior Indebtedness of such Guarantor may have been issued (pro rata as to each such
holder, representative or trustee on the basis of the respective amounts of unpaid Senior
Indebtedness of such Guarantor held or represented by each), to the extent necessary to
make payment in full of all Senior Indebtedness of such Guarantor remaining unpaid after
giving effect to any concurrent payment or distribution or provision therefor to the
holders of such Senior Indebtedness of such Guarantor; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event that notwithstanding the foregoing provisions of this Section&nbsp;14.5,
any payment or distribution of assets of such Guarantor of any kind or character, whether
in cash, property or securities shall be received, pursuant to the Guarantee, by the
Trustee or the Holders of the Securities on account of principal or interest on the
Securities before all Senior Indebtedness of such Guarantor is paid in
full, or effective provisions made for its payment, such payment or distribution
(subject to the provisions of Sections&nbsp;14.8 and 14.9) shall be received and held in trust
for and shall be paid over or delivered to the liquidating trustee, agent or other person
making such payment or distribution or to the holders of the Senior Indebtedness of such
Guarantor remaining unpaid or unprovided for or their representative, or to the trustee
under any indenture under which Senior Indebtedness of such Guarantor may have been issued
(pro rata as provided in subsection (2)&nbsp;above), for application to the payment of such
Senior Indebtedness of such Guarantor until all such Senior Indebtedness of such Guarantor
shall have been paid in full, after giving effect to any concurrent payment or distribution
or provision therefor to the holders of such Senior Indebtedness of such Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Guarantor effects a transaction permitted by Article&nbsp;Nine, such transaction shall not be
deemed to be a dissolution, winding up, liquidation or reorganization of such Guarantor for
purposes of this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Guarantor shall give prompt written notice to the Trustee of any dissolution, winding up,
liquidation or reorganization of such Guarantor, assignment for the benefit of creditors by such
Guarantor or any other marshalling of assets of such Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.6. <I>Holders to be Subrogated to Rights of Holders of Senior Indebtedness of each
Guarantor.</I>
Subject to the payment in full of all Senior Indebtedness of each Guarantor, the Holders of
the Securities shall be subrogated to the rights of the holders of Senior Indebtedness of each
Guarantor to receive payments or distributions of assets of each Guarantor applicable to the Senior
Indebtedness of each Guarantor until all
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /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">amounts owing under the Guarantee shall be paid in full
and for the purpose of such subrogation no payments or distributions to the holders of Senior
Indebtedness of each Guarantor by virtue of this Article&nbsp;Fourteen which otherwise would have been
made to the Holders of the Securities, shall, as between each Guarantor, its creditors other than
holders of its Senior Indebtedness of each Guarantor and the Holders, be deemed to be a payment by
each Guarantor to or on account of the Senior Indebtedness of each Guarantor, it being understood
that the provisions of this Article&nbsp;Fourteen are solely for the purpose of defining the relative
rights of the holders of Senior Indebtedness of the Guarantors on the one hand and the Holders on
the other hand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any payment or distribution to which the Holders would otherwise have been entitled but for
the provisions of this Article shall have been applied, pursuant to the provisions of this Article,
to the payment of Senior Indebtedness of each Guarantor, then and in such case, the Holders shall
be entitled to receive from the holders of such Senior Indebtedness of each Guarantor at the time
outstanding any payments or distributions received by such holders of such Senior Indebtedness of
each Guarantor in excess of the amount sufficient to pay all amounts payable under or in respect of
such Senior Indebtedness of each Guarantor in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.7. <I>Obligations of the Guarantor Unconditional.</I>
Nothing contained in this Article&nbsp;Fourteen or elsewhere in this Indenture or in any Security
is intended to or shall impair, as between a Guarantor and the Holders of the Securities guaranteed
by such Guarantor&#146;s Guarantee, the obligations of such Guarantor, which are absolute and
unconditional, to pay to such Holders the principal of and interest on the Securities as and when
the same shall become due and payable in accordance with the provisions of this Guarantee or is
intended to or shall affect the relative rights of such Holders and creditors of a Guarantor other
than the holders of the Senior Indebtedness of such Guarantor, nor shall anything herein or therein
prevent the Trustee or such Holder from exercising all remedies otherwise permitted by applicable
law upon default under this Indenture, subject to the rights, if any, under this Article&nbsp;Fourteen
of the holders of Senior Indebtedness of a Guarantor, in respect of cash, property or securities of
such Guarantor received upon the exercise of any such remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of assets of a Guarantor referred to in this Article&nbsp;Fourteen, the
Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, and the Holders of the Securities
guaranteed hereby by such Guarantor shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or
other person making any distribution to the Trustee or to such Holders, for the purpose of
ascertaining the persons entitled to participate in such distribution, the holders of the Senior
Indebtedness and other indebtedness of such Guarantor, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article&nbsp;Fourteen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.8. <I>Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice.</I>
The Trustee shall not at any time be charged with knowledge of the existence of any facts
which would prohibit the making of any payment to or by the Trustee, and the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /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">Trustee shall not be
required to withhold payment to the Holders of Securities as provided in Section&nbsp;14.4(d), unless
and until the Trustee shall have received written notice thereof at its Corporate Trust Office from
a Guarantor or from one or more holders of Senior Indebtedness of such Guarantor or from any
representative thereof or trustee therefor identifying the specific sections of this Indenture
involved and describing in detail the facts that would obligate the Trustee to withhold payments to
Holders of Securities, as well as any other facts required by the next succeeding paragraph of this
Section&nbsp;14.8; and, prior to the receipt of any such written notice, the Trustee, subject to the
provisions of Sections&nbsp;6.1 and 6.2, shall be entitled to assume conclusively that no such facts
exist; <I>provided</I>, <I>however</I>, that, if the Trustee shall not have received any such written notice
provided for in this Section&nbsp;14.8 at least three Business Days preceding the date upon which by the
terms hereof any moneys become payable for any purpose (including, without limitation, the payment
of either the principal of or interest, if any, on any Security), then, anything herein contained
to the contrary notwithstanding, the Trustee shall have full power and authority to receive such
moneys and apply the same to the purpose for which they were received and shall not be affected by
any notice to the contrary that may be received by it within three Business Days preceding such
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be entitled to rely on the delivery to it of a written notice by a person
representing himself to be a holder of Senior Indebtedness of a Guarantor (or a trustee on behalf
of such holder) to establish that such notice has been given by a holder of Senior Indebtedness of
such Guarantor or a trustee on behalf of any such holder. In the event that the Trustee determines
in good faith that further evidence is required with respect to the right of any person as a holder
of Senior Indebtedness of a Guarantor to participate in any payment or distribution pursuant to
this Article&nbsp;Fourteen, the Trustee may request such person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness of such Guarantor held by such
person, the extent to which such person is entitled to participate in such payment or distribution
and any other facts pertinent to the rights of such person under this Article&nbsp;Fourteen, and if such
evidence is not furnished the Trustee may defer any payment to such person pending judicial
determination as to the right of such person to receive such payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.9. <I>Application by Trustee of Monies Deposited with It.</I>
Except as provided in Section&nbsp;10.5, any deposit of monies by a Guarantor with the Trustee or
any Paying Agent (whether or not in trust) for the payment of the principal or interest on any
Securities shall be subject to the provisions of Sections&nbsp;14.3, 14.4, 14.5 and 14.6 except that, if
prior to the opening of business on the date on which by the terms of this Indenture any such
monies may become payable for any purpose (including, without limitation, the payment, pursuant to
this Guarantee, of either the principal or the interest on any Security) the Trustee shall not have
received with respect to such monies the notice provided for in Section&nbsp;14.8, then the Trustee
shall have full power and authority to receive such monies and to apply the same to the purpose for
which they were received and shall not be affected by any notice to the contrary which may be
received by it on or after such date, without, however, limiting any rights that holders of Senior
Indebtedness of a Guarantor may have to recover any such payments from the Holders in accordance
with the provisions of this Article.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /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;SECTION 14.10. <I>Subordination Rights Not Impaired by Acts or Omissions of a Guarantor or
Holders of Senior Indebtedness of such Guarantor.</I>
No right of any present or future holders of any Senior Indebtedness of a Guarantor to enforce
subordination as provided herein shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of such Guarantor or by any act or failure to act, in good faith, by
any such holder, or by any noncompliance by such Guarantor with the terms of this Indenture,
regardless of any knowledge thereof which any such holder may have or be otherwise charged with.
The holders of Senior Indebtedness of such Guarantor may extend, renew, modify or amend the terms
of the Senior Indebtedness of such Guarantor or any security therefor and release, sell or exchange
such security and otherwise deal freely with such Guarantor, all without affecting the liabilities
and obligations of the parties to this Indenture or the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.11. <I>Holders Authorize Trustee to Effectuate Subordination of Securities.</I>
Each Holder of the Securities by his acceptance thereof authorizes and expressly directs the
Trustee on his behalf to take such action as may be necessary or appropriate to effectuate the
subordination provided in this Article&nbsp;Fourteen and appoints the Trustee his attorney-in-fact for
such purpose, including, in the event of any dissolution, winding up, liquidation or reorganization
of a Guarantor (whether in bankruptcy, insolvency or receivership proceedings, voluntary
liquidation or upon assignment for the benefit of creditors or otherwise) tending towards
liquidation of the business and assets of such Guarantor, the timely filing of a claim for the
unpaid balance, pursuant to this Guarantee, of its or his Securities in the form required in said
proceedings and cause said claim to be approved. If the Trustee does not file a proper claim or
proof of debt in the form required in such proceeding on or prior to 30&nbsp;days before the expiration
of the time to file such claim or claims, then the holders of Senior Indebtedness of such Guarantor
have the right to file and are hereby authorized to file an appropriate claim for and on behalf of
the Holders of said Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.12. <I>Right of Trustee to Hold Senior Indebtedness of a Guarantor.</I>
The Trustee in its individual capacity, shall be entitled to all of the rights set forth in
this Article&nbsp;Fourteen in respect of any Senior Indebtedness of a Guarantor at any time held by it
to the same extent as any other holder of such Senior Indebtedness of a Guarantor, and nothing in
this Indenture shall be construed to deprive the Trustee of any of its rights as such holder.
Nothing in this Article&nbsp;Fourteen shall apply to claims of, or payments to, the Trustee under or
pursuant to Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.13. <I>Trustee Not Fiduciary for Holders of Senior Indebtedness of a Guarantor.</I>
With respect to the holders of Senior Indebtedness of a Guarantor, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are specifically set forth in
this Article&nbsp;Fourteen, and no implied covenants or obligations with respect to the holders of
Senior Indebtedness of a Guarantor shall be read into this Indenture against the Trustee. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of a
Guarantor and the Trustee shall not be liable to any holder of Senior Indebtedness of a Guarantor
if it shall pay over or deliver to Holders of Securities, a Guarantor or any other person monies or
assets to which any holder of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /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">Senior Indebtedness of such Guarantor shall be entitled by virtue of
this Article&nbsp;Fourteen or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.14. <I>Article&nbsp;Fourteen Not to Prevent Events of Default.</I>
The failure to make a payment on account of principal or interest on the Securities of any
series by reason of any provision in this Article&nbsp;Fourteen shall not be construed as preventing the
occurrence of an Event of Default under Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.15. <I>Execution and Delivery of Guarantee.</I>
To evidence a Guarantee set forth in this Article&nbsp;Fourteen, the Guarantor hereby agrees that
the Guarantee Notation, substantially in the form of Exhibit&nbsp;A hereto, shall be endorsed on each
Security authenticated and delivered by the Trustee that is
guaranteed by such Guarantee and that this Indenture or indenture supplemental hereto shall be
executed on behalf of such Guarantor by its Chairman of the Board, its president or chief executive
officer, any vice president, the chief financial officer or the treasurer. Such signatures may be
the manual or facsimile signatures of the present or any future such officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby agrees that its Guarantee shall remain in full force and effect
notwithstanding any failure to endorse the Guarantee Notation on each such Security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an officer whose signature is on this Indenture or indenture supplemental hereto or on the
Securities guaranteed hereby no longer holds that office at the time the Trustee authenticates the
Security on which a notation of the Guarantee is endorsed, such Guarantee shall be valid
nevertheless.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of each Guarantee thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.16. <I>Limitation on Guarantor Liability.</I>
Notwithstanding anything to the contrary in this Article, each Guarantor, and by its
acceptance of a Security, each Holder, hereby confirms that it is the intention of all such parties
that the Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable
fraudulent conveyance provisions of the Bankruptcy Code or any comparable provision of state law.
To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree
that the obligations of each Guarantor under its Guarantee are limited to the maximum amount that
would not render the Guarantor&#146;s obligations subject to avoidance under applicable fraudulent
conveyance provisions of the Bankruptcy Code or any comparable provision of state law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.17. <I>Officers&#146; Certificate.</I>
If there occurs an event referred to in the first sentence of Section&nbsp;14.4(c) or the first
sentence of Section&nbsp;14.5, the applicable Guarantor shall promptly give to the Trustee an Officers&#146;
Certificate (on which the Trustee may conclusively rely) identifying all holders of Senior
Indebtedness of such Guarantor and the principal amount of Senior Indebtedness of such Guarantor
then outstanding held by each such holder and stating the reasons why such Officers&#146; Certificate is
being delivered to the Trustee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /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">SIGNATURES
</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 Indenture to be duly executed, all 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"><FONT style="FONT-variant: SMALL-CAPS">Hovnanian Enterprises, Inc.,</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">As Issuer</FONT><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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Wilmington Trust Company, As <br>Trustee</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&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="right" style="font-size: 10pt; margin-top: 12pt"><U>EXHIBIT A</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FORM OF NOTATION OF SECURITY
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">RELATING TO GUARANTEE&#093;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GUARANTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Name of Guarantor&#093; (hereinafter referred to as the &#147;Guarantor&#148;, which term includes any
successor person under the Indenture (the &#147;Indenture&#148;) referred to in the Security upon which this
notation is endorsed) (the &#147;Endorsed Security&#148;), has unconditionally guaranteed, jointly and
severally with each other Guarantor (i)&nbsp;the due and punctual payment of the principal of, premium,
if any, and interest on the Endorsed Security and all other Securities of the same series as the
Endorsed Security (the &#147;Guaranteed Securities&#148;), whether at maturity, by acceleration or otherwise,
the due and punctual payment of interest on the overdue principal of, premium, if any, and
interest, if any, on the Guaranteed Securities, to the extent lawful, and the due and punctual
performance of all other obligations of the Issuer to the Holders of Guaranteed Securities or the
Trustee all in accordance with the terms set forth in Article&nbsp;Fourteen of the Indenture and (ii)&nbsp;in
case of any extension of time of payment or renewal of any Guaranteed Securities or any of such
other obligations, that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto
in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Guarantor to the Holders of Guaranteed Securities and to the Trustee
pursuant to the Guarantee evidenced hereby and the Indenture are expressly set forth in Article
Fourteen of the Indenture and reference is hereby made to such Indenture for the terms of such
Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stockholder, officer, director, employee or incorporator, as such, past, present or future,
of the Guarantor shall have any personal liability under the Guarantee evidenced hereby by reason
of his or its status as such stockholder, officer, director, employee or incorporator. Each Holder
of a Guaranteed Security by accepting a Guaranteed Security waives and releases all such liability.
This waiver and release are part of the consideration for the issuance of the Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of a Guaranteed Security by accepting a Guaranteed Security agrees that any
Guarantor named below shall have no further liability with respect to its Guarantee if such
Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of
the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee evidenced hereby shall not be valid or obligatory for any purpose until the
certificate of authentication of the Guaranteed Securities shall have been executed by the Trustee
under the Indenture by the manual signature of one of its authorized officers.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Guarantor<BR>
2
</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">




<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;NAME OF GUARANTOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">By:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</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">


<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"><U>EXHIBIT B</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;SUBSIDIARY GUARANTORS&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.14
<SEQUENCE>5
<FILENAME>y88639a1exv4w14.htm
<DESCRIPTION>EX-4.14
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w14</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;4.14</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>







<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>K. HOVNANIAN ENTERPRISES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Issuer</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantor</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUBSIDIARY GUARANTORS OF HOVNANIAN THAT BECOME PARTIES HERETO<BR>
FROM TIME TO TIME</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantors</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON TRUST COMPANY</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>as Trustee</B>
</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"><B>INDENTURE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF SENIOR INDENTURE</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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">CROSS REFERENCE SHEET*
</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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of Trust Indenture Act of 1939 and Indenture to be dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;
among K. HOVNANIAN ENTERPRISES, INC., HOVNANIAN ENTERPRISES, INC., SUBSIDIARY GUARANTORS OF
HOVNANIAN that become parties hereto from time to time and WILMINGTON TRUST COMPANY, as Trustee:
</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="58%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Section of the Act</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Section of Indenture</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">310(a)(1), (2)&nbsp;and (5) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(a)(3) and (4) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(b) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8 and 6.10(a), (b) and (d)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(c) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311(a) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311(b) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311(c) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312(a) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1 and 4.2(a)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312(b) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312(c) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(c)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(a) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(a)(i), (ii), (iii), (iv), (v), (vi) and (vii)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(b)(1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(b)(2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(a) and (b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(c) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(d) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(a) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(b) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(c)(1) and (2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(c)(3) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(d) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(e) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(f) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315(a), (c)&nbsp;and (d) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315(b) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.8</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315(e) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(a)(1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(a)(2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not required</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(a) (last sentence) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(b) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">317(a) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">317(b) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.5(a)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">318(a) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.7</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">*</TD>
    <TD>&nbsp;</TD>
    <TD>This Cross Reference Sheet is not part of the Indenture.</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"><U><B>TABLE OF CONTENTS</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="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE One DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Two SECURITIES</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forms Generally</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Trustee&#146;s Certificate of Authentication</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount Unlimited, Issuable in Series</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authentication and Delivery of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Authentication</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denomination and Date of Securities; Payments of Interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration, Transfer and Exchange</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mutilated, Defaced, Destroyed, Lost and Stolen Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cancellation of Securities; Disposition Thereof</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Temporary Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CUSIP Numbers</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Three COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Principal and Interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offices for Notices and Payments, etc.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Interest Extension</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointments to Fill Vacancies in Trustee&#146;s Office</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provision as to Paying Agent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left"><DIV style="margin-left:15px; text-indent:-15px">ARTICLE Four SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER, HOVNANIAN AND THE TRUSTEE</div></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issuer and Hovnanian to Furnish Trustee Information as to Names and Addresses of Securityholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preservation and Disclosure of Securityholders Lists</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Issuer and Hovnanian</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Five REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities on Default; Suit Therefor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application of Moneys Collected by Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Securityholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Remedies Cumulative and Continuing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&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="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Direction of Proceedings; Waiver of Defaults by Majority of Securityholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Defaults</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking to Pay Costs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Six CONCERNING THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Duties and Responsibilities of the Trustee; During Default; Prior to Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Rights of the Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee and Agents May Hold Securities; Collections, etc.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moneys Held by Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation and Indemnification of Trustee and Its Prior Claim</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Rely on Officers&#146; Certificate, etc.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Qualification of Trustee; Conflicting Interests</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Eligible for Appointment as Trustee; Different Trustees for Different Series</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Resignation and Removal; Appointment of Successor Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceptance of Appointment by Successor Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger, Conversion, Consolidation or Succession to Business of Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferential Collection of Claims Against the Issuer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.14.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of Authenticating Agent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Seven CONCERNING THE SECURITYHOLDERS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evidence of Action Taken by Securityholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proof of Execution of Instruments and of Holding of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders to be Treated as Owners</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Owned by Issuer Deemed Not Outstanding</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Revocation of Action Taken</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Record Date for Consents and Waivers</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Eight SUPPLEMENTAL INDENTURES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures Without Consent of Securityholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures with Consent of Securityholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Supplemental Indenture</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Documents to Be Given to Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notation on Securities in Respect of Supplemental Indentures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Nine CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER DISPOSITION</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidation Permitted, etc., on Certain Terms</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</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="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successor Corporation to be Substituted</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Counsel to be Given Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Ten LEGAL DEFEASANCE AND COVENANT DEFEASANCE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Defeasance and Discharge</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Covenant Defeasance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conditions to Legal or Covenant Defeasance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repayment to Issuer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Satisfaction and Discharge of Indenture</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Eleven MISCELLANEOUS PROVISIONS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partners, Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provisions of Indenture for the Sole Benefit of Parties and Holders of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns of Issuer Bound by Indenture</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices and Demands on Issuer, Trustee and Holders of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officers&#146; Certificates and Opinions of Counsel; Statements to Be Contained Therein</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payments Due on Saturdays, Sundays and Holidays</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conflict of Any Provision of Indenture with Trust Indenture Act of 1939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GOVERNING LAW</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Headings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Adverse Interpretation of Other Agreements</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Twelve REDEMPTION OF SECURITIES AND SINKING FUNDS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Redemption; Partial Redemptions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities Called for Redemption</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exclusion of Certain Securities from Eligibility for Selection for Redemption</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mandatory and Optional Sinking Funds</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Thirteen GUARANTEES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</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="17%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="76%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Obligations of the Guarantor Unconditional</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article Thirteen Not to Prevent Events of Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution and Delivery of Guarantee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Guarantor Liability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Fourteen</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Release of the Issuer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-<!-- /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">SENIOR INDENTURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SENIOR INDENTURE, dated as of &#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;</U>&#093; among K. Hovnanian Enterprises, Inc., a
California corporation (the &#147;Issuer&#148;), Hovnanian Enterprises, Inc., a Delaware corporation
(&#147;Hovnanian&#148;), Subsidiary Guarantors of Hovnanian that become parties hereto from time to time and
Wilmington Trust Company, a Delaware banking corporation, as trustee (the &#147;Trustee&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>RECITALS</U> <U>OF</U> <U>THE</U> <U>ISSUER</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the issuance from time to time of its unsecured and
unsubordinated debentures, notes or other evidences of indebtedness to be issued in one or more
series (the &#147;Securities&#148;) up to such principal amount or amounts as may from time to time be
authorized in accordance with the terms of this Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and administration of the Securities;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been undertaken and completed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>RECITALS</U> <U>OF</U> <U>GUARANTORS</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Guarantor desires to make the Guarantees provided for herein; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid agreement of each of the
Guarantors, in accordance with its terms, have been done and the Guarantor will do all things
necessary to make the Guarantees, when executed by each of the Guarantors and endorsed on the
Securities authenticated and delivered hereunder, the valid obligations of each Guarantor as
hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS INDENTURE WITNESSETH:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ONE<BR>
DEFINITIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1. <I>Definitions.</I>
For all purposes of this Indenture and of any indenture supplemental hereto the following
terms shall have the respective meanings specified in this Section&nbsp;1.1 (except as otherwise
expressly provided herein or in any indenture supplemental hereto or unless the context otherwise
clearly requires). All other terms used in this Indenture that are defined in the Trust Indenture
Act of 1939, including terms defined therein by reference to the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), shall have the meanings assigned to such terms in said Trust Indenture Act
of 1939 and in the Securities Act as in force at the date of this Indenture
(except as otherwise expressly provided herein or in any indenture supplemental hereto or
unless the context otherwise clearly requires).
</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;All accounting terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with generally accepted accounting principles, and the term &#147;<I>generally
accepted accounting principles</I>&#148; means such accounting principles as are generally accepted in the
United States of America on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;<I>herein</I>&#148;, &#147;<I>hereof</I>&#148; and &#147;<I>hereunder</I>&#148; and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision. The
expressions &#147;<I>date of this Indenture</I>&#148;, &#147;<I>date hereof</I>&#148;, &#147;<I>date as of which this Indenture is dated</I>&#148; and
&#147;<I>date of execution and delivery of this Indenture</I>&#148; and other expressions of similar import refer to
the effective date of the original execution and delivery of this Indenture, <I>viz</I>. as of
&#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified 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; and the terms &#147;<I>controlling</I>&#148; and
&#147;<I>controlled</I>&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Authenticating Agent</I>&#148; shall have the meaning set forth in Section&nbsp;6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Bankruptcy Code</I>&#148; means the United States Bankruptcy Code, 11 United States Code &#167;&#167; 101 et
seq., or any successor statute thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board of Directors</I>&#148; means when used with reference to the Issuer or Hovnanian, as the case
may be, the board of directors or any duly authorized committee of that board or any director or
directors and/or officer or officers to whom that board or committee shall have duly delegated its
authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board Resolution</I>&#148; means (1)&nbsp;one or more resolutions, certified by the secretary or an
assistant secretary of the Issuer or Hovnanian, as applicable, to have been duly adopted or
consented to by the Board of Directors of the Issuer or Hovnanian, as applicable, and to be in full
force and effect, or (2)&nbsp;a certificate signed by the director or directors and/or officer or
officers to whom the Board of Directors or any duly authorized committee of that Board shall have
duly delegated its authority, in each case delivered to the Trustee for the Securities of any
series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Business Day</I>&#148; means, with respect to any Security, unless otherwise specified in a Board
Resolution and an Officers&#146; Certificate with respect to a particular series of Securities, a day
that (a)&nbsp;in the Place of Payment (or in any of the Places of Payment, if more than one) in which
amounts are payable, as specified in the form of such Security, and (b)&nbsp;in the city in which the
Corporate Trust Office is located, is not a day on which banking institutions are authorized or
required by law or regulation to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Commission</I>&#148; means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the execution and delivery of
</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="left" style="font-size: 10pt; margin-top: 6pt">this
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act of 1939, then the body performing such duties on such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Corporate Trust Office</I>&#148; means the office of the Trustee of a series of Securities at which
the trust created by this Indenture shall, at any particular time, be principally administered,
which office is, at the date as of which this Indenture is dated, located at Rodney Square North,
1100 North Market Street, Wilmington, DE 19890.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Covenant Defeasance</I>&#148; has the meaning set forth in Section&nbsp;10.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Depositary</I>&#148; means, with respect to the Securities of any series issuable or issued in the
form of one or more Global Securities, the Person designated as Depositary by the Issuer pursuant
to Section&nbsp;2.3 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;Depositary&#148; shall mean or include each Person who is
then a Depositary hereunder, and, if at any time there is more than one such Person, &#147;Depositary&#148;
as used with respect to the Securities of any such series shall mean the Depositary with respect to
the Global Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Dollars</I>&#148; and the sign &#147;<I>$</I>&#148; means the coin and currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Eligible Guarantors</I>&#148; means Hovnanian, each of Hovnanian&#146;s subsidiaries listed on Exhibit&nbsp;B
hereto and each other subsidiary of Hovnanian that Guarantees a series of Securities established
under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Event of Default</I>&#148; means any event or condition specified as such in Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Security</I>&#148; means a Security evidencing all or a part of a series of Securities issued
to the Depositary for such series in accordance with Section&nbsp;2.3 and bearing the legend prescribed
in Section&nbsp;2.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantee</I>&#148; has the meaning specified in Section&nbsp;13.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantor</I>&#148; has the meaning specified in Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder</I>&#148;, &#147;<I>Holder of Securities</I>&#148;, &#147;<I>Securityholder</I>&#148; or other similar terms mean, in the case of
any Security, the Person in whose name such Security is registered in the security register kept by
the Issuer for that purpose in accordance with the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Hovnanian</I>&#148; means Hovnanian Enterprises, Inc., a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; with respect to any Person means, without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;the principal of and premium, if any, and interest, if any, on indebtedness
for money borrowed of such Person, indebtedness of such Person evidenced by bonds, notes,
debentures or similar obligations, and any guaranty by such Person of any
</DIV>

<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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">indebtedness for
money borrowed or indebtedness evidenced by bonds, notes, debentures or similar obligations of any other Person, whether any such indebtedness or guaranty
is outstanding on the date of this Indenture or is thereafter created, assumed or incurred,
(ii)&nbsp;obligations of such Person for the reimbursement of any obligor on any letter of
credit, banker&#146;s acceptance or similar credit transaction; (iii)&nbsp;the principal of and
premium, if any, and interest, if any, on indebtedness incurred, assumed or guaranteed by
such Person in connection with the acquisition by it or any of its subsidiaries of any other
businesses, properties or other assets; (iv)&nbsp;lease obligations which such Person capitalizes
in accordance with ASC Topic 840 promulgated by the Financial Accounting Standards Board or
such other generally accepted accounting principles as may be from time to time in effect;
(v)&nbsp;any indebtedness of such Person representing the balance deferred and unpaid of the
purchase price of any property or interest therein (except any such balance that constitutes
an accrued expense or trade payable) and any guaranty, endorsement or other contingent
obligation of such Person in respect of any indebtedness of another that is outstanding on
the date of this Indenture or is thereafter created, assumed or incurred by such Person; and
(vi)&nbsp;obligations of such Person under interest rate, commodity or currency swaps, caps,
collars, options and similar arrangements; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any amendments, modifications, refundings, renewals or extensions of any
indebtedness or obligation described as Indebtedness in clause (a)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; means this instrument as originally executed and delivered or, if amended or
supplemented as herein provided, as so amended or supplemented or both, including, for all purposes
of this instrument and any such supplement, the provisions of the Trust Indenture Act of 1939 that
are deemed to be a part of and govern this instrument and any such supplement, respectively, and
shall include the forms and terms of particular series of Securities established as contemplated
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>interest</I>&#148; means, when used with respect to non-interest bearing Securities (including,
without limitation, any Original Issue Discount Security that by its terms bears interest only
after maturity or upon default in any other payment due on such Security), interest payable after
maturity (whether at stated maturity, upon acceleration or redemption or otherwise) or after the
date, if any, on which the Issuer becomes obligated to acquire a Security, whether upon conversion,
by purchase or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer</I>&#148; means K. Hovnanian Enterprises, Inc., a California corporation, and, subject to
Article&nbsp;Nine, its successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer Order</I>&#148; means a written statement, request or order of the Issuer, which is signed in
its name by the chairman of the Board of Directors, the chief financial officer, the president or
chief executive officer, any vice president or the treasurer of the Issuer, and delivered to the
Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Legal Defeasance</I>&#148; has the meaning specified in Section&nbsp;10.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officers&#146; Certificate</I>&#148;, when used with respect to the Issuer or Hovnanian, means a
certificate signed by the chairman of the Board of Directors, the president or chief executive
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">officer, or any vice president and by the chief financial officer, the treasurer, any assistant
treasurer, the controller, any assistant controller, the secretary or any assistant secretary of
the Issuer or Hovnanian, as the case may be. Each such certificate shall include the statements
provided for in Section&nbsp;11.5 if and to the extent required by the provisions of such Section&nbsp;11.5.
One of the officers signing an Officers&#146; Certificate given pursuant to Section&nbsp;4.3 shall be
the principal executive, financial or accounting officer of the Issuer or Hovnanian, as the case
may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Opinion of Counsel</I>&#148; means an opinion in writing signed by the chief counsel of the Issuer or
Hovnanian or by such other legal counsel who may be an employee of or counsel to the Issuer or
Hovnanian and who shall be reasonably satisfactory to the Trustee. Each such opinion shall include
the statements provided for in Section&nbsp;11.5, if and to the extent required by the provisions of
such Section&nbsp;11.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue date</I>&#148; of any Security (or portion thereof) means the earlier of (a)&nbsp;the date
of such Security or (b)&nbsp;the date of any Security (or portion thereof) for which such Security was
issued (directly or indirectly) on registration of transfer, exchange or substitution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue discount</I>&#148; of any debt security, including any Original Issue Discount
Security, means the difference between the principal amount of such debt security and the initial
issue price of such debt security (as set forth in the case of an Original Issue Discount Security
on the face of such Security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Original Issue Discount Security</I>&#148; means any Security that provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Outstanding</I>&#148; when used with reference to Securities, shall, subject to the provisions of
Section&nbsp;7.4, mean, as of any particular time, all Securities authenticated and delivered by the
Trustee under this Indenture, except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities (other than Securities of any series as to which the provisions of
Article&nbsp;Ten hereof shall not be applicable), or portions thereof, for the payment or
redemption of which moneys or U.S. Government Obligations (as provided for in Section&nbsp;10.1)
in the necessary amount shall have been deposited in trust with the Trustee or with any
paying agent (other than the Issuer) or shall have been set aside, segregated and held in
trust by the Issuer for the Holders of such Securities (if the Issuer shall act as its own
paying agent), <I>provided </I>that, if such Securities, or portions thereof, are to be redeemed
prior to the maturity thereof, notice of such redemption shall have been given as herein
provided, or provision satisfactory to the Trustee shall have been made for giving such
notice; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities which shall have been paid or in substitution for which other Securities
shall have been authenticated and delivered pursuant to the terms of Section&nbsp;2.9 (except
with respect to any such Security as to which proof satisfactory to the Trustee
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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; margin-left: 2%">is presented
that such Security is held by a Person in whose hands such Security is a legal, valid and
binding obligation of the Issuer).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding for such purposes shall be the
portion of the principal amount thereof that would be due and payable as of the date of such
determination (as certified by the Issuer to the Trustee) upon a declaration of acceleration of the
maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>paying agent&#148; </I>refers to a Person engaged to perform the obligations of the Trustee in respect
of payments made or funds held hereunder in respect of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Periodic Offering</I>&#148; means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation, the rate or rates of interest,
if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Issuer or its agents upon the issuance of such
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Person</I>&#148; means any individual, corporation, limited liability company, partnership, joint
venture, association, joint stock company, trust, estate, unincorporated organization or government
or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Place of Payment</I>&#148;, when used with respect to the Securities of any series, means the place or
places where the principal of and interest, if any, on the Securities of such series are payable as
determined in accordance with Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal</I>&#148; of a debt security, including any Security, means the amount (including, without
limitation, if and to the extent applicable, any premium and, in the case of an Original Issue
Discount Security, any accrued original issue discount, but excluding interest) that is payable
with respect to such debt security as of any date and for any purpose (including, without
limitation, in connection with any sinking fund, if any, upon any redemption at the option of the
Issuer, upon any purchase or exchange at the option of the Issuer or the holder of such debt
security and upon any acceleration of the maturity of such debt security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal amount</I>&#148; of a debt security, including any Security, means the principal amount as
set forth on the face of such debt security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>record date</I>&#148; shall have the meaning set forth in Section&nbsp;2.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Officer</I>&#148;, when used with respect to the Trustee of a series of Securities, means
any officer of the Trustee with direct responsibility for the administration of the trust created
by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer other than an Unrestricted
Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer which was an Unrestricted Subsidiary but which,
subsequent to the date hereof, is designated by the Issuer (by Board Resolution) to be a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">Restricted
Subsidiary; <I>provided, however</I>, that the Issuer may not
designate any such Subsidiary to be a Restricted Subsidiary if the Issuer would thereby breach any covenant or agreement herein contained
(on the assumptions that any outstanding Indebtedness of such Subsidiary was incurred at the time
of such designation).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; shall have the meaning set forth in Section&nbsp;1.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Security</I>&#148; or &#147;<I>Securities</I>&#148; has the meaning stated in the first recital of this Indenture and
more particularly means any Securities authenticated and delivered under this Indenture;
<I>provided</I>, <I>however </I>that if at any time there is more than one Person acting as Trustee under
this Instrument, &#147;Securities&#148; with respect to the Indenture as to which such Person is Trustee
shall have the meaning stated in the first recital of this instrument and shall more particularly
mean Securities authenticated and delivered under this instrument, exclusive, however, of
Securities of any series as to which such Person is not Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Significant Subsidiary</I>&#148; means any Subsidiary which is a &#147;significant subsidiary&#148; of the
Issuer within the meaning of Rule&nbsp;1.02(w) of Regulation&nbsp;S-K promulgated by the Commission as in
effect on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subsidiary</I>&#148; of any specified Person means any corporation, association or other business
entity of which such Person, or such Person and one or more Subsidiaries of such Person, or any one
or more Subsidiaries of such Person, directly or indirectly own voting securities entitling any one
or more of such Persons and its Subsidiaries to elect a majority of the directors or other persons
performing similar functions, either at all times or, so long as there is no default or contingency
which permits the holders of any other class or classes of securities to vote for the election of
one or more directors or other persons performing similar functions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trust Indenture Act of 1939</I>&#148; (except as otherwise provided in Sections&nbsp;8.1 and 8.2) means the
Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at
the date as of which this Indenture is originally executed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustee</I>&#148; means the Person identified as &#147;Trustee&#148; in the first paragraph hereof and, subject
to the provisions of Article&nbsp;Six, shall also include any successor trustee. &#147;Trustee&#148; shall also
mean or include each Person who is then a trustee hereunder and, if at any time there is more than
one such Person, &#147;Trustee&#148; as used with respect to the Securities of any series shall mean the
trustee with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unrestricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer acquired or organized after
the date hereof, <I>provided, however</I>, that such Subsidiary shall not be a successor, directly or
indirectly, to any Restricted Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer substantially all
the assets of which consist of stock or other securities of a Subsidiary or Subsidiaries of the
character described in clause (a)&nbsp;of this paragraph, unless and until such Subsidiary shall have
been designated to be a Restricted Subsidiary pursuant to clause (b)&nbsp;of the definition of
&#147;<I>Restricted Subsidiary</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Government Obligations</I>&#148; means non-callable, non-payable bonds, notes, bills or other
similar obligations issued or guaranteed by the United States government or any agency
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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">thereof the
full and timely payment of which are backed by the full faith and credit of the United States of
America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>vice president,</I>&#148; when used with respect to the Issuer, Hovnanian or the Trustee, means any
vice president, regardless of whether designated by a number or a word or words added before or
after the title &#147;vice president.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Yield to Maturity</I>&#148; means the yield to maturity on a series of Securities, calculated at the
time of issuance of such series, or, if applicable, at the most recent redetermination of interest
on such series, and calculated in accordance with generally accepted financial practice or as
otherwise provided in the terms of such series of Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWO<BR>
SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <I>Forms Generally.</I>
The Securities of each series shall be substantially in such form (not inconsistent with this
Indenture) as shall be established by or pursuant to one or more Board Resolutions (as set forth in
a Board Resolution or, to the extent established pursuant to rather than set forth in a Board
Resolution, an Officers&#146; Certificate detailing such establishment) or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have imprinted or
otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the
provisions of this Indenture, as may be required to comply with any law or with any rules or
regulations pursuant thereto, or with any rules of any securities exchange or to conform to general
usage, all as may be determined by the officers executing such Securities, as evidenced by their
execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such Securities
as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <I>Form of Trustee&#146;s Certificate of Authentication.</I>
The Trustee&#146;s certificate of authentication on all Securities shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>, as Trustee<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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time there shall be an Authenticating Agent appointed with respect to any series of
Securities, then the Securities of such series shall bear, in addition to the Trustee&#146;s certificate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">of authentication, an alternate Certificate of Authentication which shall be substantially as
follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>, as Trustee<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 colspan="2" align="left">as Authenticating Agent&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3. <I>Amount Unlimited, Issuable in Series.</I>
The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities may be issued in one or more series and the Securities of each such series
shall rank equally and <I>pari passu </I>with the Securities of each other series and with all other
unsecured and unsubordinated debt of the Issuer. There shall be established in or pursuant to one
or more Board Resolutions (and, to the extent established pursuant to rather than set forth in a
Board Resolution, in an Officers&#146; Certificate detailing such establishment) or established in one
or more indentures supplemental hereto, prior to the initial issuance of Securities of any series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the designation of the Securities of the series, which shall distinguish the
Securities of such series from the Securities of all other series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any limit upon the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section&nbsp;2.8, 2.9, 2.11, 8.5 or 12.3);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the date or dates on which the principal of the Securities of the series is
payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the rate or rates at which the Securities of the series shall bear interest, if
any, the date or dates from which any such interest shall accrue, on which any such interest
shall be payable and on which a record shall be taken for the determination of Holders to
whom any such interest is payable or the method by which such rate or rates or date or dates
shall be determined or both;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the place or places where and the manner in which the principal of, premium, if
any, and interest, if any, on Securities of the series shall be payable (if other than as
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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; margin-left: 2%">provided in Section&nbsp;3.2) and the office or agency for the Securities of the series
maintained by the Issuer pursuant to Section&nbsp;3.2;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the right, if any, of the Issuer to redeem, purchase or repay Securities of the
series, in whole or in part, at its option and the period or periods within which, the price
or prices (or the method by which such price or prices shall be determined or both) at
which, the form or method of payment therefor if other than in cash and any terms and
conditions upon which and the manner in which (if different from the provisions of Article
Twelve) Securities of the series may be so redeemed, purchased or repaid, in whole or in
part, pursuant to any sinking fund or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of
the series in whole or in part pursuant to any mandatory redemption, sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within
which the price or prices (or the method by which such price or prices shall be determined
or both) at which, the form or method of payment therefor if other than in cash and any
terms and conditions upon which and the manner in which (if different from the provisions of
Article&nbsp;Twelve) Securities of the series shall be redeemed, purchased or repaid, in whole or
in part, pursuant to such obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if other than denominations of $2,000 and any integral multiple of $1,000 in excess
thereof, the denominations in which Securities of the series shall be issuable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon acceleration of the maturity thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) whether Securities of the series will be issuable as Global Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series) only upon
receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any trustees, depositaries, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) any deleted, modified or additional events of default or remedies or any deleted,
modified or additional covenants with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) whether the provisions of Article&nbsp;Ten will not be applicable to Securities of such
series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any provision relating to the issuance of Securities of such series at an original
issue discount (including, without limitation, the issue price thereof, the rate or rates at
which such original issue discount shall accrete, if any, and the date or dates from or to
which or period or periods during which such original issue discount shall accrete at such
rate or rates);
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) if other than Dollars, the foreign currency in which payment of the principal of,
premium, if any, and interest, if any, on the Securities of such series shall be payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) if other than Wilmington Trust Company is to act as Trustee for the Securities of
such series, the name and Corporate Trust Office of such Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) if the amounts of payments of principal of, premium, if any, and interest, if any,
on the Securities of such series are to be determined with reference to an index, the manner
in which such amounts shall be determined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) the terms for conversion or exchange, if any, with respect to the Securities of
such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) which, if any, of the Eligible Guarantors, in addition to Hovnanian, shall
guarantee the Securities of such series on the terms set forth in Article&nbsp;Thirteen
(Hovnanian, together with each of the other Eligible Guarantors that guarantee the
Securities on the terms set forth in Article&nbsp;Thirteen, if any, a &#147;Guarantor&#148;); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) any other terms of the Securities of such series (which terms shall not be
inconsistent with the provisions of this Indenture).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities of any one series shall be substantially identical, except as to denomination
and except as may otherwise be provided by or pursuant to the Board Resolution or Officers&#146;
Certificate referred to above or as set forth in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time and may be issued from time to
time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board
Resolution, such Officers&#146; Certificate or in any such indenture supplemental hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Board Resolution or Officers&#146; Certificate referred to above with respect to
Securities of any series filed with the Trustee on or before the initial issuance of the Securities
of such series shall be incorporated herein by reference with respect to Securities of such series
and shall thereafter be deemed to be a part of the Indenture for all purposes relating to
Securities of such series as fully as if such Board Resolution or Officers&#146; Certificate were set
forth herein in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4. <I>Authentication and Delivery of Securities.</I>
The Issuer may deliver Securities of any series executed by the Issuer to the Trustee for
authentication together with the applicable documents referred to below in this Section&nbsp;2.4, and
the Trustee shall thereupon authenticate and deliver such Securities to, or upon the order of, the
Issuer (contained in the Issuer Order referred to below in this Section&nbsp;2.4) or pursuant to such
procedures acceptable to the Trustee and to such recipients as may be specified from time to time
by an Issuer Order. If provided for in such procedures and agreed to by the Trustee, such Issuer
Order may authorize authentication and delivery pursuant to oral instructions from the Issuer or
its duly authorized agent, which instructions shall be promptly confirmed in writing. In
authenticating the Securities of such series and accepting the additional responsibilities under
this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in the
case of subparagraphs (2), (3)&nbsp;and (4)&nbsp;below only at or before the time of the first request of the
Issuer to the Trustee to authenticate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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">Securities of such series) and (subject to Section&nbsp;6.1) shall
be fully protected in relying upon, unless and until such documents have been superseded or
revoked:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Issuer Order requesting such authentication and setting forth delivery
instructions <I>provided </I>that, with respect to Securities of a series subject to a Periodic
Offering, (a)&nbsp;such Issuer Order may be delivered by the Issuer to the Trustee prior to the
delivery to the Trustee of such Securities for authentication and delivery, (b)&nbsp;the Trustee
shall authenticate and deliver Securities of such series for original issue from time to
time, in an aggregate principal amount not exceeding the aggregate principal amount
established for such series, pursuant to an Issuer Order, (c)&nbsp;the maturity date or dates,
original issue date or dates, interest rate or rates, if any, and any other terms of
Securities of such series shall be determined by an Issuer Order and (d)&nbsp;after the original
issuance of the first Security of such series to be issued, any separate request by the
Issuer that the Trustee authenticate Securities of such series for original issuance will be
deemed to be a
certification by the Issuer that it is in compliance with all conditions precedent
provided for in this Indenture relating to the authentication and delivery of such
Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Board Resolution, Officers&#146; Certificate or executed supplemental indenture
referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the forms and terms of the
Securities of such series were established;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an Officers&#146; Certificate stating that the form or forms and terms of the Securities
have been established pursuant to Sections&nbsp;2.1 and 2.3 and comply with this Indenture and
covering such other matters as the Trustee may reasonably request; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) at the option of the Issuer, either an Opinion of Counsel, or a letter from legal
counsel addressed to the Trustee permitting it to rely on an Opinion of Counsel,
substantially to the effect that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an underwritten offering, the Securities of such series have
been duly authorized, executed and delivered and, in the case of an offering that is
not underwritten, certain terms of the Securities of such series have been
established pursuant to a Board Resolution, an Officers&#146; Certificate or a
supplemental indenture in accordance with this Indenture, and when such other terms
as are to be established pursuant to procedures set forth in an Issuer Order shall
have been established, all such terms will have been duly authorized by the Issuer
and will have been established in conformity with the provisions of this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;when the Securities of such series have been duly authorized, executed and
delivered by the Issuer and authenticated by the Trustee in accordance with the
provisions of this Indenture and delivered to and duly paid for by the purchasers
thereof, they will constitute valid and legally binding obligations of the Issuer,
enforceable in accordance with their respective terms, and will be entitled to the
benefits of this Indenture; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution and delivery by the Issuer of, and the performance by the
Issuer of its obligations under, the Securities of such series will not conflict
with any provision of applicable law or the articles of incorporation or bylaws of
the Issuer or any agreement or other instrument to which the Issuer or any of the
Guarantors is a party and that is material to the Issuer, Hovnanian and its
Subsidiaries, considered as one enterprise, or, to such counsel&#146;s knowledge after
the inquiry indicated therein, any judgment, order or decree of any governmental
agency or any court having jurisdiction over the Issuer, Hovnanian and any of its
Subsidiaries, and no consent, approval or authorization of any governmental body or
agency is required for the performance by the Issuer of its obligations under the
Securities, except such as are specified and have been obtained and such as may be
required by the securities or blue sky laws of the various states in connection with
the offer and sale of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinions, such counsel may qualify any opinions as to enforceability by
stating that such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, liquidation, moratorium and other similar laws relating to or affecting the rights
and remedies of creditors and is subject to general principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law)
and an implied covenant of good faith and fair dealing. Such counsel may also state that, insofar
as such opinion involves factual matters, such counsel has relied, to the extent such counsel deems
proper, upon certificates of officers of the Issuer, Hovnanian and its subsidiaries, as applicable,
and certificates of public officials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have the right to decline to authenticate and deliver any Securities of any
series under this Section&nbsp;2.4 if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors
or board of trustees, executive committee or a trust committee of directors or trustees or
Responsible Officers shall determine that such action would expose the Trustee to personal
liability to existing Holders or would adversely affect the Trustee&#146;s own rights, duties or
immunities under the Securities, this Indenture or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall establish pursuant to Section&nbsp;2.3 that the Securities of a series are to
be issued in the form of one or more Global Securities, then the Issuer shall execute and the
Trustee shall, in accordance with this Section&nbsp;2.4 and the Issuer Order with respect to such
series, authenticate and deliver one or more Global Securities that (i)&nbsp;shall represent and shall
be denominated in an amount equal to the aggregate principal amount of all of the Securities of
such series to be issued in the form of Global Securities and not yet cancelled, (ii)&nbsp;shall be
registered in the name of the Depositary for such Global Security or Securities or the nominee of
such Depositary, (iii)&nbsp;shall be delivered by the Trustee to such Depositary or pursuant to such
Depositary&#146;s instructions, and (iv)&nbsp;shall bear a legend substantially to the following effect:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED
FORM, THIS SECURITY MAY NOT BE</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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"><B>TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (THE &#147;DEPOSITARY&#148;) TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE &#038; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Depositary designated pursuant to Section&nbsp;2.3 must, at the time of its designation and at
all times while it serves as Depositary, be a clearing agency registered under the Exchange Act,
and any other applicable statute or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;13.5 concerning execution and delivery of the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5. <I>Execution of Securities.</I>
The Securities shall be signed on behalf of the Issuer by the chairman of the Board of
Directors, the president or chief executive officer, any vice president, the chief financial
officer or the treasurer of the Issuer. Such signatures may be the manual or facsimile signatures
of the present or any future such officers. Typographical and other minor errors or defects in any
such reproduction of such signature shall not affect the validity or enforceability of any Security
that has been duly authenticated and delivered by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any officer of the Issuer who shall have signed any of the Securities shall cease to
be such officer before the Security so signed shall be authenticated and delivered by the Trustee
or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual
date of the execution of such Security, shall be the proper officers of the Issuer, although at the
date of the execution and delivery of this Indenture any such person was not such an officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;13.5 concerning execution and delivery of the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6. <I>Certificate of Authentication.</I>
Only such Securities as shall bear thereon a certificate of authentication substantially in
the form hereinbefore recited, executed by the Trustee by the manual signature of one of its
authorized signatories, or its Authenticating Agent,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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">shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. The execution of such certificate by the
Trustee or its Authenticating Agent upon any Security executed by the Issuer shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and
that the Holder is entitled to the benefits of this Indenture. Each reference in this Indenture to
authentication by the Trustee includes authentication by an agent appointed pursuant to Section
6.14.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7. <I>Denomination and Date of Securities; Payments of Interest.</I>
The Securities of each series shall be issuable in registered form in denominations
established as contemplated by Section&nbsp;2.3 or, with respect to the Securities of any series, if not
so established, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner
or in accordance with such plan as the officers of the Issuer executing the same may determine with
the approval of the Trustee, as evidenced by the execution and authentication thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Security shall be dated the date of its authentication. The Securities of each series
shall bear interest, if any, from the date, and such interest, if any, shall be payable on the
dates, established as contemplated by Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Person in whose name any Security of any series is registered at the close of business on
any record date applicable to a particular series with respect to any interest payment date for
such series shall be entitled to receive the interest, if any, payable on such interest payment
date notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the
payment of the interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the Persons in whose names Outstanding Securities for such
series are registered (a)&nbsp;at the close of business on a subsequent record date (which shall be not
less than five Business Days prior to the date of payment of such defaulted interest) established
by notice given by mail by or on behalf of the Issuer to the Holders of Securities not less than 15
days preceding such subsequent record date or (b)&nbsp;as determined by such other procedure as is
mutually acceptable to the Issuer and the Trustee. The term &#147;record date&#148; as used with respect to
any interest payment date (except a date for payment of defaulted interest) for the Securities of
any series shall mean the date specified as such in the terms of the Securities of such series
established as contemplated by Section&nbsp;2.3, or, if no such date is so established, if such interest
payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar
month or, if such interest payment date is the fifteenth day of a calendar month, the first day of
such calendar month, whether or not such record date is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8. <I>Registration, Transfer and Exchange.</I>
The Issuer will keep at each office or agency to be maintained for the purpose as provided in
Section&nbsp;3.2 for each series of Securities a register or registers in which, subject to such
reasonable regulations as it may prescribe, it will provide for the registration of Securities of
each series and the registration of transfer of Securities of such series. Each such register
shall be in written form in the English language or in any other form capable of being converted
into such form within a reasonable time. At all reasonable times such register or registers shall
be open for inspection and available for copying by the Trustee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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;Upon due presentation for registration of transfer of any Security of any series at any such
office or agency to be maintained for the purpose as provided in Section&nbsp;3.2, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Security or Securities of the same series, maturity date, interest rate, if any, and original
issue date in authorized denominations for a like aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities presented for registration of transfer shall (if so required by the Issuer or
the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his
attorney duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder thereof, Securities of any series (other than a Global Security,
except as set forth below) may be exchanged for a Security or Securities of such series having
authorized denominations and an equal aggregate principal amount, upon surrender of such Securities
to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance
with Section&nbsp;3.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer or Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer of
Securities. No service charge shall be made for any such transaction or for any exchange of
Securities of any series as contemplated by the immediately preceding paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not be required to exchange or register a transfer of (a)&nbsp;any Securities of
any series for a period of 15&nbsp;days next preceding the first mailing or publication of notice of
redemption of Securities of such series to be redeemed, (b)&nbsp;any Securities selected, called or
being called for redemption, in whole or in part, except, in the case of any Security to be
redeemed in part, the portion thereof not so to be redeemed or (c)&nbsp;any Security if the Holder
thereof has exercised his right, if any, to require the Issuer to repurchase such Security in whole
or in part, except the portion of such Security not required to be repurchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Section&nbsp;2.8, unless and until it is exchanged in
whole or in part for Securities in definitive registered form, a Global Security representing all
or a part of the Securities of a series may not be transferred except as a whole by the Depositary
for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a
successor Depositary for such series or a nominee of such successor Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Depositary for any Securities of a series represented by one or more Global
Securities notifies the Issuer that it is unwilling or unable to continue as Depositary for such
Securities or if at any time the Depositary for such Securities shall no longer be eligible under
Section&nbsp;2.4, the Issuer shall appoint a successor Depositary with respect to such Securities. If a
successor Depositary for such Securities is not appointed by the Issuer within 90&nbsp;days after the
Issuer receives such notice or becomes aware of such ineligibility, the Issuer&#146;s election pursuant
to Section&nbsp;2.3 that such Securities be represented by one or more Global Securities shall no longer
be effective and the Issuer shall execute, and the Trustee, upon receipt of an Issuer Order for the
authentication and delivery of definitive Securities of such series, will authenticate and deliver
Securities of such series in definitive registered form, in any authorized
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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">denominations, in an
aggregate principal amount equal to the principal amount of the Global Security or Securities
representing such Securities in exchange for such Global Security or Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event, the Issuer shall execute, and the Trustee, upon
receipt of an Issuer Order for the authentication and delivery of definitive Securities of such
series, shall authenticate and deliver, Securities of such series in definitive registered form, in
any authorized denominations, in an aggregate principal amount equal to the principal amount of the
Global Security or Securities representing such Securities, in exchange for such Global Security or
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified by the Issuer pursuant to Section&nbsp;2.3 with respect to Securities represented by a
Global Security, the Depositary for such Global Security may surrender such Global Security in
exchange in whole or in part for Securities of the same series in definitive registered form on
such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall
execute, and the Trustee shall authenticate and deliver, without service charge,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Person specified by such Depositary, a new Security or Securities of the
same series, of any authorized denominations as requested by such Person, in an aggregate
principal amount equal to and in exchange for such Person&#146;s beneficial interest in the
Global Security; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such Depositary a new Global Security in a denomination equal to the
difference, if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities authenticated and delivered pursuant to clause (i)
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the exchange of a Global Security for Securities in definitive registered form in
authorized denominations, such Global Security shall be cancelled by the Trustee or an agent of the
Trustee. Securities in definitive registered form issued in exchange for a Global Security
pursuant to this Section&nbsp;2.8 shall be registered in such names and in such authorized denominations
as the Depositary for such Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee or an agent of the Trustee or the Issuer or
an agent of the Issuer. The Trustee or such agent shall deliver at its office such Securities to
or as directed by the Persons in whose names such Securities are so registered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any registration of transfer or exchange of Securities shall be
valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9. <I>Mutilated, Defaced, Destroyed, Lost and Stolen Securities.</I>
In case any temporary or definitive Security shall become mutilated or defaced or be
destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request
of the Issuer, the Trustee shall authenticate and deliver a new Security of the same series,
maturity date, interest
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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">rate, if any, and original issue date, bearing a number or other
distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the
mutilated or defaced Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer
and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be
required by the Trustee or the Issuer or any such agent to indemnify and defend and to save each of
the Trustee and the Issuer and any such agent harmless and, in every case of destruction, loss or
theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the
ownership thereof and in the case of mutilation or defacement, shall surrender the Security to the
Trustee or such agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any substitute Security, the Issuer may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee or its agent) connected
therewith. In case any Security which has matured or is about to mature or has been called for
redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer
may instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such
payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee
such security or indemnity as any of them may require to hold each of them harmless, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee
and any agent of the Issuer or the Trustee evidence to the Trustee&#146;s satisfaction of the
destruction, loss or theft of such Security and of the ownership thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every substitute Security of any series issued pursuant to the provisions of this Section by
virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an
additional
contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security
shall be at any time enforceable by anyone and shall be entitled to all the benefits of (but shall
be subject to all the limitations of rights set forth in) this Indenture equally and
proportionately with any and all other Securities of such series duly authenticated and delivered
hereunder. All Securities shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment
of mutilated, defaced, destroyed, lost or stolen Securities and shall preclude any and all other
rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other securities without
their surrender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <I>Cancellation of Securities; Disposition Thereof.</I>
All Securities surrendered for payment, redemption, registration of transfer or exchange, or
for credit against any payment in respect of a sinking or analogous fund, if surrendered to the
Issuer or any agent of the Issuer or the Trustee or any agent of the Trustee, shall be delivered to
the Trustee or its agent for cancellation or, if surrendered to the Trustee, shall be cancelled by
it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of all cancelled Securities in accordance
with its standard procedures and shall deliver a certificate of such disposition to the Issuer. If
the Issuer or its agent shall acquire any of the Securities, such acquisition shall not operate as
a redemption or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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">satisfaction of the indebtedness represented by such Securities unless and until
the same are delivered to the Trustee or its agent for cancellation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <I>Temporary Securities.</I>
Pending the preparation of definitive Securities for any series, the Issuer may execute and
the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver temporary Securities
for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
satisfactory to the Trustee). Temporary Securities of any series shall be issuable in any
authorized denomination, and substantially in the form of the definitive Securities of such series
but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Issuer. Temporary Securities may contain such references to any
provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by
the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with like effect, as the definitive Securities. Without unreasonable delay the
Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary
Securities of such series may be surrendered in exchange therefor without charge at each office or
agency to be maintained by the Issuer for that purpose pursuant to Section&nbsp;3.2 and the Trustee
shall authenticate and deliver in exchange for such temporary Securities of such series an equal
aggregate principal amount of definitive Securities of the same series having authorized
denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the
same benefits under this Indenture as definitive Securities of such series, unless otherwise
established pursuant to Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12. <I>CUSIP Numbers.</I>
The Issuer in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in use), and,
if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a convenience to Holders;
<I>provided </I>that any such notice may state that no representation is made
as to the correctness of such numbers either as printed on the Securities or as contained in
any notice of a redemption and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such redemption shall not be affected by any defect in or
omission of such numbers. The Issuer will promptly notify the Trustee of any change to such
&#147;CUSIP&#148; numbers.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THREE<BR>
COVENANTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <I>Payment of Principal and Interest.</I>
The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid the
principal of, premium, if any, and interest, if any, on each of the Securities at the place, at the
respective times and in the manner provided in the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <I>Offices for Notices and Payments, etc.</I>
So long as any of the Securities are Outstanding, the Issuer and Hovnanian will maintain in
each Place of Payment, an office or agency where the Securities may be presented for payment, an
office or agency where the Securities may be presented for registration of transfer and for
exchange as provided in this Indenture, and an office or agency where notices and demands to or
upon the Issuer and Hovnanian in respect of the Securities or of this Indenture may be served. In
case the Issuer
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /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">shall at any time fail to maintain any such office or agency, or shall fail to give
notice to the Trustee of any change in the location thereof, presentation may be made and notice
and demand may be served in respect of the Securities or of this Indenture to the Trustee. The
Issuer hereby initially designates the Corporate Trust Office of the Trustee for each such purpose
and appoints the Trustee as registrar and paying agent and as the agent upon whom notices and
demands may be served with respect to the Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3. <I>No Interest Extension.</I>
In order to prevent any accumulation of claims for interest after maturity thereof, the Issuer
will not directly or indirectly extend or consent to the extension of the time for the payment of
any claim for interest on any of the Securities and will not directly or indirectly be a party to
or approve any such arrangement by the purchase or funding of said claims or in any other manner;
<I>provided</I>, <I>however</I>, that this Section&nbsp;3.3 shall not apply in any case where an extension shall be
made pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4. <I>Appointments to Fill Vacancies in Trustee&#146;s Office.</I>
The Issuer, whenever necessary to avoid or fill a vacancy in the office of the Trustee, will
appoint, in the manner provided in Section&nbsp;6.10, a Trustee, so that there shall at all times be a
Trustee hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5. <I>Provision as to Paying Agent.</I>
(a)&nbsp;If the Issuer shall appoint a paying agent other than the Trustee, it will cause such
paying agent to execute and deliver to the Trustee an instrument in which such paying agent shall
agree with the Trustee, subject to the provisions of this Section&nbsp;3.5,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that it will hold all sums held by it as such paying agent for the payment of the
principal of or interest, if any, on the Securities (whether such sums have been paid to it
by the Issuer or by any other obligor on the Securities) in trust for the benefit of the
Holders of the Securities and the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that it will give the Trustee notice of any failure by the Issuer (or by any other
obligor on the Securities) to make any payment of the principal of, premium, if any, or
interest, if any, on the Securities when the same shall be due and payable; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that it will, at any time during the continuance of any such failure, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by
such paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Issuer shall act as its own paying agent, it will, on or before each due date of
the principal of, premium, if any, or interest, if any, on the Securities, set aside, segregate and
hold in trust for the benefit of the Holders of the Securities a sum sufficient to pay such
principal, premium, if any, or interest, if any, so becoming due and will notify the Trustee of any
failure to take such action and of any failure by the Issuer (or by any other obligor under the
Securities) to make any payment of the principal of, premium, if any, or interest, if any, on the
Securities when the same shall become due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, the Issuer may, at any time,
for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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">reason, pay or cause to be paid to the Trustee all sums held in trust by it, or any paying agent
hereunder, as required by this Section&nbsp;3.5, such sums to be held by the Trustee upon the trusts
herein contained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, any agreement of the Trustee
or any paying agent to hold sums in trust as provided in this Section&nbsp;3.5 is subject to Sections
10.3 and 10.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Whenever the Issuer shall have one or more paying agents, it will, on or before 9:00 A.M.
on each due date of the principal of or interest, if any, on any Securities, deposit with a paying
agent a sum sufficient to pay the principal, premium, if any, or interest, if any, so becoming due,
such sum to be held in trust for the benefit of the Persons entitled to such principal, premium, if
any, or interest, if any, and (unless such paying agent is the Trustee) the Issuer will promptly
notify the Trustee of its action or failure so to act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOUR<BR>
SECURITYHOLDERS LISTS AND REPORTS BY THE<BR>
ISSUER, HOVNANIAN AND THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1. <I>Issuer and Hovnanian to Furnish Trustee Information as to Names and Addresses
of Securityholders.</I>
The Issuer and Hovnanian and any other obligor on the Securities covenant and agree that they
will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may
reasonably require of the names and addresses of the Holders of the Securities of each series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) semiannually and not more than 15&nbsp;days after each January 1 and July&nbsp;1, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at such other times as the Trustee may request in writing, within 15&nbsp;days after
receipt by the Issuer of any such request,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that if and so long as the Trustee shall be the registrar for such series, such list shall
not be required to be furnished.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2. <I>Preservation and Disclosure of Securityholders Lists.</I>
(a)&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the Holders of each series of Securities (i)&nbsp;contained
in the most recent list furnished to it as provided in Section&nbsp;4.1, and (ii)&nbsp;received by it in the
capacity of registrar or paying agent for such series, if so acting. The Trustee may destroy any
list furnished to it as provided in Section&nbsp;4.1 upon receipt of a new list so furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The rights of Holders of each series of Securities to communicate with other Holders of
such series of Securities with respect to their rights under this Indenture or under the Securities
of such series, and the corresponding rights and privileges of the Trustee, shall be as provided by
the Trust Indenture Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Every Holder of Securities of any series, by receiving and holding the same, agrees with
the Issuer, Hovnanian and the Trustee that neither the Issuer nor Hovnanian nor the Trustee nor any
agent of any of them shall be held accountable by reason of any disclosure of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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">information as to
names and addresses of Holders of Securities of such series made pursuant to the Trust Indenture
Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3. <I>Reports by the Issuer and Hovnanian.</I>
The Issuer and Hovnanian covenant:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file with the Trustee, within 15&nbsp;days after the Issuer or Hovnanian is required, as the
case may be, to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the Issuer or Hovnanian,
as the case may be, may be required to file with the Commission pursuant to Section&nbsp;13 or Section
15(d) of the Exchange Act; or, if the Issuer or Hovnanian, as the case may be, is not required to
file information, documents or reports pursuant to either of such Exchange Act Sections, then to
file with the Trustee and the Commission, in accordance with rules and regulations prescribed from
time to time by the Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section&nbsp;13 of the Exchange Act, in respect of a debt
security listed and registered on a national securities exchange as may be prescribed from time to
time in such rules and regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and
reports with respect to compliance by the Issuer or Hovnanian, as the case may be, with the
conditions and covenants provided for in this Indenture as may be required from time to time by
such rules and regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to transmit by mail to the Holders of Securities within 30&nbsp;days after the filing thereof
with the Trustee, in the manner and to the extent provided in Section&nbsp;4.4(a), such summaries of any
information, documents and reports required to be filed by the Issuer or Hovnanian, as the case may
be, pursuant to subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;4.3 as may be required to be transmitted to
such Holders by rules and regulations prescribed from time to time by the Commission; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to furnish to the Trustee, not less than annually, an Officers&#146; Certificate from the
principal executive officer, principal financial officer or principal accounting officer as to his
knowledge of the Issuer&#146;s or Hovnanian&#146;s, as the case may be, compliance with all conditions and
covenants under this Indenture. For purposes of this subsection (d), such compliance shall be
determined without regard to any period of grace or requirement of notice provided under this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of the reports, information and documents referenced in Sections&nbsp;4.3(a), (b)&nbsp;and (c)
to the Trustee is for informational purposes only and the Trustee&#146;s receipt of them will not
constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Issuer&#146;s and/or Hovnanian&#146;s compliance with any of its
covenants in this Indenture (as to which the Trustee is entitled to rely exclusively on an
Officers&#146; Certificate).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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;SECTION 4.4. <I>Reports by the Trustee.</I>
(a)&nbsp;The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act of 1939 at the times
and in the manner provided pursuant thereto. To the extent that any such report is required by the
Trust Indenture Act of 1939 with respect to any 12&nbsp;month period, such report shall cover the 12
month period ending May&nbsp;15 and shall be transmitted by the next succeeding July&nbsp;15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A copy of each such report shall, at the time of such transmission to Securityholders, be
furnished to the Issuer and Hovnanian and be filed by the Trustee with each stock exchange upon
which the Securities of any applicable series are listed and also with the Commission. The Issuer
and Hovnanian agree to promptly notify the Trustee with respect to any series when and as the
Securities of such series become admitted to trading on any national securities exchange.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FIVE<BR>
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS<BR>
ON EVENT OF DEFAULT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1. <I>Events of Default.</I>
&#147;Event of Default&#148;, wherever used herein with respect to Securities of any series, means any
one or more of the following events (whatever the reason for such Event of Default), unless it is
either inapplicable to a particular series or it is specifically deleted or modified in or
pursuant to the Board Resolution or supplemental indenture establishing such series of
Securities or in the form of Security, for such series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the payment of the principal of or premium, if any, of the Securities of
such series as and when the same shall become due and payable either at maturity, upon
redemption, by declaration or otherwise; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the payment of any installment of interest on any of the Securities of
such series as and when the same shall become due and payable, and continuance of such
default for a period of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the payment or satisfaction of any sinking fund or other purchase
obligation with respect to Securities of such series, as and when such obligation shall
become due and payable; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) failure on the part of the Issuer or a Guarantor duly to observe or perform any
other of the covenants or agreements on the part of the Issuer in or a Guarantor of, the
Securities of such series or in this Indenture continued for a period of 90&nbsp;days after the
date on which written notice of such failure, requiring the Issuer or a Guarantor to remedy
the same, shall have been given by certified or registered mail to the Issuer or a Guarantor
by the Trustee, or to the Issuer or a Guarantor and the Trustee by the Holders of at least
25% in aggregate principal amount of the Securities of such series then Outstanding; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without the consent of the Issuer or Hovnanian, a court having jurisdiction shall
enter an order for relief with respect to the Issuer or Hovnanian or any of its Significant
Subsidiaries under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia, or without
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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; margin-left: 2%">the consent of
the Issuer or Hovnanian, a court having jurisdiction shall enter a judgment, order or decree
adjudging the Issuer or Hovnanian or any of its Significant Subsidiaries bankrupt or
insolvent, or enter an order for relief for reorganization, arrangement, adjustment or
composition of or in respect of the Issuer or Hovnanian or any of its Significant
Subsidiaries under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia, and the continuance of any
such judgment, order or decree is unstayed and in effect for a period of 60 consecutive
days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Issuer or Hovnanian or any of its Significant Subsidiaries shall institute
proceedings for entry of an order for relief with respect to the Issuer or Hovnanian or any
of its Significant Subsidiaries under any applicable bankruptcy, insolvency or other similar
law of the United States of America, any state thereof or the District of Columbia, or for
an adjudication of insolvency, or shall consent to the institution of bankruptcy or
insolvency proceedings against it, or shall file a petition seeking, or seek or consent to
reorganization, arrangement, composition or relief under any applicable bankruptcy,
insolvency or other similar law of the United States of America, any state thereof or the
District of Columbia, or shall consent to the filing of such petition or to the appointment
of a receiver, custodian, liquidator, assignee, trustee, sequestrator or similar official of
the Issuer or Hovnanian or of substantially all of its property, or the Issuer or Hovnanian
or any of its Significant Subsidiaries shall make a general assignment for the benefit of
creditors as recognized under any applicable bankruptcy, insolvency or other similar
law of the United States of America, any state thereof or the District of Columbia; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Guarantee ceases to be in full force and effect (other than in accordance with
the terms of any Guarantee) or a Guarantor denies or disaffirms its obligations under the
Guarantee; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other Event of Default provided with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any series then Outstanding occurs and is
continuing, then and in each and every such case, unless the principal of all of the Securities of
such series shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Securities of such series then Outstanding, by
notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the
principal (or, if the Securities of such series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) of all the
Securities of such series and the interest, if any, accrued thereon to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and
payable, notwithstanding anything to the contrary contained in this Indenture or in the Securities
of such series. This provision, however, is subject to the condition that, if at any time after
the unpaid principal amount (or such specified amount) of the Securities of such series shall have
been so declared due and payable and before any judgment or decree for the payment of the moneys
due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall
deposit with the Trustee a sum sufficient to pay all matured installments of interest, if any, upon
all of the Securities of such series and the principal of any and all Securities of such series
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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">which shall have become due otherwise than by acceleration (with interest on overdue installments
of interest, if any, to the extent that payment of such interest is enforceable under applicable
law and on such principal at the rate borne by the Securities of such series to the date of such
payment or deposit) and the reasonable compensation, disbursements, expenses and advances of the
Trustee and all other amounts due the Trustee under Section&nbsp;6.6, and any and all defaults under
this Indenture, other than the nonpayment of such portion of the principal amount of and accrued
interest, if any, on Securities of such series which shall have become due by acceleration, shall
have been cured or shall have been waived in accordance with Section&nbsp;5.7 or provision deemed by the
Trustee to be adequate shall have been made therefor, then and in every such case the Holders of a
majority in aggregate principal amount of the Securities of such series then Outstanding, by
written notice to the Issuer and to the Trustee, may rescind and annul such declaration and its
consequences; but no such rescission and annulment shall extend to or shall affect any subsequent
default, or shall impair any right consequent thereon. Notwithstanding the previous sentence, no
waiver shall be effective against any Holder for any Event of Default or event which with notice or
lapse of time or both would be an Event of Default with respect to any covenant or provision which
cannot be modified or amended without the consent of the Holder of each outstanding Security
affected thereby, unless all such affected Holders agree, in writing, to waive such Event of
Default or other event.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default specified in Section&nbsp;5.1(e) or 5.1(f) occurs with respect to the
Issuer, all unpaid principal amount (or, if the Securities of any series then Outstanding are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the
terms of each such series) and accrued interest on all Securities of each series then
Outstanding shall <I>ipso facto </I>become and be immediately due and payable without any declaration
or other act by the Trustee or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Issuer, the Trustee and the Securityholders shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the
Trustee and the Securityholders shall continue as though no such proceeding had been taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to an Event of Default pursuant to Section&nbsp;5.1 (a), (b)&nbsp;or (c), the
Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof
shall have been given to a Responsible Officer by the Issuer, a paying agent or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.2. <I>Payment of Securities on Default; Suit Therefor.</I>
The Issuer covenants that (a)&nbsp;if default shall be made in the payment of any installment of
interest upon any of the Securities of any series then Outstanding as and when the same shall
become due and payable, and such default shall have continued for a period of 30&nbsp;days, or (b)&nbsp;if
default shall be made in the payment of the principal of any of the Securities of such series as
and when the same shall have become due and payable, whether at maturity of the Securities of such
series or upon redemption or by declaration or otherwise, then, upon demand of the Trustee, the
Issuer will pay to the Trustee, for the benefit of the Holders of the Securities, the whole amount
that then shall have become due and payable on all such Securities of such series for principal or
interest, if
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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">any, or both, as the case may be, with interest upon the overdue principal and (to the
extent that payment of such interest is enforceable under applicable law) upon the overdue
installments of interest, if any, at the rate borne by the Securities of such series; and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including a reasonable compensation to the Trustee, its agents, attorneys and counsel,
and any expenses or liabilities incurred by the Trustee hereunder other than through its negligence
or bad faith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and
may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Issuer or any other obligor on the Securities of such series
and collect in the manner provided by law out of the property of the Issuer or any other obligor on
the Securities of such series, wherever situated, the moneys adjudged or decreed to be payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be pending proceedings for the bankruptcy or for the reorganization of the
Issuer or any other obligor on the Securities of any series then Outstanding under any bankruptcy,
insolvency or other similar law now or hereafter in effect, or if a receiver or trustee or similar
official shall have been appointed for the property of the Issuer or such other obligor, or in the
case of any other similar judicial proceedings relative to the Issuer or other obligor upon the
Securities of such series, or to the creditors or property of the Issuer or such other obligor, the
Trustee, irrespective of whether the principal of the Securities of such series shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand pursuant to the provisions of this Section&nbsp;5.2, shall be
entitled and empowered by intervention in such proceedings or otherwise to file and prove a claim
or claims for the whole amount of principal and interest, if any, owing and unpaid in respect of
the Securities of such series, and, in case of any judicial proceedings, to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee and of the Securityholders allowed in such judicial proceedings relative to the Issuer
or any other obligor on the Securities of such series, its or their creditors, or its or their
property, and to collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute the same after the deduction of its charges and expenses, and any
receiver, assignee or trustee or similar official in bankruptcy or reorganization is hereby
authorized by each of the Securityholders to make such payments to the Trustee, and, if the Trustee
shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee
any amount due it for compensation and expenses or otherwise pursuant to Section&nbsp;6.6, including
counsel fees and expenses incurred by it up to the date of such distribution. To the extent that
such payment of reasonable compensation, expenses and counsel fees and expenses out of the estate
in any such proceedings shall be denied for any reason, payment of the same shall be secured by a
lien on, and shall be paid out of, any and all distributions, dividends, moneys, securities and
other property which the Holders of the Securities of such series may be entitled to receive in
such proceedings, whether in liquidation or under any plan of reorganization or arrangement or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities, or the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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">production thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the
Securities of the series in respect of which such judgment has been recovered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.3. <I>Application of Moneys Collected by Trustee.</I>
Any moneys collected by the Trustee pursuant to Section&nbsp;5.2 with respect to Securities of any
series then Outstanding shall be applied in the order following, at the date or dates fixed by the
Trustee for the distribution of such moneys, upon presentation of the several Securities of such
series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if
fully paid:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of costs and expenses of collection and reasonable compensation
to the Trustee, its agents, attorneys and counsel, and of all other expenses and liabilities
incurred, and all advances made, by the Trustee pursuant to Section&nbsp;6.6 except as a result
of its negligence or bad faith;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: If the principal of the Outstanding Securities of such series shall not have
become due and be unpaid, to the payment of interest, if any, on the Securities of such
series, in the order of the maturity of the installments of such interest, if any, with
interest (to the extent that such interest has been collected by the Trustee) upon the
overdue installments of interest, if any, at the rate borne by the Securities of such
series, such payment to be made ratably to the Persons entitled thereto;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: If the principal of the Outstanding Securities of such series shall have become
due, by declaration or otherwise, to the payment of the whole amount then owing
and unpaid upon the Securities of such series for principal and interest, if any, with
interest on the overdue principal and (to the extent that such interest has been collected
by the Trustee) upon overdue installments of interest, if any, at the rate borne by the
Securities of such series; and in case such moneys shall be insufficient to pay in full the
whole amounts so due and unpaid upon the Securities of such series, then to the payment of
such principal and interest, if any, without preference or priority of principal over
interest or of interest over principal, or of any installment of interest over any other
installment of interest, or of any Security over any other Security, ratably to the
aggregate of such principal and accrued and unpaid interest; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: To the payment of any surplus then remaining to the Issuer, its successors or
assigns, 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;No claim for interest which in any manner at or after maturity shall have been transferred or
pledged separate or apart from the Securities to which it relates, or which in any manner shall
have been kept alive after maturity by an extension (otherwise than pursuant to an extension made
pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding), purchase, funding or otherwise by or on behalf or with the consent or approval of the
Issuer shall be entitled, in case of a default hereunder, to any benefit of this Indenture, except
after prior payment in full of the principal of all Securities of any series then Outstanding and
of all claims for interest not so transferred, pledged, kept alive, extended, purchased or funded.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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;SECTION 5.4. <I>Proceedings by Securityholders.</I>
No Holder of any Securities of any series then Outstanding shall have any right by virtue of
or by availing of any provision of this Indenture to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture or for the appointment of a
receiver or trustee or similar official, or for any other remedy hereunder, unless such Holder
previously shall have given to the Trustee written notice of default and of the continuance
thereof, as hereinbefore provided, and unless the Holders of not less than 25% in aggregate
principal amount of the Securities of such series then Outstanding shall have made written request
to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60&nbsp;days
after its receipt of such notice, request and offer of indemnity, shall have neglected or refused
to institute any such action, suit or proceeding, it being understood and intended, and being
expressly covenanted by the Holder of every Security of such series with every other Holder and the
Trustee, that no one or more Holders of Securities of such series shall have any right in any
manner whatever by virtue of or by availing of any provision of this Indenture or of the Securities
to affect, disturb or prejudice the rights of any other Holder of such Securities of such series,
or to obtain or seek to obtain priority over or preference as to any other such Holder, or to
enforce any right under this Indenture or the Securities, except in the manner herein provided and
for the equal, ratable and common benefit of all Holders of Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions in this Indenture, however, the right of any Holder of
any Security to receive payment of the principal of, premium, if any, and interest, if any, on such
Security, on or after the respective due dates expressed in such Security, or to institute suit for
the enforcement of any such payment on or after such respective dates shall not be impaired or
affected without the consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.5. <I>Proceedings by Trustee.</I>
In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in
equity or by action at law or by proceedings in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of
any power granted in this Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.6. <I>Remedies Cumulative and Continuing.</I>
All powers and remedies given by this Article&nbsp;Five to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of
any other powers and remedies available to the Trustee or the Securityholders, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture, and no delay or omission of the Trustee or of any Securityholder to
exercise any right or power accruing upon any default occurring and continuing as aforesaid shall
impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section&nbsp;5.4, every power and remedy given
by this Article&nbsp;Five or by law to the Trustee or to the Securityholders may be exercised from time
to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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;SECTION 5.7. <I>Direction of Proceedings; Waiver of Defaults by Majority of Securityholders.</I>
The Holders of a majority in aggregate principal amount of the Securities of any series then
Outstanding shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee
with respect to Securities of such series; <I>provided</I>, <I>however</I>, that (subject to the provisions of
Section&nbsp;6.1) the Trustee shall have the right to decline to follow any such direction if the
Trustee shall determine upon advice of counsel that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith by its board of directors, its executive
committee, or a trust committee of directors or Responsible Officers or both shall determine that
the action or proceeding so directed would involve the Trustee in personal liability. The Holders
of a majority in aggregate principal amount of the Securities of any series then Outstanding may on
behalf of the Holders of all of the Securities of such series waive any past default or Event of
Default hereunder and its consequences except a default in the payment of interest, if any, on, or
the principal of, the Securities of such series. Upon any such waiver the Issuer, the Trustee and
the Holders of the Securities of such series shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon. Whenever any default or Event of Default
hereunder shall have been waived as permitted by this Section&nbsp;5.7, said default or Event of Default
shall for all purposes of the Securities and this Indenture be deemed to have been cured and to be
not continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.8. <I>Notice of Defaults.</I>
The Trustee shall, within 90&nbsp;days after the occurrence of a default, with respect to
Securities of any series then Outstanding, mail to all Holders of Securities of such series, as the
names and the addresses of such Holders appear upon the Securities register, notice of all defaults
known to the Trustee with respect to such series, unless such defaults shall have been cured before
the giving of such notice (the term &#147;defaults&#148; for the purpose of this Section&nbsp;5.8 being hereby
defined to be the events specified in clauses (a), (b), (c), (d), (e), (f), (g)&nbsp;and (h)&nbsp;of Section
5.1, not including periods of grace, if any, provided for therein and irrespective of the giving of
the written notice specified in said clause (d)&nbsp;but in the case of any default of the character
specified in said clause (d)&nbsp;no such notice to Securityholders shall be given until at least 60
days after the giving of written notice thereof to the Issuer pursuant to said clause (d));
<I>provided</I>, <I>however</I>, that, except in the case of default in the payment of the principal of or
interest, if any, on any of the Securities, or in the payment or satisfaction of any sinking fund
or other purchase obligation, the Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee, or a trust committee of directors or
Responsible Officers or both of the Trustee in good faith determines that the withholding of such
notice is in the best interests of the Securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.9. <I>Undertaking to Pay Costs.</I>
All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the cost of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys&#146; fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section&nbsp;5.9 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Securityholder, or group
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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">of Securityholders, holding in
the aggregate more than 10% in principal amount of the Securities of any series then Outstanding,
or to any suit instituted by any Securityholders for the enforcement of the payment of the
principal of or interest, if any, on any Security against the Issuer on or after the due date
expressed in such Security.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SIX<BR>
CONCERNING THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1. <I>Duties and Responsibilities of the Trustee; During Default; Prior to Default.</I>
In case an Event of Default with respect to the Securities of a series has occurred (which has
not been cured or waived) the Trustee shall exercise with respect to such series of Securities such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except
that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of an Event of Default with respect to the Securities of
any series and after the curing or waiving of all such Events of Default with respect to
such series which may have occurred:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties and obligations of the Trustee with respect to the Securities of
any series shall be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case
of any such statements, certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a
duty to examine the same to determine whether or not they conform to the
requirements of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders pursuant to
Section&nbsp;5.7 relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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;None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for
believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2. <I>Certain Rights of the Trustee.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.1:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, Officers&#146; Certificate or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officers&#146; Certificate or Issuer Order (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a Board Resolution;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Trustee may consult with counsel of its selection and any advice of such counsel
promptly confirmed in writing shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance
thereon in accordance with such advice or Opinion of Counsel;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders pursuant to
the provisions of this Indenture (including, without limitation, pursuant to Section&nbsp;5.7), unless
such Securityholders shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which might be incurred therein or thereby;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Trustee shall not be liable for any action taken or omitted by it in good faith and
believed by it to be authorized or within the discretion, rights or powers conferred upon it by
this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;prior to the occurrence of an Event of Default hereunder and after the curing or waiving
of all Events of Default, the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other
paper or document unless requested in writing so to do by the Holders of not less than a majority
in aggregate principal amount of the Securities of all series affected then Outstanding; <I>provided</I>
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a
condition to proceeding; the reasonable expenses of every such investigation shall be paid by the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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">Issuer or, if paid by the Trustee or any predecessor Trustee, shall be repaid by the Issuer upon
demand;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys not regularly in its employ and the
Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or
attorney appointed with due care by it hereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Trustee shall not be charged with knowledge of any default or Event of Default with
respect to a series of Securities unless either (i)&nbsp;a Responsible Officer of the Trustee assigned
to the Corporate Trust Office of the Trustee (or any successor division or department of the
Trustee) shall have actual knowledge of such default or Event of Default or (ii)&nbsp;written notice of
such default or Event of Default shall have been given to the Trustee by the Issuer or any other
obligor on such series of Securities or by any Holder of Securities of such series;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Trustee shall not be liable for any action taken, suffered or omitted by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;the permissive rights of the Trustee hereunder shall not be construed as duties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;in no event shall the Trustee be liable for any consequential, special, punitive or
indirect loss or damages, even if advised of the likelihood thereof in advance and regardless of
the form of action;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;the Trustee may request that Hovnanian (on behalf of itself and the Issuer) deliver an
Officers&#146; Certificate setting forth the name of the individuals and/or titles of Officers
authorized at such time to take specific actions pursuant to this Indenture, which Officers&#146;
Certificate may be signed by any person authorized to sign an Officers&#146; Certificate, including any
person specified as so authorized in any such Officers&#146; Certificate previously delivered and not
superseded; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;the Trustee shall not be responsible for delays or failures in performance of its
obligations hereunder resulting from acts beyond its reasonable control. Such acts shall include
but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental
regulations superimposed after the fact, fire, communication line failures, computer viruses, power
failures, earthquakes, terrorist attacks or other disasters, it being understood that the Trustee
shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3. <I>Trustee Not Responsible for Recitals, Disposition of Securities or Application
of Proceeds Thereof.</I>
The recitals contained herein and in the Securities, except the Trustee&#146;s certificates of
authentication, shall be taken as the statements of the Issuer, and the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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">Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representation as to the validity or sufficiency of this Indenture, of the Securities or of any
prospectus used to sell the Securities. The Trustee shall not be accountable for the use or
application by the Issuer of any of the Securities or of the proceeds thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4. <I>Trustee and Agents May Hold Securities; Collections, etc.</I>
The Trustee or any agent of the Issuer or the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities with the same rights it would have if it
were not the Trustee or such agent and, subject to Sections&nbsp;6.8 and 6.13, may otherwise deal with
the Issuer and receive, collect, hold and retain collections from the Issuer with the same rights
it would have if it were not the Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.5. <I>Moneys Held by Trustee.</I>
Subject to the provisions of Section&nbsp;10.4 hereof, all moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent required by mandatory
provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under
any liability for interest on any moneys received by it hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.6. <I>Compensation and Indemnification of Trustee and Its Prior Claim.</I>
The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall
be entitled to, such compensation as shall be agreed to in writing between the Issuer and the
Trustee (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee
and each predecessor Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by or on behalf of it in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses and disbursements of its counsel
and of all agents and other persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its negligence or bad faith. The Issuer also covenants
to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any and
all loss, liability, damage, claim or expense, including taxes (other than taxes based on the
income of the Trustee), incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of this Indenture or the trusts hereunder and its
duties hereunder, including the costs and expenses of defending itself against or investigating any
claim or liability in the premises. The obligations of the Issuer under this Section&nbsp;6.6 to
compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the
Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder and shall survive the satisfaction and discharge of this
Indenture or the resignation or removal of the Trustee. Such additional indebtedness shall be a
senior claim to that of the Securities upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the benefit of the Holders of particular Securities. When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section&nbsp;5.1 or in connection with Article&nbsp;Five hereof, the expenses (including the reasonable fees
and expenses of its counsel) and the compensation for the service in connection therewith are
intended to constitute expenses of administration under any bankruptcy law. The provisions of this
Section&nbsp;6.6 shall survive the resignation or removal of the Trustee and the termination of this
Indenture.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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;SECTION 6.7. <I>Right of Trustee to Rely on Officers&#146; Certificate, etc.</I>
Subject to Sections&nbsp;6.1 and 6.2, whenever in the administration of the trusts of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established
prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad
faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officers&#146; Certificate delivered to the Trustee, and such certificate, in the absence of negligence
or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken,
suffered or omitted by it under the provisions of this Indenture upon the faith thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.8. <I>Qualification of Trustee; Conflicting Interests.</I>
This Indenture shall always have a Trustee who satisfies the requirements of Section&nbsp;310(a)(1)
of the Trust Indenture Act of 1939. The Trustee shall have a combined capital and surplus of at
least $25,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with Section 310(b) of the Trust Indenture Act of 1939 regarding
disqualification of a trustee upon acquiring a conflicting interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.9. <I>Persons Eligible for Appointment as Trustee; Different Trustees for Different
Series.</I>
The Trustee for each series of Securities hereunder shall at all times be a corporation
organized and doing business under the laws of the United States of America or of any state thereof
or the District of Columbia having a combined capital and surplus of at least $25,000,000, and
which is authorized under such laws to exercise corporate trust powers and is subject to
supervision or examination by federal, state or District of Columbia authority, or a corporation or
other Person permitted to act as trustee by the Commission. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section&nbsp;6.9, the combined capital and surplus
of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. No obligor upon the Securities or any Affiliate of such
obligor shall serve as trustee upon the Securities. In case at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section&nbsp;6.9, the Trustee shall resign
immediately in the manner and with the effect specified in Section&nbsp;6.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A different Trustee may be appointed by the Issuer for each series of Securities prior to the
issuance of such Securities. If the initial Trustee for any series of Securities is to be a
trustee other than Wilmington Trust Company, the Issuer and such Trustee shall, prior to the
issuance of such Securities, execute and deliver an indenture supplemental hereto, which shall
provide for the appointment of such Trustee as Trustee for the Securities of such series and shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <I>Resignation and Removal; Appointment of Successor Trustee.</I>
(a)&nbsp;The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with
respect to one or more or all series of Securities by giving written notice of resignation to the
Issuer. Upon
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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">receiving such notice of resignation, the Issuer shall promptly appoint a successor
trustee or trustees with respect to the applicable series by written instrument in duplicate,
executed by authority of the Board of Directors, one copy of which instrument shall be delivered to
the resigning trustee and one copy to the successor trustee or trustees. If no successor trustee
shall have been so appointed with respect to any series of Securities and have accepted appointment
within 30&nbsp;days after the mailing of such notice of resignation, the resigning trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee, or any
Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series
for at least six months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all
others similarly situated, petition any such court for the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case at any time any of the following shall occur:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall fail to comply with the provisions of Section&nbsp;6.8 with respect to
any series of Securities after written request therefor by the Issuer or by any
Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section&nbsp;6.9 and shall fail to resign after written request therefor by the Issuer or by any
such Securityholder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the
Trustee or of its property shall be appointed, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of
Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Article
Five, any Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months may on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee with respect to such series. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Holders of a majority in aggregate principal amount of the Securities of each series
then Outstanding may at any time remove the Trustee with respect to Securities of such series and
appoint a successor trustee with respect to the Securities of such series by delivering to the
Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence
provided for in Section&nbsp;7.1 of the action in that regard taken by the Securityholders. If no
successor trustee shall have been so appointed with respect to any series and have accepted
appointment within 30&nbsp;days after the delivery of such evidence of removal, the Trustee may
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /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">petition
any court of competent jurisdiction for the appointment of a successor trustee, or any
Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of the applicable series
for at least six months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all
others similarly situated, petition any such court for the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any resignation or removal of the Trustee with respect to any series of Securities and any
appointment of a successor trustee with respect to such series pursuant to any of the provisions of
this Section&nbsp;6.10 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section&nbsp;6.11.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11. <I>Acceptance of Appointment by Successor Trustee.</I>
Any successor trustee appointed as provided in Section&nbsp;6.10 shall execute and deliver to the
Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee with respect to all or any
applicable series shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all rights, powers, duties and obligations with respect to
such series of its predecessor hereunder, with like effect as if originally named as trustee for
such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor
trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to
Section&nbsp;10.4, pay over to the successor trustee all moneys at the time held by it hereunder and
shall execute and deliver an instrument transferring to such successor trustee all such rights,
powers, duties and obligations. Upon request of any such successor trustee, the Issuer shall
execute any and all instruments in writing for more fully and certainly vesting in and confirming
to such successor trustee all such rights and powers. Any trustee ceasing to act shall,
nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to
secure any amounts then due it pursuant to the provisions of Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor trustee is appointed with respect to the Securities of one or more (but not
all) series, the Issuer, the predecessor Trustee and each successor trustee with respect to the
Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of
any series as to which the predecessor Trustee is not retiring shall continue to be vested in the
predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust
or trusts under separate indentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor trustee with respect to any series of Securities shall accept appointment as
provided in this Section&nbsp;6.11 unless at the time of such acceptance such successor trustee shall be
qualified under the provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon acceptance of appointment by any successor trustee as provided in this Section&nbsp;6.11, the
Issuer shall give notice thereof to the Holders of Securities of each series affected, by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /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">mailing
such notice to such Holders at their addresses as they shall appear on the Securities register. If
the Issuer fails to give such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be given at the expense of the
Issuer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.12. <I>Merger, Conversion, Consolidation or Succession to Business of Trustee.</I>
Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee (including the trust created by this Indenture), shall be
the successor of the Trustee hereunder, <I>provided </I>that such corporation shall be qualified under the
provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture and any of the Securities of any series shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor
Trustee and deliver such Securities so authenticated; and, in case at that time any of the
Securities of any series shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor Trustee; and in all such cases such certificate of authentication shall have the full
force as if such successor Trustee had itself authenticated such Securities; <I>provided</I>, that the
right to adopt the certificate of authentication of any predecessor Trustee or to authenticate
Securities of any series in the name of any predecessor Trustee shall apply only to its successor
or successors by merger, conversion or consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.13. <I>Preferential Collection of Claims Against the Issuer.</I>
The Trustee shall comply with Section 311(a) of the Trust Indenture Act of 1939, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture Act of 1939. A Trustee who
has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act of 1939
to the extent indicated therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.14. <I>Appointment of Authenticating Agent.</I>
As long as any Securities of a series remain Outstanding, the Trustee may, by an instrument in
writing, appoint with the approval of the Issuer an authenticating agent (the &#147;Authenticating
Agent&#148;) which shall be authorized to act on behalf of the Trustee to authenticate Securities,
including Securities issued upon exchange, registration of transfer, partial redemption or pursuant
to Section&nbsp;2.9. Securities of each such series authenticated by such Authenticating Agent shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee. Whenever reference is made in this Indenture to the authentication
and delivery of Securities of any series by the Trustee or to the Trustee&#146;s
Certificate of Authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent for such series and a Certificate of
Authentication executed on behalf of the Trustee by such Authenticating Agent. Such Authenticating
Agent shall at all times be a corporation organized and doing business under the laws of the United
States of America or of any state thereof or the District of Columbia, authorized under such laws
to exercise corporate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /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">trust powers, having a combined capital and surplus of at least $25,000,000
(determined as provided in Section&nbsp;6.9 with respect to the Trustee) and subject to supervision or
examination by federal or state authority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which any Authenticating Agent may be merged or converted, or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency business (including the authenticating agency contemplated by this Indenture) of any
Authenticating Agent, shall continue to be the Authenticating Agent with respect to all series of
Securities for which it served as Authenticating Agent without the execution or filing of any paper
or any further act on the part of the Trustee or such Authenticating Agent. Any Authenticating
Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice
of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receiving such a notice of resignation or upon such a termination, or in case at any time
any Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section&nbsp;6.14 with respect to one or more series of Securities, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Issuer and the Issuer shall provide notice of
such appointment to all Holders of Securities of such series in the manner and to the extent
provided in Section&nbsp;11.4. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Authenticating Agent. The Issuer
agrees to pay to the Authenticating Agent for such series from time to time reasonable
compensation. The Authenticating Agent for the Securities of any series shall have no
responsibility or liability for any action taken by it as such at the direction of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;6.2, 6.3, 6.4 and 7.3 shall be applicable to any Authenticating Agent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SEVEN<BR>
CONCERNING THE SECURITYHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1. <I>Evidence of Action Taken by Securityholders.</I>
Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by a specified percentage in principal amount of
the Securityholders of any or all series may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such specified percentage of Securityholders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Sections&nbsp;6.1 and
6.2) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this
Article&nbsp;Seven.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2. <I>Proof of Execution of Instruments and of Holding of Securities.</I>
Subject to Sections&nbsp;6.1 and 6.2, the execution of any instrument by a Securityholder or his
agent or proxy may be proved in the following manner:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The fact and date of the execution by any Holder of any instrument may be proved by
the certificate of any notary public or other officer of any jurisdiction authorized to take
acknowledgments of deeds or administer oaths that the person executing such instruments
acknowledged to him the execution thereof, or by an affidavit of a witness to such execution
sworn to before any such notary or other such officer. Where such execution is by or on
behalf of any legal entity other than an individual, such certificate or affidavit shall
also constitute sufficient proof of the authority of the person executing the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The ownership of Securities shall be proved by the Security register or by a
certificate of the Security registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3. <I>Holders to be Treated as Owners.</I>
The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the
Person in whose name any Security shall be registered upon the Security register for such series as
the absolute owner of such Security (whether or not such Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions of this Indenture,
interest, if any, on such Security and for all other purposes; and neither the Issuer nor the
Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4. <I>Securities Owned by Issuer Deemed Not Outstanding.</I>
In determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have concurred in any direction, consent or waiver under this
Indenture, Securities which are owned by the Issuer or any other obligor on the Securities with
respect to which such determination is being made or by any Affiliate of the Issuer or any other
obligor on the Securities with respect to which such determination is being made shall be
disregarded and deemed not to be Outstanding for the purpose of any such determination, except that
for the purpose of determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver only Securities which a Responsible Officer of the Trustee knows are
so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s
right so to act with respect to such Securities and that the pledgee is not the Issuer or any other
obligor upon the Securities or any Affiliate of the Issuer or any other obligor on the Securities.
In case of a dispute as to such right, the advice of counsel shall be full protection in respect of
any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the
Issuer shall furnish to the Trustee promptly an Officers&#146; Certificate listing and identifying all
Securities, if any, known by the Issuer to be owned or held
by or for the account of any of the above-described Persons; and, subject to Sections&nbsp;6.1 and
6.2, the Trustee shall be entitled to accept such Officers&#146; Certificate as conclusive evidence of
the facts therein set forth and of the fact that all Securities not listed therein are Outstanding
for the purpose of any such determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5. <I>Right of Revocation of Action Taken.</I>
At any time prior to (but not after) the evidencing to the Trustee, as provided in Section
7.1, of the taking of any action by the Holders of the percentage in aggregate principal amount of
the Securities of any or all series, as the case may be, specified in this Indenture in connection
with such action, any Holder of a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /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">Security the serial number of which is shown by the evidence to
be included among the serial numbers of the Securities the Holders of which have consented to such
action may, by filing written notice at the Corporate Trust Office and upon proof of holding as
provided in this Article&nbsp;Seven, revoke such action so far as concerns such Security <I>provided </I>that
such revocation shall not become effective until three Business Days after such filing. Except as
aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon
such Holder and upon all future Holders and owners of such Security and of any Securities issued in
exchange or substitution therefor or on registration of transfer thereof, irrespective of whether
or not any notation in regard thereto is made upon any such Security. Any action taken by the
Holders of the percentage in aggregate principal amount of the Securities of any or all series, as
the case may be, specified in this Indenture in connection with such action shall be conclusively
binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6. <I>Record Date for Consents and Waivers.</I>
The Issuer may, but shall not be obligated to, establish a record date for the purpose of
determining the Persons entitled to (i)&nbsp;waive any past default with respect to the Securities of
such series in accordance with Section&nbsp;5.7 of the Indenture, (ii)&nbsp;consent to any supplemental
indenture in accordance with Section&nbsp;8.2 of the Indenture or (iii)&nbsp;waive compliance with any term,
condition or provision of any covenant hereunder. If a record date is fixed, the Holders on such
record date, or their duly designated proxies, and any such Persons, shall be entitled to waive any
such past default, consent to any such supplemental indenture or waive compliance with any such
term, condition or provision, whether or not such Holder remains a Holder after such record date;
<I>provided</I>, <I>however</I>, that unless such waiver or consent is obtained from the Holders, or duly
designated proxies, of the requisite principal amount of Outstanding Securities of such series
prior to the date which is the 120th day after such record date, any such waiver or consent
previously given shall automatically and, without further action by any Holder be cancelled and of
no further effect.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE EIGHT<BR>
SUPPLEMENTAL INDENTURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1. <I>Supplemental Indentures Without Consent of Securityholders.</I>
The Issuer, when authorized by a Board Resolution (which resolution may provide general terms
or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order), and the
Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act of 1939 as in
force at the date of the execution thereof) for one or more of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to evidence the succession of another Person to the Issuer or Hovnanian or
successive successions, and the assumption by the successor Person of the covenants,
agreements and obligations of the Issuer or Hovnanian herein and in the Securities or the
Guarantees or to otherwise evidence compliance with Article&nbsp;Nine hereof;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to add to the covenants of the Issuer or Hovnanian such further covenants,
restrictions, conditions or provisions for the protection of the Holders of all or any
series of Securities (and if such covenants, restrictions, conditions or provisions are to
be for the protection of less than all series of Securities, stating that the same are
expressly being included solely for the protection of such series), or to surrender any
right or power herein conferred upon the Issuer or Hovnanian, and to make the occurrence, or
the occurrence and continuance, of a default in any such additional covenants, restrictions,
conditions or provisions an Event of Default permitting the enforcement of all or any of the
several remedies provided in this Indenture as herein set forth; <I>provided</I>, <I>however, </I>that in
respect of any such additional covenant, restriction, condition or provision such
supplemental indenture may provide for a particular period of grace after default (which
period may be shorter or longer than that allowed in the case of other defaults) or may
provide for an immediate enforcement upon such an Event of Default or may limit the remedies
available to the Trustee upon such an Event of Default or may limit the right of the Holders
of a majority in aggregate principal amount of the Securities of such series to waive such
an Event of Default;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to cure any ambiguity or to correct or supplement any provision contained herein or
in any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to establish the form or terms of Securities or the Guarantees to be endorsed
thereon of any series as permitted by Sections&nbsp;2.1 and 2.3, to provide for any Guarantees of
the Securities of any series and to confirm and evidence the termination or discharge of any
Guarantee of or mortgage, lien, pledge, charge, security interest or encumbrance securing
the Securities of a series when such release, termination or discharge is permitted by the
Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to provide for the issuance of uncertificated Securities of any series (including
Securities registrable as to principal only) in addition to or in place of certificated
Securities and to provide for exchangeability of such Securities for the Securities issued
hereunder in fully registered form and to make all appropriate changes for such purpose;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust Indenture
Act of 1939, or under any similar federal statute hereafter enacted, and to add to this
Indenture such other provisions as may be expressly permitted by the Trust Indenture
Act of 1939, <I>excluding, however, </I>the provisions referred to in Section&nbsp;316(a)(2) of the
Trust Indenture Act of 1939 as in effect at the date as of which this instrument was
executed or any corresponding provision provided for in any similar federal statute
hereafter enacted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to evidence and provide for the acceptance of appointment hereunder of a Trustee
other than Wilmington Trust Company as Trustee for a series of Securities and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section&nbsp;6.9 hereof;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section&nbsp;8.2 hereof, to add to or modify the provisions hereof as may be
necessary or desirable to provide for the denomination of Securities in foreign currencies
which shall not adversely affect the interests of the Holders of the Securities in any
material respect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to modify the covenants or Events of Default of the Issuer solely in respect of, or
add new covenants or Events of Default of the Issuer that apply solely to, Securities not
Outstanding on the date of such supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to evidence and provide for the acceptance of appointment hereunder by a successor
trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Section&nbsp;6.11;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to conform the text of this Indenture, the Securities of any series or the
Guarantees to any provision of the &#147;Description of Debt Securities&#148; section of any
prospectus or the comparable section in any applicable prospectus supplement that is used to
sell the Securities of such series to the extent that such provision was intended to be a
verbatim recitation of a provision of this Indenture, the Securities of such series sold
thereby or the Guarantees thereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to make any other change that does not adversely affect the legal rights of any
Holder of Securities of the series affected by such change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee is hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which affects the Trustee&#146;s own rights, duties or immunities under this Indenture or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities then Outstanding, notwithstanding any
of the provisions of Section&nbsp;8.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2. <I>Supplemental Indentures with Consent of Securityholders.</I>
With the consent (evidenced as provided in Article&nbsp;Seven and including written consents
obtained in connection with a tender offer or exchange offer) of the Holders of not less than a
majority in aggregate principal amount of the Securities then Outstanding of any series affected
thereby, the Issuer, when authorized by a Board Resolution (which resolution may provide general
terms or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order), and the Trustee may, from time to
time and at any time, enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act of 1939 as in force at the date of execution
thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of modifying in any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /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">manner
the rights of the Holders of the Securities of such series or waiving future compliance with any
provision of the Indenture or the Securities (other than a continuing default or Event of Default
in the payment of principal of or interest on Securities, which shall require the consent of the
Holders of each Security so affected); <I>provided</I>, that no such supplemental indenture or waiver
shall (a)&nbsp;change the stated final maturity of the principal of any Security, or reduce the
principal amount thereof, or reduce the rate or extend the time of payment of interest (including
default interest), if any, thereon (or, in the case of an Original Issue Discount Security, reduce
the rate of accretion of original issue discount thereon), or reduce or alter the method of
computation of any amount payable on redemption, repayment or purchase by the Issuer thereof (or
the time at which any such redemption, repayment or purchase may be made), or make the principal
thereof (including any amount in respect of original issue discount), or interest, if any, thereon
payable in any coin or currency other than that provided in the Securities or in accordance with
the terms of the Securities, or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the maturity thereof pursuant to
Section&nbsp;5.1 or the amount thereof provable in bankruptcy pursuant to Section&nbsp;5.2, make any change
to Sections&nbsp;5.4 or 5.7, or impair or affect the right of any Securityholder to institute suit for
the payment thereof or, if the Securities provide therefor, any right of repayment or purchase at
the option of the Securityholder, in each case without the consent of the Holder of each Security
so affected or modify the ranking or priority of the Securities or the Guarantees issued hereunder,
or (b)&nbsp;reduce the aforesaid percentage of Securities of any series, the consent of the Holders of
which is required for any such supplemental indenture, without the consent of the Holders of each
Security so affected. No consent of any Holder of any Security shall be necessary under this
Section&nbsp;8.2 to permit the Trustee and the Issuer to execute supplemental indentures pursuant to
Sections&nbsp;8.1 and 9.2.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture which changes or eliminates any covenant, Event of Default or other
provision of this Indenture which has expressly been included solely for the benefit of one or more
particular series of Securities, or which modifies the rights of Holders of Securities of such
series, with respect to such covenant or provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors (which resolution may provide general terms or parameters for such action and may provide
that the specific terms of such action may be determined in accordance with or pursuant to an
Issuer Order) certified by the secretary or an assistant secretary of the Issuer authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of the Holders of the Securities as aforesaid and other documents, if any, required by
Section&nbsp;7.1, the Trustee shall join with the Issuer in the execution of such supplemental
indenture unless such supplemental indenture affects the Trustee&#146;s own rights, duties or
immunities under this Indenture or otherwise, in which case the Trustee may at its discretion, but
shall not be obligated to, enter into such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Securityholders under this Section&nbsp;8.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /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;Promptly after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section&nbsp;8.2, the Issuer (or the Trustee at the request and
expense of the Issuer) shall give notice thereof to the Holders of then Outstanding Securities of
each series affected thereby, as provided in Section&nbsp;11.4. Any failure of the Issuer to give such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.3. <I>Effect of Supplemental Indenture.</I>
Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Issuer, Hovnanian, the Guarantors and the Holders of Securities of each series
affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and shall be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4. <I>Documents to Be Given to Trustee.</I>
The Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, shall be entitled to receive
an Officers&#146; Certificate and an Opinion of Counsel as provided in Section&nbsp;11.5 as conclusive
evidence that any supplemental indenture executed pursuant to this Article&nbsp;Eight complies with the
applicable provisions of this Indenture and that all conditions precedent to the execution and
delivery of such supplemental indenture have been satisfied. An Opinion of Counsel pursuant to
this Section&nbsp;8.4 shall also include (a)&nbsp;an opinion that any such supplemental indenture has been
duly authorized, executed and delivered and constitutes the valid and legally binding obligation of
the Issuer and the Guarantors party thereto, if any, enforceable in accordance with its terms and
(b)&nbsp;in the case of 8.1(m) an opinion that such supplemental indenture does not adversely affect the
legal rights of any Holder of Securities of the series affected by such change. In rendering such
opinion, such counsel may qualify any opinions as to enforceability by stating that such
enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
liquidation, moratorium and other similar laws relating to or affecting the rights and remedies of
creditors and is subject to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.5. <I>Notation on Securities in Respect of Supplemental Indentures.</I>
Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article&nbsp;Eight may bear a notation in
form approved by the Trustee for such series as to any matter provided for by such
supplemental indenture or as to any action taken by Securityholders. If the Issuer or the Trustee
shall so determine, new Securities of any series so modified as to conform, in the opinion of the
Trustee and the Issuer, to any modification of this Indenture contained in any such supplemental
indenture may be prepared and executed by the Issuer, and such Securities may be authenticated by
the Trustee and delivered in exchange for the Securities of such series then Outstanding.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /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">ARTICLE NINE<BR>
CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER<BR>
DISPOSITION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1. <I>Consolidation Permitted, etc., on Certain Terms.</I>
Subject to the provisions of Section&nbsp;9.2, nothing contained in this Indenture or in any of the
Securities shall prevent any consolidation or merger of the Issuer or Hovnanian with or into any
other Person or Persons (whether or not affiliated with the Issuer), or successive consolidations
or mergers in which the Issuer or Hovnanian or their successor or successors shall be a party or
parties, or shall prevent any sale, lease, exchange or other disposition of all or substantially
all the property and assets of the Issuer or Hovnanian to any other Person (whether or not
affiliated with the Issuer or Hovnanian) authorized to acquire and operate the same; <I>provided</I>,
<I>however</I>, and the Issuer and Hovnanian hereby covenant and agree, that any such consolidation,
merger, sale, lease, exchange or other disposition shall be upon the conditions that (a)
immediately after giving effect to such consolidation, merger, sale, lease, exchange or other
disposition of the Person (whether the Issuer or Hovnanian or such other Person) formed by or
surviving any such consolidation or merger, or to which such sale, lease, exchange or other
disposition shall have been made, no Event of Default, and no event which after notice or lapse of
time or both, would become an Event of Default, shall have occurred and be continuing; (b)&nbsp;the
Person (if other than the Issuer or Hovnanian) formed by or surviving any such consolidation or
merger, or to which such sale, lease, exchange or other disposition shall have been made, shall be
a corporation or partnership organized under the laws of the United States of America, any state
thereof or the District of Columbia; and (c)&nbsp;the due and punctual payment of the principal of,
premium, if any, and interest, if any, on all the Securities, according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions of this Indenture to
be performed by the Issuer or Hovnanian, shall be expressly assumed, by supplemental indenture
satisfactory in form to the Trustee executed and delivered to the Trustee, by the Person (if other
than the Issuer or Hovnanian) formed by such consolidation, or into which the Issuer or Hovnanian
shall have been merged, or by the Person which shall have acquired or leased such property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.2. <I>Successor Corporation to be Substituted.</I>
In case of any such consolidation or merger or any sale, conveyance or lease of all or
substantially all of the property of the Issuer or Hovnanian and upon the assumption by the
successor Person, by supplemental indenture executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the due and punctual payment of the principal of, premium, if any, and
interest, if any, on all of the Securities and the due and punctual performance of all of the
covenants and conditions of this Indenture to be performed by the Issuer or Hovnanian, such
successor Person shall succeed to and be substituted for the Issuer or Hovnanian, with the same
effect as if it had been named herein as the party of the first part, and the Issuer or
Hovnanian (including any intervening successor to the Issuer or Hovnanian which shall have become
the obligor hereunder) shall be relieved of any further obligation under this Indenture and the
Securities; <I>provided</I>, <I>however</I>, that in the case of a sale, lease, exchange or other disposition of
the property and assets of the Issuer or Hovnanian (including any such intervening successor), the
Issuer or Hovnanian (including any such intervening successor) shall continue to be liable on its
obligations under this Indenture
and the Securities to the extent, but only to the extent, of
liability to pay the principal of, premium, if any, and interest, if any, on the Securities at the
time, places and rate prescribed in this Indenture
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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">and the Securities. Such successor Person
thereupon may cause to be signed, and may issue either in its own name or in the name of the Issuer
or Hovnanian, any or all of the Securities issuable hereunder which theretofore shall not have been
signed by the Issuer or Hovnanian and delivered to the Trustee; and, upon the order of such
successor Person instead of the Issuer or Hovnanian and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities which previously shall have been signed and delivered by the officers of the Issuer or
Hovnanian to the Trustee for authentication, and any Securities which such successor Person
thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the
Securities so issued shall in all respects have the same legal rank and benefit under this
Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this
Indenture as though all of such Securities had been issued at the date of the execution hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any such consolidation or merger or any sale, lease, exchange or other disposition
of all or substantially all of the property and assets of the Issuer or Hovnanian, such changes in
phraseology and form (but not in substance) may be made in the Securities, thereafter to be issued,
as may be appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.3. <I>Opinion of Counsel to be Given Trustee.</I>
The Trustee, subject to Sections&nbsp;6.1 and 6.2, shall receive an Officers&#146; Certificate and
Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, lease,
exchange or other disposition and any such assumption complies with the provisions of this Article
Nine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TEN<BR>
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.1. <I>Applicability of Article.</I>
Unless specified otherwise pursuant to Section&nbsp;2.3 for Securities of a series, this Article
shall apply to each series of Securities issued under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.2. <I>Legal Defeasance and Discharge.</I>
The Issuer shall, subject to the satisfaction of the conditions set forth in Section&nbsp;10.4
hereof, be deemed to have been discharged from its obligations with respect to the Outstanding
Securities of any series on the date the conditions set forth below are satisfied with respect to
such series (hereinafter, &#147;Legal Defeasance&#148;). For this purpose, Legal Defeasance means that the
Issuer shall be deemed to have paid and discharged the entire Indebtedness
represented by the Outstanding Securities of any series, which shall thereafter be deemed to
be Outstanding only for the purposes of Section&nbsp;10.5 hereof and the other Sections of this
Indenture referred to in clauses (a)&nbsp;and (b)&nbsp;below, and to have satisfied all of its obligations
under such Securities and this Indenture (and the Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments delivered to it by the Issuer acknowledging the same),
except of the following provisions which shall survive until otherwise terminated or discharged
hereunder; (a)&nbsp;the rights of Holder of Outstanding Securities of such series to receive payments in
respect of the principal of, premium, if any, and interest on such Securities when such payments
are due from the trust referred to below; (b)&nbsp;the Issuer&#146;s obligations with respect to the
Securities concerning mutilated, destroyed, lost or stolen Securities and the maintenance of an
office or agency for payment and money for security
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /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">payments held in trust; (c)&nbsp;the rights, powers,
trusts, duties and immunities of the Trustee, and the Issuer&#146;s obligations in connection therewith;
and (d)&nbsp;the Legal Defeasance provisions of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.3. <I>Covenant Defeasance.</I>
The Issuer, Hovnanian and the Guarantors shall, subject to the satisfaction of the conditions
set forth in Section&nbsp;10.4 hereof, be released from their obligations under the covenants contained
in Article&nbsp;Nine (other than Section&nbsp;9.1(c)) and, to the extent described in the applicable
supplemental indenture, with respect to the covenants of any series of Securities, on and after the
date that the conditions set forth in Section&nbsp;10.4 are satisfied with respect to such series
(hereinafter, &#147;Covenant Defeasance&#148;), and the Securities of such series shall thereafter be deemed
not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be
deemed Outstanding for all other purposes hereunder (it being understood that such Securities shall
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the Outstanding Securities of any series, the Issuer may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a default or an Event of Default
under Section&nbsp;5.1 hereof, but, except as specified above, the remainder of this Indenture and such
Securities shall be unaffected thereby. Subject to the satisfaction of the conditions set forth in
Section&nbsp;10.4 hereof, Sections&nbsp;5.1(d), 5.1(e), 5.1(f) and 5.1(g) hereof shall not constitute Events
of Default or defaults hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.4. <I>Conditions to Legal o</I>r <I>Covenant Defeasance.</I>
The following shall be the conditions to the application of either Section&nbsp;10.2 or 10.3 hereof
to the Outstanding Securities of any series:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to exercise either Legal Defeasance or Covenant Defeasance:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Issuer must irrevocably deposit, or cause to be deposited, with the Trustee, in trust,
for the benefit of the Holders of the Securities of a particular series, cash in U.S. dollars, U.S.
Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the
opinion of a nationally recognized firm of independent public accountants, to pay, without
reinvestment, the principal of, premium, if any, and interest on the Outstanding Securities of
such series on the stated maturity thereof or on the applicable redemption date, as the case
may be, and the Issuer must specify whether the Securities are being defeased to maturity or to a
particular redemption date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in the case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Issuer has received from, or there
has been published by, the Internal Revenue Service a ruling, or there has been a change in the
applicable United States federal income tax law after the date of this Indenture, in either case to
the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the
Outstanding Securities of such series will not recognize income, gain or loss for United States
federal income tax purposes as a result of such Legal Defeasance, and will be subject to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /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">United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;in the case of Covenant Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Holders of the Outstanding
Securities of such series will not recognize income, gain or loss for United States federal income
tax purposes as a result of such Covenant Defeasance, and such Holders will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;no default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a default or Event of Default resulting from the borrowing of funds to be
applied to such deposit) or insofar as Events of Default from bankruptcy or insolvency events are
concerned, at any time in the period ending on the 91st day after the date of deposit;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than the Indenture) to
which the Issuer or any of its Restricted Subsidiaries is a party or by which the issuer or any of
its Restricted Subsidiaries is bound;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate stating that the deposit
was not made by the Issuer with the intent of preferring the Holders of the Securities over other
creditors of the Issuer, or with the intent of defeating, hindering, delaying or defrauding
creditors of the Issuer or others;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate and an opinion of Counsel
in the United States reasonably acceptable to the Trustee, each stating that the conditions
precedent provided for or relating to Legal Defeasance or Covenant Defeasance, as applicable, in
the case of the Officers&#146; Certificate, in clauses (a)&nbsp;through (f)&nbsp;and, in the case of the opinion
of Counsel, in clauses (b)&nbsp;and (c)&nbsp;of this paragraph, have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.5. <I>Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions.</I>
Subject to Section&nbsp;10.6 hereof, all money and U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively, and solely
for purposes of this Section&nbsp;10.5, the &#147;Trustee&#148;) pursuant to Section&nbsp;10.4 hereof in respect of the
Outstanding Securities of any series shall be held in trust and applied by
the Trustee, in accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any paying agent (including the Issuer acting as paying agent)
as the Trustee may determine, to the Holders of such Securities of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, but such money need not be
segregated from other funds except to the extent required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section&nbsp;10.4 hereof in respect of any series of Securities or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the Outstanding Securities of such series.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /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;Anything in this Article&nbsp;Ten to the contrary notwithstanding, the Trustee shall deliver or pay
to the Issuer from time to time upon the request of the Issuer any money or non-callable U.S.
Government Obligations held by it as provided in Section&nbsp;10.4 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section&nbsp;10.4(a) hereof),
are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.6. <I>Repayment to Issuer.</I>
Any money deposited with the Trustee or any paying agent, or then held by the Issuer, in trust
for the payment of the principal of, premium or interest on any Security and remaining unclaimed
for two years after such principal, and premium, if any, or interest has become due and payable
shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured creditor, look only
to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with
respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon
cease; <I>provided</I>, <I>however</I>, that the Trustee or such paying agent, before being required to make any
such repayment, may at the expense of the Issuer cause to be published once, in the New York Times
and The Wall Street Journal (national edition), notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30&nbsp;days from the date of such
notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.7. <I>Reinstatement.</I>
If the Trustee or paying agent is unable to apply any money or non-callable U.S. Government
Obligations in accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuer&#146;s obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;10.2 or 10.3
hereof until such time as the Trustee or paying agent is permitted to apply all such money in
accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be; <I>provided</I>, <I>however</I>, that, if the
Issuer makes any payment of principal of, premium, if any, or interest on any Security following
the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the
Holders of such Securities to receive such payment from the money held by the Trustee or
paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.8. <I>Survival.</I>
The Trustee&#146;s rights under this Article&nbsp;Ten shall survive termination of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.9. <I>Satisfaction and Discharge of Indenture.</I>
If at any time (a)(i) the Issuer shall have paid or caused to be paid the principal of,
premium, if any, and interest, if any, on all the Securities Outstanding of any series (other than
Securities which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section&nbsp;2.9) as and when the same shall have become due and payable, or (ii)&nbsp;the Issuer
shall have delivered to the Trustee for cancellation all Securities of any series theretofore
authenticated (other than Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section&nbsp;2.9), or (b)(i) the Securities of any series mature within
one year, or all of them are to be called for redemption within one year under arrangements
satisfactory to the Trustee for giving the notice of redemption, (ii)&nbsp;the Issuer irrevocably
deposits in trust with the Trustee, as trust funds
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /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">solely for the benefit of the Holders, money or
U.S. Government Obligations or a combination thereof sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certificate delivered to
the Trustee, without consideration of any reinvestment, to pay principal of and premium and
interest on the Securities to maturity or redemption, as the case may be, and to pay all other sums
payable by it hereunder, (iii)&nbsp;no Event of Default has occurred and is continuing on the date of
the deposit, (iv)&nbsp;the deposit will not result in a breach or violation of, or constitute a default
under, the Indenture or any other agreement or instrument to which the Issuer is a party or by
which it is bound, and (v)&nbsp;the Issuer delivers to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating
to the satisfaction and discharge of the Indenture have been complied with; and if, in any such
case, the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer
(including all amounts, payable to the Trustee pursuant to Section&nbsp;6.6), then, (x)&nbsp;after satisfying
the conditions in clause (a), only the Issuer&#146;s obligations under Sections&nbsp;6.6 and 10.5, as
applicable, will survive or (y)&nbsp;after satisfying the conditions in clause (b), only the Issuer&#146;s or
obligations in Article&nbsp;Two and Sections&nbsp;3.1, 3.2, 6.6, 6.10, 10.5, 10.6 and 10.7 will survive, and,
in either case, the Trustee, on demand of the Issuer accompanied by an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the satisfaction and
discharge contemplated by this provision have been complied with, and at the cost and expense of
the Issuer, shall execute proper instruments acknowledging such satisfaction and discharging of
this Indenture. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred, and to compensate the Trustee for any services thereafter
reasonably and properly rendered, by the Trustee in connection with this Indenture or the
Securities.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ELEVEN<BR>
MISCELLANEOUS PROVISIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.1. <I>Partners, Incorporators, Stockholders, Officers and Directors of Issuer Exempt
from Individual Liability.</I>
No recourse under or upon any obligation, covenant or agreement contained in this Indenture,
or in any Security, or because of any indebtedness evidenced thereby, shall be had against any
incorporator, as such or against any past, present or future stockholder, officer, director or
employee, as such, of the Issuer, Hovnanian or the Guarantors or any partner of the Issuer,
Hovnanian or the Guarantors or of any successor, either directly or through the Issuer, Hovnanian
or the Guarantors or any successor, under any rule of law, statute or constitutional provision or
by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of the Securities by the Holders
thereof and as part of the consideration for the issue of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.2. <I>Provisions of Indenture for the Sole Benefit of Parties and Holders of
Securities.</I>
Nothing in this Indenture or in the Securities, expressed or implied, shall give or be
construed to give to any Person, other than the parties hereto and their successors and the Holders
of the Securities, any legal or equitable right, remedy or claim under this Indenture or under any
covenant or provision herein contained, all such covenants and provisions being for the sole
benefit of the parties hereto and their successors and of the Holders of the Securities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /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;SECTION 11.3. <I>Successors and Assigns of Issuer Bound by Indenture.</I>
All the covenants, stipulations, promises and agreements in this Indenture contained by or on
behalf of the Issuer shall bind its successors and assigns, whether so expressed or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.4. <I>Notices and Demands on Issuer, Trustee and Holders of Securities.</I>
Any notice or demand which by any provision of this Indenture is required or permitted to be
given or served by the Trustee or by the Holders of Securities to or on the Issuer, or as required
pursuant to the Trust Indenture Act of 1939, may be given or served by being deposited postage
prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until
another address of the Issuer is filed by the Issuer with the Trustee) to K. Hovnanian Enterprises,
Inc., 110 West Front Street, P.O. Box 500, Red Bank, New Jersey 07701. Any notice, direction,
request or demand by the Issuer or any Holder of Securities to or upon the Trustee shall be deemed
to have been sufficiently given or served by being deposited postage prepaid, first-class mail
(except as otherwise specifically provided herein) addressed (until another address of the Trustee
is filed by the Trustee with the Issuer) to Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, DE 19890 &#091;specify series of Securities&#093;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice to Holders of Securities, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in
the
Security register. Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice to the Issuer when such notice is required to be given pursuant to any
provision of this Indenture, then any manner of giving such notice as shall be reasonably
satisfactory to the Trustee shall be deemed to be sufficient notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.5. <I>Officers&#146; Certificates and Opinions of Counsel; Statements to Be Contained
Therein.</I>
Upon any application or demand by the Issuer to the Trustee to take any action under any of
the provisions of this Indenture, or as required pursuant to the Trust Indenture Act of 1939, the
Issuer or Hovnanian, as applicable, shall furnish to the Trustee an Officers&#146; Certificate stating
that all conditions precedent provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent have been complied with, except that in the case of any such application or
demand as to which the furnishing of such documents is specifically required by any provision of
this Indenture relating to such particular application or demand, no additional certificate or
opinion need be furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion provided for in this Indenture (other than a certificate provided
pursuant to Section&nbsp;4.3(d)) and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Indenture shall include (a)&nbsp;a statement that the person
making such certificate or opinion has read such covenant or condition, (b)&nbsp;a brief statement as to
the nature and scope of the examination or investigation upon which the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /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">statements or opinions
contained in such certificate or opinion are based, (c)&nbsp;a statement that, in the opinion of such
person, he has made such examination or investigation as is necessary to enable him to express an
opinion as to whether or not such covenant or condition has been complied with, and (d)&nbsp;a statement
as to whether or not, in the opinion of such person, such condition or covenant has been complied
with.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer or Hovnanian, as applicable,
may be based, insofar as it relates to legal matters, upon a certificate or opinion of or
representations by counsel, unless such officer knows that the certificate or opinion or
representations with respect to the matters upon which his certificate, statement or opinion may be
based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same
are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it
relates to factual matters, on information with respect to which is in the possession of the
Issuer, or Hovnanian, as applicable, upon the certificate, statement or opinion of or
representations by an officer or officers of the Issuer, or Hovnanian, as applicable, unless such
counsel knows that the certificate, statement or opinion or representations with respect to the
matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous,
or in the exercise of reasonable care should know that the same are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer or Hovnanian, as applicable,
or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or
opinion of or representations by an accountant or firm of accountants in the employ of the Issuer
or Hovnanian, as applicable, unless such officer or counsel, as the case may be, knows that the
certificate or opinion or representations with respect to the accounting matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of any independent firm of public accountants filed with and
directed to the Trustee shall contain a statement that such firm is independent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.6. <I>Payments Due on Saturdays, Sundays and Holidays.</I>
If the date of maturity of principal of or interest, if any, on the Securities of any series
or the date fixed for redemption, purchase or repayment of any such Security shall not be a
Business Day, then payment of interest, if any, premium, if any, or principal need not be made on
such date, but may be made on the next succeeding Business Day with the same force and effect as if
made on the date of maturity or the date fixed for redemption, purchase or repayment, and, in the
case of payment, no interest shall accrue for the period after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.7. <I>Conflict of Any Provision of Indenture with Trust Indenture Act of 1939.</I>
If and to the extent that any provision of this Indenture limits, qualifies or conflicts with
another provision included in this Indenture which is required to be included herein by any of
Sections&nbsp;310 to 317 of the Trust Indenture Act of 1939, inclusive, or is deemed applicable to this
Indenture by virtue of the provisions of the Trust Indenture Act of 1939, such required provision
shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.8. <I>GOVERNING LAW.</I>
THIS INDENTURE, EACH SECURITY AND EACH GUARANTEE SHALL BE DEEMED TO BE A CONTRACT UNDER THE
LAWS OF
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /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">THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF SUCH STATE.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.9. <I>Counterparts.</I>
This Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.10. <I>Effect of Headings.</I>
The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11. <I>No Adverse Interpretation of Other Agreements.</I>
The Indenture may not be used to interpret another indenture or loan or debt agreement of the
Issuer, Hovnanian or any subsidiary of Hovnanian, and no such indenture or loan or debt agreement
may be used to interpret the Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWELVE<BR>
REDEMPTION OF SECURITIES AND SINKING FUNDS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.1. <I>Applicability of Article.</I>
The provisions of this Article shall be applicable to the Securities of any series which are
redeemable before their maturity or to any sinking fund for the retirement of Securities of a
series except as otherwise specified, as contemplated by Section&nbsp;2.3 for Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.2. <I>Notice of Redemption; Partial Redemptions.</I>
Notice of redemption to the Holders of Securities of any series to be redeemed as a whole or
in part at the option of the Issuer shall be given by mailing notice of such redemption by first
class mail, postage prepaid, at least 30&nbsp;days and not more than 60&nbsp;days prior to the date fixed for
redemption to such Holders of Securities of such series at their last addresses as they shall
appear in the Security register. Any notice which is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the Holder receives the notice.
Failure to give notice by mail, or any defect in the notice to the Holder of any Security of a
series designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption to each such Holder shall specify (i)&nbsp;the principal amount of each
Security of such series held by such Holder to be redeemed, (ii)&nbsp;the date fixed for redemption,
(iii)&nbsp;the redemption price, (iv)&nbsp;the place or places of payment, (v)&nbsp;the CUSIP number relating to
such Securities, (vi)&nbsp;that payment will be made upon presentation and surrender of such Securities,
(vii)&nbsp;whether such redemption is pursuant to the mandatory or optional sinking fund, or both, if
such be the case, (viii)&nbsp;whether interest, if any, (or, in the case of Original Issue Discount
Securities, original issue discount) accrued to the date fixed for redemption will be paid as
specified in such notice and (ix)&nbsp;whether on and after said date interest, if any, (or, in the case
of Original Issue Discount Securities, original issue discount) thereon or on the portions thereof
to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part
only, the notice of redemption shall state the portion of the principal amount thereof to be
redeemed and shall state that on and after the date fixed for redemption, upon surrender of such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /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">Security, a new Security or Securities of such series in principal amount equal to the unredeemed
portion thereof will be issued.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuer&#146;s request, by the Trustee in the name and at
the expense of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the redemption date specified in the notice of redemption given as provided in
this Section&nbsp;12.2, the Issuer will deposit with the Trustee or with one or more paying agents (or,
if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided
in Section&nbsp;3.5) an amount of money sufficient to redeem on the redemption date all the
Securities of such series so called for redemption at the appropriate redemption price,
together with accrued interest, if any, to the date fixed for redemption. The Issuer will deliver
to the Trustee at least 45&nbsp;days prior to the date fixed for redemption (unless a shorter notice
period shall be satisfactory to the Trustee) an Officers&#146; Certificate stating the aggregate
principal amount of Securities to be redeemed. In case of a redemption at the election of the
Issuer prior to the expiration of any restriction on such redemption, the Issuer shall deliver to
the Trustee, prior to the giving of any notice of redemption to Holders pursuant to this Section,
an Officers&#146; Certificate stating that such restriction has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Securities of a series are to be redeemed, the Trustee, within 10
Business Days after the Issuer gives written notice to the Trustee that such redemption is to
occur, shall select on a pro rata basis, by lot or in such manner as it shall deem, in its sole
discretion, appropriate and fair, Securities of such series to be redeemed. Notice of the
redemption shall be given only after such selection has been made. Securities may be redeemed in
part in denominations of $2,000 and multiples of $1,000 in excess thereof in original principal
amount of Securities, unless another minimum authorized denomination is specified for Securities of
such series, or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of
the Securities of such series selected for redemption and, in the case of any Securities of such
series selected for partial redemption, the principal amount thereof to be redeemed. For all
purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities of any series shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is
to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.3. <I>Payment of Securities Called for Redemption.</I>
If notice of redemption has been given as provided by this Article&nbsp;Twelve, the Securities or
portions of Securities specified in such notice shall become due and payable on the date and at the
place or places stated in such notice at the applicable redemption price, together with interest,
if any accrued to the date fixed for redemption, and on and after said date (unless the Issuer
shall default in the payment of such Securities at the redemption price, together with interest, if
any, accrued to said date) interest, if any (or, in the case of Original Issue Discount Securities,
original issue discount), on the Securities or portions of Securities so called for redemption
shall cease to accrue, and such Securities shall cease from and after the date fixed for redemption
(unless an earlier date shall be specified in a Board Resolution, Officers&#146; Certificate or executed
supplemental indenture referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the form and
terms of the Securities of such series were established) except as provided in Sections&nbsp;6.5 and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /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">10.4, to be entitled to any benefit or security under this Indenture, and the Holders thereof shall
have no right in respect of such Securities except the right to receive the redemption price
thereof and unpaid interest, if any, to the date fixed for redemption. On presentation and
surrender of such Securities at a place of payment specified in said notice, said Securities or the
specified portions thereof shall be paid and redeemed by the Issuer at the applicable redemption
price, together with interest, if any, accrued thereon to the date fixed for redemption; <I>provided</I>
that payment of interest, if any, becoming due on or prior to the date fixed for redemption shall
be payable to the Holders of Securities registered as such on the relevant record date subject to
the terms and provisions of Sections&nbsp;2.3 and 2.7 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the redemption price shall, until paid or duly provided for, bear interest from the
date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original
Issue Discount Security) borne by such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon presentation of any Security redeemed in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of
the Issuer, a new Security or Securities of such series, and of like tenor, of authorized
denominations, in principal amount equal to the unredeemed portion of the Security so presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.4. <I>Exclusion of Certain Securities from Eligibility for Selection for Redemption.</I>
Securities shall be excluded from eligibility for selection for redemption if they are
identified by registration and certificate number in an Officers&#146; Certificate delivered to the
Trustee at least 45&nbsp;days prior to the last date on which notice of redemption may be given as being
owned of record and beneficially by, and not pledged or hypothecated by either (a)&nbsp;the Issuer, or
(b)&nbsp;a Person specifically identified in such written statement as an Affiliate of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.5. <I>Mandatory and Optional Sinking Funds.</I>
The minimum amount of any sinking fund payment provided for by the terms of the Securities of
any series is herein referred to as a &#147;mandatory sinking fund payment,&#148; and any payment in excess
of such minimum amount provided for by the terms of the Securities of any series is herein referred
to as an &#147;optional sinking fund payment.&#148; The date on which a sinking fund payment is to be made
is herein referred to as the &#147;sinking fund payment date.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In lieu of making all or any part of any mandatory sinking fund payment with respect to any
series of Securities in cash, the Issuer may at its option (a)&nbsp;deliver to the Trustee Securities of
such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the
mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the
Issuer and delivered to the Trustee for cancellation pursuant to Section&nbsp;2.10, (b)&nbsp;receive credit
for optional sinking fund payments (not previously so credited) made pursuant to this Section&nbsp;12.5,
or (c)&nbsp;receive credit for Securities of such series (not previously so credited) redeemed by the
Issuer through any optional redemption provision contained in the terms of such series. Securities
so delivered or credited shall be received or credited by the Trustee at the sinking fund
redemption price specified in such Securities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /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;On or before the 60th day next preceding each sinking fund payment date for any series, the
Issuer will deliver to the Trustee an Officers&#146; Certificate (a)&nbsp;specifying the portion of the
mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied
by credit of Securities of such series and the basis for such credit, (b)&nbsp;stating that none of the
Securities of such series to be so credited has theretofore been so credited, (c)&nbsp;stating that no
defaults in the payment of interest or Events of Default with respect to such series have occurred
(which have not been waived or cured or otherwise ceased to exist) and are continuing,
and (d)&nbsp;stating whether or not the Issuer intends to exercise its right to make an optional
sinking fund payment with respect to such series and, if so, specifying the amount of such optional
sinking fund payment which the Issuer intends to pay on or before the next succeeding sinking fund
payment date. Any Securities of such series to be credited and required to be delivered to the
Trustee in order for the Issuer to be entitled to credit therefor as aforesaid which have not
theretofore been delivered to the Trustee shall be delivered for cancellation pursuant to Section
2.10 to the Trustee with such Officers&#146; Certificate (or reasonably promptly thereafter if
acceptable to the Trustee). Such Officers&#146; Certificate shall be irrevocable and upon its receipt
by the Trustee the Issuer shall become unconditionally obligated to make all the cash payments or
payments therein referred to, if any, on or before the next succeeding sinking fund payment date.
Failure of the Issuer, on or before any such 60th day, to deliver such Officers&#146; Certificate and
Securities (subject to the parenthetical clause in the second preceding sentence) specified in this
paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i)&nbsp;that the mandatory sinking fund payment for such series due
on the next succeeding sinking fund payment date shall be paid entirely in cash without the option
to deliver or credit Securities of such series in respect thereof, and (ii)&nbsp;that the Issuer will
make no optional sinking fund payment with respect to such series as provided in this Section&nbsp;12.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000, or a lesser sum if the Issuer shall so request with
respect to the Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such series at the sinking
fund redemption price together with accrued interest, if any, to the date fixed for redemption. If
such amount shall be $50,000 or less and the Issuer makes no such request, then it shall be carried
over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner
provided in Section&nbsp;12.2, for redemption on such sinking fund payment date a sufficient principal
amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if
requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of
such series (or portions thereof) so selected. The Issuer, or the Trustee, in the name and at the
expense of the Issuer (if the Issuer shall so request the Trustee in writing) shall cause notice of
redemption of the Securities of such series to be given in substantially the manner provided in
Section&nbsp;12.2 (and with the effect provided in Section&nbsp;12.3) for the redemption of Securities of
such series in part at the option of the Issuer. The amount of any sinking fund payments not so
applied or allocated to the redemption of Securities of such series shall be added to the next cash
sinking fund payment for such series and, together with such payment, shall be applied in
accordance with the provisions of this Section&nbsp;12.5. Any and all sinking fund moneys held on the
stated maturity date of the Securities of any particular series (or earlier, if such maturity is
accelerated), which are not held for the payment or redemption of particular
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /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">Securities of such
series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to
the payment of the principal of, and interest, if any, on, the Securities of such series at
maturity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before 9:00 A.M. on each sinking fund payment date, the Issuer shall pay to the Trustee
in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date
fixed for redemption on Securities to be redeemed on such sinking fund payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or give any notice of redemption of Securities for such series by operation of the
sinking fund during the continuance of a default in payment of interest on such Securities or of
any Event of Default with respect to such series except that, where the giving of notice of
redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to
be redeemed such Securities, <I>provided </I>that it shall have received from the Issuer a sum sufficient
for such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the
time when any such default or Event of Default known to a Responsible Officer of the Trustee shall
occur, and any moneys thereafter paid into the sinking fund, shall, during the continuance of such
default or Event of Default, be deemed to have been collected under Article&nbsp;Five and held for the
payment of all such Securities. In case such Event of Default shall have been waived as provided
in Section&nbsp;5.7 or the default cured on or before the 60th day preceding the sinking fund payment
date in any year, such moneys shall thereafter be applied on the next succeeding sinking fund
payment date in accordance with this Section to the redemption of such Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THIRTEEN<BR>
GUARANTEES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.1. <I>Applicability of Article.</I>
The provisions of this Article shall be applicable to Hovnanian and to each of the Guarantors
specified pursuant to Section&nbsp;2.3 for the Guarantee of Securities of a series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.2. <I>Guarantee.</I>
Each Guarantor of a particular series of Securities hereby unconditionally guarantees (each
such guarantee to be referred to herein as a &#147;Guarantee&#148;), jointly and severally with each other
Guarantor of the Securities of that series, if any, to each Holder of such Securities authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of this Indenture, such Securities or the obligations of the Issuer
hereunder or thereunder, (i)&nbsp;the due and punctual payment of the principal of and any premium or
interest on such Securities, whether at maturity or on an interest payment date, by acceleration,
pursuant to an offer to purchase such Securities or otherwise, and interest on the overdue
principal of and interest, if any, on such Securities, if lawful, and all other obligations of the
Issuer to the Holders of such Securities or the Trustee hereunder or thereunder shall be promptly
paid in full, all in accordance with the terms hereof and thereof including all amounts payable to
the Trustee under Section&nbsp;6.6 hereof, and (ii)&nbsp;in case of any extension of time of payment or
renewal of any such Securities or any of such other obligations, the same shall be promptly paid in
full when due or to be performed in accordance
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /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">with the terms of the extension or renewal, whether
at stated maturity, by acceleration or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer fails to make any payment when due of any amount so guaranteed for whatever
reason, the Guarantor of the Securities of that series shall be obligated, jointly and severally
with each other Guarantor, if any, to pay the same immediately. Each Guarantor hereby agrees that
its obligations hereunder shall be continuing, absolute and unconditional, irrespective of, and
shall be unaffected by, the validity, regularity or enforceability of the
Securities, this Indenture, the absence of any action to enforce the same, any waiver or
consent by any Holder of the Securities or the Trustee with respect to any provisions hereof or
thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of
such Guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, demand of
performance, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer,
any right to require a proceeding first against the Issuer, the benefit of discussion, protest,
notice and all demand whatsoever and covenants that its Guarantee shall not be discharged except by
complete performance of the obligations contained in the Securities guaranteed by such Guarantee,
in this Indenture and in this Article&nbsp;13. If any Holder of Securities of a series guaranteed hereby
or the Trustee is required by any court or otherwise to return to the Issuer or any Guarantor of
such Securities, or any custodian, trustee, liquidator or other similar official acting in relation
to the Issuer or any Guarantor, any amount paid by the Issuer or any Guarantor of such Securities
to the Trustee or such Holder, this Article&nbsp;13, to the extent theretofore discharged with respect
to any Guarantee of such Securities, shall be reinstated in full force and effect. Each Guarantor
agrees that it shall not be entitled to any right of subrogation in relation to the Holders of
Securities of a series guaranteed hereby by such Guarantor in respect of any obligations guaranteed
hereby by such Guarantee until payment in full of all such obligations. Each Guarantor further
agrees that, as between such Guarantor, on the one hand, and the Holders of Securities of a series
guaranteed hereby by such Guarantor and the Trustee on the other hand, (i)&nbsp;the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article&nbsp;Five hereof for the
purposes of such Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby and (ii)&nbsp;in the event of any
acceleration of such obligations as provided in Article&nbsp;Five hereof such obligations (whether or
not due and payable) shall forthwith become due and payable by such Guarantor, jointly and
severally with any other Guarantor of such Securities, for the purpose of this Article&nbsp;Thirteen.
In addition, without limiting the foregoing, upon the effectiveness of an acceleration under
Article&nbsp;Five, the Trustee may make a demand for payment on the Securities under any Guarantee
provided hereunder and not discharged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Guarantee by a Guarantor, such Guarantor shall be subrogated to all
rights of the Holder of any Securities guaranteed hereby by such Guarantee against the Issuer in
respect of any amounts paid to such Holder by such Guarantor pursuant to the provisions of such
Guarantee; <I>provided </I>that the Guarantor shall not be entitled to enforce, or to receive any payments
arising out of or based upon, such right of subrogation until the principal of and interest on all
such Securities shall have been paid in full.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /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 Guarantee set forth in this Section&nbsp;13.2 shall not be valid or become obligatory for any
purpose with respect to a Security until the certificate of authentication on such Security shall
have been signed by the Trustee or any duly appointed agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.3. <I>Obligations of the Guarantor Unconditional.</I>
Nothing contained in this Article&nbsp;Thirteen or elsewhere in this Indenture or in any Security
is intended to or shall impair, as between a Guarantor and the Holders of the Securities guaranteed
by such Guarantor&#146;s Guarantee, the obligations of such Guarantor, which are absolute and
unconditional, to pay to such Holders the principal of and interest on the Securities as and when
the same shall become due and payable in accordance with the provisions
of this Guarantee or is intended to or shall affect the relative rights of such Holders and
creditors of such Guarantor, nor shall anything herein or therein prevent the Trustee or such
Holder from exercising all remedies otherwise permitted by applicable law upon Default under this
Indenture in respect of cash, property or securities of such Guarantor received upon the exercise
of any such remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of assets of a Guarantor referred to in this Article&nbsp;Thirteen, the
Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, and the Holders of the Securities
guaranteed hereby by such Guarantor shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or
other person making any distribution to the Trustee or to such Holders, for the purpose of
ascertaining the persons entitled to participate in such distribution, the holders of other
indebtedness of such Guarantor, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article&nbsp;Thirteen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.4. <I>Article&nbsp;Thirteen Not to Prevent Events of Default.</I>
The failure to make a payment on account of principal or interest on the Securities of any
series by reason of any provision in this Article&nbsp;Thirteen shall not be construed as preventing the
occurrence of an Event of Default under Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.5. <I>Execution and Delivery of Guarantee.</I>
To evidence a Guarantee set forth in this Article&nbsp;Thirteen, the Guarantor hereby agrees that
the Guarantee Notation, substantially in the form of Exhibit&nbsp;A hereto, shall be endorsed on each
Security authenticated and delivered by the Trustee that is guaranteed by such Guarantee and that
this Indenture or indenture supplemental hereto shall be executed on behalf of such Guarantor by
its Chairman of the Board, its president or chief executive officer, any vice president, the chief
financial officer or the treasurer. Such signatures may be the manual or facsimile signatures of
the present or any future such officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby agrees that its Guarantee shall remain in full force and effect
notwithstanding any failure to endorse the Guarantee Notation on each such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an officer whose signature is on this Indenture or indenture supplemental hereto or on the
Securities guaranteed hereby no longer holds that office at the time the Trustee authenticates the
Security on which a notation of the Guarantee is endorsed, such Guarantee shall be valid
nevertheless.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /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 delivery of any Security by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of each Guarantee thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.6. <I>Limitation on Guarantor Liability.</I>
Notwithstanding anything to the contrary in this Article, each Guarantor, and by its
acceptance of a Security, each Holder, hereby confirms that it is the intention of all such parties
that the Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable
fraudulent conveyance provisions of the Bankruptcy Code or any comparable provision of state
law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby
irrevocably agree that the obligations of each Guarantor under its Guarantee are limited to the
maximum amount that would not render the Guarantor&#146;s obligations subject to avoidance under
applicable fraudulent conveyance provisions of the Bankruptcy Code or any comparable provision of
state law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOURTEEN
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.1. <I>Release of the Issuer.</I>
The Issuer shall be released from its obligations under this Indenture and the Securities,
without the consent of the Holders, if: (1)&nbsp;Hovnanian or any successor to Hovnanian has assumed the
obligations of the Issuer under this Indenture and the Securities, by supplemental indenture
executed and delivered to the Trustee and satisfactory in form to the Trustee, (2)&nbsp;Hovnanian
delivers an Opinion of Counsel to the Trustee to the effect that Holders will not recognize income,
gain or loss for United States federal income tax purposes as a result of such release, and such
Holders will be subject to United States federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such release had not occurred and (3)&nbsp;the
Issuer shall (w)&nbsp;become a Guarantor subject to the provisions of Article&nbsp;Thirteen hereof, (x)
execute a Guarantee Notation, substantially in the form of Exhibit&nbsp;A hereto, (y)&nbsp;execute a
supplemental indenture evidencing its Guarantee and (z)&nbsp;deliver an Opinion of Counsel to the
Trustee to the effect that the supplemental indenture has been duly authorized, executed and
delivered by the Issuer and constitutes a valid and binding obligation of the Issuer, enforceable
against the Issuer in accordance with its terms (subject to customary exceptions).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /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">SIGNATURES
</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 Indenture to be duly executed, all 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"><FONT style="FONT-variant: SMALL-CAPS">K. Hovnanian Enterprises, Inc.,</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">As Issuer</FONT><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"><FONT style="FONT-variant: SMALL-CAPS">Hovnanian Enterprises, Inc.,</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS"> As Guarantor</FONT><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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Wilmington Trust Company, As Trustee</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&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"><U>EXHIBIT A</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FORM OF NOTATION OF SECURITY
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">RELATING TO GUARANTEE&#093;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GUARANTEE
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Name of Guarantor&#093; (hereinafter referred to as the &#147;Guarantor&#148;, which term includes any
successor person under the Indenture (the &#147;Indenture&#148;) referred to in the Security upon which this
notation is endorsed) (the &#147;Endorsed Security&#148;), has unconditionally guaranteed, jointly and
severally with each other Guarantor (i)&nbsp;the due and punctual payment of the principal of, premium,
if any, and interest on the Endorsed Security and all other Securities of the same series as the
Endorsed Security (the &#147;Guaranteed Securities&#148;), whether at maturity, by acceleration or otherwise,
the due and punctual payment of interest on the overdue principal of, premium, if any, and
interest, if any, on the Guaranteed Securities, to the extent lawful, and the due and punctual
performance of all other obligations of the Issuer to the Holders of Guaranteed Securities or the
Trustee all in accordance with the terms set forth in Article&nbsp;Thirteen of the Indenture and (ii)&nbsp;in
case of any extension of time of payment or renewal of any Guaranteed Securities or any of such
other obligations, that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto
in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Guarantor to the Holders of Guaranteed Securities and to the Trustee
pursuant to the Guarantee evidenced hereby and the Indenture are expressly set forth in Article
Thirteen of the Indenture and reference is hereby made to such Indenture for the terms of such
Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stockholder, officer, director, employee or incorporator, as such, past, present or future,
of the Guarantor shall have any personal liability under the Guarantee evidenced hereby by reason
of his or its status as such stockholder, officer, director, employee or incorporator. Each Holder
of a Guaranteed Security by accepting a Guaranteed Security waives and releases all such liability.
This waiver and release are part of the consideration for the issuance of the Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of a Guaranteed Security by accepting a Guaranteed Security agrees that any
Guarantor named below shall have no further liability with respect to its Guarantee if such
Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of
the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee evidenced hereby shall not be valid or obligatory for any purpose until the
certificate of authentication of the Guaranteed Securities shall have been executed by the Trustee
under the Indenture by the manual signature of one of its authorized officers.
</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">

<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">Guarantor<BR>
<BR>
&#091;NAME OF GUARANTOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top" style="border-TOP: 1px solid #000000">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-TOP: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>Title:&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</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="center" style="font-size: 10pt; margin-top: 18pt"><U>EXHIBIT B</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;SUBSIDIARY GUARANTORS&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.15
<SEQUENCE>6
<FILENAME>y88639a1exv4w15.htm
<DESCRIPTION>EX-4.15
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w15</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;4.15</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>K. HOVNANIAN ENTERPRISES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Issuer</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantor</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUBSIDIARY GUARANTORS OF HOVNANIAN THAT BECOME PARTIES HERETO<BR>
FROM TIME TO TIME</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantors</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON TRUST COMPANY</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>as Trustee</B>
</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>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INDENTURE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF SENIOR SUBORDINATED INDENTURE</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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">CROSS REFERENCE SHEET<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>
</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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of Trust Indenture Act of 1939 and Indenture to be dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;
among K. HOVNANIAN ENTERPRISES, INC., HOVNANIAN ENTERPRISES, INC., SUBSIDIARY GUARANTORS OF
HOVNANIAN that become parties hereto from time to time and WILMINGTON TRUST COMPANY, as Trustee:
</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Section of the Act</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="LEFT" style="border-bottom: 1px solid #000000">Section of Indenture</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(a)(1), (2)&nbsp;and (5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(a)(3) and (4)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8 and 6.10(a), (b) and (d)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">310(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">311(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1 and 4.2(a)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">312(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(c)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(a)(i), (ii), (iii), (iv), (v), (vi) and (vii)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(a)(5)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(b)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(b)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(b)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(c)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">313(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(d)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.3</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(c)(1) and (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(c)(3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">314(f)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315(a), (c)&nbsp;and (d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.8</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">315(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.9</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(a)(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.7</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(a)(2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not required</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(a) (last sentence)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">316(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.4</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">317(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.2</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">317(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.5(a)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">318(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.7</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">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This Cross Reference Sheet is not part of the
Indenture.</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"><U><B>TABLE OF CONTENTS</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="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE One DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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 align="left" valign="top">&nbsp;</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">SECTION 1.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Two SECURITIES</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 align="left" valign="top">&nbsp;</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">SECTION 2.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forms Generally</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">SECTION 2.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Trustee&#146;s Certificate of Authentication</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">SECTION 2.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount Unlimited, Issuable in Series</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">SECTION 2.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authentication and Delivery of Securities</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">SECTION 2.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Authentication</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denomination and Date of Securities; Payments of Interest</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration, Transfer and Exchange</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">SECTION 2.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mutilated, Defaced, Destroyed, Lost and Stolen Securities</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">SECTION 2.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cancellation of Securities; Disposition Thereof</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">SECTION 2.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Temporary Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CUSIP Numbers</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Three COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</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 align="left" valign="top">&nbsp;</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">SECTION 3.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Principal and Interest</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">SECTION 3.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offices for Notices and Payments, etc.</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">SECTION 3.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Interest Extension</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">SECTION 3.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointments to Fill Vacancies in Trustee&#146;s Office</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">SECTION 3.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provision as to Paying Agent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Four SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER, Hovnanian AND THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</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 align="left" valign="top">&nbsp;</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">SECTION 4.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issuer and Hovnanian to Furnish Trustee Information as to Names and Addresses of Securityholders</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">SECTION 4.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preservation and Disclosure of Securityholders Lists</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Issuer and Hovnanian</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Five REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</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 align="left" valign="top">&nbsp;</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">SECTION 5.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities on Default; Suit Therefor</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 5.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application of Moneys Collected by Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Securityholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Remedies Cumulative and Continuing</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</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="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Direction of Proceedings; Waiver of Defaults by Majority of Securityholders</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Defaults</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking to Pay Costs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Six CONCERNING THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</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 align="left" valign="top">&nbsp;</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">SECTION 6.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Duties and Responsibilities of the Trustee; During Default; Prior to Default</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Rights of the Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee and Agents May Hold Securities; Collections, etc.</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moneys Held by Trustee</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 6.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation and Indemnification of Trustee and Its Prior Claim</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 6.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Rely on Officers&#146; Certificate, etc.</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 6.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Qualification of Trustee; Conflicting Interests</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Eligible for Appointment as Trustee; Different Trustees for Different Series</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Resignation and Removal; Appointment of Successor Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceptance of Appointment by Successor Trustee</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 6.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger, Conversion, Consolidation or Succession to Business of Trustee</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 6.13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferential Collection of Claims Against the Issuer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD NOWRAP><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.14.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of Authenticating Agent</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Seven CONCERNING THE SECURITYHOLDERS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</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 align="left" valign="top">&nbsp;</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">SECTION 7.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evidence of Action Taken by Securityholders</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 7.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proof of Execution of Instruments and of Holding of Securities</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 7.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders to be Treated as Owners</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 7.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Owned by Issuer Deemed Not Outstanding</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 7.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Revocation of Action Taken</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 7.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Record Date for Consents and Waivers</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Eight SUPPLEMENTAL INDENTURES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</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 align="left" valign="top">&nbsp;</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">SECTION 8.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures Without Consent of Securityholders</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 8.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures with Consent of Securityholders</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 8.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Supplemental Indenture</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Documents to Be Given to Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD NOWRAP><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notation on Securities in Respect of Supplemental Indentures</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Nine CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER DISPOSITION</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</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="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidation Permitted, etc., on Certain Terms</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successor Corporation to be Substituted</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 9.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Counsel to be Given Trustee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Ten LEGAL DEFEASANCE AND COVENANT DEFEASANCE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</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 align="left" valign="top">&nbsp;</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">SECTION 10.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Defeasance and Discharge</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Covenant Defeasance</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conditions to Legal or Covenant Defeasance</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 10.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repayment to Issuer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Satisfaction and Discharge of Indenture</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Eleven MISCELLANEOUS PROVISIONS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</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 align="left" valign="top">&nbsp;</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">SECTION 11.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partners, Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provisions of Indenture for the Sole Benefit of Parties and Holders of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns of Issuer Bound by Indenture</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices and Demands on Issuer, Trustee and Holders of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officers&#146; Certificates and Opinions of Counsel; Statements to Be Contained Therein</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payments Due on Saturdays, Sundays and Holidays</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conflict of Any Provision of Indenture with Trust Indenture Act of 1939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GOVERNING LAW</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Headings</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD NOWRAP><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Adverse Interpretation of Other Agreements</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Twelve REDEMPTION OF SECURITIES AND SINKING FUNDS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</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 align="left" valign="top">&nbsp;</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">SECTION 12.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Redemption; Partial Redemptions</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities Called for Redemption</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exclusion of Certain Securities from Eligibility for Selection for Redemption</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mandatory and Optional Sinking Funds</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Thirteen SUBORDINATION</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-<!-- /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="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="2%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Subordinated to Senior Indebtedness</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 13.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reliance on Certificate of Liquidating Agent; Further Evidence as to Ownership of Senior Indebtedness</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 13.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment Permitted If No Default</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 13.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disputes with Holders of Certain Senior Indebtedness</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 13.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Charged with Knowledge of Prohibition</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 13.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee to Effectuate Subordination</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 13.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights of Trustee as Holder of Senior Indebtedness</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 13.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article Applicable to Paying Agents</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 13.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination Rights Not Impaired by Acts or Omissions of the Issuer or Holders of Senior Indebtedness</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 13.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Fiduciary for Holders of Senior Indebtedness</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 13.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Fourteen SUBORDINATED GUARANTEE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</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 align="left" valign="top">&nbsp;</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">SECTION 14.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article</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 14.2.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee</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 14.3.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee Subordinated to Senior Indebtedness of the Guarantor</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 14.4.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantors Not to Make Payments With Respect to Securities in Certain Circumstances</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 14.5.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee Subordinated to Prior Payment of All Senior Indebtedness of each Guarantor on Dissolution, Winding Up, Liquidation or Reorganization of a Guarantor</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 14.6.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders to be Subrogated to Rights of Holders of Senior Indebtedness of each Guarantor</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 14.7.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Obligations of the Guarantor Unconditional</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 14.8.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice</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 14.9.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application by Trustee of Monies Deposited with It</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD  valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.10.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination Rights Not Impaired by Acts or Omissions of a Guarantor or Holders of Senior Indebtedness of such Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.11.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders Authorize Trustee to Effectuate Subordination of Securities</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.12.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Hold Senior Indebtedness of a Guarantor</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.13.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Fiduciary for Holders of Senior Indebtedness of a Guarantor</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 14.14.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article Fourteen Not to Prevent Events of Default</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 14.15.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution and Delivery of Guarantee</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 14.16.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Guarantor Liability</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD NOWRAP><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.17.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officers&#146; Certificate</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" align="left">ARTICLE Fifteen</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 align="left" valign="top">&nbsp;</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">SECTION 15.1.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Release of the Issuer</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-v-<!-- /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">FORM OF SENIOR SUBORDINATED INDENTURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM OF SENIOR SUBORDINATED INDENTURE, dated as of &#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093; among K. Hovnanian
Enterprises, Inc., a California corporation (the &#147;Issuer&#148;), Hovnanian Enterprises, Inc., a Delaware
corporation (&#147;Hovnanian&#148;), Subsidiary Guarantors of Hovnanian that become parties hereto from time
to time and Wilmington Trust Company, a Delaware banking corporation, as trustee (the &#147;Trustee&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>RECITALS</u> <u>OF</u> <u>THE</u> <u>ISSUER</u>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the issuance from time to time of its unsecured
debentures, notes or other evidences of indebtedness to be issued in one or more series (the
&#147;Securities&#148;) up to such principal amount or amounts as may from time to time be authorized in
accordance with the terms of this Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and administration of the Securities;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been undertaken and completed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><u>RECITALS</u> <u>OF</u> <U>GUARANTORS</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Guarantor desires to make the Guarantees provided for herein; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid agreement of each of the
Guarantors, in accordance with its terms, have been done and the Guarantor will do all things
necessary to make the Guarantees, when executed by each of the Guarantors and endorsed on the
Securities authenticated and delivered hereunder, the valid obligations of each Guarantor as
hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS INDENTURE WITNESSETH:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ONE<BR>
DEFINITIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1. <I>Definitions.</I>
For all purposes of this Indenture and of any indenture supplemental hereto the following
terms shall have the respective meanings specified in this Section&nbsp;1.1 (except as otherwise
expressly provided herein or in any indenture supplemental hereto or unless the context otherwise
clearly requires). All other terms used in this Indenture that are defined in the Trust Indenture
Act of 1939, including terms defined therein by reference to the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), shall have the meanings assigned to such terms in said Trust Indenture Act
of 1939 and in the Securities Act as in force at the date of this Indenture
(except as otherwise expressly provided herein or in any indenture supplemental hereto or
unless the context otherwise clearly requires).
</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;All accounting terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with generally accepted accounting principles, and the term &#147;<I>generally
accepted accounting principles</I>&#148; means such accounting principles as are generally accepted in the
United States of America on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;<I>herein</I>&#148;, &#147;<I>hereof</I>&#148; and &#147;<I>hereunder</I>&#148; and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision. The
expressions &#147;<I>date of this Indenture</I>&#148;, &#147;<I>date hereof</I>&#148;, &#147;<I>date as of which this Indenture is dated</I>&#148; and
&#147;<I>date of execution and delivery of this Indenture</I>&#148; and other expressions of similar import refer to
the effective date of the original execution and delivery of this Indenture, <I>viz</I>. as of
&#091;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#093;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified 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; and the terms &#147;<I>controlling</I>&#148; and
&#147;<I>controlled</I>&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Authenticating Agent</I>&#148; shall have the meaning set forth in Section&nbsp;6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Bankruptcy Code</I>&#148; means the United States Bankruptcy Code, 11 United States Code &#167;&#167; 101 et
seq., or any successor statute thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board of Directors</I>&#148; means when used with reference to the Issuer or Hovnanian, as the case
may be, the board of directors or any duly authorized committee of that board or any director or
directors and/or officer or officers to whom that board or committee shall have duly delegated its
authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board Resolution</I>&#148; means (1)&nbsp;one or more resolutions, certified by the secretary or an
assistant secretary of the Issuer or Hovnanian, as applicable, to have been duly adopted or
consented to by the Board of Directors of the Issuer or Hovnanian, as applicable, and to be in full
force and effect, or (2)&nbsp;a certificate signed by the director or directors and/or officer or
officers to whom the Board of Directors or any duly authorized committee of that Board shall have
duly delegated its authority, in each case delivered to the Trustee for the Securities of any
series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Business Day</I>&#148; means, with respect to any Security, unless otherwise specified in a Board
Resolution and an Officers&#146; Certificate with respect to a particular series of Securities, a day
that (a)&nbsp;in the Place of Payment (or in any of the Places of Payment, if more than one) in which
amounts are payable, as specified in the form of such Security, and (b)&nbsp;in the city in which the
Corporate Trust Office is located, is not a day on which banking institutions are authorized or
required by law or regulation to close.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Commission</I>&#148; means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act or, if at any time after the execution and delivery of
</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="left" style="font-size: 10pt; margin-top: 6pt">this
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act of 1939, then the body performing such duties on such date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Corporate Trust Office</I>&#148; means the office of the Trustee of a series of Securities at which
the trust created by this Indenture shall, at any particular time, be principally administered,
which office is, at the date as of which this Indenture is dated, located at Rodney Square North,
1100 North Market Street, Wilmington, DE 19890.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Covenant Defeasance</I>&#148; has the meaning set forth in Section&nbsp;10.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Depositary</I>&#148; means, with respect to the Securities of any series issuable or issued in the
form of one or more Global Securities, the Person designated as Depositary by the Issuer pursuant
to Section&nbsp;2.3 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;Depositary&#148; shall mean or include each Person who is
then a Depositary hereunder, and, if at any time there is more than one such Person, &#147;Depositary&#148;
as used with respect to the Securities of any such series shall mean the Depositary with respect to
the Global Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Dollars</I>&#148; and the sign &#147;<I>$</I>&#148; means the coin and currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Eligible Guarantors</I>&#148; means Hovnanian, each of Hovnanian&#146;s subsidiaries listed on Exhibit&nbsp;B
hereto and each other subsidiary of Hovnanian that Guarantees a series of Securities established
under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Event of Default</I>&#148; means any event or condition specified as such in Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Security</I>&#148; means a Security evidencing all or a part of a series of Securities issued
to the Depositary for such series in accordance with Section&nbsp;2.3 and bearing the legend prescribed
in Section&nbsp;2.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantee</I>&#148; has the meaning specified in Section&nbsp;14.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantor</I>&#148; has the meaning specified in Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder</I>&#148;, &#147;<I>Holder of Securities</I>&#148;, &#147;<I>Securityholder</I>&#148; or other similar terms mean, in the case of
any Security, the Person in whose name such Security is registered in the security register kept by
the Issuer for that purpose in accordance with the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Hovnanian</I>&#148; means Hovnanian Enterprises, Inc., a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; with respect to any Person means, without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;the principal of and premium, if any, and interest, if any, on indebtedness
for money borrowed of such Person, indebtedness of such Person evidenced by bonds, notes,
debentures or similar obligations, and any guaranty by such Person of
</DIV>

<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="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">any indebtedness for
money borrowed or indebtedness evidenced by bonds, notes,
debentures or similar obligations of any other Person, whether any such indebtedness or
guaranty is outstanding on the date of this Indenture or is thereafter created, assumed or
incurred, (ii)&nbsp;obligations of such Person for the reimbursement of any obligor on any letter
of credit, banker&#146;s acceptance or similar credit transaction; (iii)&nbsp;the principal of and
premium, if any, and interest, if any, on indebtedness incurred, assumed or guaranteed by
such Person in connection with the acquisition by it or any of its subsidiaries of any other
businesses, properties or other assets; (iv)&nbsp;lease obligations which such Person capitalizes
in accordance with ASC Topic 840 promulgated by the Financial Accounting Standards Board or
such other generally accepted accounting principles as may be from time to time in effect;
(v)&nbsp;any indebtedness of such Person representing the balance deferred and unpaid of the
purchase price of any property or interest therein (except any such balance that constitutes
an accrued expense or trade payable) and any guaranty, endorsement or other contingent
obligation of such Person in respect of any indebtedness of another that is outstanding on
the date of this Indenture or is thereafter created, assumed or incurred by such Person; and
(vi)&nbsp;obligations of such Person under interest rate, commodity or currency swaps, caps,
collars, options and similar arrangements; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendments, modifications, refundings, renewals or extensions of any
indebtedness or obligation described as Indebtedness in clause (a)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; means this instrument as originally executed and delivered or, if amended or
supplemented as herein provided, as so amended or supplemented or both, including, for all purposes
of this instrument and any such supplement, the provisions of the Trust Indenture Act of 1939 that
are deemed to be a part of and govern this instrument and any such supplement, respectively, and
shall include the forms and terms of particular series of Securities established as contemplated
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>interest</I>&#148; means, when used with respect to non-interest bearing Securities (including,
without limitation, any Original Issue Discount Security that by its terms bears interest only
after maturity or upon default in any other payment due on such Security), interest payable after
maturity (whether at stated maturity, upon acceleration or redemption or otherwise) or after the
date, if any, on which the Issuer becomes obligated to acquire a Security, whether upon conversion,
by purchase or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer</I>&#148; means K. Hovnanian Enterprises, Inc., a California corporation, and, subject to
Article&nbsp;Nine, its successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer Order</I>&#148; means a written statement, request or order of the Issuer, which is signed in
its name by the chairman of the Board of Directors, the chief financial officer, the president or
chief executive officer, any vice president or the treasurer of the Issuer, and delivered to the
Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Legal Defeasance</I>&#148; has the meaning specified in Section&nbsp;10.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officers&#146; Certificate</I>&#148;, when used with respect to the Issuer or Hovnanian, means a
certificate signed by the chairman of the Board of Directors, the president or chief executive
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">officer, or any vice president and by the chief financial officer, the treasurer, any assistant
treasurer, the controller, any assistant controller, the secretary or any assistant secretary of
the Issuer or Hovnanian, as the case may be. Each such certificate shall include the statements
provided for in Section&nbsp;11.5 if and to the extent required by the provisions of such Section&nbsp;11.5.
One of the officers signing an Officers&#146; Certificate given pursuant to Section&nbsp;4.3 shall be
the principal executive, financial or accounting officer of the Issuer or Hovnanian, as the case
may be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Opinion of Counsel</I>&#148; means an opinion in writing signed by the chief counsel of the Issuer or
Hovnanian or by such other legal counsel who may be an employee of or counsel to the Issuer or
Hovnanian and who shall be reasonably satisfactory to the Trustee. Each such opinion shall include
the statements provided for in Section&nbsp;11.5, if and to the extent required by the provisions of
such Section&nbsp;11.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue date</I>&#148; of any Security (or portion thereof) means the earlier of (a)&nbsp;the date
of such Security or (b)&nbsp;the date of any Security (or portion thereof) for which such Security was
issued (directly or indirectly) on registration of transfer, exchange or substitution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue discount</I>&#148; of any debt security, including any Original Issue Discount
Security, means the difference between the principal amount of such debt security and the initial
issue price of such debt security (as set forth in the case of an Original Issue Discount Security
on the face of such Security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Original Issue Discount Security</I>&#148; means any Security that provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Outstanding</I>&#148; when used with reference to Securities, shall, subject to the provisions of
Section&nbsp;7.4, mean, as of any particular time, all Securities authenticated and delivered by the
Trustee under this Indenture, except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities (other than Securities of any series as to which the provisions of
Article&nbsp;Ten hereof shall not be applicable), or portions thereof, for the payment or
redemption of which moneys or U.S. Government Obligations (as provided for in Section&nbsp;10.1)
in the necessary amount shall have been deposited in trust with the Trustee or with any
paying agent (other than the Issuer) or shall have been set aside, segregated and held in
trust by the Issuer for the Holders of such Securities (if the Issuer shall act as its own
paying agent), <I>provided </I>that, if such Securities, or portions thereof, are to be redeemed
prior to the maturity thereof, notice of such redemption shall have been given as herein
provided, or provision satisfactory to the Trustee shall have been made for giving such
notice; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities which shall have been paid or in substitution for which other Securities
shall have been authenticated and delivered pursuant to the terms of Section&nbsp;2.9 (except
with respect to any such Security as to which proof satisfactory to the Trustee
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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; margin-left: 2%">is presented
that such Security is held by a Person in whose hands such Security is a legal, valid and
binding obligation of the Issuer).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue
Discount Security that shall be deemed to be Outstanding for such purposes shall be the
portion of the principal amount thereof that would be due and payable as of the date of such
determination (as certified by the Issuer to the Trustee) upon a declaration of acceleration of the
maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>paying agent&#148; </I>refers to a Person engaged to perform the obligations of the Trustee in respect
of payments made or funds held hereunder in respect of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Periodic Offering</I>&#148; means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation, the rate or rates of interest,
if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Issuer or its agents upon the issuance of such
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Person</I>&#148; means any individual, corporation, limited liability company, partnership, joint
venture, association, joint stock company, trust, estate, unincorporated organization or government
or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Place of Payment</I>&#148;, when used with respect to the Securities of any series, means the place or
places where the principal of and interest, if any, on the Securities of such series are payable as
determined in accordance with Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal</I>&#148; of a debt security, including any Security, means the amount (including, without
limitation, if and to the extent applicable, any premium and, in the case of an Original Issue
Discount Security, any accrued original issue discount, but excluding interest) that is payable
with respect to such debt security as of any date and for any purpose (including, without
limitation, in connection with any sinking fund, if any, upon any redemption at the option of the
Issuer, upon any purchase or exchange at the option of the Issuer or the holder of such debt
security and upon any acceleration of the maturity of such debt security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal amount</I>&#148; of a debt security, including any Security, means the principal amount as
set forth on the face of such debt security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>record date</I>&#148; shall have the meaning set forth in Section&nbsp;2.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Officer</I>&#148;, when used with respect to the Trustee of a series of Securities, means
any officer of the Trustee with direct responsibility for the administration of the trust created
by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer other than an Unrestricted
Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer which was an Unrestricted Subsidiary but which,
subsequent to the date hereof, is designated by the Issuer (by Board Resolution) to be a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">Restricted
Subsidiary; <I>provided, however</I>, that the Issuer may not designate any such Subsidiary to be a
Restricted Subsidiary if the Issuer would thereby breach any covenant or agreement herein contained
(on the assumptions that any outstanding Indebtedness of such Subsidiary was incurred at the time
of such designation).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; shall have the meaning set forth in Section&nbsp;1.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Security</I>&#148; or &#147;<I>Securities</I>&#148; has the meaning stated in the first recital of this Indenture and
more particularly means any Securities authenticated and delivered under this Indenture;
<I>provided</I>, <I>however </I>that if at any time there is more than one Person acting as Trustee under
this Instrument, &#147;Securities&#148; with respect to the Indenture as to which such Person is Trustee
shall have the meaning stated in the first recital of this instrument and shall more particularly
mean Securities authenticated and delivered under this instrument, exclusive, however, of
Securities of any series as to which such Person is not Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Indebtedness of the Issuer</I>&#148; means Indebtedness of the Issuer outstanding at any
time (other than the Indebtedness evidenced by the Securities of any series) except (a)&nbsp;any
Indebtedness as to which, by the terms of the instrument creating or evidencing such Indebtedness,
it is provided that such Indebtedness is not senior or prior in right of payment to the Securities
of a series or is <I>pari passu </I>or subordinate by its terms in right of payment to such Securities,
(b)&nbsp;renewals, extensions and modifications of any such Indebtedness, (c)&nbsp;any Indebtedness of the
Issuer to a wholly-owned Subsidiary of the Issuer, (d)&nbsp;interest accruing after the filing of a
petition initiating any proceeding referred to in Sections&nbsp;5.1(e) and 5.1(f) unless such interest
is an allowed claim enforceable against the Issuer in a proceeding under federal or state
bankruptcy laws, (e)&nbsp;trade payables and (f)&nbsp;any liability for federal, state or local taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Indebtedness of each Guarantor</I>&#148; means Indebtedness of a Guarantor outstanding at any
time (other than a Guarantee) except (a)&nbsp;any Indebtedness as to which, by the terms of the
instrument creating or evidencing such Indebtedness, it is provided that such Indebtedness is not
senior or prior in right of payment to a Guarantee or is <I>pari passu </I>or subordinate by its terms in
right of payment to a Guarantee, (b)&nbsp;renewals, extensions and modifications of any such
Indebtedness, (c)&nbsp;any Indebtedness of a Guarantor to a wholly-owned Subsidiary of the Guarantor,
(d)&nbsp;interest accruing after the filing of a petition initiating any proceeding referred to in
Sections&nbsp;5.1(e) and 5.1(f) unless such interest is an allowed claim enforceable against the
Guarantor in a proceeding under federal or state bankruptcy laws, (e)&nbsp;trade payables and (f)&nbsp;any
liability for federal, state or local taxes
&#147;<I>Senior Subordinated Indebtedness</I>&#148; means the Securities of a series and any other Indebtedness
of the Issuer that ranks <I>pari passu </I>with such Securities. Any Indebtedness of the Issuer that is
subordinate or junior by its terms in right of payment to any other Indebtedness of the Issuer
shall be subordinate to Senior Subordinated Indebtedness unless the instrument creating or
evidencing the same or pursuant to which the same is outstanding specifically provides that such
Indebtedness (i)&nbsp;is to rank <I>pari passu </I>with other Senior Subordinated Indebtedness and (ii)&nbsp;is not
subordinated by its terms to any Indebtedness of the Issuer which is not Senior Indebtedness.
&#147;<I>Significant Subsidiary</I>&#148; means any Subsidiary which is a &#147;significant subsidiary&#148; of the
Issuer within the meaning of Rule&nbsp;1.02(w) of Regulation&nbsp;S-K promulgated by the Commission as in
effect on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subsidiary</I>&#148; of any specified Person means any corporation, association or other business
entity of which such Person, or such Person and one or more Subsidiaries of such Person, or any one
or more Subsidiaries of such Person, directly or indirectly own voting securities entitling any one
or more of such Persons and its Subsidiaries to elect a majority of the directors or other persons
performing such functions, either at all times or, so long as there is no
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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">default or contingency
which permits the holders of any other class or classes of securities to vote for the election of
one or more directors or other persons performing such functions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trust Indenture Act of 1939</I>&#148; (except as otherwise provided in Sections&nbsp;8.1 and 8.2) means the
Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at
the date as of which this Indenture is originally executed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustee</I>&#148; means the Person identified as &#147;Trustee&#148; in the first paragraph hereof and, subject
to the provisions of Article&nbsp;Six, shall also include any successor trustee. &#147;Trustee&#148; shall
also mean or include each Person who is then a trustee hereunder and, if at any time there is
more than one such Person, &#147;Trustee&#148; as used with respect to the Securities of any series shall
mean the trustee with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unrestricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer acquired or organized after
the date hereof, <I>provided, however</I>, that such Subsidiary shall not be a successor, directly or
indirectly, to any Restricted Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer substantially all
the assets of which consist of stock or other securities of a Subsidiary or Subsidiaries of the
character described in clause (a)&nbsp;of this paragraph, unless and until such Subsidiary shall have
been designated to be a Restricted Subsidiary pursuant to clause (b)&nbsp;of the definition of
&#147;<I>Restricted Subsidiary</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Government Obligations</I>&#148; means non-callable, non-payable bonds, notes, bills or other
similar obligations issued or guaranteed by the United States government or any agency thereof the
full and timely payment of which are backed by the full faith and credit of the United States of
America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>vice president,</I>&#148; when used with respect to the Issuer, Hovnanian or the Trustee, means any
vice president, regardless of whether designated by a number or a word or words added before or
after the title &#147;vice president.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Yield to Maturity</I>&#148; means the yield to maturity on a series of Securities, calculated at the
time of issuance of such series, or, if applicable, at the most recent redetermination of interest
on such series, and calculated in accordance with generally accepted financial practice or as
otherwise provided in the terms of such series of Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWO<BR>
SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <I>Forms Generally.</I>
The Securities of each series shall be substantially in such form (not inconsistent with this
Indenture) as shall be established by or pursuant to one or more Board Resolutions (as set forth in
a Board Resolution or, to the extent established pursuant to rather than set forth in a Board
Resolution, an Officers&#146; Certificate detailing such establishment) or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have imprinted or
otherwise reproduced thereon such legend or legends or endorsements, not inconsistent with the
provisions of this Indenture, as may be required to comply with any
law or with any rules or
regulations pursuant thereto, or with any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">rules of any securities exchange or to conform to general
usage, all as may be determined by the officers executing such Securities, as evidenced by their
execution of such Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such Securities
as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <I>Form of Trustee&#146;s Certificate of Authentication.</I>
The Trustee&#146;s certificate of authentication on all Securities shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time there shall be an Authenticating Agent appointed with respect to any series of
Securities, then the Securities of such series shall bear, in addition to the Trustee&#146;s certificate
of authentication, an alternate Certificate of Authentication which shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</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">&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, as Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&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 colspan="2" align="left">as Authenticating Agent&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3. <I>Amount Unlimited, Issuable in Series.</I>
The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities may be issued in one or more series and the Securities of each such series
shall rank equally and <I>pari passu </I>with the Securities of each other series, but all Securities
issued hereunder shall be subordinate and junior in right of payment, to the extent and in the
manner set
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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">forth in Article&nbsp;Thirteen or the applicable Board Resolution, Officers&#146; Certificate or
supplemental indenture referred to below and relating to such Securities, to all Senior
Indebtedness of the Issuer. There shall be established in or pursuant to one or more Board
Resolutions (and, to the extent established pursuant to rather than set forth in a Board
Resolution, in an Officers&#146; Certificate detailing such establishment) or established in one or more
indentures supplemental hereto, prior to the initial issuance of Securities of any series:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the designation of the Securities of the series, which shall distinguish the
Securities of such series from the Securities of all other series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any limit upon the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section&nbsp;2.8, 2.9, 2.11, 8.5 or 12.3);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the date or dates on which the principal of the Securities of the series is
payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the rate or rates at which the Securities of the series shall bear interest, if
any, the date or dates from which any such interest shall accrue, on which any such interest
shall be payable and on which a record shall be taken for the determination of Holders to
whom any such interest is payable or the method by which such rate or rates or date or dates
shall be determined or both;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the place or places where and the manner in which the principal of, premium, if
any, and interest, if any, on Securities of the series shall be payable (if other than as
provided in Section&nbsp;3.2) and the office or agency for the Securities of the series
maintained by the Issuer pursuant to Section&nbsp;3.2;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the right, if any, of the Issuer to redeem, purchase or repay Securities of the
series, in whole or in part, at its option and the period or periods within which, the price
or prices (or the method by which such price or prices shall be determined or both) at
which, the form or method of payment therefor if other than in cash and any terms and
conditions upon which and the manner in which (if different from the provisions of Article
Twelve) Securities of the series may be so redeemed, purchased or repaid, in whole or in
part, pursuant to any sinking fund or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of
the series in whole or in part pursuant to any mandatory redemption, sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within
which the price or prices (or the method by which such price or prices shall be determined
or both) at which, the form or method of payment therefor if other than in cash and any
terms and conditions upon which and the manner in which (if different from the provisions of
Article&nbsp;Twelve) Securities of the series shall be redeemed, purchased or repaid, in whole or
in part, pursuant to such obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if other than denominations of $2,000 and integral multiples of $1,000 in excess
thereof, the denominations in which Securities of the series shall be issuable;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon acceleration of the maturity thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) whether Securities of the series will be issuable as Global Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series)
only upon receipt of certain certificates or other documents or satisfaction of other
conditions, the form and terms of such certificates, documents or conditions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any trustees, depositaries, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) any deleted, modified or additional events of default or remedies or any deleted,
modified or additional covenants with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) whether the provisions of Article&nbsp;Ten will not be applicable to Securities of such
series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any provision relating to the issuance of Securities of such series at an original
issue discount (including, without limitation, the issue price thereof, the rate or rates at
which such original issue discount shall accrete, if any, and the date or dates from or to
which or period or periods during which such original issue discount shall accrete at such
rate or rates);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) if other than Dollars, the foreign currency in which payment of the principal of,
premium, if any, and interest, if any, on the Securities of such series shall be payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) if other than Wilmington Trust Company is to act as Trustee for the Securities of
such series, the name and Corporate Trust Office of such Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) if the amounts of payments of principal of, premium, if any, and interest, if any,
on the Securities of such series are to be determined with reference to an index, the manner
in which such amounts shall be determined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) the terms for conversion or exchange, if any, with respect to the Securities of
such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) which, if any, of the Eligible Guarantors, in addition to Hovnanian, shall
guarantee the Securities of such series on the terms set forth in Article&nbsp;Fourteen
(Hovnanian, together with each of the other Eligible Guarantors that guarantee the
Securities on the terms set forth in Article&nbsp;Fourteen, if any, a &#147;Guarantor&#148;); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) any other terms of the Securities of such series (which terms shall not be
inconsistent with the provisions of this Indenture).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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;All Securities of any one series shall be substantially identical, except as to denomination
and except as may otherwise be provided by or pursuant to the Board Resolution or Officers&#146;
Certificate referred to above or as set forth in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time and may be issued from time to
time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board
Resolution, such Officers&#146; Certificate or in any such indenture supplemental hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Board Resolution or Officers&#146; Certificate referred to above with respect to
Securities of any series filed with the Trustee on or before the initial issuance of the Securities
of such series shall be incorporated herein by reference with respect to Securities of such series
and shall thereafter be deemed to be a part of the Indenture for all purposes relating to
Securities of
such series as fully as if such Board Resolution or Officers&#146; Certificate were set forth
herein in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4. <I>Authentication and Delivery of Securities.</I>
The Issuer may deliver Securities of any series executed by the Issuer to the Trustee for
authentication together with the applicable documents referred to below in this Section&nbsp;2.4, and
the Trustee shall thereupon authenticate and deliver such Securities to, or upon the order of, the
Issuer (contained in the Issuer Order referred to below in this Section&nbsp;2.4) or pursuant to such
procedures acceptable to the Trustee and to such recipients as may be specified from time to time
by an Issuer Order. If provided for in such procedures and agreed to by the Trustee, such Issuer
Order may authorize authentication and delivery pursuant to oral instructions from the Issuer or
its duly authorized agent, which instructions shall be promptly confirmed in writing. In
authenticating the Securities of such series and accepting the additional responsibilities under
this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in the
case of subparagraphs (2), (3)&nbsp;and (4)&nbsp;below only at or before the time of the first request of the
Issuer to the Trustee to authenticate Securities of such series) and (subject to Section&nbsp;6.1) shall
be fully protected in relying upon, unless and until such documents have been superseded or
revoked:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Issuer Order requesting such authentication and setting forth delivery
instructions provided that, with respect to Securities of a series subject to a Periodic
Offering, (a)&nbsp;such Issuer Order may be delivered by the Issuer to the Trustee prior to the
delivery to the Trustee of such Securities for authentication and delivery, (b)&nbsp;the Trustee
shall authenticate and deliver Securities of such series for original issue from time to
time, in an aggregate principal amount not exceeding the aggregate principal amount
established for such series, pursuant to an Issuer Order, (c)&nbsp;the maturity date or dates,
original issue date or dates, interest rate or rates, if any, and any other terms of
Securities of such series shall be determined by an Issuer Order and (d)&nbsp;after the original
issuance of the first Security of such series to be issued, any separate request by the
Issuer that the Trustee authenticate Securities of such series for original issuance will be
deemed to be a certification by the Issuer that it is in compliance with all conditions
precedent provided for in this Indenture relating to the authentication and delivery of such
Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Board Resolution, Officers&#146; Certificate or executed supplemental indenture
referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the forms and terms of the
Securities of such series were established;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an Officers&#146; Certificate stating that the form or forms and terms of the Securities
have been established pursuant to Sections&nbsp;2.1 and 2.3 and comply with this Indenture and
covering such other matters as the Trustee may reasonably request; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) at the option of the Issuer, either an Opinion of Counsel, or a letter from legal
counsel addressed to the Trustee permitting it to rely on an Opinion of Counsel,
substantially to the effect that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an underwritten offering, the Securities of such series have
been duly authorized, executed and delivered and, in the case of an offering that is
not underwritten, certain terms of the Securities of such series have been
established pursuant to a Board Resolution, an Officers&#146; Certificate or a
supplemental indenture in accordance with this Indenture, and when such other
terms as are to be established pursuant to procedures set forth in an Issuer Order
shall have been established, all such terms will have been duly authorized by the
Issuer and will have been established in conformity with the provisions of this
Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when the Securities of such series have been duly authorized, executed and
delivered by the Issuer and authenticated by the Trustee in accordance with the
provisions of this Indenture and delivered to and duly paid for by the purchasers
thereof, they will constitute valid and legally binding obligations of the Issuer,
enforceable in accordance with their respective terms, and will be entitled to the
benefits of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution and delivery by the Issuer of, and the performance by the
Issuer of its obligations under, the Securities of such series will not conflict
with any provision of applicable law or the articles of incorporation or bylaws of
the Issuer or any agreement or other instrument to which the Issuer or any of the
Guarantors is a party and that is material to the Issuer, Hovnanian and its
Subsidiaries, considered as one enterprise, or, to such counsel&#146;s knowledge after
the inquiry indicated therein, any judgment, order or decree of any governmental
agency or any court having jurisdiction over the Issuer, Hovnanian and any of its
Subsidiaries, and no consent, approval or authorization of any governmental body or
agency is required for the performance by the Issuer of its obligations under the
Securities, except such as are specified and have been obtained and such as may be
required by the securities or blue sky laws of the various states in connection with
the offer and sale of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinions, such counsel may qualify any opinions as to enforceability by
stating that such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, liquidation, moratorium and other similar laws relating to or affecting the rights
and remedies of creditors and is subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law) and an implied covenant of
good faith and fair dealing. Such counsel may also state that, insofar as such opinion involves
factual matters, such counsel has relied, to the extent such counsel deems
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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">proper, upon
certificates of officers of the Issuer, Hovnanian and its subsidiaries, as applicable, and
certificates of public officials.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have the right to decline to authenticate and deliver any Securities of any
series under this Section&nbsp;2.4 if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors
or board of trustees, executive committee or a trust committee of directors or trustees or
Responsible Officers shall determine that such action would expose the Trustee to personal
liability to existing Holders or would adversely affect the Trustee&#146;s own rights, duties or
immunities under the Securities, this Indenture or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall establish pursuant to Section&nbsp;2.3 that the Securities of a series are to
be issued in the form of one or more Global Securities, then the Issuer shall execute and the
Trustee shall, in accordance with this Section&nbsp;2.4 and the Issuer Order with respect to such
series, authenticate and deliver one or more Global Securities that (i)&nbsp;shall represent and shall
be denominated in an amount equal to the aggregate principal amount of all of the Securities of
such
series to be issued in the form of Global Securities and not yet cancelled, (ii)&nbsp;shall be
registered in the name of the Depositary for such Global Security or Securities or the nominee of
such Depositary, (iii)&nbsp;shall be delivered by the Trustee to such Depositary or pursuant to such
Depositary&#146;s instructions, and (iv)&nbsp;shall bear a legend substantially to the following effect:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED
FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (THE &#147;DEPOSITARY&#148;) TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE &#038; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Depositary designated pursuant to Section&nbsp;2.3 must, at the time of its designation and at
all times while it serves as Depositary, be a clearing agency registered under the Exchange Act,
and any other applicable statute or regulation.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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;Reference is made to Section&nbsp;14.15 concerning execution and delivery of the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5. <I>Execution of Securities.</I>
The Securities shall be signed on behalf of the Issuer by the chairman of the Board of
Directors, the president or chief executive officer, any vice president, the chief financial
officer or the treasurer of the Issuer. Such signatures may be the manual or facsimile signatures
of the present or any future such officers. Typographical and other minor errors or defects in any
such reproduction of such signature shall not affect the validity or enforceability of any Security
that has been duly authenticated and delivered by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any officer of the Issuer who shall have signed any of the Securities shall cease to
be such officer before the Security so signed shall be authenticated and delivered by the Trustee
or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual
date of the execution of such Security, shall be the proper officers of the Issuer, although
at the date of the execution and delivery of this Indenture any such person was not such an
officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;14.15 concerning execution and delivery of the Guarantees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6. <I>Certificate of Authentication.</I>
Only such Securities as shall bear thereon a certificate of authentication substantially in
the form hereinbefore recited, executed by the Trustee by the manual signature of one of its
authorized signatories, or its Authenticating Agent, shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. The execution of such certificate by the
Trustee or its Authenticating Agent upon any Security executed by the Issuer shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and
that the Holder is entitled to the benefits of this Indenture. Each reference in this Indenture to
authentication by the Trustee includes authentication by an agent appointed pursuant to Section
6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7. <I>Denomination and Date of Securities; Payments of Interest.</I>
The Securities of each series shall be issuable in registered form in denominations
established as contemplated by Section&nbsp;2.3 or, with respect to the Securities of any series, if not
so established, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner
or in accordance with such plan as the officers of the Issuer executing the same may determine with
the approval of the Trustee, as evidenced by the execution and authentication thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Security shall be dated the date of its authentication. The Securities of each series
shall bear interest, if any, from the date, and such interest, if any, shall be payable on the
dates, established as contemplated by Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Person in whose name any Security of any series is registered at the close of business on
any record date applicable to a particular series with respect to any interest payment date for
such series shall be entitled to receive the interest, if any, payable on such interest payment
date
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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">notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the
payment of the interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the Persons in whose names Outstanding Securities for such
series are registered (a)&nbsp;at the close of business on a subsequent record date (which shall be not
less than five Business Days prior to the date of payment of such defaulted interest) established
by notice given by mail by or on behalf of the Issuer to the Holders of Securities not less than 15
days preceding such subsequent record date or (b)&nbsp;as determined by such other procedure as is
mutually acceptable to the Issuer and the Trustee. The term &#147;record date&#148; as used with respect to
any interest payment date (except a date for payment of defaulted interest) for the Securities of
any series shall mean the date specified as such in the terms of the Securities of such series
established as contemplated by Section&nbsp;2.3, or, if no such date is so established, if such interest
payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar
month or, if such interest payment date is the fifteenth day of a calendar month, the first day of
such calendar month, whether or not such record date is a Business Day.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8. <I>Registration, Transfer and Exchange.</I>
The Issuer will keep at each office or agency to be maintained for the purpose as provided in
Section&nbsp;3.2 for each series of Securities a register or registers in which, subject to such
reasonable regulations as it may prescribe, it will provide for the registration of Securities of
each series and the registration of transfer of Securities of such series. Each such register
shall be in written form in the English language or in any other form capable of being converted
into such form within a reasonable time. At all reasonable times such register or registers shall
be open for inspection and available for copying by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon due presentation for registration of transfer of any Security of any series at any such
office or agency to be maintained for the purpose as provided in Section&nbsp;3.2, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Security or Securities of the same series, maturity date, interest rate, if any, and original
issue date in authorized denominations for a like aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities presented for registration of transfer shall (if so required by the Issuer or
the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his
attorney duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder thereof, Securities of any series (other than a Global Security,
except as set forth below) may be exchanged for a Security or Securities of such series having
authorized denominations and an equal aggregate principal amount, upon surrender of such Securities
to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance
with Section&nbsp;3.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer or Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer of
Securities. No service charge shall be made for any such transaction or for any exchange of
Securities of any series as contemplated by the immediately preceding paragraph.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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 Issuer shall not be required to exchange or register a transfer of (a)&nbsp;any Securities of
any series for a period of 15&nbsp;days next preceding the first mailing or publication of notice of
redemption of Securities of such series to be redeemed, (b)&nbsp;any Securities selected, called or
being called for redemption, in whole or in part, except, in the case of any Security to be
redeemed in part, the portion thereof not so to be redeemed or (c)&nbsp;any Security if the Holder
thereof has exercised his right, if any, to require the Issuer to repurchase such Security in whole
or in part, except the portion of such Security not required to be repurchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Section&nbsp;2.8, unless and until it is exchanged in
whole or in part for Securities in definitive registered form, a Global Security representing all
or a part of the Securities of a series may not be transferred except as a whole by the Depositary
for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a
successor Depositary for such series or a nominee of such successor Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Depositary for any Securities of a series represented by one or more Global
Securities notifies the Issuer that it is unwilling or unable to continue as Depositary for such
Securities or if at any time the Depositary for such Securities shall no longer be eligible
under Section&nbsp;2.4, the Issuer shall appoint a successor Depositary with respect to such
Securities. If a successor Depositary for such Securities is not appointed by the Issuer within 90
days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer&#146;s
election pursuant to Section&nbsp;2.3 that such Securities be represented by one or more Global
Securities shall no longer be effective and the Issuer shall execute, and the Trustee, upon receipt
of an Issuer Order for the authentication and delivery of definitive Securities of such series,
will authenticate and deliver Securities of such series in definitive registered form, in any
authorized denominations, in an aggregate principal amount equal to the principal amount of the
Global Security or Securities representing such Securities in exchange for such Global Security or
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event, the Issuer shall execute, and the Trustee, upon
receipt of an Issuer Order for the authentication and delivery of definitive Securities of such
series, shall authenticate and deliver, Securities of such series in definitive registered form, in
any authorized denominations, in an aggregate principal amount equal to the principal amount of the
Global Security or Securities representing such Securities, in exchange for such Global Security or
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified by the Issuer pursuant to Section&nbsp;2.3 with respect to Securities represented by a
Global Security, the Depositary for such Global Security may surrender such Global Security in
exchange in whole or in part for Securities of the same series in definitive registered form on
such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall
execute, and the Trustee shall authenticate and deliver, without service charge,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Person specified by such Depositary, a new Security or Securities of the
same series, of any authorized denominations as requested by such Person, in an
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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; margin-left: 2%">aggregate
principal amount equal to and in exchange for such Person&#146;s beneficial interest in the
Global Security; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such Depositary a new Global Security in a denomination equal to the
difference, if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities authenticated and delivered pursuant to clause (i)
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the exchange of a Global Security for Securities in definitive registered form in
authorized denominations, such Global Security shall be cancelled by the Trustee or an agent of the
Trustee. Securities in definitive registered form issued in exchange for a Global Security
pursuant to this Section&nbsp;2.8 shall be registered in such names and in such authorized denominations
as the Depositary for such Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee or an agent of the Trustee or the Issuer or
an agent of the Issuer. The Trustee or such agent shall deliver at its office such Securities to
or as directed by the Persons in whose names such Securities are so registered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any registration of transfer or exchange of Securities shall be
valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9. <I>Mutilated, Defaced, Destroyed, Lost and Stolen Securities.</I>
In case any temporary or definitive Security shall become mutilated or defaced or be
destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request
of the Issuer, the Trustee shall authenticate and deliver a new Security of the same series,
maturity date, interest rate, if any, and original issue date, bearing a number or other
distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the
mutilated or defaced Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer
and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be
required by the Trustee or the Issuer or any such agent to indemnify and defend and to save each of
the Trustee and the Issuer and any such agent harmless and, in every case of destruction, loss or
theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the
ownership thereof and in the case of mutilation or defacement, shall surrender the Security to the
Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any substitute Security, the Issuer may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee or its agent) connected
therewith. In case any Security which has matured or is about to mature or has been called for
redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer
may instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such
payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee
such security or indemnity as any of them may require to hold each of them harmless, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Issuer and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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">the Trustee
and any agent of the Issuer or the Trustee evidence to the Trustee&#146;s satisfaction of the
destruction, loss or theft of such Security and of the ownership thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every substitute Security of any series issued pursuant to the provisions of this Section by
virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an
additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen
Security shall be at any time enforceable by anyone and shall be entitled to all the benefits of
(but shall be subject to all the limitations of rights set forth in) this Indenture equally and
proportionately with any and all other Securities of such series duly authenticated and delivered
hereunder. All Securities shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the replacement or payment
of mutilated, defaced, destroyed, lost or stolen Securities and shall preclude any and all other
rights or remedies notwithstanding any law or statute existing or hereafter enacted to the contrary
with respect to the replacement or payment of negotiable instruments or other securities without
their surrender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <I>Cancellation of Securities; Disposition Thereof.</I>
All Securities surrendered for payment, redemption, registration of transfer or exchange, or
for credit against any payment in respect of a sinking or analogous fund, if surrendered to the
Issuer or any agent of the Issuer or the Trustee or any agent of the Trustee, shall be delivered to
the Trustee or its agent for cancellation or, if surrendered to the Trustee, shall be cancelled by
it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of all cancelled
Securities in accordance with its standard procedures and shall deliver a certificate of such
disposition to the Issuer. If the Issuer or its agent shall acquire any of the Securities, such
acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by
such Securities unless and until the same are delivered to the Trustee or its agent for
cancellation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <I>Temporary Securities.</I>
Pending the preparation of definitive Securities for any series, the Issuer may execute and
the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver temporary Securities
for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
satisfactory to the Trustee). Temporary Securities of any series shall be issuable in any
authorized denomination, and substantially in the form of the definitive Securities of such series
but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Issuer. Temporary Securities may contain such references to any
provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by
the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with like effect, as the definitive Securities. Without unreasonable delay the
Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary
Securities of such series may be surrendered in exchange therefor without charge at each office or
agency to be maintained by the Issuer for that purpose pursuant to Section&nbsp;3.2 and the Trustee
shall authenticate and deliver in exchange for such temporary Securities of such series an equal
aggregate principal amount of definitive Securities of the same series having authorized
denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the
same benefits under this Indenture as definitive Securities of such series, unless otherwise
established pursuant to Section&nbsp;2.3.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /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;SECTION 2.12. <I>CUSIP Numbers.</I>
The Issuer in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in use), and,
if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a convenience to Holders;
<I>provided </I>that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer
will promptly notify the Trustee of any change to such &#147;CUSIP&#148; numbers.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THREE<BR>
COVENANTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <I>Payment of Principal and Interest.</I>
The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid the
principal of, premium, if any, and interest, if any, on each of the Securities at the place, at the
respective times and in the manner provided in the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <I>Offices for Notices and Payments, etc.</I>
So long as any of the Securities are Outstanding, the Issuer and Hovnanian will maintain in
each Place of Payment, an office or agency where the Securities may be presented for payment, an
office or agency where the Securities may be presented for registration of transfer and for
exchange as provided in this Indenture, and an office or agency where notices and demands to or
upon the Issuer and Hovnanian in respect of the Securities or of this Indenture may be served. In
case the Issuer shall at any time fail to maintain any such office or agency, or shall fail to give
notice to the Trustee of any change in the location thereof, presentation may be made and notice
and demand may be served in respect of the Securities or of this Indenture to the Trustee. The
Issuer hereby initially designates the Corporate Trust Office of the Trustee for each such purpose
and appoints the Trustee as registrar and paying agent and as the agent upon whom notices and
demands may be served with respect to the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3. <I>No Interest Extension.</I>
In order to prevent any accumulation of claims for interest after maturity thereof, the Issuer
will not directly or indirectly extend or consent to the extension of the time for the payment of
any claim for interest on any of the Securities and will not directly or indirectly be a party to
or approve any such arrangement by the purchase or funding of said claims or in any other manner;
<I>provided</I>, <I>however</I>, that this Section&nbsp;3.3 shall not apply in any case where an extension shall be
made pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4. <I>Appointments to Fill Vacancies in Trustee&#146;s Office.</I>
The Issuer, whenever necessary to avoid or fill a vacancy in the office of the Trustee, will
appoint, in the manner provided in Section&nbsp;6.10, a Trustee, so that there shall at all times be a
Trustee hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5. <I>Provision as to Paying Agent.</I>
(a)&nbsp;If the Issuer shall appoint a paying agent other than the Trustee, it will cause such
paying agent to execute and deliver to the Trustee
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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">an instrument in which such paying agent shall
agree with the Trustee, subject to the provisions of this Section&nbsp;3.5,
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that it will hold all sums held by it as such paying agent for the payment of the
principal of or interest, if any, on the Securities (whether such sums have been paid to it
by the Issuer or by any other obligor on the Securities) in trust for the benefit of the
Holders of the Securities and the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that it will give the Trustee notice of any failure by the Issuer (or by any other
obligor on the Securities) to make any payment of the principal of, premium, if any, or
interest, if any, on the Securities when the same shall be due and payable; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that it will, at any time during the continuance of any such failure, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by
such paying agent.
</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 Issuer shall act as its own paying agent, it will, on or before each due date of
the principal of or interest, if any, on the Securities, set aside, segregate and hold in trust for
the benefit of the Holders of the Securities a sum sufficient to pay such principal, premium, if
any, or interest, if any, so becoming due and will notify the Trustee of any failure to take
such action and of any failure by the Issuer (or by any other obligor under the Securities) to make
any payment of the principal of, premium, if any, or interest, if any, on the Securities when the
same shall become due and payable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, the Issuer may, at any time,
for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by it, or any paying agent
hereunder, as required by this Section&nbsp;3.5, such sums to be held by the Trustee upon the trusts
herein contained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, any agreement of the Trustee
or any paying agent to hold sums in trust as provided in this Section&nbsp;3.5 is subject to Sections
10.3 and 10.4.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Whenever the Issuer shall have one or more paying agents, it will, on or before 9:00 A.M.
on each due date of the principal of, premium, if any, or interest, if any, on any Securities,
deposit with a paying agent a sum sufficient to pay the principal, premium, if any, or interest, if
any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such
principal, premium, if any, or interest, if any, and (unless such paying agent is the Trustee) the
Issuer will promptly notify the Trustee of its action or failure so to act.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOUR<BR>
SECURITYHOLDERS LISTS AND REPORTS BY THE<BR>
ISSUER, HOVNANIAN AND THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1. <I>Issuer and Hovnanian to Furnish Trustee Information as to Names and Addresses
of Securityholders.</I>
The Issuer and Hovnanian and any other obligor on the Securities covenant and agree that they
will furnish or cause to be furnished to the Trustee a list in such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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">form as the Trustee may
reasonably require of the names and addresses of the Holders of the Securities of each series:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) semiannually and not more than 15&nbsp;days after each January 1 and July&nbsp;1, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at such other times as the Trustee may request in writing, within 15&nbsp;days after
receipt by the Issuer of any such request,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that if and so long as the Trustee shall be the registrar for such series, such list shall
not be required to be furnished.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2. <I>Preservation and Disclosure of Securityholders Lists.</I>
(a)&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the Holders of each series of Securities (i)&nbsp;contained
in the most recent list furnished to it as provided in Section&nbsp;4.1, and (ii)&nbsp;received by it in the
capacity of registrar or paying agent for such series, if so acting. The Trustee may destroy any
list furnished to it as provided in Section&nbsp;4.1 upon receipt of a new list so furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The rights of Holders of each series of Securities to communicate with other Holders of
such series of Securities with respect to their rights under this Indenture or under the Securities
of such series, and the corresponding rights and privileges of the Trustee, shall be as provided by
the Trust Indenture Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Every Holder of Securities of any series, by receiving and holding the same, agrees with
the Issuer, Hovnanian and the Trustee that neither the Issuer nor Hovnanian nor the Trustee nor any
agent of any of them shall be held accountable by reason of any disclosure of information as to
names and addresses of Holders of Securities of such series made pursuant to the Trust Indenture
Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3. <I>Reports by the Issuer and Hovnanian.</I>
The Issuer and Hovnanian covenant:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file with the Trustee, within 15&nbsp;days after the Issuer or Hovnanian is required, as the
case may be, to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) which the Issuer or Hovnanian,
as the case may be, may be required to file with the Commission pursuant to Section&nbsp;13 or Section
15(d) of the Exchange Act; or, if the Issuer or Hovnanian, as the case may be, is not required to
file information, documents or reports pursuant to either of such Exchange Act Sections, then to
file with the Trustee and the Commission, in accordance with rules and regulations prescribed from
time to time by the Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section&nbsp;13 of the Exchange Act, in respect of a debt
security listed and registered on a national securities exchange as may be prescribed from time to
time in such rules and regulations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information,
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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">documents and reports
with respect to compliance by the Issuer or Hovnanian, as the case may be, with the conditions and
covenants provided for in this Indenture as may be required from time to time by such rules and
regulations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to transmit by mail to the Holders of Securities within 30&nbsp;days after the filing thereof
with the Trustee, in the manner and to the extent provided in Section&nbsp;4.4(a), such summaries of any
information, documents and reports required to be filed by the Issuer or Hovnanian, as the case may
be, pursuant to subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;4.3 as may be required to be transmitted to
such Holders by rules and regulations prescribed from time to time by the Commission; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to furnish to the Trustee, not less than annually, an Officers&#146; Certificate from the
principal executive officer, principal financial officer or principal accounting officer as to his
knowledge of the Issuer&#146;s or Hovnanian&#146;s, as the case may be, compliance with all conditions and
covenants under this Indenture. For purposes of this subsection (d), such compliance shall be
determined without regard to any period of grace or requirement of notice provided under this
Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of the reports, information and documents referenced in Sections&nbsp;4.3(a), (b)&nbsp;and (c)
to the Trustee is for informational purposes only and the Trustee&#146;s receipt of them
will not constitute constructive notice of any information contained therein or determinable
from information contained therein, including the Issuer&#146;s and/or Hovnanian&#146;s compliance with any
of its covenants in this Indenture (as to which the Trustee is entitled to rely exclusively on an
Officers&#146; Certificate).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4. <I>Reports by the Trustee.</I>
(a)&nbsp;The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act of 1939 at the times
and in the manner provided pursuant thereto. To the extent that any such report is required by the
Trust Indenture Act of 1939 with respect to any 12&nbsp;month period, such report shall cover the 12
month period ending May&nbsp;15 and shall be transmitted by the next succeeding July&nbsp;15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A copy of each such report shall, at the time of such transmission to Securityholders, be
furnished to the Issuer and Hovnanian and be filed by the Trustee with each stock exchange upon
which the Securities of any applicable series are listed and also with the Commission. The Issuer
and Hovnanian agree to promptly notify the Trustee with respect to any series when and as the
Securities of such series become admitted to trading on any national securities exchange.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FIVE<BR>
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS<BR>
ON EVENT OF DEFAULT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1. <I>Events of Default.</I>
&#147;Event of Default&#148;, wherever used herein with respect to Securities of any series, means any
one or more of the following events (whatever the reason for such Event of Default), unless it is
either inapplicable to a particular series or it is
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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">specifically deleted or modified in or pursuant
to the Board Resolution or supplemental indenture establishing such series of Securities or in the
form of Security, for such series:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the payment of the principal of or premium, if any, of the Securities of
such series as and when the same shall become due and payable either at maturity, upon
redemption, by declaration or otherwise; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the payment of any installment of interest on any of the Securities of
such series as and when the same shall become due and payable, and continuance of such
default for a period of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the payment or satisfaction of any sinking fund or other purchase
obligation with respect to Securities of such series, as and when such obligation shall
become due and payable; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) failure on the part of the Issuer or a Guarantor duly to observe or perform any
other of the covenants or agreements on the part of the Issuer in or a Guarantor of, the
Securities of such series or in this Indenture continued for a period of 90&nbsp;days after the
date on which written notice of such failure, requiring the Issuer or a Guarantor to remedy
the same, shall have been given by certified or registered mail to the Issuer or a
Guarantor by the Trustee, or to the Issuer or a Guarantor and the Trustee by the
Holders of at least 25% in aggregate principal amount of the Securities of such series then
Outstanding; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without the consent of the Issuer or Hovnanian, a court having jurisdiction shall
enter an order for relief with respect to the Issuer or Hovnanian or any of its Significant
Subsidiaries under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia, or without the consent of
the Issuer or Hovnanian, a court having jurisdiction shall enter a judgment, order or decree
adjudging the Issuer or Hovnanian or any of its Significant Subsidiaries bankrupt or
insolvent, or enter an order for relief for reorganization, arrangement, adjustment or
composition of or in respect of the Issuer or Hovnanian or any of its Significant
Subsidiaries under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia, and the continuance of any
such judgment, order or decree is unstayed and in effect for a period of 60 consecutive
days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Issuer or Hovnanian or any of its Significant Subsidiaries shall institute
proceedings for entry of an order for relief with respect to the Issuer or Hovnanian or any
of its Significant Subsidiaries under any applicable bankruptcy, insolvency or other similar
law of the United States of America, any state thereof or the District of Columbia, or for
an adjudication of insolvency, or shall consent to the institution of bankruptcy or
insolvency proceedings against it, or shall file a petition seeking, or seek or consent to
reorganization, arrangement, composition or relief under any applicable bankruptcy,
insolvency or other similar law of the United States of America, any state thereof or the
District of Columbia, or shall consent to the filing of such petition or to the appointment
of a receiver, custodian, liquidator, assignee, trustee,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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; margin-left: 2%">sequestrator or similar official of
the Issuer or Hovnanian or of substantially all of its property, or the Issuer or Hovnanian
or any of its Significant Subsidiaries shall make a general assignment for the benefit of
creditors as recognized under any applicable bankruptcy, insolvency or other similar law of
the United States of America, any state thereof or the District of Columbia; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Guarantee ceases to be in full force and effect (other than in accordance with
the terms of any Guarantee) or a Guarantor denies or disaffirms its obligations under the
Guarantee; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other Event of Default provided with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any series then Outstanding occurs and is
continuing, then and in each and every such case, unless the principal of all of the Securities of
such series shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Securities of such series then Outstanding, by
notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the
principal (or, if the Securities of such series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) of all the
Securities of such series and the interest, if any, accrued thereon to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and
payable, notwithstanding anything to the contrary contained in this Indenture or in the
Securities of such series. This provision, however, is subject to the condition that, if at
any time after the unpaid principal amount (or such specified amount) of the Securities of such
series shall have been so declared due and payable and before any judgment or decree for the
payment of the moneys due shall have been obtained or entered as hereinafter <I>provided</I>, the Issuer
shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of
interest, if any, upon all of the Securities of such series and the principal of any and all
Securities of such series which shall have become due otherwise than by acceleration (with interest
on overdue installments of interest, if any, to the extent that payment of such interest is
enforceable under applicable law and on such principal at the rate borne by the Securities of such
series to the date of such payment or deposit) and the reasonable compensation, disbursements,
expenses and advances of the Trustee and all other amounts due the Trustee under Section&nbsp;6.6, and
any and all defaults under this Indenture, other than the nonpayment of such portion of the
principal amount of and accrued interest, if any, on Securities of such series which shall have
become due by acceleration, shall have been cured or shall have been waived in accordance with
Section&nbsp;5.7 or provision deemed by the Trustee to be adequate shall have been made therefor, then
and in every such case the Holders of a majority in aggregate principal amount of the Securities of
such series then Outstanding, by written notice to the Issuer and to the Trustee, may rescind and
annul such declaration and its consequences; but no such rescission and annulment shall extend to
or shall affect any subsequent default, or shall impair any right consequent thereon.
Notwithstanding the previous sentence, no waiver shall be effective against any Holder for any
Event of Default or event which with notice or lapse of time or both would be an Event of Default
with respect to any covenant or provision which cannot be modified or amended without the consent
of the Holder of each outstanding Security affected thereby, unless all such affected Holders
agree, in writing, to waive such Event of Default or other event.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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;If any Event of Default specified in Section&nbsp;5.1(e) or 5.1(f) occurs with respect to the
Issuer, all unpaid principal amount (or, if the Securities of any series then Outstanding are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the
terms of each such series) and accrued interest on all Securities of each series then Outstanding
shall <I>ipso facto </I>become and be immediately due and payable without any declaration or other act by
the Trustee or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Issuer, the Trustee and the Securityholders shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the
Trustee and the Securityholders shall continue as though no such proceeding had been taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to an Event of Default pursuant to Section&nbsp;5.1 (a), (b)&nbsp;or (c), the
Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof
shall have been given to a Responsible Officer by the Issuer, a paying agent or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.2. <I>Payment of Securities on Default; Suit Therefor.</I>
The Issuer covenants that (a)&nbsp;if default shall be made in the payment of any installment of
interest upon any of the Securities of any series then Outstanding as and when the same shall
become due and payable, and such default shall have continued for a period of 30&nbsp;days, or (b)&nbsp;if
default shall be made in the payment of the principal of any of the Securities of
such series as and when the same shall have become due and payable, whether at maturity of the
Securities of such series or upon redemption or by declaration or otherwise, then, upon demand of
the Trustee, the Issuer will pay to the Trustee, for the benefit of the Holders of the Securities,
the whole amount that then shall have become due and payable on all such Securities of such series
for principal or interest, if any, or both, as the case may be, with interest upon the overdue
principal and (to the extent that payment of such interest is enforceable under applicable law)
upon the overdue installments of interest, if any, at the rate borne by the Securities of such
series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including a reasonable compensation to the Trustee, its agents, attorneys
and counsel, and any expenses or liabilities incurred by the Trustee hereunder other than through
its negligence or bad faith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and
may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Issuer or any other obligor on the Securities of such series
and collect in the manner provided by law out of the property of the Issuer or any other obligor on
the Securities of such series, wherever situated, the moneys adjudged or decreed to be payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be pending proceedings for the bankruptcy or for the reorganization of the
Issuer or any other obligor on the Securities of any series then Outstanding under any bankruptcy,
insolvency or other similar law now or hereafter in effect, or if a receiver or trustee
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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">or similar official shall have been appointed for the property of the Issuer or such
other obligor, or in the case of any other similar judicial proceedings relative to the Issuer or
other obligor upon the Securities of such series, or to the creditors or property of the Issuer or
such other obligor, the Trustee, irrespective of whether the principal of the Securities of such
series shall then be due and payable as therein expressed or by declaration or otherwise and
irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this
Section&nbsp;5.2, shall be entitled and empowered by intervention in such proceedings or otherwise to
file and prove a claim or claims for the whole amount of principal and interest, if any, owing and
unpaid in respect of the Securities of such series, and, in case of any judicial proceedings, to
file such proofs of claim and other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee and of the Securityholders allowed in such judicial proceedings
relative to the Issuer or any other obligor on the Securities of such series, its or their
creditors, or its or their property, and to collect and receive any moneys or other property
payable or deliverable on any such claims, and to distribute the same after the deduction of its
charges and expenses, and any receiver, assignee or trustee or similar official in bankruptcy or
reorganization is hereby authorized by each of the Securityholders to make such payments to the
Trustee, and, if the Trustee shall consent to the making of such payments directly to the
Securityholders, to pay to the Trustee any amount due it for compensation and expenses or otherwise
pursuant to Section&nbsp;6.6, including counsel fees and expenses incurred by it up to the date of such
distribution. To the extent that such payment of reasonable compensation, expenses and counsel
fees and expenses out of the estate in any such proceedings shall be denied for any reason, payment
of the same shall be secured by a lien on, and shall be paid out of, any and all distributions,
dividends, moneys, securities and other property which the Holders of the Securities of such series
may be entitled to receive in such proceedings, whether in liquidation or under any plan of
reorganization or arrangement or otherwise.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities, or the
production thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the
Securities of the series in respect of which such judgment has been recovered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.3. <I>Application of Moneys Collected by Trustee.</I>
Any moneys collected by the Trustee pursuant to Section&nbsp;5.2 with respect to Securities of any
series then Outstanding shall be applied in the order following, at the date or dates fixed by the
Trustee for the distribution of such moneys, upon presentation of the several Securities of such
series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if
fully paid:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of costs and expenses of collection and reasonable compensation
to the Trustee, its agents, attorneys and counsel, and of all other expenses and liabilities
incurred, and all advances made, by the Trustee pursuant to Section&nbsp;6.6 except as a result
of its negligence or bad faith;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: If the principal of the Outstanding Securities of such series shall not have
become due and be unpaid, to the payment of interest, if any, on the Securities of such
series, in the order of the maturity of the installments of such interest, if any, with
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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; margin-left: 2%">interest (to the extent that such interest has been collected by the Trustee) upon the
overdue installments of interest, if any, at the rate borne by the Securities of such
series, such payment to be made ratably to the Persons entitled thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: If the principal of the Outstanding Securities of such series shall have become
due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid
upon the Securities of such series for principal and interest, if any, with interest on the
overdue principal and (to the extent that such interest has been collected by the Trustee)
upon overdue installments of interest, if any, at the rate borne by the Securities of such
series; and in case such moneys shall be insufficient to pay in full the whole amounts so
due and unpaid upon the Securities of such series, then to the payment of such principal and
interest, if any, without preference or priority of principal over interest or of interest
over principal, or of any installment of interest over any other installment of interest, or
of any Security over any other Security, ratably to the aggregate of such principal and
accrued and unpaid interest; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: To the payment of any surplus then remaining to the Issuer, its successors or
assigns, 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;No claim for interest which in any manner at or after maturity shall have been transferred or
pledged separate or apart from the Securities to which it relates, or which in any manner shall
have been kept alive after maturity by an extension (otherwise than pursuant to an extension made
pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding), purchase, funding or otherwise by or on behalf or with the consent or approval of the
Issuer shall be entitled, in case of a default hereunder, to any benefit of this Indenture, except
after prior payment in full of the principal of all Securities of any series then Outstanding and
of all claims for interest not so transferred, pledged, kept alive, extended, purchased or funded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.4. <I>Proceedings by Securityholders.</I>
No Holder of any Securities of any series then Outstanding shall have any right by virtue of
or by availing of any provision of this Indenture to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture or for the appointment of a
receiver or trustee or similar official, or for any other remedy hereunder, unless such Holder
previously shall have given to the Trustee written notice of default and of the continuance
thereof, as hereinbefore provided, and unless the Holders of not less than 25% in aggregate
principal amount of the Securities of such series then Outstanding shall have made written request
to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60&nbsp;days
after its receipt of such notice, request and offer of indemnity, shall have neglected or refused
to institute any such action, suit or proceeding, it being understood and intended, and being
expressly covenanted by the Holder of every Security of such series with every other Holder and the
Trustee, that no one or more Holders of Securities of such series shall have any right in any
manner whatever by virtue of or by availing of any provision of this Indenture or of the Securities
to affect, disturb or prejudice the rights of any other Holder of such Securities of such series,
or to obtain or seek to obtain priority over or preference as to any other such Holder, or to
enforce any right under this Indenture or the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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">Securities, except in the manner
herein provided and for the equal, ratable and common benefit of all Holders of Securities of
such series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions in this Indenture, but subject to Article&nbsp;Thirteen, the
right of any Holder of any Security to receive payment of the principal of, premium, if any, and
interest, if any, on such Security, on or after the respective due dates expressed in such
Security, or to institute suit for the enforcement of any such payment on or after such respective
dates shall not be impaired or affected without the consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.5. <I>Proceedings by Trustee.</I>
In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in
equity or by action at law or by proceedings in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of
any power granted in this Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.6. <I>Remedies Cumulative and Continuing.</I>
All powers and remedies given by this Article&nbsp;Five to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of
any other powers and remedies available to the Trustee or the Securityholders, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture, and no delay or omission of the Trustee or of any Securityholder to
exercise any right or power accruing upon any default occurring and continuing as aforesaid shall
impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section&nbsp;5.4, every power and remedy given
by this Article&nbsp;Five or by law to the Trustee or to the Securityholders may be exercised from time
to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.7. <I>Direction of Proceedings; Waiver of Defaults by Majority of Securityholders.</I>
The Holders of a majority in aggregate principal amount of the Securities of any series then
Outstanding shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee
with respect to Securities of such series; <I>provided</I>, <I>however</I>, that (subject to the provisions of
Section&nbsp;6.1) the Trustee shall have the right to decline to follow any such direction if the
Trustee shall determine upon advice of counsel that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith by its board of directors, its executive
committee, or a trust committee of directors or Responsible Officers or both shall determine that
the action or proceeding so directed would involve the Trustee in personal liability. The Holders
of a majority in aggregate principal amount of the Securities of any series then Outstanding may on
behalf of the Holders of all of the Securities of such series waive any past default or Event of
Default hereunder and its consequences except a default in the payment
of interest, if any, on, or the principal of, the Securities of such series. Upon any such
waiver the Issuer, the Trustee and the Holders of the Securities of such series shall be restored
to their former positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other default or Event of Default or impair any right consequent thereon.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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">Whenever any default or Event of Default hereunder shall have been waived as permitted by this
Section&nbsp;5.7, said default or Event of Default shall for all purposes of the Securities and this
Indenture be deemed to have been cured and to be not continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.8. <I>Notice of Defaults.</I>
The Trustee shall, within 90&nbsp;days after the occurrence of a default, with respect to
Securities of any series then Outstanding, mail to all Holders of Securities of such series, as the
names and the addresses of such Holders appear upon the Securities register, notice of all defaults
known to the Trustee with respect to such series, unless such defaults shall have been cured before
the giving of such notice (the term &#147;defaults&#148; for the purpose of this Section&nbsp;5.8 being hereby
defined to be the events specified in clauses (a), (b), (c), (d), (e), (f), (g)&nbsp;and (h)&nbsp;of Section
5.1, not including periods of grace, if any, provided for therein and irrespective of the giving of
the written notice specified in said clause (d)&nbsp;but in the case of any default of the character
specified in said clause (d)&nbsp;no such notice to Securityholders shall be given until at least 60
days after the giving of written notice thereof to the Issuer pursuant to said clause (d));
<I>provided</I>, <I>however</I>, that, except in the case of default in the payment of the principal of or
interest, if any, on any of the Securities, or in the payment or satisfaction of any sinking fund
or other purchase obligation, the Trustee shall be protected in withholding such notice if and so
long as the board of directors, the executive committee, or a trust committee of directors or
Responsible Officers or both of the Trustee in good faith determines that the withholding of such
notice is in the best interests of the Securityholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.9. <I>Undertaking to Pay Costs.</I>
All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the cost of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys&#146; fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section&nbsp;5.9 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding in
the aggregate more than 10% in principal amount of the Securities of any series then Outstanding,
or to any suit instituted by any Securityholders for the enforcement of the payment of the
principal of or interest, if any, on any Security against the Issuer on or after the due date
expressed in such Security.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SIX<BR>
CONCERNING THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1. <I>Duties and Responsibilities of the Trustee; During Default; Prior to Default.</I>
In case an Event of Default with respect to the Securities of a series has occurred (which has
not been cured or waived) the Trustee shall exercise with respect to such series of Securities such
of the rights and powers vested in it by this Indenture, and use the same degree of care and skill
in their exercise as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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;No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except
that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of an Event of Default with respect to the Securities of
any series and after the curing or waiving of all such Events of Default with respect to
such series which may have occurred:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties and obligations of the Trustee with respect to the Securities of
any series shall be determined solely by the express provisions of this Indenture,
and the Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Indenture, and no implied
covenants or obligations shall be read into this Indenture against the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the case
of any such statements, certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a
duty to examine the same to determine whether or not they conform to the
requirements of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders pursuant to
Section&nbsp;5.7 relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for
believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2. <I>Certain Rights of the Trustee.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.1:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, Officers&#146; Certificate or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture, note, coupon, security or other
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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">paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officers&#146; Certificate or Issuer Order (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a Board Resolution;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Trustee may consult with counsel of its selection and any advice of such counsel
promptly confirmed in writing shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance
thereon in accordance with such advice or Opinion of Counsel;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders pursuant to
the provisions of this Indenture (including, without limitation, pursuant to Section&nbsp;5.7), unless
such Securityholders shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which might be incurred therein or thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Trustee shall not be liable for any action taken or omitted by it in good faith and
believed by it to be authorized or within the discretion, rights or powers conferred upon it by
this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;prior to the occurrence of an Event of Default hereunder and after the curing or waiving
of all Events of Default, the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other
paper or document unless requested in writing so to do by the Holders of not less than a majority
in aggregate principal amount of the Securities of all series affected then Outstanding; <I>provided</I>
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a
condition to proceeding; the reasonable expenses of every such investigation shall be paid by the
Issuer or, if paid by the Trustee or any predecessor Trustee, shall be repaid by the Issuer upon
demand;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys not regularly in its employ and the
Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or
attorney appointed with due care by it hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Trustee shall not be charged with knowledge of any default or Event of Default with
respect to a series of Securities unless either (i)&nbsp;a Responsible Officer of the Trustee
assigned to the Corporate Trust Office of the Trustee (or any successor division or department
of the Trustee) shall have actual knowledge of such default or Event of Default or (ii)&nbsp;written
notice
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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">of such default or Event of Default shall have been given to the Trustee by the Issuer or
any other obligor on such series of Securities or by any Holder of Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Trustee shall not be liable for any action taken, suffered or omitted by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;the permissive rights of the Trustee hereunder shall not be construed as duties;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;in no event shall the Trustee be liable for any consequential, special, punitive or
indirect loss or damages, even if advised of the likelihood thereof in advance and regardless of
the form of action;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;the Trustee may request that Hovnanian (on behalf of itself and the Issuer) deliver an
Officers&#146; Certificate setting forth the name of the individuals and/or titles of Officers
authorized at such time to take specific actions pursuant to this Indenture, which Officers&#146;
Certificate may be signed by any person authorized to sign an Officers&#146; Certificate, including any
person specified as so authorized in any such Officers&#146; Certificate previously delivered and not
superseded; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;the Trustee shall not be responsible for delays or failures in performance of its
obligations hereunder resulting from acts beyond its reasonable control. Such acts shall include
but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental
regulations superimposed after the fact, fire, communication line failures, computer viruses, power
failures, earthquakes, terrorist attacks or other disasters, it being understood that the Trustee
shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3. <I>Trustee Not Responsible for Recitals, Disposition of Securities or Application
of Proceeds Thereof.</I>
The recitals contained herein and in the Securities, except the Trustee&#146;s certificates of
authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no representation as to the
validity or sufficiency of this Indenture, of the Securities or of any prospectus used to sell the
Securities. The Trustee shall not be accountable for the use or application by the Issuer of any
of the Securities or of the proceeds thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4. <I>Trustee and Agents May Hold Securities; Collections, etc.</I>
The Trustee or any agent of the Issuer or the Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities with the same rights it would have if it
were not the Trustee or such agent and, subject to Sections&nbsp;6.8 and 6.13, may otherwise deal with
the Issuer and receive,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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">collect, hold and retain collections from the Issuer with the same rights
it would have if it were not the Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.5. <I>Moneys Held by Trustee.</I>
Subject to the provisions of Section&nbsp;10.4 hereof, all moneys received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent required by mandatory
provisions of law. Neither the Trustee nor any agent of the Issuer or the Trustee shall be under
any liability for interest on any moneys received by it hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.6. <I>Compensation and Indemnification of Trustee and Its Prior Claim.</I>
The Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall
be entitled to, such compensation as shall be agreed to in writing between the Issuer and the
Trustee (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) and the Issuer covenants and agrees to pay or reimburse the Trustee
and each predecessor Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by or on behalf of it in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the expenses and disbursements of its counsel
and of all agents and other persons not regularly in its employ) except any such expense,
disbursement or advance as may arise from its negligence or bad faith. The Issuer also covenants
to indemnify the Trustee and each predecessor Trustee for, and to hold it harmless against, any and
all loss, liability, damage, claim or expense, including taxes (other than taxes based on the
income of the Trustee), incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of this Indenture or the trusts hereunder and its
duties hereunder, including the costs and expenses of defending itself against or investigating any
claim or liability in the premises. The obligations of the Issuer under this Section&nbsp;6.6 to
compensate and indemnify the Trustee and each predecessor Trustee and to pay or reimburse the
Trustee and each predecessor Trustee for expenses, disbursements and advances shall constitute
additional indebtedness hereunder and shall survive the satisfaction and discharge of this
Indenture or the resignation or removal of the Trustee and shall not be subordinate to the payment
of Senior Indebtedness pursuant to Article&nbsp;Thirteen. Such additional indebtedness shall be a
senior claim to that of the Securities upon all property and funds held or collected by the Trustee
as such, except funds held in trust for the benefit of the Holders of particular Securities. When
the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section&nbsp;5.1 or in connection with Article&nbsp;Five hereof, the expenses (including the reasonable fees
and expenses of its counsel) and the compensation for the service in connection therewith are
intended to constitute expenses of administration under any bankruptcy law. The provisions of this
Section&nbsp;6.6 shall survive the resignation or removal of the Trustee and the termination of this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.7. <I>Right of Trustee to Rely on Officers&#146; Certificate, etc.</I>
Subject to Sections&nbsp;6.1 and 6.2, whenever in the administration of the trusts of this
Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established
prior to taking or suffering or omitting any action hereunder, such matter (unless other evidence
in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad
faith on the part of the Trustee, be deemed to be conclusively proved and established by an
Officers&#146; Certificate delivered to the Trustee, and such certificate, in the absence of negligence
or bad faith on the part of the Trustee,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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">shall be full warrant to the Trustee for any action taken,
suffered or omitted by it under the provisions of this Indenture upon the faith thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.8. <I>Qualification of Trustee; Conflicting Interests.</I>
This Indenture shall always have a Trustee who satisfies the requirements of Section&nbsp;310(a)(1)
of the Trust Indenture Act of 1939. The Trustee shall have a combined capital and surplus of at
least $25,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with Section 310(b) of the Trust Indenture Act of 1939 regarding
disqualification of a trustee upon acquiring a conflicting interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.9. <I>Persons Eligible for Appointment as Trustee; Different Trustees for Different
Series.</I>
The Trustee for each series of Securities hereunder shall at all times be a corporation
organized and doing business under the laws of the United States of America or of any state thereof
or the District of Columbia having a combined capital and surplus of at least $25,000,000, and
which is authorized under such laws to exercise corporate trust powers and is subject to
supervision or examination by federal, state or District of Columbia authority, or a corporation or
other Person permitted to act as trustee by the Commission. If such corporation publishes reports
of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising
or examining authority, then for the purposes of this Section&nbsp;6.9, the combined capital and surplus
of such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. No obligor upon the Securities or any Affiliate of such
obligor shall serve as trustee upon the Securities. In case at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section&nbsp;6.9, the Trustee shall resign
immediately in the manner and with the effect specified in Section&nbsp;6.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A different Trustee may be appointed by the Issuer for each series of Securities prior to the
issuance of such Securities. If the initial Trustee for any series of Securities is to be a
trustee other than Wilmington Trust Company, the Issuer and such Trustee shall, prior to the
issuance of such Securities, execute and deliver an indenture supplemental hereto, which shall
provide for the appointment of such Trustee as Trustee for the Securities of such series and shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <I>Resignation and Removal; Appointment of Successor Trustee.</I>
(a)&nbsp;The Trustee, or any trustee or trustees hereafter appointed, may at any time resign with
respect to one or more or all series of Securities by giving written notice of resignation to the
Issuer. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor
trustee or trustees with respect to the applicable series by written instrument in duplicate,
executed by authority of the Board of Directors, one copy of which instrument shall be delivered to
the resigning trustee and one copy to the successor trustee or trustees. If no successor trustee
shall have been so appointed with respect to any series of Securities and have accepted appointment
within 30&nbsp;days after the mailing of such notice of resignation, the resigning trustee may petition
any court of competent jurisdiction for the appointment of a successor trustee, or any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /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">Securityholder who has been a bona fide Holder of a Security or Securities of the applicable series
for at least six months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all
others similarly situated, petition any such court for the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In case at any time any of the following shall occur:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall fail to comply with the provisions of Section&nbsp;6.8 with respect to
any series of Securities after written request therefor by the Issuer or by any
Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section&nbsp;6.9 and shall fail to resign after written request therefor by the Issuer or by any
such Securityholder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the
Trustee or of its property shall be appointed, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of
Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Article
Five, any Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months may on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee with respect to such series. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Holders of a majority in aggregate principal amount of the Securities of each series
then Outstanding may at any time remove the Trustee with respect to Securities of such series and
appoint a successor trustee with respect to the Securities of such series by delivering to the
Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence provided
for in Section&nbsp;7.1 of the action in that regard taken by the Securityholders. If no successor
trustee shall have been so appointed with respect to any series and have accepted
appointment within 30&nbsp;days after the delivery of such evidence of removal, the Trustee may
petition any court of competent jurisdiction for the appointment of a successor trustee, or any
Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of the applicable series
for at least six months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all
others similarly situated, petition any such court for the appointment of a successor trustee.
Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any resignation or removal of the Trustee with respect to any series of Securities and any
appointment of a successor trustee with respect to such series pursuant to any of the provisions of
this Section&nbsp;6.10 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section&nbsp;6.11.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11. <I>Acceptance of Appointment by Successor Trustee.</I>
Any successor trustee appointed as provided in Section&nbsp;6.10 shall execute and deliver to the
Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and
thereupon the resignation or removal of the predecessor trustee with respect to all or any
applicable series shall become effective and such successor trustee, without any further act, deed
or conveyance, shall become vested with all rights, powers, duties and obligations with respect to
such series of its predecessor hereunder, with like effect as if originally named as trustee for
such series hereunder; but, nevertheless, on the written request of the Issuer or of the successor
trustee, upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to
Section&nbsp;10.4, pay over to the successor trustee all moneys at the time held by it hereunder and
shall execute and deliver an instrument transferring to such successor trustee all such rights,
powers, duties and obligations. Upon request of any such successor trustee, the Issuer shall
execute any and all instruments in writing for more fully and certainly vesting in and confirming
to such successor trustee all such rights and powers. Any trustee ceasing to act shall,
nevertheless, retain a prior claim upon all property or funds held or collected by such trustee to
secure any amounts then due it pursuant to the provisions of Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor trustee is appointed with respect to the Securities of one or more (but not
all) series, the Issuer, the predecessor Trustee and each successor trustee with respect to the
Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of
any series as to which the predecessor Trustee is not retiring shall continue to be vested in the
predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust
or trusts under separate indentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor trustee with respect to any series of Securities shall accept appointment as
provided in this Section&nbsp;6.11 unless at the time of such acceptance such successor trustee shall be
qualified under the provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon acceptance of appointment by any successor trustee as provided in this Section&nbsp;6.11, the
Issuer shall give notice thereof to the Holders of Securities of each series affected, by mailing
such notice to such Holders at their addresses as they shall appear on the Securities register. If
the Issuer fails to give such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be given at the expense of the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.12. <I>Merger, Conversion, Consolidation or Succession to Business of Trustee.</I>
Any corporation into which the Trustee may be merged or converted or with which it
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /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">may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee (including the trust created by this Indenture), shall be
the successor of the Trustee hereunder, <I>provided </I>that such corporation shall be qualified under the
provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture and any of the Securities of any series shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor
Trustee and deliver such Securities so authenticated; and, in case at that time any of the
Securities of any series shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor Trustee; and in all such cases such certificate of authentication shall have the full
force as if such successor Trustee had itself authenticated such Securities; <I>provided</I>, that the
right to adopt the certificate of authentication of any predecessor Trustee or to authenticate
Securities of any series in the name of any predecessor Trustee shall apply only to its successor
or successors by merger, conversion or consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.13. <I>Preferential Collection of Claims Against the Issuer.</I>
The Trustee shall comply with Section 311(a) of the Trust Indenture Act of 1939, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture Act of 1939. A Trustee who
has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act of 1939
to the extent indicated therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.14. <I>Appointment of Authenticating Agent.</I>
As long as any Securities of a series remain Outstanding, the Trustee may, by an instrument in
writing, appoint with the approval of the Issuer an authenticating agent (the &#147;Authenticating
Agent&#148;) which shall be authorized to act on behalf of the Trustee to authenticate Securities,
including Securities issued upon exchange, registration of transfer, partial redemption or pursuant
to Section&nbsp;2.9. Securities of each such series authenticated by such Authenticating Agent shall be
entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee. Whenever reference is made in this Indenture to the authentication
and delivery of Securities of any series by the Trustee or to the Trustee&#146;s
Certificate of Authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent for such series and a Certificate of
Authentication executed on behalf of the Trustee by such Authenticating Agent. Such Authenticating
Agent shall at all times be a corporation organized and doing business under the laws of the United
States of America or of any state thereof or the District of Columbia, authorized under such laws
to exercise corporate trust powers, having a combined capital and surplus of at least $25,000,000
(determined as provided in Section&nbsp;6.9 with respect to the Trustee) and subject to supervision or
examination by federal or state authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which any Authenticating Agent may be merged or converted, or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which any Authenticating Agent shall be a party, or any corporation succeeding
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /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">to the corporate
agency business (including the authenticating agency contemplated by this Indenture) of any
Authenticating Agent, shall continue to be the Authenticating Agent with respect to all series of
Securities for which it served as Authenticating Agent without the execution or filing of any paper
or any further act on the part of the Trustee or such Authenticating Agent. Any Authenticating
Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice
of resignation to the Trustee and to the Issuer. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receiving such a notice of resignation or upon such a termination, or in case at any time
any Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section&nbsp;6.14 with respect to one or more series of Securities, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Issuer and the Issuer shall provide notice of
such appointment to all Holders of Securities of such series in the manner and to the extent
provided in Section&nbsp;11.4. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all rights, powers, duties and responsibilities of its
predecessor hereunder, with like effect as if originally named as Authenticating Agent. The Issuer
agrees to pay to the Authenticating Agent for such series from time to time reasonable
compensation. The Authenticating Agent for the Securities of any series shall have no
responsibility or liability for any action taken by it as such at the direction of the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;6.2, 6.3, 6.4 and 7.3 shall be applicable to any Authenticating Agent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SEVEN<BR>
CONCERNING THE SECURITYHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1. <I>Evidence of Action Taken by Securityholders.</I>
Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by a specified percentage in principal amount of
the Securityholders of any or all series may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such specified percentage of Securityholders
in person or by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee. Proof of execution of any instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and (subject to Sections&nbsp;6.1 and
6.2) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this
Article&nbsp;Seven.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2. <I>Proof of Execution of Instruments and of Holding of Securities.</I>
Subject to Sections&nbsp;6.1 and 6.2, the execution of any instrument by a Securityholder or his
agent or proxy may be proved in the following manner:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The fact and date of the execution by any Holder of any instrument may be proved by
the certificate of any notary public or other officer of any jurisdiction authorized to take
acknowledgments of deeds or administer oaths that the person executing such instruments
acknowledged to him the execution thereof, or by an affidavit of a witness to such execution
sworn to before any such notary or other such officer. Where such execution is by or on
behalf of any legal entity other than an individual, such
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /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;certificate or affidavit shall
also constitute sufficient proof of the authority of the person executing the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The ownership of Securities shall be proved by the Security register or by a
certificate of the Security registrar.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3. <I>Holders to be Treated as Owners.</I>
The Issuer, the Trustee and any agent of the Issuer or the Trustee may deem and treat the
Person in whose name any Security shall be registered upon the Security register for such series as
the absolute owner of such Security (whether or not such Security shall be overdue and
notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving
payment of or on account of the principal of and, subject to the provisions of this Indenture,
interest, if any, on such Security and for all other purposes; and neither the Issuer nor the
Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4. <I>Securities Owned by Issuer Deemed Not Outstanding.</I>
In determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have concurred in any direction, consent or waiver under this
Indenture, Securities which are owned by the Issuer or any other obligor on the Securities with
respect to which such determination is being made or by any Affiliate of the Issuer or any other
obligor on the Securities with respect to which such determination is being made shall be
disregarded and deemed not to be Outstanding for the purpose of any such determination, except that
for the purpose of determining whether the Trustee shall be protected in relying on any such
direction, consent or waiver only Securities which a Responsible Officer of the Trustee knows are
so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee&#146;s
right so to act with respect to such Securities and that the pledgee is not the Issuer or any other
obligor upon the Securities or any Affiliate of the Issuer or any other obligor on the Securities.
In case of a dispute as to such right, the advice of counsel shall be full protection in respect of
any decision made by the Trustee in accordance with such advice. Upon request of the Trustee, the
Issuer shall furnish to the Trustee promptly an Officers&#146; Certificate listing and identifying all
Securities, if any, known by the Issuer to be owned or held
by or for the account of any of the above-described Persons; and, subject to Sections&nbsp;6.1 and
6.2, the Trustee shall be entitled to accept such Officers&#146; Certificate as conclusive evidence of
the facts therein set forth and of the fact that all Securities not listed therein are Outstanding
for the purpose of any such determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5. <I>Right of Revocation of Action Taken.</I>
At any time prior to (but not after) the evidencing to the Trustee, as provided in Section
7.1, of the taking of any action by the Holders of the percentage in aggregate principal amount of
the Securities of any or all series, as the case may be, specified in this Indenture in connection
with such action, any Holder of a Security the serial number of which is shown by the evidence to
be included among the serial numbers of the Securities the Holders of which have consented to such
action may, by filing written notice at the Corporate Trust Office and upon proof of holding as
provided in this Article&nbsp;Seven, revoke such action so far as concerns such Security provided that
such revocation shall not become effective until three Business Days after such filing. Except as
aforesaid, any such action taken by the Holder of any Security shall be conclusive and binding upon
such Holder and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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">upon all future Holders and owners of such Security and of any Securities issued in
exchange or substitution therefor or on registration of transfer thereof, irrespective of whether
or not any notation in regard thereto is made upon any such Security. Any action taken by the
Holders of the percentage in aggregate principal amount of the Securities of any or all series, as
the case may be, specified in this Indenture in connection with such action shall be conclusively
binding upon the Issuer, the Trustee and the Holders of all the Securities affected by such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6. <I>Record Date for Consents and Waivers.</I>
The Issuer may, but shall not be obligated to, establish a record date for the purpose of
determining the Persons entitled to (i)&nbsp;waive any past default with respect to the Securities of
such series in accordance with Section&nbsp;5.7 of the Indenture, (ii)&nbsp;consent to any supplemental
indenture in accordance with Section&nbsp;8.2 of the Indenture or (iii)&nbsp;waive compliance with any term,
condition or provision of any covenant hereunder. If a record date is fixed, the Holders on such
record date, or their duly designated proxies, and any such Persons, shall be entitled to waive any
such past default, consent to any such supplemental indenture or waive compliance with any such
term, condition or provision, whether or not such Holder remains a Holder after such record date;
<I>provided</I>, <I>however</I>, that unless such waiver or consent is obtained from the Holders, or duly
designated proxies, of the requisite principal amount of Outstanding Securities of such series
prior to the date which is the 120th day after such record date, any such waiver or consent
previously given shall automatically and, without further action by any Holder be cancelled and of
no further effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE EIGHT<BR>
SUPPLEMENTAL INDENTURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1. <I>Supplemental Indentures Without Consent of Securityholders.</I>
The Issuer, when authorized by a Board Resolution (which resolution may provide general terms
or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order), and the
Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act of 1939 as in
force at the date of the execution thereof) for one or more of the following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to evidence the succession of another Person to the Issuer or Hovnanian or
successive successions, and the assumption by the successor Person of the covenants,
agreements and obligations of the Issuer or Hovnanian herein and in the Securities or the
Guarantees or to otherwise evidence compliance with Article&nbsp;Nine hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to add to the covenants of the Issuer or Hovnanian such further covenants,
restrictions, conditions or provisions for the protection of the Holders of all or any
series of Securities (and if such covenants, restrictions, conditions or provisions are to
be for the protection of less than all series of Securities, stating that the same are
expressly being included solely for the protection of such series), or to surrender any
right or power herein conferred upon the Issuer or Hovnanian, and to make the occurrence, or
the occurrence and continuance, of a default in any such additional covenants, restrictions,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /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; margin-left: 2%">conditions or provisions an Event of Default permitting the enforcement of all or any of the
several remedies provided in this Indenture as herein set forth; <I>provided</I>, <I>however, </I>that in
respect of any such additional covenant, restriction, condition or provision such
supplemental indenture may provide for a particular period of grace after default (which
period may be shorter or longer than that allowed in the case of other defaults) or may
provide for an immediate enforcement upon such an Event of Default or may limit the remedies
available to the Trustee upon such an Event of Default or may limit the right of the Holders
of a majority in aggregate principal amount of the Securities of such series to waive such
an Event of Default;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to cure any ambiguity or to correct or supplement any provision contained herein or
in any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to establish the form or terms of Securities or the Guarantees to be endorsed
thereon of any series as permitted by Sections&nbsp;2.1 and 2.3, to provide for any Guarantees of
the Securities of any series and to confirm and evidence the termination or discharge of any
Guarantee of or mortgage, lien, pledge, charge, security interest or encumbrance securing
the Securities of a series when such release, termination or discharge is permitted by the
Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to provide for the issuance of uncertificated Securities of any series (including
Securities registrable as to principal only) in addition to or in place of certificated
Securities and to provide for exchangeability of such Securities for the Securities issued
hereunder in fully registered form and to make all appropriate changes for such purpose;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust
Indenture Act of 1939, or under any similar federal statute hereafter enacted, and to
add to this Indenture such other provisions as may be expressly permitted by the Trust
Indenture Act of 1939, <I>excluding, however, </I>the provisions referred to in Section&nbsp;316(a)(2)
of the Trust Indenture Act of 1939 as in effect at the date as of which this instrument was
executed or any corresponding provision provided for in any similar federal statute
hereafter enacted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to evidence and provide for the acceptance of appointment hereunder of a Trustee
other than Wilmington Trust Company as Trustee for a series of Securities and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section&nbsp;6.9 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section&nbsp;8.2 hereof, to add to or modify the provisions hereof as may be
necessary or desirable to provide for the denomination of Securities in foreign currencies
which shall not adversely affect the interests of the Holders of the Securities in any
material respect;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to modify the covenants or Events of Default of the Issuer solely in respect of, or
add new covenants or Events of Default of the Issuer that apply solely to, Securities not
Outstanding on the date of such supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to evidence and provide for the acceptance of appointment hereunder by a successor
trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Section&nbsp;6.11;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to conform the text of this Indenture, the Securities of any series, or the
Guarantees to any provision of the &#147;Description of Debt Securities&#148; section of any
prospectus or the comparable section in any applicable prospectus supplement that is used to
sell the Securities of such series to the extent that such provision was intended to be a
verbatim recitation of a provision of this Indenture, the Securities of such series sold
thereby, or the Guarantees thereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to make any other change that does not adversely affect the legal rights of any
Holder of Securities of the series affected by such change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee is hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which affects the Trustee&#146;s own rights, duties or immunities under this Indenture or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities then Outstanding, notwithstanding any
of the provisions of Section&nbsp;8.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2. <I>Supplemental Indentures with Consent of Securityholders.</I>
With the consent (evidenced as provided in Article&nbsp;Seven and including written consents
obtained in connection with a tender offer or exchange offer) of the Holders of not less than a
majority in aggregate principal amount of the Securities then Outstanding of any series affected
thereby, the Issuer, when authorized by a Board Resolution (which resolution may provide general
terms or parameters for such action and may provide that the specific terms of such action may be
determined in accordance with or pursuant to an Issuer Order), and the Trustee may, from time to
time and at any time, enter into an indenture or indentures supplemental hereto (which shall
conform to the provisions of the Trust Indenture Act of 1939 as in force at the date of execution
thereof) for the purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner
the rights of the Holders of the Securities of such series or waiving future compliance with any
provision of the Indenture or the Securities (other than a continuing default or Event of Default
in the payment of principal of or interest on Securities, which shall require the consent of the
Holders of each Security so affected); <I>provided</I>, that no such supplemental indenture or waiver
shall (a)&nbsp;change the stated final maturity of the principal of any Security, or reduce the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /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">principal amount thereof, or reduce the rate or extend the time of payment of interest (including
default interest), if any, thereon (or, in the case of an Original Issue Discount Security, reduce
the rate of accretion of original issue discount thereon), or reduce or alter the method of
computation of any amount payable on redemption, repayment or purchase by the Issuer thereof (or
the time at which any such redemption, repayment or purchase may be made), or make the principal
thereof (including any amount in respect of original issue discount), or interest, if any, thereon
payable in any coin or currency other than that provided in the Securities or in accordance with
the terms of the Securities, or reduce the amount of the principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the maturity thereof pursuant to
Section&nbsp;5.1 or the amount thereof provable in bankruptcy pursuant to Section&nbsp;5.2, make any change
to Sections&nbsp;5.4 or 5.7, or impair or affect the right of any Securityholder to institute suit for
the payment thereof or, if the Securities provide therefor, any right of repayment or purchase at
the option of the Securityholder, in each case without the consent of the Holder of each Security
so affected or modify the ranking or priority of the Securities or the Guarantees issued hereunder,
or (b)&nbsp;reduce the aforesaid percentage of Securities of any series, the consent of the Holders of
which is required for any such supplemental indenture, without the consent of the Holders of each
Security so affected. No consent of any Holder of any Security shall be necessary under this
Section&nbsp;8.2 to permit the Trustee and the Issuer to execute supplemental indentures pursuant to
Sections&nbsp;8.1 and 9.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture which changes or eliminates any covenant, Event of Default or other
provision of this Indenture which has expressly been included solely for the benefit of one or more
particular series of Securities, or which modifies the rights of Holders of Securities of such
series, with respect to such covenant or provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors (which resolution may provide general terms or parameters for such action and may provide
that the specific terms of such action may be determined in accordance with or pursuant to an
Issuer Order) certified by the secretary or an assistant secretary of the Issuer authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence
of the consent of the Holders of the Securities as aforesaid and other documents, if any,
required by Section&nbsp;7.1, the Trustee shall join with the Issuer in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee&#146;s own rights, duties
or immunities under this Indenture or otherwise, in which case the Trustee may at its discretion,
but shall not be obligated to, enter into such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Securityholders under this Section&nbsp;8.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Promptly after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section&nbsp;8.2, the Issuer (or the Trustee at the request and
expense of the Issuer) shall give notice thereof to the Holders of then Outstanding Securities of
each series affected thereby, as provided in Section&nbsp;11.4. Any failure of the Issuer to give such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /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;SECTION 8.3. <I>Effect of Supplemental Indenture.</I>
Upon the execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and shall be deemed to be modified and amended in accordance therewith and the
respective rights, limitations of rights, obligations, duties and immunities under this Indenture
of the Trustee, the Issuer, Hovnanian, the Guarantors and the Holders of Securities of each series
affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and shall be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4. <I>Documents to Be Given to Trustee.</I>
The Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, shall be entitled to receive
an Officers&#146; Certificate and an Opinion of Counsel as provided in Section&nbsp;11.5 as conclusive
evidence that any supplemental indenture executed pursuant to this Article&nbsp;Eight complies with the
applicable provisions of this Indenture and that all conditions precedent to the execution and
delivery of such supplemental indenture have been satisfied. An Opinion of Counsel pursuant to
this Section&nbsp;8.4 shall also include (a)&nbsp;an opinion that any such supplemental indenture has been
duly authorized, executed and delivered and constitutes the valid and legally binding obligation of
the Issuer and the Guarantors party thereto, if any, enforceable in accordance with its terms and
(b)&nbsp;in the case of 8.1(m) an opinion that such supplemental indenture does not adversely affect the
legal rights of any Holder of Securities of the series affected by such change. In rendering such
opinion, such counsel may qualify any opinions as to enforceability by stating that such
enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
liquidation, moratorium and other similar laws relating to or affecting the rights and remedies of
creditors and is subject to general principles of equity (regardless of whether such enforceability
is considered in a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.5. <I>Notation on Securities in Respect of Supplemental Indentures.</I>
Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article&nbsp;Eight may bear a notation in form approved by
the Trustee for such series as to any matter provided for by such supplemental indenture or as to
any action taken by Securityholders. If the Issuer or the Trustee shall so determine, new
Securities of any series so modified as to conform, in the opinion of the Trustee and the Issuer,
to any modification of this Indenture contained in any such supplemental indenture may be prepared
and executed by the Issuer, and such Securities may be authenticated by the Trustee and delivered
in exchange for the Securities of such series then Outstanding.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE NINE<BR>
CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER<BR>
DISPOSITION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1. <I>Consolidation Permitted, etc., on Certain Terms.</I>
Subject to the provisions of Section&nbsp;9.2, nothing contained in this Indenture or in any of the
Securities shall prevent any consolidation or merger of the Issuer or Hovnanian with or into any
other Person or Persons (whether or not affiliated with the Issuer), or successive consolidations
or mergers in which the Issuer or Hovnanian or their successor or successors shall be a party or
parties, or shall
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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">prevent any sale, lease, exchange or other disposition of all or substantially
all the property and assets of the Issuer or Hovnanian to any other Person (whether or not
affiliated with the Issuer or Hovnanian) authorized to acquire and operate the same; <I>provided</I>,
<I>however</I>, and the Issuer and Hovnanian hereby covenant and agree, that any such consolidation,
merger, sale, lease, exchange or other disposition shall be upon the conditions that (a)
immediately after giving effect to such consolidation, merger, sale, lease, exchange or other
disposition of the Person (whether the Issuer or Hovnanian or such other Person) formed by or
surviving any such consolidation or merger, or to which such sale, lease, exchange or other
disposition shall have been made, no Event of Default, and no event which after notice or lapse of
time or both, would become an Event of Default, shall have occurred and be continuing; (b)&nbsp;the
Person (if other than the Issuer or Hovnanian) formed by or surviving any such consolidation or
merger, or to which such sale, lease, exchange or other disposition shall have been made, shall be
a corporation or partnership organized under the laws of the United States of America, any state
thereof or the District of Columbia; and (c)&nbsp;the due and punctual payment of the principal of
premium, if any, and interest, if any, on all the Securities, according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions of this Indenture to
be performed by the Issuer or Hovnanian, shall be expressly assumed, by supplemental indenture
satisfactory in form to the Trustee executed and delivered to the Trustee, by the Person (if other
than the Issuer or Hovnanian) formed by such consolidation, or into which the Issuer or Hovnanian
shall have been merged, or by the Person which shall have acquired or leased such property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.2. <I>Successor Corporation to be Substituted.</I>
In case of any such consolidation or merger or any sale, conveyance or lease of all or
substantially all of the property of the Issuer or Hovnanian and upon the assumption by the
successor Person, by supplemental indenture executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the due and punctual payment of the principal of, premium, if any, and
interest, if any, on all of the Securities and the due and punctual performance of all of
the covenants and conditions of this Indenture to be performed by the Issuer or Hovnanian,
such successor Person shall succeed to and be substituted for the Issuer or Hovnanian, with the
same effect as if it had been named herein as the party of the first part, and the Issuer or
Hovnanian (including any intervening successor to the Issuer or Hovnanian which shall have become
the obligor hereunder) shall be relieved of any further obligation under this Indenture and the
Securities; <I>provided</I>, <I>however</I>, that in the case of a sale, lease, exchange or other disposition of
the property and assets of the Issuer or Hovnanian (including any such intervening successor), the
Issuer or Hovnanian (including any such intervening successor) shall continue to be liable on its
obligations under this Indenture and the Securities to the extent, but only to the extent, of
liability to pay the principal of, premium, if any, and interest, if any, on the Securities at the
time, places and rate prescribed in this Indenture and the Securities. Such successor Person
thereupon may cause to be signed, and may issue either in its own name or in the name of the Issuer
or Hovnanian, any or all of the Securities issuable hereunder which theretofore shall not have been
signed by the Issuer or Hovnanian and delivered to the Trustee; and, upon the order of such
successor Person instead of the Issuer or Hovnanian and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities which previously shall have been signed and delivered by the officers of the Issuer or
Hovnanian to the Trustee for authentication, and any Securities which such successor Person
thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the
Securities so issued shall in all respects have the same
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /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">legal rank and benefit under this
Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this
Indenture as though all of such Securities had been issued at the date of the execution hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any such consolidation or merger or any sale, lease, exchange or other disposition
of all or substantially all of the property and assets of the Issuer or Hovnanian, such changes in
phraseology and form (but not in substance) may be made in the Securities, thereafter to be issued,
as may be appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.3. <I>Opinion of Counsel to be Given Trustee.</I>
The Trustee, subject to Sections&nbsp;6.1 and 6.2, shall receive an Officers&#146; Certificate and
Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, lease,
exchange or other disposition and any such assumption complies with the provisions of this Article
Nine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TEN<BR>
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.1. <I>Applicability of Article.</I>
Unless specified otherwise pursuant to Section&nbsp;2.3 for Securities of a series, this Article
shall apply to each series of Securities issued under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.2. <I>Legal Defeasance and Discharge.</I>
The Issuer shall, subject to the satisfaction of the conditions set forth in Section&nbsp;10.4
hereof, be deemed to have been discharged from its obligations with respect to the Outstanding
Securities of any series on the date the conditions set forth below are satisfied with
respect to such series (hereinafter, &#147;Legal Defeasance&#148;). For this purpose, Legal Defeasance
means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness
represented by the Outstanding Securities of any series, which shall thereafter be deemed to be
Outstanding only for the purposes of Section&nbsp;10.5 hereof and the other Sections of this Indenture
referred to in clauses (a)&nbsp;and (b)&nbsp;below, and to have satisfied all of its obligations under such
Securities and this Indenture (and the Trustee, on demand of and at the expense of the Issuer,
shall execute proper instruments delivered to it by the Issuer acknowledging the same), except of
the following provisions which shall survive until otherwise terminated or discharged hereunder;
(a)&nbsp;the rights of Holder of Outstanding Securities of such series to receive payments in respect of
the principal of, premium, if any, and interest on such Securities when such payments are due from
the trust referred to below; (b)&nbsp;the Issuer&#146;s obligations with respect to the Securities concerning
mutilated, destroyed, lost or stolen Securities and the maintenance of an office or agency for
payment and money for security payments held in trust; (c)&nbsp;the rights, powers, trusts, duties and
immunities of the Trustee, and the Issuer&#146;s obligations in connection therewith; and (d)&nbsp;the Legal
Defeasance provisions of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.3. <I>Covenant Defeasance.</I>
The Issuer, Hovnanian and the Guarantors shall, subject to the satisfaction of the conditions
set forth in Section&nbsp;10.4 hereof, be released from their obligations under the covenants contained
in Article&nbsp;Nine (other than Section&nbsp;9.1(c)) and, to the extent described in the applicable
supplemental indenture, with respect to the covenants of any series of Securities, on and after the
date that the conditions set forth in Section
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /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">10.4 are satisfied with respect to such series
(hereinafter, &#147;Covenant Defeasance&#148;), and the Securities of such series shall thereafter be deemed
not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be
deemed Outstanding for all other purposes hereunder (it being understood that such Securities shall
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the Outstanding Securities of any series, the Issuer may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a default or an Event of Default
under Section&nbsp;5.1 hereof, but, except as specified above, the remainder of this Indenture and such
Securities shall be unaffected thereby. Subject to the satisfaction of the conditions set forth in
Section&nbsp;10.4 hereof, Sections&nbsp;5.1(d), 5.1(e), 5.1(f) and 5.1(g) hereof shall not constitute Events
of Default or defaults hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.4. <I>Conditions to Legal or Covenant Defeasance.</I>
The following shall be the conditions to the application of either Section&nbsp;10.2 or 10.3 hereof
to the Outstanding Securities of any series:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to exercise either Legal Defeasance or Covenant Defeasance:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Issuer must irrevocably deposit, or cause to be deposited, with the Trustee, in trust,
for the benefit of the Holders of the Securities of a particular series, cash in U.S. dollars, U.S.
Government Obligations, or a combination thereof, in such amounts as will be
sufficient, in the opinion of a nationally recognized firm of independent public accountants,
to pay, without reinvestment, the principal of, premium, if any, and interest on the Outstanding
Securities of such series on the stated maturity thereof or on the applicable redemption date, as
the case may be, and the Issuer must specify whether the Securities are being defeased to maturity
or to a particular redemption date;
</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 case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Issuer has received from, or there
has been published by, the Internal Revenue Service a ruling, or there has been a change in the
applicable United States federal income tax law after the date of this Indenture, in either case to
the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the
Outstanding Securities of such series will not recognize income, gain or loss for United States
federal income tax purposes as a result of such Legal Defeasance, and will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;in the case of Covenant Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Holders of the Outstanding
Securities of such series will not recognize income, gain or loss for United States federal income
tax purposes as a result of such Covenant Defeasance, and such Holders will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Covenant Defeasance had not occurred;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;no default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a default or Event of Default resulting from the borrowing of funds to be
applied to such deposit) or insofar as Events of Default from bankruptcy or insolvency events are
concerned, at any time in the period ending on the 91st day after the date of deposit;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than the Indenture) to
which the Issuer or any of its Restricted Subsidiaries is a party or by which the issuer or any of
its Restricted Subsidiaries is bound;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate stating that the deposit
was not made by the Issuer with the intent of preferring the Holders of the Securities over other
creditors of the Issuer, or with the intent of defeating, hindering, delaying or defrauding
creditors of the Issuer or others;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate and an opinion of Counsel
in the United States reasonably acceptable to the Trustee, each stating that the conditions
precedent provided for or relating to Legal Defeasance or Covenant Defeasance, as applicable, in
the case of the Officers&#146; Certificate, in clauses (a)&nbsp;through (f)&nbsp;and, in the case of the opinion
of Counsel, in clauses (b)&nbsp;and (c)&nbsp;of this paragraph, have been complied with.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.5. <I>Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions.</I>
Subject to Section&nbsp;10.6 hereof, all money and U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively, and solely
for purposes of this Section&nbsp;10.5, the &#147;Trustee&#148;) pursuant to Section&nbsp;10.4 hereof in respect of the
Outstanding Securities of any series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any paying agent (including the Issuer acting as paying agent) as the Trustee
may determine, to the Holders of such Securities of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be segregated from
other funds except to the extent required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section&nbsp;10.4 hereof in respect of any series of Securities or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the Outstanding Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article&nbsp;Ten to the contrary notwithstanding, the Trustee shall deliver or pay
to the Issuer from time to time upon the request of the Issuer any money or non-callable U.S.
Government Obligations held by it as provided in Section&nbsp;10.4 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section&nbsp;10.4(a) hereof),
are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /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;SECTION 10.6. <I>Repayment to Issuer.</I>
Any money deposited with the Trustee or any paying agent, or then held by the Issuer, in trust
for the payment of the principal of, premium or interest on any Security and remaining unclaimed
for two years after such principal, and premium, if any, or interest has become due and payable
shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured creditor, look only
to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with
respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon
cease; <I>provided</I>, <I>however</I>, that the Trustee or such paying agent, before being required to make any
such repayment, may at the expense of the Issuer cause to be published once, in the New York Times
and The Wall Street Journal (national edition), notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30&nbsp;days from the date of such
notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.7. <I>Reinstatement.</I>
If the Trustee or paying agent is unable to apply any money or non-callable U.S. Government
Obligations in accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuer&#146;s obligations under this Indenture and the Securities
shall be revived and reinstated as though no deposit had occurred pursuant to Section&nbsp;10.2 or 10.3
hereof until such time as the Trustee or paying agent is permitted to apply all such
money in accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be; <I>provided</I>, <I>however</I>,
that, if the Issuer makes any payment of principal of, premium, if any, or interest on any Security
following the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the
Holders of such Securities to receive such payment from the money held by the Trustee or paying
agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.8. <I>Survival.</I>
The Trustee&#146;s rights under this Article&nbsp;Ten shall survive termination of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.9. <I>Satisfaction and Discharge of Indenture.</I>
If at any time (a)(i) the Issuer shall have paid or caused to be paid the principal of,
premium, if any, and interest, if any, on all the Securities Outstanding of any series (other than
Securities which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section&nbsp;2.9) as and when the same shall have become due and payable, or (ii)&nbsp;the Issuer
shall have delivered to the Trustee for cancellation all Securities of any series theretofore
authenticated (other than Securities which have been destroyed, lost or stolen and which have been
replaced or paid as provided in Section&nbsp;2.9), or (b)(i) the Securities of any series mature within
one year, or all of them are to be called for redemption within one year under arrangements
satisfactory to the Trustee for giving the notice of redemption, (ii)&nbsp;the Issuer irrevocably
deposits in trust with the Trustee, as trust funds solely for the benefit of the Holders, money or
U.S. Government Obligations or a combination thereof sufficient, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certificate delivered to
the Trustee, without consideration of any reinvestment, to pay principal of and premium and
interest on the Securities to maturity or redemption, as the case may be, and to pay all other sums
payable by it hereunder, (iii)&nbsp;no Event of Default has occurred and is continuing on the date of
the deposit, (iv)&nbsp;the deposit will not result in a breach or violation of, or constitute a default
under, the Indenture or any other agreement or instrument to which the Issuer is a party or by
which it is bound, and (v)&nbsp;the Issuer
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /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">delivers to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating
to the satisfaction and discharge of the Indenture have been complied with; and if, in any such
case, the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer
(including all amounts, payable to the Trustee pursuant to Section&nbsp;6.6), then, (x)&nbsp;after satisfying
the conditions in clause (a), only the Issuer&#146;s obligations under Sections&nbsp;6.6 and 10.5, as
applicable, will survive or (y)&nbsp;after satisfying the conditions in clause (b), only the Issuer&#146;s or
obligations in Article&nbsp;Two and Sections&nbsp;3.1, 3.2, 6.6, 6.10, 10.5, 10.6 and 10.7 will survive, and,
in either case, the Trustee, on demand of the Issuer accompanied by an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent relating to the satisfaction and
discharge contemplated by this provision have been complied with, and at the cost and expense of
the Issuer, shall execute proper instruments acknowledging such satisfaction and discharging of
this Indenture. The Issuer agrees to reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred, and to compensate the Trustee for any services thereafter
reasonably and properly rendered, by the Trustee in connection with this Indenture or the
Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ELEVEN<BR>
MISCELLANEOUS PROVISIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.1. <I>Partners, Incorporators, Stockholders, Officers and Directors of Issuer Exempt
from Individual Liability.</I>
No recourse under or upon any obligation, covenant or agreement contained in this Indenture,
or in any Security, or because of any indebtedness evidenced thereby, shall be had against any
incorporator, as such or against any past, present or future stockholder, officer, director or
employee, as such, of the Issuer, Hovnanian or the Guarantors or any partner of the Issuer,
Hovnanian or the Guarantors or of any successor, either directly or through the Issuer, Hovnanian
or the Guarantors or any successor, under any rule of law, statute or constitutional provision or
by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of the Securities by the Holders
thereof and as part of the consideration for the issue of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.2. <I>Provisions of Indenture for the Sole Benefit of Parties and Holders of
Securities.</I>
Nothing in this Indenture or in the Securities, expressed or implied, shall give or be
construed to give to any Person, other than the parties hereto and their successors and the Holders
of the Senior Indebtedness and the Holders of the Securities, any legal or equitable right, remedy
or claim under this Indenture or under any covenant or provision herein contained, all such
covenants and provisions being for the sole benefit of the parties hereto and their successors and
of the Holders of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.3. <I>Successors and Assigns of Issuer Bound by Indenture.</I>
All the covenants, stipulations, promises and agreements in this Indenture contained by or on
behalf of the Issuer shall bind its successors and assigns, whether so expressed or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.4. <I>Notices and Demands on Issuer, Trustee and Holders of Securities.</I>
Any notice or demand which by any provision of this Indenture is required or permitted to be
given or served by the Trustee or by the Holders of Securities to or on the Issuer, or as required
pursuant to the Trust Indenture Act of 1939, may be given or served by being deposited postage
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /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">prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until
another address of the Issuer is filed by the Issuer with the Trustee) to K. Hovnanian Enterprises,
Inc., 110 West Front Street, P.O. Box 500, Red Bank, New Jersey 07701. Any notice, direction,
request or demand by the Issuer or any Holder of Securities to or upon the Trustee shall be deemed
to have been sufficiently given or served by being deposited postage prepaid, first-class mail
(except as otherwise specifically provided herein) addressed (until another address of the Trustee
is filed by the Trustee with the Issuer) to Wilmington Trust Company, Rodney Square North, 1100
North Market Street, Wilmington, DE 19890 &#091;specify series of Securities&#093;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice to Holders of Securities, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder entitled thereto, at his last address as it
appears in the Security register. Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice, either before or
after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by
Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the
validity of any action taken in reliance upon such waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice to the Issuer when such notice is required to be given pursuant to any
provision of this Indenture, then any manner of giving such notice as shall be reasonably
satisfactory to the Trustee shall be deemed to be sufficient notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.5. <I>Officers&#146; Certificates and Opinions of Counsel; Statements to Be Contained
Therein.</I>
Upon any application or demand by the Issuer to the Trustee to take any action under any of
the provisions of this Indenture, or as required pursuant to the Trust Indenture Act of 1939, the
Issuer or Hovnanian, as applicable, shall furnish to the Trustee an Officers&#146; Certificate stating
that all conditions precedent provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent have been complied with, except that in the case of any such application or
demand as to which the furnishing of such documents is specifically required by any provision of
this Indenture relating to such particular application or demand, no additional certificate or
opinion need be furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion provided for in this Indenture (other than a certificate provided
pursuant to Section&nbsp;4.3(d)) and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Indenture shall include (a)&nbsp;a statement that the person
making such certificate or opinion has read such covenant or condition, (b)&nbsp;a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based, (c)&nbsp;a statement that, in the opinion of such
person, he has made such examination or investigation as is necessary to enable him to express an
opinion as to whether or not such covenant or condition has been complied with, and (d)&nbsp;a statement
as to whether or not, in the opinion of such person, such condition or covenant has been complied
with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer or Hovnanian, as applicable,
may be based, insofar as it relates to legal matters, upon a certificate or opinion of or
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /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">representations by counsel, unless such officer knows that the certificate or opinion or
representations with respect to the matters upon which his certificate, statement or opinion may be
based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same
are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it
relates to factual matters, on information with respect to which is in the possession of the
Issuer, or Hovnanian, as applicable, upon the certificate, statement or opinion of or
representations by an officer or officers of the Issuer, or Hovnanian, as applicable, unless such
counsel knows that the certificate, statement or opinion or representations with respect to the
matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous,
or in the exercise of reasonable care should know that the same are erroneous.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer or Hovnanian, as applicable,
or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or
opinion of or representations by an accountant or firm of accountants in the employ of the Issuer
or Hovnanian, as applicable, unless such officer or counsel, as the case may be, knows that the
certificate or opinion or representations with respect to the accounting matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate or opinion of any independent firm of public accountants filed with and
directed to the Trustee shall contain a statement that such firm is independent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.6. <I>Payments Due on Saturdays, Sundays and Holidays. </I>If the date of maturity of
principal of or interest, if any, on the Securities of any series or the date fixed for redemption,
purchase or repayment of any such Security shall not be a Business Day, then payment of interest,
if any, premium, if any, or principal need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made on the date of maturity or the
date fixed for redemption, purchase or repayment, and, in the case of payment, no interest shall
accrue for the period after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.7. <I>Conflict of Any Provision of Indenture with Trust Indenture Act of 1939. </I>If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with another
provision included in this Indenture which is required to be included herein by any of Sections&nbsp;310
to 317 of the Trust Indenture Act of 1939, inclusive, or is deemed applicable to this Indenture by
virtue of the provisions of the Trust Indenture Act of 1939, such required provision shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.8. <I>GOVERNING LAW. </I>THIS INDENTURE, EACH SECURITY AND EACH GUARANTEE SHALL BE
DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.9. <I>Counterparts. </I>This Indenture may be executed in any number of counterparts,
each of which shall be an original; but such counterparts shall together constitute but one and the
same instrument.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /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;SECTION 11.10. <I>Effect of Headings.</I>
The Article and Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11. <I>No Adverse Interpretation of Other Agreements.</I>
The Indenture may not be used to interpret another indenture or loan or debt agreement of the
Issuer, Hovnanian or any subsidiary of Hovnanian, and no such indenture or loan or debt agreement
may be used to interpret the Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWELVE<BR>
REDEMPTION OF SECURITIES AND SINKING FUNDS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.1. <I>Applicability of Article.</I>
The provisions of this Article shall be applicable to the Securities of any series which are
redeemable before their maturity or to any sinking fund for the retirement of Securities of a
series except as otherwise specified, as contemplated by Section&nbsp;2.3 for Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.2. <I>Notice of Redemption; Partial Redemptions.</I>
Notice of redemption to the Holders of Securities of any series to be redeemed as a
whole or in part at the option of the Issuer shall be given by mailing notice of such redemption by
first class mail, postage prepaid, at least 30&nbsp;days and not more than 60&nbsp;days prior to the date
fixed for redemption to such Holders of Securities of such series at their last addresses as they
shall appear in the Security register. Any notice which is mailed in the manner herein provided
shall be conclusively presumed to have been duly given, whether or not the Holder receives the
notice. Failure to give notice by mail, or any defect in the notice to the Holder of any Security
of a series designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption to each such Holder shall specify (i)&nbsp;the principal amount of each
Security of such series held by such Holder to be redeemed, (ii)&nbsp;the date fixed for redemption,
(iii)&nbsp;the redemption price, (iv)&nbsp;the place or places of payment, (v)&nbsp;the CUSIP number relating to
such Securities, (vi)&nbsp;that payment will be made upon presentation and surrender of such Securities,
(vii)&nbsp;whether such redemption is pursuant to the mandatory or optional sinking fund, or both, if
such be the case, (viii)&nbsp;whether interest, if any, (or, in the case of Original Issue Discount
Securities, original issue discount) accrued to the date fixed for redemption will be paid as
specified in such notice and (ix)&nbsp;whether on and after said date interest, if any, (or, in the case
of Original Issue Discount Securities, original issue discount) thereon or on the portions thereof
to be redeemed will cease to accrue. In case any Security of a series is to be redeemed in part
only, the notice of redemption shall state the portion of the principal amount thereof to be
redeemed and shall state that on and after the date fixed for redemption, upon surrender of such
Security, a new Security or Securities of such series in principal amount equal to the unredeemed
portion thereof will be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuer&#146;s request, by the Trustee in the name and at
the expense of the Issuer.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /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;On or before the redemption date specified in the notice of redemption given as provided in
this Section&nbsp;12.2, the Issuer will deposit with the Trustee or with one or more paying agents (or,
if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided
in Section&nbsp;3.5) an amount of money sufficient to redeem on the redemption date all the Securities
of such series so called for redemption at the appropriate redemption price, together with accrued
interest, if any, to the date fixed for redemption. The Issuer will deliver to the Trustee at
least 45&nbsp;days prior to the date fixed for redemption (unless a shorter notice period shall be
satisfactory to the Trustee) an Officers&#146; Certificate stating the aggregate principal amount of
Securities to be redeemed. In case of a redemption at the election of the Issuer prior to the
expiration of any restriction on such redemption, the Issuer shall deliver to the Trustee, prior to
the giving of any notice of redemption to Holders pursuant to this Section, an Officers&#146;
Certificate stating that such restriction has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Securities of a series are to be redeemed, the Trustee, within 10
Business Days after the Issuer gives written notice to the Trustee that such redemption is to
occur, shall select on a pro rata basis, by lot or in such manner as it shall deem, in its sole
discretion, appropriate and fair, Securities of such series to be redeemed. Notice of the
redemption shall be given only after such selection has been made. Securities may be redeemed in
part in denominations of $2,000 and multiples of $1,000 in excess thereof in original principal
amount of Securities, unless another minimum authorized denomination is specified for Securities of
such series, or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of
the Securities of such series selected for redemption and, in the case of any Securities of such
series selected for partial redemption, the principal amount thereof to be redeemed. For all
purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities of any series shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is
to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.3. <I>Payment of Securities Called for Redemption.</I>
If notice of redemption has been given as provided by this Article&nbsp;Twelve, the
Securities or portions of Securities specified in such notice shall become due and payable on the
date and at the place or places stated in such notice at the applicable redemption price, together
with interest, if any accrued to the date fixed for redemption, and on and after said date (unless
the Issuer shall default in the payment of such Securities at the redemption price, together with
interest, if any, accrued to said date) interest, if any (or, in the case of Original Issue
Discount Securities, original issue discount), on the Securities or portions of Securities so
called for redemption shall cease to accrue, and such Securities shall cease from and after the
date fixed for redemption (unless an earlier date shall be specified in a Board Resolution,
Officers&#146; Certificate or executed supplemental indenture referred to in Sections&nbsp;2.1 and 2.3 by or
pursuant to which the form and terms of the Securities of such series were established) except as
provided in Sections&nbsp;6.5 and 10.4, to be entitled to any benefit or security under this Indenture,
and the Holders thereof shall have no right in respect of such Securities except the right to
receive the redemption price thereof and unpaid interest, if any, to the date fixed for redemption.
On presentation and surrender of such Securities at a place of payment specified in said notice,
said Securities or the specified portions thereof shall be paid and redeemed by the Issuer at the
applicable redemption price, together with interest, if any, accrued thereon to the date fixed for
redemption; <I>provided </I>that payment of interest, if any, becoming due on or prior to the date fixed
for redemption shall be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /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">payable to the Holders of Securities registered as such on the relevant record date subject to
the terms and provisions of Sections&nbsp;2.3 and 2.7 hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the redemption price shall, until paid or duly provided for, bear interest from the
date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original
Issue Discount Security) borne by such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon presentation of any Security redeemed in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of
the Issuer, a new Security or Securities of such series, and of like tenor, of authorized
denominations, in principal amount equal to the unredeemed portion of the Security so presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.4. <I>Exclusion of Certain Securities from Eligibility for Selection for Redemption.</I>
Securities shall be excluded from eligibility for selection for redemption if they are
identified by registration and certificate number in an Officers&#146; Certificate delivered to the
Trustee at least 45&nbsp;days prior to the last date on which notice of redemption may be given as being
owned of record and beneficially by, and not pledged or hypothecated by either (a)&nbsp;the Issuer, or
(b)&nbsp;a Person specifically identified in such written statement as an Affiliate of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.5. <I>Mandatory and Optional Sinking Funds.</I>
The minimum amount of any sinking fund payment provided for by the terms of the
Securities of any series is herein referred to as a &#147;mandatory sinking fund payment,&#148; and any
payment in excess of such minimum amount provided for by the terms of the Securities of any series
is herein referred to as an &#147;optional sinking fund payment.&#148; The date on which a sinking fund
payment is to be made is herein referred to as the &#147;sinking fund payment date.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In lieu of making all or any part of any mandatory sinking fund payment with respect to any
series of Securities in cash, the Issuer may at its option (a)&nbsp;deliver to the Trustee Securities of
such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the
mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the
Issuer and delivered to the Trustee for cancellation pursuant to Section&nbsp;2.10, (b)&nbsp;receive credit
for optional sinking fund payments (not previously so credited) made pursuant to this Section&nbsp;12.5,
or (c)&nbsp;receive credit for Securities of such series (not previously so credited) redeemed by the
Issuer through any optional redemption provision contained in the terms of such series. Securities
so delivered or credited shall be received or credited by the Trustee at the sinking fund
redemption price specified in such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the 60th day next preceding each sinking fund payment date for any series, the
Issuer will deliver to the Trustee an Officers&#146; Certificate (a)&nbsp;specifying the portion of the
mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied
by credit of Securities of such series and the basis for such credit, (b)&nbsp;stating that none of the
Securities of such series to be so credited has theretofore been so credited, (c)&nbsp;stating that no
defaults in the payment of interest or Events of Default with respect to such series have
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /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">occurred (which have not been waived or cured or otherwise ceased to exist) and are continuing, and
(d)&nbsp;stating whether or not the Issuer intends to exercise its right to make an optional sinking
fund payment with respect to such series and, if so, specifying the amount of such optional sinking
fund payment which the Issuer intends to pay on or before the next succeeding sinking fund payment
date. Any Securities of such series to be credited and required to be delivered to the Trustee in
order for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been
delivered to the Trustee shall be delivered for cancellation pursuant to Section&nbsp;2.10 to the
Trustee with such Officers&#146; Certificate (or reasonably promptly thereafter if acceptable to the
Trustee). Such Officers&#146; Certificate shall be irrevocable and upon its receipt by the Trustee the
Issuer shall become unconditionally obligated to make all the cash payments or payments therein
referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the
Issuer, on or before any such 60th day, to deliver such Officers&#146; Certificate and Securities
(subject to the parenthetical clause in the second preceding sentence) specified in this paragraph,
if any, shall not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i)&nbsp;that the mandatory sinking fund payment for such series due
on the next succeeding sinking fund payment date shall be paid entirely in cash without the option
to deliver or credit Securities of such series in respect thereof, and (ii)&nbsp;that the Issuer will
make no optional sinking fund payment with respect to such series as provided in this Section&nbsp;12.5.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000, or a lesser sum if the Issuer shall so request with
respect to the Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such series at the sinking
fund redemption price together with accrued interest, if any, to the date fixed for redemption. If
such amount shall be $50,000 or less and the Issuer makes no such request, then it shall be carried
over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner
provided in Section&nbsp;12.2, for redemption on such sinking fund payment date a sufficient principal
amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if
requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of
such series (or portions thereof) so selected. The Issuer, or the Trustee, in the name and at the
expense of the Issuer (if the Issuer shall so request the Trustee in writing) shall cause notice of
redemption of the Securities of such series to be given in substantially the manner provided in
Section&nbsp;12.2 (and with the effect provided in Section&nbsp;12.3) for the redemption of Securities of
such series in part at the option of the Issuer. The amount of any sinking fund payments not so
applied or allocated to the redemption of Securities of such series shall be added to the next cash
sinking fund payment for such series and, together with such payment, shall be applied in
accordance with the provisions of this Section&nbsp;12.5. Any and all sinking fund moneys held on the
stated maturity date of the Securities of any particular series (or earlier, if such maturity is
accelerated), which are not held for the payment or redemption of particular Securities of such
series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to
the payment of the principal of, and interest, if any, on, the Securities of such series at
maturity.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /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;On or before 9:00 A.M. on each sinking fund payment date, the Issuer shall pay to the
Trustee in cash or shall otherwise provide for the payment of all interest, if any, accrued to the
date fixed for redemption on Securities to be redeemed on such sinking fund payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or give any notice of redemption of Securities for such series by operation of the
sinking fund during the continuance of a default in payment of interest on such Securities or of
any Event of Default with respect to such series except that, where the giving of notice of
redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to
be redeemed such Securities, <I>provided </I>that it shall have received from the Issuer a sum sufficient
for such redemption. Except as aforesaid, and subject to Article&nbsp;Thirteen, any moneys in the
sinking fund for such series at the time when any such default or Event of Default known to a
Responsible Officer of the Trustee shall occur, and any moneys thereafter paid into the sinking
fund, shall, during the continuance of such default or Event of Default, be deemed to have been
collected under Article&nbsp;Five and held for the payment of all such Securities. In case such Event
of Default shall have been waived as provided in Section&nbsp;5.7 or the default cured on or before the
60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be
applied on the next succeeding sinking fund payment date in accordance with this Section to the
redemption of such Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THIRTEEN<BR>
SUBORDINATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.1. <I>Securities Subordinated to Senior Indebtedness.</I>
(a)&nbsp;The Issuer covenants and agrees, and each Holder of Securities of each series, by
his acceptance thereof, likewise covenants and agrees, that anything in this Indenture or the
Securities of any series to the contrary notwithstanding, the indebtedness evidenced by the
Securities of each series is subordinate and junior in right of payment, to the extent provided
herein, to all Senior Indebtedness, whether outstanding on the date of execution of this Indenture
or thereafter created, incurred or assumed, and that the subordination is for the benefit of the
holders of Senior Indebtedness but the Securities shall in all respects rank pari passu with all
other Senior Subordinated Indebtedness of the Issuer. The Securities shall rank senior to all
existing and future Indebtedness of the Issuer that is neither Senior Indebtedness nor Senior
Subordinated Indebtedness and only Indebtedness of the Issuer that is Senior Indebtedness shall
rank senior to the Securities in accordance with the provisions set forth herein.
</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 Section&nbsp;13.4, if (i)&nbsp;the Issuer shall default in the payment of any principal
of, premium, if any, or interest, if any, on any Senior Indebtedness when the same becomes due and
payable, whether at maturity or at a date fixed for prepayment or by declaration of acceleration or
otherwise, or (ii)&nbsp;any other default shall occur with respect to Senior Indebtedness and the
maturity of such Senior Indebtedness has been accelerated in accordance with its terms, then, upon
written notice of such default to the Issuer and the Trustee by the holders of Senior Indebtedness
or any trustee therefor, unless and until, in either case, the default has been cured or waived, or
has ceased to exist, or any such acceleration has been rescinded or such Senior Indebtedness has
been paid in full, no direct or indirect payment (in cash, property, securities, by set-off or
otherwise) shall be made or agreed to be made on account of the principal of, premium, if any, or
interest, if any, on any of the Securities, or in respect of any
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /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">redemption, retirement, purchase or other acquisition of any of the Securities other than those
made in capital stock of the Issuer (or cash in lieu of fractional shares thereof).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If any default (other than a default described in paragraph (b)&nbsp;of this Section&nbsp;13.1)
shall occur under the Senior Indebtedness, pursuant to which the maturity thereof may be
accelerated immediately without further notice (except such notice as may be required to effect
such acceleration) or the expiration of any applicable grace periods occurs (a &#147;Senior Nonmonetary
Default&#148;), then, upon the receipt by the Issuer and the Trustee of written notice thereof (a
&#147;Payment Notice&#148;) from or on behalf of holders of not less than 25% in aggregate principal amount
of the Senior Indebtedness outstanding specifying an election to prohibit such payment and other
action by the Issuer in accordance with the following provisions of this paragraph (c), the Issuer
may not make any payment or take any other action that would be prohibited by paragraph (b)&nbsp;of this
Section&nbsp;13.1 during the period (the &#147;Payment Blockage Period&#148;) commencing on the date of receipt of
such Payment Notice and ending on the earlier of (i)&nbsp;the date, if any, on which the holders of such
Senior Indebtedness or their representative notify the Trustee that such Senior Nonmonetary Default
is cured or waived or ceases to exist or the Senior Indebtedness to which such Senior Nonmonetary
Default relates is discharged or (ii)&nbsp;the 120th day after the date of receipt of such Payment
Notice. Notwithstanding the provisions described in the immediately preceding sentence, the Issuer
may resume payments on the Securities following such Payment Blockage Period. In no event shall a
Payment Blockage Period extend beyond 120&nbsp;days from the date of the receipt by the Trustee of the
Payment Notice (the &#147;Initial Period&#148;). Any number of additional Payment Blockage Periods may be
commenced during the Initial Period; <I>provided</I>, <I>however</I>, that no such additional period shall extend
beyond the Initial Period. After the expiration of the Initial Period, no Payment Blockage Period
may be commenced on the basis of a Senior Nonmonetary Default on the Senior Indebtedness which was
the basis of a Payment Blockage Period commenced during the Initial Period until at least 270
consecutive days have elapsed from the last day of the Initial Period. No Senior Nonmonetary
Default with respect to Senior Indebtedness which existed or was continuing on the date of the
commencement of any Payment Blockage Period and of which the applicable holder(s) of Senior
Indebtedness are aware shall be, or can be made, the basis for the commencement of a second Payment
Blockage Period whether or not within a period of 270 consecutive days unless such event of default
shall have been cured or waived for a period of not less than 90 consecutive days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If (i) (A)&nbsp;without the consent of the Issuer, a receiver, conservator, liquidator or
trustee of the Issuer or of any of its property is appointed by the order or decree of any court or
agency or supervisory authority having jurisdiction, and such decree or order remains in effect for
more than 60&nbsp;days or (B)&nbsp;the Issuer is adjudicated bankrupt or insolvent or (C)&nbsp;any of its property
is sequestered by court order and such order remains in effect for more than 60&nbsp;days or (D)&nbsp;a
petition is filed against the Issuer under any state or federal bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any
jurisdiction whether now or hereafter in effect (including without limitation the Bankruptcy Code),
and is not dismissed within 60&nbsp;days after such filing; or (ii)&nbsp;the Issuer (A)&nbsp;commences a voluntary
case or other proceeding seeking liquidation, reorganization, arrangement, insolvency, readjustment
of debt, dissolution, liquidation or other relief with respect to itself or its debt or other
liabilities under any bankruptcy, insolvency or other similar law now or hereafter in effect
(including without limitation the Bankruptcy Code) or seeking the
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /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">appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, or (B)&nbsp;consents to any such relief or to the appointment of or
taking possession by any such official in an involuntary case or other proceeding commenced against
it, or (C)&nbsp;fails generally to, or cannot, pay its debts generally as they become due or (D)&nbsp;takes
any corporate action to authorize or effect any of the foregoing; or (iii)&nbsp;any Subsidiary of the
Issuer takes, suffers or permits to exist any of the events or conditions referred to in the
foregoing clause (i)&nbsp;or (ii), then all Senior Indebtedness (including any interest thereon accruing
after the commencement of any such proceedings) shall first be paid in full before any payment or
distribution, whether in cash, securities or other property, shall be made to any Holder of any
Securities on account thereof. Any payment or distribution, whether in cash, securities or other
property (other than securities of the Issuer or any other corporation provided for by a plan of
reorganization or readjustment the payment of which is subordinate, at least to the extent provided
in these subordination provisions with respect to the indebtedness evidenced by the Securities to
the payment of all Senior Indebtedness then outstanding and to any securities issued in respect
thereof under any such plan of reorganization or adjustment) which would otherwise (but for these
subordination provisions) be payable or deliverable in respect of the Securities of any series
shall be paid or delivered directly to the holders of Senior Indebtedness in accordance with the
priorities then existing among such holders until all Senior Indebtedness (including any interest
thereon accruing after the commencement of any such proceedings) shall have been paid in full. In
the event of any such proceeding, after payment in full of all sums owing with respect to Senior
Indebtedness, the Holders of the Securities, together with the holders of any obligations of the
Issuer ranking on a parity with the Securities, shall be entitled to be paid from the remaining
assets of the Issuer the amounts at the time due and owing on account of unpaid principal of and
interest, if any, on the Securities and such other obligations before any payment or other
distribution, whether in cash, property or otherwise, shall be made on account of any capital stock
or any obligations of the Issuer ranking junior to the Securities and such other obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If, notwithstanding the foregoing, any payment or distribution of any character,
whether in cash, securities or other property (other than securities of the Issuer or any other
corporation provided for by a plan of reorganization or readjustment the payment of which is
subordinate, at least to the extent provided in the subordination provisions with respect to the
indebtedness evidenced by the Securities, to the payment of all Senior Indebtedness then
outstanding and to any securities issued in respect thereof under any such plan of reorganization
or readjustment), shall be received by the Trustee or any Holder in contravention of any of the
terms hereof, such payment or distribution of securities shall be received in trust for the benefit
of and shall be paid over or delivered and transferred to the holders of the Senior Indebtedness
then outstanding in accordance with the priorities then existing among such holders for application
to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all such
Senior Indebtedness in full. In the event of the failure of the Trustee or any Holder to endorse
or assign any such payment, distribution or security, each holder of Senior Indebtedness is hereby
irrevocably authorized to endorse or assign the same.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No present or future holder of any Senior Indebtedness shall be prejudiced in the right to
enforce subordination of the indebtedness evidenced by the Securities by any act or failure to act
on the part of the Issuer or any Holder of Securities. Nothing contained herein shall impair, as
between the Issuer and the Holders of Securities of each series, the obligation of
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /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">the Issuer to pay to such Holders the principal of and interest, if any, on such Securities or
prevent the Trustee or the Holder from exercising all rights, powers and remedies otherwise
permitted by applicable law or hereunder upon a default or Event of Default hereunder, all subject
to the rights of the holders of the Senior Indebtedness to remove cash, securities or other
property otherwise payable or deliverable to the Holders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Senior Indebtedness shall not be deemed to have been paid in full unless the holders
thereof shall have received cash, securities or other property equal to the amount of such Senior
Indebtedness then outstanding. Upon the payment in full of all Senior Indebtedness, the Holders of
Securities of each series shall be subrogated to all rights of any holders of Senior Indebtedness
to receive any further payment or distributions applicable to the Senior Indebtedness until the
indebtedness evidenced by the Securities of such series shall have been paid in full and such
payments or distributions received by such Holders, by reason of such subrogation, of cash,
securities or other property which otherwise would be paid or distributed to the holders of Senior
Indebtedness, shall, as between the Issuer and its creditors other than the holders of Senior
Indebtedness, on the one hand, and such Holders, on the other hand, be deemed to be a payment by
the Issuer on account of Senior Indebtedness, and not on account of the Securities of such series.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The provisions of this Section&nbsp;13.1 shall not impair any rights, interests, remedies
or powers of any secured creditor of the Issuer in respect of any security interest the creation of
which is not prohibited by the provisions of this Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The securing of any obligations of the Issuer, otherwise ranking on a parity with the
Securities or ranking junior to the Securities, shall not be deemed to prevent such obligations
from constituting, respectively, obligations ranking on a parity with the Securities or ranking
junior to the Securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.2. <I>Reliance on Certificate of Liquidating Agent; Further Evidence as to
Ownership of Senior Indebtedness.</I>
Upon any payment or distribution of assets of the Issuer, the Trustee and the Holders
shall be entitled to rely upon an order or decree issued by any court of competent jurisdiction in
which such dissolution or winding up or liquidation or reorganization or arrangement proceedings
are pending or upon a certificate of the bankruptcy trustee, receiver, assignee for the benefit of
creditors or other Person making such payment or distribution, delivered to the Trustee or to the
Holders, for the purpose of ascertaining the Persons entitled to participate in such distribution,
the holders of the Senior Indebtedness and other indebtedness of the Issuer, the amount thereof or
payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article&nbsp;Thirteen. In the absence of any such bankruptcy trustee, receiver,
assignee or other Person, the Trustee shall be entitled to rely upon written notice by a Person
representing himself to be a holder of Senior Indebtedness (or a trustee or representative on
behalf of such holder) as evidence that such Person is a holder of Senior Indebtedness (or is such
a trustee or representative). If the Trustee determines, in good faith, that further evidence is
required with respect to the right of any Person as a holder of Senior Indebtedness to participate
in any payment or distributions pursuant to this Article&nbsp;Thirteen, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior
Indebtedness held by such Person, as to the extent to which such Person is entitled to participate
in such payment or distribution, and to other facts
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /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">pertinent to the rights of such Person under this Article&nbsp;Thirteen, and if such evidence is not
furnished, the Trustee may defer any payment to such Person pending judicial determination as to
the right of such Person to receive such payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.3. <I>Payment Permitted If No Default.</I>
Nothing contained in this Article&nbsp;Thirteen or elsewhere in this Indenture, or in any of the
Securities, shall prevent (a)&nbsp;the Issuer at any time, except during the pendency of any default
with respect to Senior Indebtedness described in Section&nbsp;13.1(b) or Section&nbsp;13.1(c) or of any of
the events described in Section&nbsp;13.1(d), from making payments of the principal of or interest, if
any, on the Securities, or (b)&nbsp;the application by the Trustee or any paying agent of any moneys
deposited with it hereunder to payments of the principal of or interest, if any, on the Securities,
if, at the time of such deposit, the Trustee or such paying agent, as the case may be, did not have
the written notice provided for in Section&nbsp;13.5 of any event prohibiting the making of such
deposit, or if, at the time of such deposit (whether or not in trust) by the Issuer with the
Trustee or paying agent (other than the Issuer) such payment would not have been prohibited by the
provisions of this Article&nbsp;Thirteen, and the Trustee or any paying agent shall not be affected by
any notice to the contrary received by it on or after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.4. <I>Disputes with Holders of Certain Senior Indebtedness.</I>
Any failure by the Issuer to make any payment on or under any Senior Indebtedness, other than
any Senior Indebtedness as to which the provisions of this Section&nbsp;13.4 shall have been waived by
the Issuer in the instrument or instruments by which the Issuer incurred, assumed, guaranteed or
otherwise created such Senior Indebtedness, shall not be deemed a default under Section&nbsp;13.1 hereof
if (i)&nbsp;the Issuer shall be disputing its obligation to make such payment or perform such
obligation, and (ii)&nbsp;either (A)&nbsp;no final judgment relating to such dispute shall have been issued
against the Issuer which is in full force and effect and is not subject to further review,
including a judgment that has become final by reason of the expiration of the time within which a
party may seek further appeal or review, or (B)&nbsp;if a judgment that is subject to further review or
appeal has been issued, the Issuer shall in good faith be prosecuting an appeal or other proceeding
for review, and a stay of execution shall have been obtained pending such appeal or review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.5. <I>Trustee Not Charged with Knowledge of Prohibition.</I>
Anything in this Article&nbsp;Thirteen or elsewhere in this Indenture contained to the
contrary notwithstanding, the Trustee shall not at any time be charged with knowledge of the
existence of any facts which would prohibit the making of any payment of moneys to or by the
Trustee and shall be entitled to assume conclusively that no such facts exist and that no event
specified in clauses (b)&nbsp;and (c)&nbsp;of Section&nbsp;13.1 has happened unless and until the Trustee shall
have received an Officers&#146; Certificate to the effect or notice in writing to that effect signed by
or on behalf of the holder or holders, or the representatives, of Senior Indebtedness who shall
have been certified by the Issuer or otherwise established to the reasonable satisfaction of the
Trustee to be such holder or holders or representatives or from any trustee under any indenture
pursuant to which such Senior Indebtedness shall be outstanding; <I>provided</I>, <I>however</I>, that, if the
Trustee shall not have received the Officers&#146; Certificate or notice provided for in this Section
13.5 at least three Business Days preceding the date upon which by the terms hereof any moneys
become payable for any purpose (including, without limitation, the payment of either the principal
of or interest, if any, on any Security), then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such moneys and apply
the same to the purpose for which
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /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">they were received and shall not be affected by any notice to the contrary that may be
received by it within three Business Days preceding such date. The Issuer shall give prompt
written notice to the Trustee and to each paying agent of any facts that would prohibit any payment
of moneys to or by the Trustee or any paying agent, and the Trustee shall not be charged with
knowledge of the curing of any default or the elimination of any other fact or condition preventing
such payment or distribution unless and until the Trustee shall have received an Officers&#146;
Certificate to such effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.6. <I>Trustee to Effectuate Subordination.</I>
Each Holder of Securities by his acceptance thereof authorizes and directs the Trustee on his
behalf to take such action as may be necessary or appropriate to effectuate the subordination as
between such Holder and holders of Senior Indebtedness as provided in this Article&nbsp;Thirteen and
appoints the Trustee its attorney-in-fact for any and all such purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.7. <I>Rights of Trustee as Holder of Senior Indebtedness.</I>
The Trustee shall be entitled to all the rights set forth in this Article&nbsp;Thirteen with
respect to any Senior Indebtedness which may at the time be held by it, to the same extent as any
other holder of Senior Indebtedness and nothing in this Indenture shall deprive the Trustee of any
of its rights as such holder. Nothing in this Article&nbsp;Thirteen shall apply to claims of, or
payments to, the Trustee under or pursuant to Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.8. <I>Article&nbsp;Applicable to Paying Agents.</I>
In case at any time any paying agent other than the Trustee shall have been appointed by the
Issuer and be then acting hereunder, the term &#147;Trustee&#148; as used in this Article&nbsp;Thirteen shall in
such case (unless the context shall otherwise require) be construed as extending to and including
such paying agent within its meaning as fully for all intents and purposes as if the paying agent
were named in this Article&nbsp;Thirteen in addition to or in place of the Trustee; <I>provided</I>, <I>however</I>,
that Sections&nbsp;13.5 and 13.7 shall not apply to the Issuer if it acts as paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.9. <I>Subordination Rights Not Impaired by Acts or Omissions of the Issuer or
Holders of Senior Indebtedness.</I>
No right of any present or future holders of any Senior Indebtedness to enforce subordination
as herein provided shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Issuer or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the Issuer with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or be otherwise charged with.
The holders of Senior Indebtedness, may at any time or from time to time and in their absolute
direction, change the manner, place or terms of payment, change or extend the time of payment of,
or renew or alter, any such Senior Indebtedness, or amend or supplement any instrument pursuant to
which any such Senior Indebtedness is issued or by which it may be secured, or release any security
therefor, or exercise or refrain from exercising any other of their rights under such Senior
Indebtedness, including, without limitation, the waiver of default thereunder, all without notice
to or assent from the Holders of the Securities or the Trustee and without affecting the
obligations of the Issuer, the Trustee or the Holders of Securities under this Article&nbsp;Thirteen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.10. <I>Trustee Not Fiduciary for Holders of Senior Indebtedness.</I>
The Trustee shall not be deemed to owe any fiduciary duty to the holders of the Senior
Indebtedness,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /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">and shall not be liable to any such holders if it shall mistakenly pay over or distribute
money or assets to Securityholders or the Issuer. With respect to the holders of Senior
Indebtedness, the Trustee undertakes to perform or to observe only such of its covenants or
obligations as are specifically set forth in this Article&nbsp;Thirteen and no implied covenants or
obligations with respect to holders of Senior Indebtedness shall be read into this Indenture
against the Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.11. <I>Applicability of Article.</I>
Unless specified otherwise pursuant to Section&nbsp;2.3 for Securities of a series, this Article
Thirteen shall apply to each series of Securities issued under this Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOURTEEN<BR>
SUBORDINATED GUARANTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.1. <I>Applicability of Article.</I>
The provisions of this Article shall be applicable to Hovnanian and to each of the Guarantors
specified pursuant to Section&nbsp;2.3 for the Guarantee of Securities of a series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.2. <I>Guarantee.</I>
Each Guarantor of a particular series of Securities hereby unconditionally guarantees (each
such guarantee to be referred to herein as a &#147;Guarantee&#148;), jointly and severally with each other
Guarantor of the Securities of that series, if any, to each Holder of such Securities authenticated
and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of this Indenture, such Securities or the obligations of the Issuer
hereunder or thereunder, (i)&nbsp;the due and punctual payment of the principal of and any premium or
interest on such Securities, whether at maturity or on an interest payment date, by acceleration,
pursuant to an offer to purchase such Securities or otherwise, and interest on the overdue
principal of and interest, if any, on such Securities, if lawful, and all other obligations of the
Issuer to the Holders of such Securities or the Trustee hereunder or thereunder shall be promptly
paid in full, all in accordance with the terms hereof and thereof including all amounts payable to
the Trustee under Section&nbsp;6.6 hereof, and (ii)&nbsp;in case of any extension of time of payment or
renewal of any such Securities or any of such other obligations, the same shall be promptly paid in
full when due or to be performed in accordance with the terms of the extension or renewal, whether
at stated maturity, by acceleration or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer fails to make any payment when due of any amount so guaranteed for whatever
reason, the Guarantor of the Securities of that series shall be obligated, jointly and severally
with each other Guarantor, if any, to pay the same immediately. Each Guarantor hereby agrees that
its obligations hereunder shall be continuing, absolute and unconditional, irrespective of, and
shall be unaffected by, the validity, regularity or enforceability of the Securities, this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of
the Securities or the Trustee with respect to any provisions hereof or thereof, the recovery of any
judgment against the Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of such Guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, demand of performance, filing of claims
with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, the benefit of discussion, protest, notice and all demand
whatsoever and covenants that its Guarantee shall not be discharged
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /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">except by complete performance of the obligations contained in the Securities guaranteed by such
Guarantee, in this Indenture and in this Article&nbsp;Fourteen. If any Holder of Securities of a series
guaranteed hereby or the Trustee is required by any court or otherwise to return to the Issuer or
any Guarantor of such Securities, or any custodian, trustee, liquidator or other similar official
acting in relation to the Issuer or any Guarantor, any amount paid by the Issuer or any Guarantor
of such Securities to the Trustee or such Holder, this Article&nbsp;Fourteen, to the extent theretofore
discharged with respect to any Guarantee of such Securities, shall be reinstated in full force and
effect. Each Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders of Securities of a series guaranteed hereby by such Guarantor in respect of
any obligations guaranteed hereby by such Guarantee until payment in full of all such obligations.
Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders of
Securities of a series guaranteed hereby by such Guarantor and the Trustee on the other hand, (i)
the maturity of the obligations guaranteed hereby may be accelerated as provided in Article&nbsp;Five
hereof for the purposes of such Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby and (ii)
in the event of any acceleration of such obligations as provided in Article&nbsp;Five hereof such
obligations (whether or not due and payable) shall forthwith become due and payable by such
Guarantor, jointly and severally with any other Guarantor of such Securities, for the purpose of
this Article&nbsp;Fourteen. In addition, without limiting the foregoing, upon the effectiveness of an
acceleration under Article&nbsp;Five, the Trustee may make a demand for payment on the Securities under
any Guarantee provided hereunder and not discharged.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Guarantee by a Guarantor, such Guarantor shall be subrogated to all
rights of the Holder of any Securities guaranteed hereby by such Guarantee against the Issuer in
respect of any amounts paid to such Holder by such Guarantor pursuant to the provisions of such
Guarantee; <I>provided </I>that the Guarantor shall not be entitled to enforce, or to receive any payments
arising out of or based upon, such right of subrogation until the principal of and interest on all
such Securities shall have been paid in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee set forth in this Section&nbsp;14.2 shall not be valid or become obligatory for any
purpose with respect to a Security until the certificate of authentication on such Security shall
have been signed by the Trustee or any duly appointed agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.3. <I>Guarantee Subordinated to Senior Indebtedness of the Guarantor.</I>
Each Guarantor agrees, and each Holder of the Securities by his acceptance thereof
likewise agrees, that the payments pursuant to the Guarantee by each Guarantor shall be
subordinated in accordance with the following provisions of this Article&nbsp;Fourteen unless, with
respect to any series of Securities, specified otherwise pursuant to Section&nbsp;2.3, to the prior
payment in full of all Senior Indebtedness of each Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Article&nbsp;Fourteen shall constitute a continuing offer to all persons who, in reliance upon
such provisions, become holders of, or continue to hold, Senior Indebtedness of each Guarantor, and
such provisions are made for the benefit of the holders of Senior Indebtedness of each Guarantor,
and such holders are made obligees hereunder and any one or more of them may enforce such
provisions.
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /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;SECTION 14.4. <I>Guarantors Not to Make Payments With Respect to Securities in Certain
Circumstances.</I>
(a)&nbsp;Upon the maturity of the principal of any Senior Indebtedness of each Guarantor (other
than payment of sinking fund installments) by lapse of time, acceleration or otherwise, all
principal thereof and interest thereon shall first be paid in full, or such payment duly provided
for in cash or in a manner satisfactory to the holders of such Senior Indebtedness of each
Guarantor, before any payment, pursuant to the Guarantee, is made on account of the principal or
interest on the Securities or to acquire any of the Securities or on account of the mandatory
redemption provisions in the Securities (except mandatory redemption payments made in respect of
Securities acquired by each Guarantor before the maturity of such Senior Indebtedness of each
Guarantor).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless Section&nbsp;14.5 shall be applicable, if (i)&nbsp;a Guarantor shall default in the
payment of any principal of, premium, if any, or interest, if any, on any Senior Indebtedness when
the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by
declaration of acceleration or otherwise, or (ii)&nbsp;any other default shall occur with respect to
Senior Indebtedness and the maturity of such Senior Indebtedness has been accelerated in accordance
with its terms, then, upon written notice of such default to the Guarantor and the Trustee by the
holders of Senior Indebtedness or any trustee therefor, unless and until, in either case, the
default has been cured or waived, or has ceased to exist, or any such acceleration has been
rescinded or such Senior Indebtedness has been paid in full, no direct or indirect payment (in
cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account
of the principal of, premium, if any, or interest, if any, on any of the Securities, or in respect
of any redemption, retirement, purchase or other acquisition of any of the Securities other than
those made in capital stock of the Guarantor (or cash in lieu of fractional shares thereof).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Unless Section&nbsp;14.5 shall be applicable, If any default (other than a default described in
paragraph (b)&nbsp;of this Section&nbsp;14.4) shall occur under the Senior Indebtedness, pursuant to which
the maturity thereof may be accelerated immediately without further notice (except such notice as
may be required to effect such acceleration) or the expiration of any applicable grace periods
occurs (a &#147;Guarantor Senior Nonmonetary Default&#148;), then, upon the receipt by the applicable
Guarantor and the Trustee of written notice thereof (a &#147;Guarantor Payment Notice&#148;) from or on
behalf of holders of not less than 25% in aggregate principal amount of the Senior Indebtedness of
such Guarantor outstanding specifying an election to prohibit such payment and other action by the
Guarantor in accordance with the following provisions of this paragraph (c), the Guarantor may not
make any payment or take any other action that would be prohibited by paragraph (b)&nbsp;of this Section
14.4 during the period (the &#147;Guarantor Payment Blockage Period&#148;) commencing on the date of receipt
of such Guarantor Payment Notice and ending on the earlier of (i)&nbsp;the date, if any, on which the
holders of such Senior Indebtedness or their representative notify the Trustee that such Guarantor
Senior Nonmonetary Default is cured or waived or ceases to exist or the Senior Indebtedness to
which such Guarantor Senior Nonmonetary Default relates is discharged or (ii)&nbsp;the 120th day after
the date of receipt of such Guarantor Payment Notice. Notwithstanding the provisions described in
the immediately preceding sentence, the Guarantor may resume payments on the Securities following
such Guarantor Payment Blockage Period. In no event shall a Guarantor Payment Blockage Period
extend beyond 120&nbsp;days from the date of the receipt by the Trustee of the Guarantor Payment Notice
(the &#147;Guarantor Initial Period&#148;). Any number of additional Guarantor Payment Blockage Periods may
be commenced during the Guarantor Initial Period; <I>provided</I>,
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /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"><I>however</I>, that no such additional period shall extend beyond the Guarantor Initial Period.
After the expiration of the Guarantor Initial Period, no Guarantor Payment Blockage Period may be
commenced on the basis of a Guarantor Senior Nonmonetary Default on the Senior Indebtedness which
was the basis of a Guarantor Payment Blockage Period commenced during the Guarantor Initial Period
until at least 270 consecutive days have elapsed from the last day of the Guarantor Initial Period.
No Guarantor Senior Nonmonetary Default with respect to Senior Indebtedness which existed or was
continuing on the date of the commencement of any Payment Blockage Period and of which the
applicable holder(s) of Senior Indebtedness are aware shall be, or can be made, the basis for the
commencement of a second Guarantor Payment Blockage Period whether or not within a period of 270
consecutive days unless such event of default shall have been cured or waived for a period of not
less than 90 consecutive days.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that notwithstanding the provisions of this Section&nbsp;14.4 each Guarantor
shall make, pursuant to this Guarantee, any payment or distribution of any character to the Trustee
on account of the principal of or interest on the Securities, or on account of the mandatory
redemption provisions, after the happening of an event of default with respect to any Senior
Indebtedness of each Guarantor based on a default in the payment of the principal or interest on
Senior Indebtedness of each Guarantor, or after receipt by the Trustee of a Guarantor Payment
Notice as provided in this Section&nbsp;14.4 or after the acceleration of the Securities of any series
pursuant to Section&nbsp;5.1, then, but only if the Trustee is in receipt of the notice specified in
Section&nbsp;14.8, unless and until such default or event of default shall have been cured or waived or
shall have ceased to exist, or such acceleration shall have been rescinded, such payment (subject
to the provisions of Sections&nbsp;14.8 and 14.9) shall be held by the Trustee in trust for the benefit
of, and, if the Senior Indebtedness of each Guarantor shall have been declared immediately due and
payable, shall be paid forthwith over and delivered to, the holders of Senior Indebtedness of each
Guarantor (pro rata as to each of such holders on the basis of the respective amounts of Senior
Indebtedness of each Guarantor held by them) or their representative or the trustee under the
indenture or other agreement (if any) pursuant to which Senior Indebtedness of each Guarantor may
have been issued, as their respective interests may appear, such payments to be made in accordance
with an Officers&#146; Certificate as provided in Section&nbsp;11.5 (on which the Trustee may conclusively
rely) identifying all holders of Senior Indebtedness of each Guarantor and the principal amount of
Senior Indebtedness of each Guarantor then outstanding held by each and stating the reasons why
such Officers&#146; Certificate is being delivered to the Trustee, for application to the payment of all
Senior Indebtedness of each Guarantor remaining unpaid to the extent necessary to pay all Senior
Indebtedness of each Guarantor in full in accordance with its terms, after giving effect to any
concurrent payment or distribution to or for the holders of Senior Indebtedness of each Guarantor.
In the event of the failure of any Holder of a Security to endorse or assign any such payment or
distribution, each holder of Senior Indebtedness of each Guarantor is hereby irrevocably authorized
to endorse or assign the same. Each Guarantor shall give prompt notice to the Trustee of any
default under any Senior Indebtedness of each Guarantor or under any agreement pursuant to which
Senior Indebtedness of each Guarantor may have been issued.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.5. <I>Guarantee Subordinated to Prior Payment of All Senior Indebtedness of each
Guarantor on Dissolution, Winding Up, Liquidation or Reorganization of a Guarantor.</I>
In the event of (i)&nbsp;any insolvency, bankruptcy, receivership, liquidation, reorganization,
readjustment, composition or other similar proceeding relating to a Guarantor, its creditors or its
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /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">property, (ii)&nbsp;any case or proceeding for the liquidation, dissolution or other winding-up of a
Guarantor, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings,
(iii)&nbsp;any assignment by such Guarantor for the benefit of creditors, or (iv)&nbsp;any other marshalling
of the assets of such Guarantor:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holders of all Senior Indebtedness of such Guarantor shall first be entitled to
receive payment in full (or to have such payment duly provided for) of the principal and
interest due thereon (including any interest thereon accruing after commencement of any such
proceeding) before the Holders of the Securities are entitled to receive, pursuant to this
Guarantee any payment or any distribution, whether in cash, securities or other property, on
account of the principal or interest on the Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payment or distribution of assets of such Guarantor of any kind or
character, whether in cash, property or securities (other than securities of such Guarantor
as reorganized or readjusted or securities of such Guarantor or any other company, trust or
corporation provided for by a plan of reorganization or readjustment, junior or the payment
of which is otherwise subordinate, at least to the extent provided in this Article, to the
payment of all Senior Indebtedness of such Guarantor at the time outstanding and to the
payment of all securities issued in exchange therefor to the holders of the Senior
Indebtedness of such Guarantor at the time outstanding), to which the Holders of the
Securities or the Trustee on behalf of the Holders of the Securities would be entitled,
pursuant to this Guarantee except for the provisions of this Article&nbsp;Fourteen, including any
such payment or distribution which may be payable or deliverable by reason of the payment of
any other indebtedness of such Guarantor being subordinated to the payment of the
Securities, shall be paid by the liquidating trustee or agent or other person making such
payment or distribution directly to the holders of Senior Indebtedness of such Guarantor or
their representative(s), or to the trustee under any indenture under which Senior
Indebtedness of such Guarantor may have been issued (pro rata as to each such holder,
representative or trustee on the basis of the respective amounts of unpaid Senior
Indebtedness of such Guarantor held or represented by each), to the extent necessary to make
payment in full of all Senior Indebtedness of such Guarantor remaining unpaid after giving
effect to any concurrent payment or distribution or provision therefor to the holders of
such Senior Indebtedness of such Guarantor; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event that notwithstanding the foregoing provisions of this Section
14.5, any payment or distribution of assets of such Guarantor of any kind or character,
whether in cash, property or securities shall be received, pursuant to the Guarantee, by the
Trustee or the Holders of the Securities on account of principal or interest on the
Securities before all Senior Indebtedness of such Guarantor is paid in full, or effective
provisions made for its payment, such payment or distribution (subject to the provisions of
Sections&nbsp;14.8 and 14.9) shall be received and held in trust for and shall be paid over or
delivered to the liquidating trustee, agent or other person making such payment or
distribution or to the holders of the Senior Indebtedness of such Guarantor remaining unpaid
or unprovided for or their representative, or to the trustee under any indenture under which
Senior Indebtedness of such Guarantor may have been issued (pro rata as provided in
subsection (2)&nbsp;above), for application to the payment of such Senior Indebtedness of such
Guarantor until all such Senior Indebtedness of such Guarantor
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /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; margin-left: 2%">shall have been paid in full, after giving effect to any concurrent payment or distribution
or provision therefor to the holders of such Senior Indebtedness of such Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Guarantor effects a transaction permitted by Article&nbsp;Nine, such transaction shall not be
deemed to be a dissolution, winding up, liquidation or reorganization of such Guarantor for
purposes of this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Guarantor shall give prompt written notice to the Trustee of any dissolution, winding up,
liquidation or reorganization of such Guarantor, assignment for the benefit of creditors by such
Guarantor or any other marshalling of assets of such Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.6. <I>Holders to be Subrogated to Rights of Holders of Senior Indebtedness of each
Guarantor.</I>
Subject to the payment in full of all Senior Indebtedness of each Guarantor, the
Holders of the Securities shall be subrogated to the rights of the holders of Senior Indebtedness
of each Guarantor to receive payments or distributions of assets of each Guarantor applicable to
the Senior Indebtedness of each Guarantor until all amounts owing under the Guarantee shall be paid
in full and for the purpose of such subrogation no payments or distributions to the holders of
Senior Indebtedness of each Guarantor by virtue of this Article&nbsp;Fourteen which otherwise would have
been made to the Holders of the Securities, shall, as between each Guarantor, its creditors other
than holders of its Senior Indebtedness of each Guarantor and the Holders, be deemed to be a
payment by each Guarantor to or on account of the Senior Indebtedness of each Guarantor, it being
understood that the provisions of this Article&nbsp;Fourteen are solely for the purpose of defining the
relative rights of the holders of Senior Indebtedness of the Guarantors on the one hand and the
Holders on the other hand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any payment or distribution to which the Holders would otherwise have been entitled but for
the provisions of this Article shall have been applied, pursuant to the provisions of this Article,
to the payment of Senior Indebtedness of each Guarantor, then and in such case, the Holders shall
be entitled to receive from the holders of such Senior Indebtedness of each Guarantor at the time
outstanding any payments or distributions received by such holders of such Senior Indebtedness of
each Guarantor in excess of the amount sufficient to pay all amounts payable under or in respect of
such Senior Indebtedness of each Guarantor in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.7. <I>Obligations of the Guarantor Unconditional.</I>
Nothing contained in this Article&nbsp;Fourteen or elsewhere in this Indenture or in any Security
is intended to or shall impair, as between a Guarantor and the Holders of the Securities guaranteed
by such Guarantor&#146;s Guarantee, the obligations of such Guarantor, which are absolute and
unconditional, to pay to such Holders the principal of and interest on the Securities as and when
the same shall become due and payable in accordance with the provisions of this Guarantee or is
intended to or shall affect the relative rights of such Holders and creditors of a Guarantor other
than the holders of the Senior Indebtedness of such Guarantor, nor shall anything herein or therein
prevent the Trustee or such Holder from exercising all remedies otherwise permitted by applicable
law upon default under this Indenture, subject to the rights, if any, under this Article&nbsp;Fourteen
of the holders of Senior Indebtedness of a Guarantor, in respect of cash, property or securities of
such Guarantor received upon the exercise of any such remedy.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of assets of a Guarantor referred to in this Article&nbsp;Fourteen, the
Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, and the Holders of the Securities
guaranteed hereby by such Guarantor shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or
other person making any distribution to the Trustee or to such Holders, for the purpose of
ascertaining the persons entitled to participate in such distribution, the holders of the Senior
Indebtedness and other indebtedness of such Guarantor, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article&nbsp;Fourteen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.8. <I>Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice.</I>
The Trustee shall not at any time be charged with knowledge of the existence of any facts
which would prohibit the making of any payment to or by the Trustee, and the Trustee shall not be
required to withhold payment to the Holders of Securities as provided in Section&nbsp;14.4(d), unless
and until the Trustee shall have received written notice thereof at its Corporate Trust Office from
a Guarantor or from one or more holders of Senior Indebtedness of such Guarantor or from any
representative thereof or trustee therefor identifying the specific sections of this Indenture
involved and describing in detail the facts that would obligate the Trustee to withhold payments to
Holders of Securities, as well as any other facts required by the next succeeding paragraph of this
Section&nbsp;14.8; and, prior to the receipt of any such written notice, the Trustee, subject to the
provisions of Sections&nbsp;6.1 and 6.2, shall be entitled to assume conclusively that no such facts
exist; <I>provided</I>, <I>however</I>, that, if the Trustee shall not have received any such written notice
provided for in this Section&nbsp;14.8 at least three Business Days preceding the date upon which by the
terms hereof any moneys become payable for any purpose (including, without limitation, the payment
of either the principal of or interest, if any, on any Security), then, anything herein contained
to the contrary notwithstanding, the Trustee shall have full power and authority to receive such
moneys and apply the same to the purpose for which they were received and shall not be affected by
any notice to the contrary that may be received by it within three Business Days preceding such
date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be entitled to rely on the delivery to it of a written notice by a
person representing himself to be a holder of Senior Indebtedness of a Guarantor (or a trustee on
behalf of such holder) to establish that such notice has been given by a holder of Senior
Indebtedness of such Guarantor or a trustee on behalf of any such holder. In the event that the
Trustee determines in good faith that further evidence is required with respect to the right of any
person as a holder of Senior Indebtedness of a Guarantor to participate in any payment or
distribution pursuant to this Article&nbsp;Fourteen, the Trustee may request such person to furnish
evidence to the reasonable satisfaction of the Trustee as to the amount of Senior Indebtedness of
such Guarantor held by such person, the extent to which such person is entitled to participate in
such payment or distribution and any other facts pertinent to the rights of such person under this
Article&nbsp;Fourteen, and if such evidence is not furnished the Trustee may defer any payment to such
person pending judicial determination as to the right of such person to receive such payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.9. <I>Application by Trustee of Monies Deposited with It.</I>
Except as provided in Section&nbsp;10.5, any deposit of monies by a Guarantor with the Trustee or
any Paying
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /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">Agent (whether or not in trust) for the payment of the principal or interest on any Securities
shall be subject to the provisions of Sections&nbsp;14.3, 14.4, 14.5 and 14.6 except that, if prior to
the opening of business on the date on which by the terms of this Indenture any such monies may
become payable for any purpose (including, without limitation, the payment, pursuant to this
Guarantee, of either the principal or the interest on any Security) the Trustee shall not have
received with respect to such monies the notice provided for in Section&nbsp;14.8, then the Trustee
shall have full power and authority to receive such monies and to apply the same to the purpose for
which they were received and shall not be affected by any notice to the contrary which may be
received by it on or after such date, without, however, limiting any rights that holders of Senior
Indebtedness of a Guarantor may have to recover any such payments from the Holders in accordance
with the provisions of this Article.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.10. <I>Subordination Rights Not Impaired by Acts or Omissions of a Guarantor or
Holders of Senior Indebtedness of such Guarantor.</I>
No right of any present or future holders of any Senior Indebtedness of a Guarantor to enforce
subordination as provided herein shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of such Guarantor or by any act or failure to act, in good faith, by
any such holder, or by any noncompliance by such Guarantor with the terms of this Indenture,
regardless of any knowledge thereof which any such holder may have or be otherwise charged with.
The holders of Senior Indebtedness of such Guarantor may extend, renew, modify or amend the terms
of the Senior Indebtedness of such Guarantor or any security therefor and release, sell or exchange
such security and otherwise deal freely with such Guarantor, all without affecting the liabilities
and obligations of the parties to this Indenture or the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.11. <I>Holders Authorize Trustee to Effectuate Subordination of Securities.</I>
Each Holder of the Securities by his acceptance thereof authorizes and expressly
directs the Trustee on his behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article&nbsp;Fourteen and appoints the Trustee his
attorney-in-fact for such purpose, including, in the event of any dissolution, winding up,
liquidation or reorganization of a Guarantor (whether in bankruptcy, insolvency or receivership
proceedings, voluntary liquidation or upon assignment for the benefit of creditors or otherwise)
tending towards liquidation of the business and assets of such Guarantor, the timely filing of a
claim for the unpaid balance, pursuant to this Guarantee, of its or his Securities in the form
required in said proceedings and cause said claim to be approved. If the Trustee does not file a
proper claim or proof of debt in the form required in such proceeding on or prior to 30&nbsp;days before
the expiration of the time to file such claim or claims, then the holders of Senior Indebtedness of
such Guarantor have the right to file and are hereby authorized to file an appropriate claim for
and on behalf of the Holders of said Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.12. <I>Right of Trustee to Hold Senior Indebtedness of a Guarantor.</I>
The Trustee in its individual capacity, shall be entitled to all of the rights set forth in
this Article&nbsp;Fourteen in respect of any Senior Indebtedness of a Guarantor at any time held by it
to the same extent as any other holder of such Senior Indebtedness of a Guarantor, and nothing in
this Indenture shall be construed to deprive the Trustee of any of its rights as such holder.
Nothing in this Article&nbsp;Fourteen shall apply to claims of, or payments to, the Trustee under or
pursuant to Section&nbsp;6.6.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /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;SECTION 14.13. <I>Trustee Not Fiduciary for Holders of Senior Indebtedness of a Guarantor.</I>
With respect to the holders of Senior Indebtedness of a Guarantor, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are specifically set forth in
this Article&nbsp;Fourteen, and no implied covenants or obligations with respect to the holders of
Senior Indebtedness of a Guarantor shall be read into this Indenture against the Trustee. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of a
Guarantor and the Trustee shall not be liable to any holder of Senior Indebtedness of a Guarantor
if it shall pay over or deliver to Holders of Securities, a Guarantor or any other person monies or
assets to which any holder of Senior Indebtedness of such Guarantor shall be entitled by virtue of
this Article&nbsp;Fourteen or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.14. <I>Article&nbsp;Fourteen Not to Prevent Events of Default.</I>
The failure to make a payment on account of principal or interest on the Securities of any
series by reason of any provision in this Article&nbsp;Fourteen shall not be construed as preventing the
occurrence of an Event of Default under Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.15. <I>Execution and Delivery of Guarantee.</I>
To evidence a Guarantee set forth in this Article&nbsp;Fourteen, the Guarantor hereby agrees
that the Guarantee Notation, substantially in the form of Exhibit&nbsp;A hereto, shall be endorsed on
each Security authenticated and delivered by the Trustee that is guaranteed by such Guarantee and
that this Indenture or indenture supplemental hereto shall be executed on behalf of such Guarantor
by its Chairman of the Board, its president or chief executive officer, any vice president, the
chief financial officer or the treasurer. Such signatures may be the manual or facsimile
signatures of the present or any future such officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby agrees that its Guarantee shall remain in full force and effect
notwithstanding any failure to endorse the Guarantee Notation on each such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an officer whose signature is on this Indenture or indenture supplemental hereto or on the
Securities guaranteed hereby no longer holds that office at the time the Trustee authenticates the
Security on which a notation of the Guarantee is endorsed, such Guarantee shall be valid
nevertheless.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of each Guarantee thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.16. <I>Limitation on Guarantor Liability.</I>
Notwithstanding anything to the contrary in this Article, each Guarantor, and by its
acceptance of a Security, each Holder, hereby confirms that it is the intention of all such parties
that the Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable
fraudulent conveyance provisions of the Bankruptcy Code or any comparable provision of state law.
To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree
that the obligations of each Guarantor under its Guarantee are limited to the maximum amount that
would not render the Guarantor&#146;s obligations subject to avoidance under applicable fraudulent
conveyance provisions of the Bankruptcy Code or any comparable provision of state law.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /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;SECTION 14.17. <I>Officers&#146; Certificate.</I>
If there occurs an event referred to in the first sentence of Section&nbsp;14.4(c) or the first
sentence of Section&nbsp;14.5, the applicable Guarantor shall promptly give to the Trustee an Officers&#146;
Certificate (on which the Trustee may conclusively rely) identifying all holders of Senior
Indebtedness of such Guarantor and the principal amount of Senior Indebtedness of such Guarantor
then outstanding held by each such holder and stating the reasons why such Officers&#146; Certificate is
being delivered to the Trustee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FIFTEEN
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 15.1. <I>Release of the Issuer.</I>
The Issuer shall be released from its obligations under this Indenture and the Securities,
without the consent of the Holders, if: (1)&nbsp;Hovnanian or any successor to Hovnanian has assumed the
obligations of the Issuer under this Indenture and the Securities, by supplemental indenture
executed and delivered to the Trustee and satisfactory in form to the Trustee, (2)&nbsp;Hovnanian
delivers an Opinion of Counsel to the Trustee to the effect that Holders will not recognize income,
gain or loss for United States federal income tax purposes as a result of such release, and such
Holders will be subject to United States federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such release had not occurred and (3)&nbsp;the
Issuer shall (w)&nbsp;become a Guarantor subject to the provisions of Article&nbsp;Thirteen hereof, (x)
execute a Guarantee Notation, substantially in the form of Exhibit&nbsp;A hereto, (y)&nbsp;execute a
supplemental indenture evidencing its Guarantee and (z)&nbsp;deliver an Opinion of Counsel to the
Trustee to the effect that the supplemental indenture has been duly authorized, executed and
delivered by the Issuer and constitutes a valid and binding obligation of the Issuer, enforceable
against the Issuer in accordance with its terms (subject to customary exceptions).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /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">SIGNATURES
</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 Indenture to be duly executed, all 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"><FONT style="FONT-variant: SMALL-CAPS">K. Hovnanian Enterprises, Inc.,</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">As Issuer</FONT><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"><FONT style="FONT-variant: SMALL-CAPS">Hovnanian Enterprises, Inc.,</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS"> As Guarantor</FONT><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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Wilmington Trust Company, As Trustee</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&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="right" style="font-size: 10pt; margin-top: 12pt"><U>EXHIBIT A</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FORM OF NOTATION OF SECURITY
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">RELATING TO GUARANTEE&#093;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GUARANTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Name of Guarantor&#093; (hereinafter referred to as the &#147;Guarantor&#148;, which term includes any
successor person under the Indenture (the &#147;Indenture&#148;) referred to in the Security upon which this
notation is endorsed) (the &#147;Endorsed Security&#148;), has unconditionally guaranteed, jointly and
severally with each other Guarantor (i)&nbsp;the due and punctual payment of the principal of, premium,
if any, and interest on the Endorsed Security and all other Securities of the same series as the
Endorsed Security (the &#147;Guaranteed Securities&#148;), whether at maturity, by acceleration or otherwise,
the due and punctual payment of interest on the overdue principal of, premium, if any, and
interest, if any, on the Guaranteed Securities, to the extent lawful, and the due and punctual
performance of all other obligations of the Issuer to the Holders of Guaranteed Securities or the
Trustee all in accordance with the terms set forth in Article&nbsp;Fourteen of the Indenture and (ii)&nbsp;in
case of any extension of time of payment or renewal of any Guaranteed Securities or any of such
other obligations, that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto
in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Guarantor to the Holders of Guaranteed Securities and to the Trustee
pursuant to the Guarantee evidenced hereby and the Indenture are expressly set forth in Article
Fourteen of the Indenture and reference is hereby made to such Indenture for the terms of such
Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stockholder, officer, director, employee or incorporator, as such, past, present or future,
of the Guarantor shall have any personal liability under the Guarantee evidenced hereby by reason
of his or its status as such stockholder, officer, director, employee or incorporator. Each Holder
of a Guaranteed Security by accepting a Guaranteed Security waives and releases all such liability.
This waiver and release are part of the consideration for the issuance of the Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of a Guaranteed Security by accepting a Guaranteed Security agrees that any
Guarantor named below shall have no further liability with respect to its Guarantee if such
Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of
the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee evidenced hereby shall not be valid or obligatory for any purpose until the
certificate of authentication of the Guaranteed Securities shall have been executed by the Trustee
under the Indenture by the manual signature of one of its authorized officers.
</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">

<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">Guarantor<BR>
<BR>
&#091;NAME OF GUARANTOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">By:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</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">


<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"><U>EXHIBIT B</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;SUBSIDIARY GUARANTORS&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.16
<SEQUENCE>7
<FILENAME>y88639a1exv4w16.htm
<DESCRIPTION>EX-4.16
<TEXT>
<HTML>
<HEAD>
<TITLE>exv4w16</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;4.16</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 3pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>K. HOVNANIAN ENTERPRISES, INC.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Issuer</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>HOVNANIAN ENTERPRISES, INC.</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantor</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>SUBSIDIARY GUARANTORS OF HOVNANIAN THAT BECOME PARTIES HERETO<BR>
FROM TIME TO TIME</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Guarantors</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>and</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON TRUST COMPANY</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>as Trustee</B>
</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>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INDENTURE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated as of &#091;</B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><B>&#093;</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>FORM OF SUBORDINATED INDENTURE</B>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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">CROSS REFERENCE SHEET<SUP style="FONT-size: 85%; vertical-align: text-top">1</SUP>
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions of Trust Indenture Act of 1939 and Indenture to be dated as of &#091;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&#093;
among K. HOVNANIAN ENTERPRISES, INC., HOVNANIAN ENTERPRISES, INC., SUBSIDIARY GUARANTORS OF
HOVNANIAN that become parties hereto from time to time and WILMINGTON TRUST COMPANY, as Trustee:
</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="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Section of the Act</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Section of Indenture</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(a)(1), (2)&nbsp;and (5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(a)(3) and (4)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8 and 6.10(a), (b)&nbsp;and (d)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">310(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">311(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">311(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.13</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">311(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">312(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1 and 4.2(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">312(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(b)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">312(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.2(c)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(a)(i), (ii), (iii), (iv), (v), (vi)&nbsp;and (vii)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(a)(5)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(b)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(b)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(b)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(c)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.4(c)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">313(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"> 4.4(d)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.3</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(c)(1) and (2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(c)(3)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">314(f)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inapplicable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">315(a), (c)&nbsp;and (d)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">315(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.8</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">315(e)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.9</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(a)(1)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.7</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(a)(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not required</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(a) (last sentence)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.4</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">316(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.4</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">317(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.2</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">317(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.5(a)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">318(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.7</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">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This Cross Reference Sheet is not part of the
Indenture.</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"><U><B>TABLE OF CONTENTS</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="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE One DEFINITIONS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 1.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">1</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Two SECURITIES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Forms Generally
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Trustee&#146;s Certificate of Authentication
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">9</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amount Unlimited, Issuable in Series
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">10</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authentication and Delivery of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">12</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">15</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Authentication
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Denomination and Date of Securities; Payments of Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">16</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration, Transfer and Exchange
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">17</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mutilated, Defaced, Destroyed, Lost and Stolen Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">19</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cancellation of Securities; Disposition Thereof
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Temporary Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">20</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 2.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">CUSIP Numbers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Three COVENANTS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Principal and Interest
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Offices for Notices and Payments, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Interest Extension
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointments to Fill Vacancies in Trustee&#146;s Office
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">21</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 3.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provision as to Paying Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">22</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Four SECURITYHOLDERS LISTS AND REPORTS BY THE ISSUER, HOVNANIAN AND THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Issuer and Hovnanian to Furnish Trustee Information as to Names and
Addresses of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preservation and Disclosure of Securityholders Lists
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Issuer and Hovnanian
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">23</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 4.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reports by the Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">24</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Five REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Events of Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">25</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities on Default; Suit Therefor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">27</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application of Moneys Collected by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">29</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proceedings by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&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="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Remedies Cumulative and Continuing
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">30</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Direction of Proceedings; Waiver of Defaults by Majority of
Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Defaults
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">31</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 5.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Undertaking to Pay Costs
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Six CONCERNING THE TRUSTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Duties and Responsibilities of the Trustee; During Default; Prior to
Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">32</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certain Rights of the Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">33</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Responsible for Recitals, Disposition of Securities or
Application of Proceeds Thereof
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee and Agents May Hold Securities; Collections, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moneys Held by Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Compensation and Indemnification of Trustee and Its Prior Claim
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">35</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Rely on Officers&#146; Certificate, etc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Qualification of Trustee; Conflicting Interests
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Persons Eligible for Appointment as Trustee; Different Trustees for
Different Series
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">36</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Resignation and Removal; Appointment of Successor Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">37</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acceptance of Appointment by Successor Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">38</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Merger, Conversion, Consolidation or Succession to Business of Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">39</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Preferential Collection of Claims Against the Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 6.14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of Authenticating Agent
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">40</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Seven CONCERNING THE SECURITYHOLDERS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Evidence of Action Taken by Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proof of Execution of Instruments and of Holding of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">41</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders to be Treated as Owners
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">42</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Owned by Issuer Deemed Not Outstanding
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">42</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Revocation of Action Taken
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">42</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 7.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Record Date for Consents and Waivers
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Eight SUPPLEMENTAL INDENTURES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures Without Consent of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">43</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Supplemental Indentures with Consent of Securityholders
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">45</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Supplemental Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Documents to Be Given to Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 8.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notation on Securities in Respect of Supplemental Indentures
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">47</TD>
    <TD nowrap valign="bottom">&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="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Nine CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER DISPOSITION</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consolidation Permitted, etc., on Certain Terms
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successor Corporation to be Substituted
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">48</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 9.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Counsel to be Given Trustee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Ten LEGAL DEFEASANCE AND COVENANT DEFEASANCE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Legal Defeasance and Discharge
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">49</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Covenant Defeasance
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conditions to Legal or Covenant Defeasance
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">50</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">51</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Repayment to Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reinstatement
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">52</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Survival
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 10.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Satisfaction and Discharge of Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Eleven MISCELLANEOUS PROVISIONS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partners, Incorporators, Stockholders, Officers and Directors of Issuer
Exempt from Individual Liability
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">53</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provisions of Indenture for the Sole Benefit of Parties and Holders of
Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Successors and Assigns of Issuer Bound by Indenture
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notices and Demands on Issuer, Trustee and Holders of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">54</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officers&#146; Certificates and Opinions of Counsel; Statements to Be
Contained Therein
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">55</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payments Due on Saturdays, Sundays and Holidays
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Conflict of Any Provision of Indenture with Trust Indenture Act of 1939
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">GOVERNING LAW
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Counterparts
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effect of Headings
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 11.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No Adverse Interpretation of Other Agreements
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Twelve REDEMPTION OF SECURITIES AND SINKING FUNDS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Redemption; Partial Redemptions
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">56</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment of Securities Called for Redemption
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exclusion of Certain Securities from Eligibility for Selection for
Redemption
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">58</TD>
    <TD nowrap valign="bottom">&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="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 12.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mandatory and Optional Sinking Funds
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">59</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Thirteen SUBORDINATION</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">61</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Securities Subordinated to Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">61</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reliance on Certificate of Liquidating Agent; Further Evidence as to
Ownership of Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payment Permitted If No Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">64</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disputes with Holders of Certain Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Charged with Knowledge of Prohibition
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee to Effectuate Subordination
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">65</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Rights of Trustee as Holder of Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article&nbsp;Applicable to Paying Agents
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination Rights Not Impaired by Acts or Omissions of the Issuer or
Holders of Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Fiduciary for Holders of Senior Indebtedness
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">66</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 13.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">67</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Fourteen SUBORDINATED GUARANTEE</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">67</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Applicability of Article
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">67</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">67</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee Subordinated to Senior Indebtedness of the Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantors Not to Make Payments With Respect to Securities in Certain
Circumstances
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">68</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Guarantee Subordinated to Prior Payment of All Senior Indebtedness of
each Guarantor on Dissolution, Winding Up, Liquidation or Reorganization of a Guarantor
</TD>
    <TD>&nbsp;</TD>
        <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">71</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders to be Subrogated to Rights of Holders of Senior Indebtedness of
each Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Obligations of the Guarantor Unconditional
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">72</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">73</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application by Trustee of Monies Deposited with It
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subordination Rights Not Impaired by Acts or Omissions of a Guarantor or
Holders of Senior Indebtedness of such Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.11.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Holders Authorize Trustee to Effectuate Subordination of Securities
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">74</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right of Trustee to Hold Senior Indebtedness of a Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.13.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Trustee Not Fiduciary for Holders of Senior Indebtedness of a Guarantor
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Article&nbsp;Fourteen Not to Prevent Events of Default
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.15.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Execution and Delivery of Guarantee
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">75</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.16.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Limitation on Guarantor Liability
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">76</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-iv-<!-- /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="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:30px; text-indent:-15px">SECTION 14.17.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Officers&#146; Certificate
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">76</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">ARTICLE Fifteen</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">76</TD>
    <TD nowrap valign="bottom">&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 nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">&nbsp;</TD>
    <TD valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:30px; text-indent:-15px">SECTION 15.1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Release of the Issuer
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom">76</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-v-<!-- /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">FORM OF SUBORDINATED INDENTURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FORM OF SUBORDINATED INDENTURE, dated as of &#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;</U>&#093; among K. Hovnanian Enterprises,
Inc., a California corporation (the &#147;Issuer&#148;), Hovnanian Enterprises, Inc., a Delaware corporation
(&#147;Hovnanian&#148;), Subsidiary Guarantors of Hovnanian that become parties hereto from time to time and
Wilmington Trust Company, a Delaware banking corporation, as trustee (the &#147;Trustee&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>RECITALS</U> <U>OF</U> <U>THE</U> <U>ISSUER</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the issuance from time to time of its unsecured
subordinated debentures, notes or other evidences of indebtedness to be issued in one or more
series (the &#147;Securities&#148;) up to such principal amount or amounts as may from time to time be
authorized in accordance with the terms of this Indenture; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to
provide, among other things, for the authentication, delivery and administration of the Securities;
and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been undertaken and completed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>RECITALS</U> <U>OF</U> <U>GUARANTORS</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Guarantor desires to make the Guarantees provided for herein; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, all things necessary to make this Indenture a valid agreement of each of the
Guarantors, in accordance with its terms, have been done and the Guarantor will do all things
necessary to make the Guarantees, when executed by each of the Guarantors and endorsed on the
Securities authenticated and delivered hereunder, the valid obligations of each Guarantor as
hereinafter provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, THIS INDENTURE WITNESSETH:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Securities or of series thereof, as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ONE<BR>
DEFINITIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 1.1. <I>Definitions.</I>
For all purposes of this Indenture and of any indenture supplemental hereto the following
terms shall have the respective meanings specified in this Section&nbsp;1.1 (except as otherwise
expressly provided herein or in any indenture supplemental hereto or unless the context otherwise
clearly requires). All other terms used in this Indenture that are defined in the Trust Indenture
Act of 1939, including terms defined therein by reference to the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;), shall have the meanings assigned to such terms in said Trust Indenture Act
of 1939 and in the Securities Act as in
force at the date of this Indenture (except as otherwise
</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">expressly provided herein or in any
indenture supplemental hereto or unless the context otherwise clearly requires).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All accounting terms used herein and not expressly defined shall have the meanings assigned to
such terms in accordance with generally accepted accounting principles, and the term &#147;<I>generally
accepted accounting principles</I>&#148; means such accounting principles as are generally accepted in the
United States of America on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The words &#147;<I>herein</I>&#148;, &#147;<I>hereof</I>&#148; and &#147;<I>hereunder</I>&#148; and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subdivision. The
expressions &#147;<I>date of this Indenture</I>&#148;, &#147;<I>date hereof</I>&#148;, &#147;<I>date as of which this Indenture is dated</I>&#148; and
&#147;<I>date of execution and delivery of this Indenture</I>&#148; and other expressions of similar import refer to
the effective date of the original execution and delivery of this Indenture, <I>viz</I>. as of
&#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;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, &#147;control&#148; when used with respect to any specified 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; and the terms &#147;<I>controlling</I>&#148; and
&#147;<I>controlled</I>&#148; have meanings correlative to the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Authenticating Agent</I>&#148; shall have the meaning set forth in Section&nbsp;6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Bankruptcy Code</I>&#148; means the United States Bankruptcy Code, 11 United States Code &#167;&#167; 101 et
seq., or any successor statute thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board of Directors</I>&#148; means when used with reference to the Issuer or Hovnanian, as the case
may be, the board of directors or any duly authorized committee of that board or any director or
directors and/or officer or officers to whom that board or committee shall have duly delegated its
authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Board Resolution</I>&#148; means (1)&nbsp;one or more resolutions, certified by the secretary or an
assistant secretary of the Issuer or Hovnanian, as applicable, to have been duly adopted or
consented to by the Board of Directors of the Issuer or Hovnanian, as applicable, and to be in full
force and effect, or (2)&nbsp;a certificate signed by the director or directors and/or officer or
officers to whom the Board of Directors or any duly authorized committee of that Board shall have
duly delegated its authority, in each case delivered to the Trustee for the Securities of any
series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Business Day</I>&#148; means, with respect to any Security, unless otherwise specified in a Board
Resolution and an Officers&#146; Certificate with respect to a particular series of Securities, a day
that (a)&nbsp;in the Place of Payment (or in any of the Places of Payment, if more than one) in which
amounts are payable, as specified in the form of such Security,
</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="left" style="font-size: 10pt; margin-top: 6pt">and (b)&nbsp;in the city in which the Corporate Trust Office is located, is not a day on which
banking institutions are authorized or required by law or regulation to close.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Commission</I>&#148; means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act or, if at any time after the execution and delivery of this
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act of 1939, then the body performing such duties on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Corporate Trust Office</I>&#148; means the office of the Trustee of a series of Securities at which
the trust created by this Indenture shall, at any particular time, be principally administered,
which office is, at the date as of which this Indenture is dated, located at Rodney Square North,
1100 North Market Street, Wilmington, DE 19890.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Covenant Defeasance</I>&#148; has the meaning set forth in Section&nbsp;10.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Depositary</I>&#148; means, with respect to the Securities of any series issuable or issued in the
form of one or more Global Securities, the Person designated as Depositary by the Issuer pursuant
to Section&nbsp;2.3 until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter &#147;Depositary&#148; shall mean or include each Person who is
then a Depositary hereunder, and, if at any time there is more than one such Person, &#147;Depositary&#148;
as used with respect to the Securities of any such series shall mean the Depositary with respect to
the Global Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Dollars</I>&#148; and the sign &#147;<I>$</I>&#148; means the coin and currency of the United States of America as at
the time of payment is legal tender for the payment of public and private debts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Eligible Guarantors</I>&#148; means Hovnanian, each of Hovnanian&#146;s subsidiaries listed on Exhibit&nbsp;B
hereto and each other subsidiary of Hovnanian that Guarantees a series of Securities established
under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Event of Default</I>&#148; means any event or condition specified as such in Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Security</I>&#148; means a Security evidencing all or a part of a series of Securities issued
to the Depositary for such series in accordance with Section&nbsp;2.3 and bearing the legend prescribed
in Section&nbsp;2.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantee</I>&#148; has the meaning specified in Section&nbsp;14.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantor</I>&#148; has the meaning specified in Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder</I>&#148;, &#147;<I>Holder of Securities</I>&#148;, &#147;<I>Securityholder</I>&#148; or other similar terms mean, in the case of
any Security, the Person in whose name such Security is registered in the security register kept by
the Issuer for that purpose in accordance with the terms hereof.
</DIV>

<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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Hovnanian</I>&#148; means Hovnanian Enterprises, Inc., a Delaware corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; with respect to any Person means, without duplication:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i)&nbsp;the principal of and premium, if any, and interest, if any, on indebtedness
for money borrowed of such Person, indebtedness of such Person evidenced by bonds, notes,
debentures or similar obligations, and any guaranty by such Person of any indebtedness for
money borrowed or indebtedness evidenced by bonds, notes, debentures or similar obligations
of any other Person, whether any such indebtedness or guaranty is outstanding on the date
of this Indenture or is thereafter created, assumed or incurred, (ii)&nbsp;obligations of such
Person for the reimbursement of any obligor on any letter of credit, banker&#146;s acceptance or
similar credit transaction; (iii)&nbsp;the principal of and premium, if any, and interest, if
any, on indebtedness incurred, assumed or guaranteed by such Person in connection with the
acquisition by it or any of its subsidiaries of any other businesses, properties or other
assets; (iv)&nbsp;lease obligations which such Person capitalizes in accordance with ASC Topic
840 promulgated by the Financial Accounting Standards Board or such other generally
accepted accounting principles as may be from time to time in effect; (v)&nbsp;any indebtedness
of such Person representing the balance deferred and unpaid of the purchase price of any
property or interest therein (except any such balance that constitutes an accrued expense
or trade payable) and any guaranty, endorsement or other contingent obligation of such
Person in respect of any indebtedness of another that is outstanding on the date of this
Indenture or is thereafter created, assumed or incurred by such Person; and (vi)
obligations of such Person under interest rate, commodity or currency swaps, caps, collars,
options and similar arrangements; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendments, modifications, refundings, renewals or extensions of any
indebtedness or obligation described as Indebtedness in clause (a)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; means this instrument as originally executed and delivered or, if amended or
supplemented as herein provided, as so amended or supplemented or both, including, for all purposes
of this instrument and any such supplement, the provisions of the Trust Indenture Act of 1939 that
are deemed to be a part of and govern this instrument and any such supplement, respectively, and
shall include the forms and terms of particular series of Securities established as contemplated
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>interest</I>&#148; means, when used with respect to non-interest bearing Securities (including,
without limitation, any Original Issue Discount Security that by its terms bears interest only
after maturity or upon default in any other payment due on such Security), interest payable after
maturity (whether at stated maturity, upon acceleration or redemption or otherwise) or after the
date, if any, on which the Issuer becomes obligated to acquire a Security, whether upon conversion,
by purchase or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issuer</I>&#148; means K. Hovnanian Enterprises, Inc., a California corporation, and, subject to
Article&nbsp;Nine, its successors and assigns.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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;&#147;<I>Issuer Order</I>&#148; means a written statement, request or order of the Issuer, which is signed in
its name by the chairman of the Board of Directors, the chief financial officer, the
president or chief executive officer, any vice president or the treasurer of the Issuer, and
delivered to the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Legal Defeasance</I>&#148; has the meaning specified in Section&nbsp;10.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officers&#146; Certificate</I>&#148;, when used with respect to the Issuer or Hovnanian, means a
certificate signed by the chairman of the Board of Directors, the president or chief executive
officer, or any vice president and by the chief financial officer, the treasurer, any assistant
treasurer, the controller, any assistant controller, the secretary or any assistant secretary of
the Issuer or Hovnanian, as the case may be. Each such certificate shall include the statements
provided for in Section&nbsp;11.5 if and to the extent required by the provisions of such Section&nbsp;11.5.
One of the officers signing an Officers&#146; Certificate given pursuant to Section&nbsp;4.3 shall be the
principal executive, financial or accounting officer of the Issuer or Hovnanian, as the case may
be.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Opinion of Counsel</I>&#148; means an opinion in writing signed by the chief counsel of the Issuer or
Hovnanian or by such other legal counsel who may be an employee of or counsel to the Issuer or
Hovnanian and who shall be reasonably satisfactory to the Trustee. Each such opinion shall include
the statements provided for in Section&nbsp;11.5, if and to the extent required by the provisions of
such Section&nbsp;11.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue date</I>&#148; of any Security (or portion thereof) means the earlier of (a)&nbsp;the date
of such Security or (b)&nbsp;the date of any Security (or portion thereof) for which such Security was
issued (directly or indirectly) on registration of transfer, exchange or substitution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>original issue discount</I>&#148; of any debt security, including any Original Issue Discount
Security, means the difference between the principal amount of such debt security and the initial
issue price of such debt security (as set forth in the case of an Original Issue Discount Security
on the face of such Security).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Original Issue Discount Security</I>&#148; means any Security that provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Outstanding</I>&#148; when used with reference to Securities, shall, subject to the provisions of
Section&nbsp;7.4, mean, as of any particular time, all Securities authenticated and delivered by the
Trustee under this Indenture, except:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities (other than Securities of any series as to which the provisions of
Article&nbsp;Ten hereof shall not be applicable), or portions thereof, for the payment or
redemption of which moneys or U.S. Government Obligations (as provided for in Section&nbsp;10.1)
in the necessary amount shall have been deposited in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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; margin-left: 2%">trust with the Trustee or with any
paying agent (other than the Issuer) or shall have been set aside, segregated and held in
trust by the Issuer for the Holders of such Securities (if the Issuer shall act as its own
paying agent), <I>provided </I>that, if such
Securities, or portions thereof, are to be redeemed prior to the maturity thereof,
notice of such redemption shall have been given as herein provided, or provision
satisfactory to the Trustee shall have been made for giving such notice; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities which shall have been paid or in substitution for which other
Securities shall have been authenticated and delivered pursuant to the terms of Section&nbsp;2.9
(except with respect to any such Security as to which proof satisfactory to the Trustee is
presented that such Security is held by a Person in whose hands such Security is a legal,
valid and binding obligation of the Issuer).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining whether the Holders of the requisite aggregate principal amount of Outstanding
Securities of any or all series have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall
be deemed to be Outstanding for such purposes shall be the portion of the principal amount thereof
that would be due and payable as of the date of such determination (as certified by the Issuer to
the Trustee) upon a declaration of acceleration of the maturity thereof pursuant to Article&nbsp;Five.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>paying agent&#148; </I>refers to a Person engaged to perform the obligations of the Trustee in respect
of payments made or funds held hereunder in respect of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Periodic Offering</I>&#148; means an offering of Securities of a series from time to time, the
specific terms of which Securities, including, without limitation, the rate or rates of interest,
if any, thereon, the stated maturity or maturities thereof and the redemption provisions, if any,
with respect thereto, are to be determined by the Issuer or its agents upon the issuance of such
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Person</I>&#148; means any individual, corporation, limited liability company, partnership, joint
venture, association, joint stock company, trust, estate, unincorporated organization or government
or any agency or political subdivision thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Place of Payment</I>&#148;, when used with respect to the Securities of any series, means the place or
places where the principal of and interest, if any, on the Securities of such series are payable as
determined in accordance with Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>principal</I>&#148; of a debt security, including any Security, means the amount (including, without
limitation, if and to the extent applicable, any premium and, in the case of an Original Issue
Discount Security, any accrued original issue discount, but excluding interest) that is payable
with respect to such debt security as of any date and for any purpose (including, without
limitation, in connection with any sinking fund, if any, upon any redemption at the option of the
Issuer, upon any purchase or exchange at the option of the Issuer or the holder of such debt
security and upon any acceleration of the maturity of such debt security).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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;&#147;<I>principal amount</I>&#148; of a debt security, including any Security, means the principal amount as
set forth on the face of such debt security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>record date</I>&#148; shall have the meaning set forth in Section&nbsp;2.7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Responsible Officer</I>&#148;, when used with respect to the Trustee of a series of Securities, means
any officer of the Trustee with direct responsibility for the administration of the trust created
by this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer other than an Unrestricted
Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer which was an Unrestricted Subsidiary but which,
subsequent to the date hereof, is designated by the Issuer (by Board Resolution) to be a Restricted
Subsidiary; <I>provided, however</I>, that the Issuer may not designate any such Subsidiary to be a
Restricted Subsidiary if the Issuer would thereby breach any covenant or agreement herein contained
(on the assumptions that any outstanding Indebtedness of such Subsidiary was incurred at the time
of such designation).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; shall have the meaning set forth in Section&nbsp;1.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Security</I>&#148; or &#147;<I>Securities</I>&#148; has the meaning stated in the first recital of this Indenture and
more particularly means any Securities authenticated and delivered under this Indenture; <I>provided</I>,
<I>however </I>that if at any time there is more than one Person acting as Trustee under this Instrument,
&#147;Securities&#148; with respect to the Indenture as to which such Person is Trustee shall have the
meaning stated in the first recital of this instrument and shall more particularly mean Securities
authenticated and delivered under this instrument, exclusive, however, of Securities of any series
as to which such Person is not Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Indebtedness of the Issuer</I>&#148; means Indebtedness of the Issuer outstanding at any
time (other than the Indebtedness evidenced by the Securities of any series) except (a)&nbsp;any
Indebtedness as to which, by the terms of the instrument creating or evidencing such Indebtedness,
it is provided that such Indebtedness is not senior or prior in right of payment to the Securities
of a series or is <I>pari passu </I>or subordinate by its terms in right of payment to such Securities,
(b)&nbsp;renewals, extensions and modifications of any such Indebtedness, (c)&nbsp;any Indebtedness of the
Issuer to a wholly-owned Subsidiary of the Issuer, (d)&nbsp;interest accruing after the filing of a
petition initiating any proceeding referred to in Sections&nbsp;5.1(e) and 5.1(f) unless such interest
is an allowed claim enforceable against the Issuer in a proceeding under federal or state
bankruptcy laws, (e)&nbsp;trade payables and (f)&nbsp;any liability for federal, state or local taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Indebtedness of each Guarantor</I>&#148; means Indebtedness of a Guarantor outstanding at any
time (other than a Guarantee) except (a)&nbsp;any Indebtedness as to which, by the terms of the
instrument creating or evidencing such Indebtedness, it is provided that such Indebtedness is not
senior or prior in right of payment to a Guarantee or is <I>pari passu </I>or subordinate by its terms in
right of payment to a Guarantee, (b)&nbsp;renewals, extensions and modifications of any such
Indebtedness, (c)&nbsp;any Indebtedness of a Guarantor to a wholly-owned Subsidiary of the Guarantor,
(d)&nbsp;interest accruing after the filing of a petition initiating any proceeding referred to in
Sections&nbsp;5.1(e) and 5.1(f) unless such interest is an allowed claim enforceable against the
Guarantor in a proceeding under federal or state bankruptcy laws, (e)&nbsp;trade payables and (f)&nbsp;any
liability for federal, state or local taxes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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;&#147;<I>Significant Subsidiary</I>&#148; means any Subsidiary which is a &#147;significant subsidiary&#148; of the
Issuer within the meaning of Rule&nbsp;1.02(w) of Regulation&nbsp;S-K promulgated by the Commission as in
effect on the date of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Subsidiary</I>&#148; of any specified Person means any corporation, association or other business
entity of which such Person, or such Person and one or more Subsidiaries of such
Person, or any one or more Subsidiaries of such Person, directly or indirectly own voting
securities entitling any one or more of such Persons and its Subsidiaries to elect a majority of
the directors or other persons performing such functions, either at all times or, so long as there
is no default or contingency which permits the holders of any other class or classes of securities
to vote for the election of one or more directors or other persons performing such functions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trust Indenture Act of 1939</I>&#148; (except as otherwise provided in Sections&nbsp;8.1 and 8.2) means the
Trust Indenture Act of 1939, as amended by the Trust Indenture Reform Act of 1990, as in force at
the date as of which this Indenture is originally executed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustee</I>&#148; means the Person identified as &#147;Trustee&#148; in the first paragraph hereof and, subject
to the provisions of Article&nbsp;Six, shall also include any successor trustee. &#147;Trustee&#148; shall also
mean or include each Person who is then a trustee hereunder and, if at any time there is more than
one such Person, &#147;Trustee&#148; as used with respect to the Securities of any series shall mean the
trustee with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unrestricted Subsidiary</I>&#148; means (a)&nbsp;any Subsidiary of the Issuer acquired or organized after
the date hereof, <I>provided, however</I>, that such Subsidiary shall not be a successor, directly or
indirectly, to any Restricted Subsidiary, and (b)&nbsp;any Subsidiary of the Issuer substantially all
the assets of which consist of stock or other securities of a Subsidiary or Subsidiaries of the
character described in clause (a)&nbsp;of this paragraph, unless and until such Subsidiary shall have
been designated to be a Restricted Subsidiary pursuant to clause (b)&nbsp;of the definition of
&#147;<I>Restricted Subsidiary</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Government Obligations</I>&#148; means non-callable, non-payable bonds, notes, bills or other
similar obligations issued or guaranteed by the United States government or any agency thereof the
full and timely payment of which are backed by the full faith and credit of the United States of
America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>vice president,</I>&#148; when used with respect to the Issuer, Hovnanian or the Trustee, means any
vice president, regardless of whether designated by a number or a word or words added before or
after the title &#147;vice president.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Yield to Maturity</I>&#148; means the yield to maturity on a series of Securities, calculated at the
time of issuance of such series, or, if applicable, at the most recent redetermination of interest
on such series, and calculated in accordance with generally accepted financial practice or as
otherwise provided in the terms of such series of Securities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">ARTICLE TWO<BR>
SECURITIES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.1. <I>Forms Generally.</I>
The Securities of each series shall be substantially in such form (not inconsistent with this
Indenture) as shall be established by or pursuant to one or more Board Resolutions (as set forth in
a Board Resolution or, to the extent established pursuant to rather than set forth in a Board
Resolution, an Officers&#146; Certificate detailing such establishment) or in one or more indentures
supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Indenture, and may have imprinted or otherwise reproduced thereon such legend or
legends or endorsements, not inconsistent with the provisions of this Indenture, as may be required
to comply with any law or with any rules or regulations pursuant thereto, or with any rules of any
securities exchange or to conform to general usage, all as may be determined by the officers
executing such Securities, as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such Securities
as evidenced by their execution of such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.2. <I>Form of Trustee&#146;s Certificate of Authentication.</I>
The Trustee&#146;s certificate of authentication on all Securities shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 48%; margin-top: 6pt"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, as Trustee
</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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time there shall be an Authenticating Agent appointed with respect to any series of
Securities, then the Securities of such series shall bear, in addition to the Trustee&#146;s certificate
of authentication, an alternate Certificate of Authentication which shall be substantially as
follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series designated herein referred to in the within
mentioned Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 48%; margin-top: 6pt"><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, as Trustee
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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>
<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 colspan="2" align="left">as Authenticating Agent&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&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 colspan="2" align="left">Authorized Signatory&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.3. <I>Amount Unlimited, Issuable in Series.</I>
The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Securities may be issued in one or more series and the Securities of each such series
shall rank equally and <I>pari passu </I>with the Securities of each other series, but all Securities
issued hereunder shall be subordinate and junior in right of payment, to the extent and in the
manner set forth in Article&nbsp;Thirteen or the applicable Board Resolution, Officers&#146; Certificate or
supplemental indenture referred to below and relating to such Securities, to all Senior
Indebtedness of the Issuer. There shall be established in or pursuant to one or more Board
Resolutions (and, to the extent established pursuant to rather than set forth in a Board
Resolution, in an Officers&#146; Certificate detailing such establishment) or established in one or more
indentures supplemental hereto, prior to the initial issuance of Securities of any series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the designation of the Securities of the series, which shall distinguish the
Securities of such series from the Securities of all other series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any limit upon the aggregate principal amount of the Securities of the series that
may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in
lieu of, other Securities of the series pursuant to Section&nbsp;2.8, 2.9, 2.11, 8.5 or 12.3);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the date or dates on which the principal of the Securities of the series is
payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the rate or rates at which the Securities of the series shall bear interest, if
any, the date or dates from which any such interest shall accrue, on which any such
interest shall be payable and on which a record shall be taken for the determination of
Holders to whom any such interest is payable or the method by which such rate or rates or
date or dates shall be determined or both;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the place or places where and the manner in which the principal of, premium, if
any, and interest, if any, on Securities of the series shall be payable (if other than as
provided in Section&nbsp;3.2) and the office or agency for the Securities of the series
maintained by the Issuer pursuant to Section&nbsp;3.2;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the right, if any, of the Issuer to redeem, purchase or repay Securities of the
series, in whole or in part, at its option and the period or periods within which, the
price or prices (or the method by which such price or prices shall be determined or both)
at which, the form or method of payment therefor if other than in cash and any terms and
conditions upon which and the manner in which (if different from the provisions of Article
Twelve) Securities of the series may be so redeemed, purchased or repaid, in whole or in
part, pursuant to any sinking fund or otherwise;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the obligation, if any, of the Issuer to redeem, purchase or repay Securities of
the series in whole or in part pursuant to any mandatory redemption, sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within
which the price or prices (or the method by which such price or prices shall be determined
or both) at which, the form or method of payment therefor if other than in cash and any
terms and conditions upon which and the manner in which (if different from the provisions
of Article&nbsp;Twelve) Securities of the series shall be redeemed, purchased or repaid, in
whole or in part, pursuant to such obligation;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if other than denominations of $2,000 and integral multiples of $1,000 in excess
thereof, the denominations in which Securities of the series shall be issuable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon acceleration of the maturity thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) whether Securities of the series will be issuable as Global Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series) only upon
receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any trustees, depositaries, authenticating or paying agents, transfer agents or
registrars or any other agents with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) any deleted, modified or additional events of default or remedies or any deleted,
modified or additional covenants with respect to the Securities of such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) whether the provisions of Article&nbsp;Ten will not be applicable to Securities of
such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) any provision relating to the issuance of Securities of such series at an
original issue discount (including, without limitation, the issue price thereof, the rate
or rates at which such original issue discount shall accrete, if any, and the date
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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; margin-left: 2%">or dates
from or to which or period or periods during which such original issue discount shall
accrete at such rate or rates);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) if other than Dollars, the foreign currency in which payment of the principal of,
premium, if any, and interest, if any, on the Securities of such series shall be payable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) if other than Wilmington Trust Company is to act as Trustee for the Securities of
such series, the name and Corporate Trust Office of such Trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) if the amounts of payments of principal of, premium, if any, and interest, if
any, on the Securities of such series are to be determined with reference to an index, the
manner in which such amounts shall be determined;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) the terms for conversion or exchange, if any, with respect to the Securities of
such series;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) which, if any, of the Eligible Guarantors, in addition to Hovnanian, shall
guarantee the Securities of such series on the terms set forth in Article&nbsp;Fourteen
(Hovnanian, together with each of the other Eligible Guarantors that guarantee the
Securities on the terms set forth in Article&nbsp;Fourteen, if any, a &#147;Guarantor&#148;); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) any other terms of the Securities of such series (which terms shall not be
inconsistent with the provisions of this Indenture).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities of any one series shall be substantially identical, except as to denomination
and except as may otherwise be provided by or pursuant to the Board Resolution or Officers&#146;
Certificate referred to above or as set forth in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time and may be issued from time to
time, consistent with the terms of this Indenture, if so provided by or pursuant to such Board
Resolution, such Officers&#146; Certificate or in any such indenture supplemental hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such Board Resolution or Officers&#146; Certificate referred to above with respect to
Securities of any series filed with the Trustee on or before the initial issuance of the Securities
of such series shall be incorporated herein by reference with respect to Securities of such series
and shall thereafter be deemed to be a part of the Indenture for all purposes relating to
Securities of such series as fully as if such Board Resolution or Officers&#146; Certificate were set
forth herein in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.4. <I>Authentication and Delivery of Securities.</I>
The Issuer may deliver Securities of any series executed by the Issuer to the Trustee for
authentication together with the applicable documents referred to below in this Section&nbsp;2.4, and
the Trustee shall thereupon authenticate and deliver such Securities to, or upon the order of, the
Issuer (contained in the Issuer Order referred to below in this Section&nbsp;2.4) or pursuant to such
procedures acceptable to the Trustee and to such recipients as may be specified from time to time
by an Issuer Order. If provided for in such procedures and agreed to by the Trustee,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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">such Issuer
Order may authorize authentication and delivery pursuant to oral instructions from the Issuer or
its duly authorized agent, which instructions shall be promptly confirmed in writing. In
authenticating the Securities of such series and accepting the additional responsibilities under
this Indenture in relation to such Securities, the Trustee shall be entitled to receive (in the
case of subparagraphs (2), (3)&nbsp;and (4)&nbsp;below only at or before the time of the first request of the
Issuer to the Trustee to authenticate Securities of such series) and (subject to Section&nbsp;6.1) shall
be fully protected in relying upon, unless and until such documents have been superseded or
revoked:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Issuer Order requesting such authentication and setting forth delivery
instructions provided that, with respect to Securities of a series subject to a Periodic
Offering, (a)&nbsp;such Issuer Order may be delivered by the Issuer to the Trustee prior to the
delivery to the Trustee of such Securities for authentication and delivery, (b)&nbsp;the Trustee
shall authenticate and deliver Securities of such series for original issue from time to
time, in an aggregate principal amount not exceeding the aggregate principal amount
established for such series, pursuant to an Issuer Order, (c)&nbsp;the maturity date or dates,
original issue date or dates, interest rate or rates, if any, and any other terms of
Securities of such series shall be determined by an Issuer Order and (d)&nbsp;after the original
issuance of the first Security of such series to be issued, any separate request by the
Issuer that the Trustee authenticate Securities of such series for original issuance will
be deemed to be a certification by the Issuer that it is in compliance with all conditions
precedent provided for in this Indenture relating to the authentication and delivery of
such Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Board Resolution, Officers&#146; Certificate or executed supplemental indenture
referred to in Sections&nbsp;2.1 and 2.3 by or pursuant to which the forms and terms of the
Securities of such series were established;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) an Officers&#146; Certificate stating that the form or forms and terms of the
Securities have been established pursuant to Sections&nbsp;2.1 and 2.3 and comply with this
Indenture and covering such other matters as the Trustee may reasonably request; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) at the option of the Issuer, either an Opinion of Counsel, or a letter from legal
counsel addressed to the Trustee permitting it to rely on an Opinion of Counsel,
substantially to the effect that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an underwritten offering, the Securities of such series
have been duly authorized, executed and delivered and, in the case of an offering
that is not underwritten, certain terms of the Securities of such series have been
established pursuant to a Board Resolution, an Officers&#146; Certificate or a
supplemental indenture in accordance with this Indenture, and when such other terms
as are to be established pursuant to procedures set forth in an Issuer Order shall
have been established, all such terms will have been duly authorized by the Issuer
and will have been established in conformity with the provisions of this Indenture;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) when the Securities of such series have been duly authorized, executed and
delivered by the Issuer and authenticated by the Trustee in accordance with the
provisions of this Indenture and delivered to and duly paid for by the purchasers
thereof, they will constitute valid and legally binding obligations of the Issuer,
enforceable in accordance with their respective terms, and will be entitled to the
benefits of this Indenture; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the execution and delivery by the Issuer of, and the performance by the
Issuer of its obligations under, the Securities of such series will not conflict
with any provision of applicable law or the articles of
incorporation or bylaws of the Issuer or any agreement or other instrument to
which the Issuer or any of the Guarantors is a party and that is material to the
Issuer, Hovnanian and its Subsidiaries, considered as one enterprise, or, to such
counsel&#146;s knowledge after the inquiry indicated therein, any judgment, order or
decree of any governmental agency or any court having jurisdiction over the Issuer,
Hovnanian and any of its Subsidiaries, and no consent, approval or authorization of
any governmental body or agency is required for the performance by the Issuer of
its obligations under the Securities, except such as are specified and have been
obtained and such as may be required by the securities or blue sky laws of the
various states in connection with the offer and sale of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering such opinions, such counsel may qualify any opinions as to enforceability by
stating that such enforceability may be limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization, liquidation, moratorium and other similar laws relating to or affecting the rights
and remedies of creditors and is subject to general principles of equity (regardless of whether
such enforceability is considered in a proceeding in equity or at law) and an implied covenant of
good faith and fair dealing. Such counsel may also state that, insofar as such opinion involves
factual matters, such counsel has relied, to the extent such counsel deems proper, upon
certificates of officers of the Issuer, Hovnanian and its subsidiaries, as applicable, and
certificates of public officials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall have the right to decline to authenticate and deliver any Securities of any
series under this Section&nbsp;2.4 if the Trustee, being advised by counsel, determines that such action
may not lawfully be taken by the Issuer or if the Trustee in good faith by its board of directors
or board of trustees, executive committee or a trust committee of directors or trustees or
Responsible Officers shall determine that such action would expose the Trustee to personal
liability to existing Holders or would adversely affect the Trustee&#146;s own rights, duties or
immunities under the Securities, this Indenture or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall establish pursuant to Section&nbsp;2.3 that the Securities of a series are to
be issued in the form of one or more Global Securities, then the Issuer shall execute and the
Trustee shall, in accordance with this Section&nbsp;2.4 and the Issuer Order with respect to such
series, authenticate and deliver one or more Global Securities that (i)&nbsp;shall represent and shall
be denominated in an amount equal to the aggregate principal amount of all of the Securities of
such series to be issued in the form of Global Securities and not yet cancelled, (ii)&nbsp;shall be
registered in the name of the Depositary for such Global Security or Securities
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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">or the nominee of
such Depositary, (iii)&nbsp;shall be delivered by the Trustee to such Depositary or pursuant to such
Depositary&#146;s instructions, and (iv)&nbsp;shall bear a legend substantially to the following effect:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>&#147;THIS SECURITY IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY OR A SUCCESSOR
DEPOSITARY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED
FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (THE
&#147;DEPOSITARY&#148;) TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE
ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE &#038; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE &#038; CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.&#148;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Depositary designated pursuant to Section&nbsp;2.3 must, at the time of its designation and at
all times while it serves as Depositary, be a clearing agency registered under the Exchange Act and
any other applicable statute or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;14.15 concerning execution and delivery of the Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.5. <I>Execution of Securities.</I>
The Securities shall be signed on behalf of the Issuer by the chairman of the Board of
Directors, the president or chief executive officer, any vice president, the chief financial
officer or the treasurer of the Issuer. Such signatures may be the manual or facsimile signatures
of the present or any future such officers. Typographical and other minor errors or defects in any
such reproduction of such signature shall not affect the validity or enforceability of any Security
that has been duly authenticated and delivered by the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any officer of the Issuer who shall have signed any of the Securities shall cease to
be such officer before the Security so signed shall be authenticated and delivered by the Trustee
or disposed of by the Issuer, such Security nevertheless may be
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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">authenticated and delivered or
disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual
date of the execution of such Security, shall be the proper officers of the Issuer, although at the
date of the execution and delivery of this Indenture any such person was not such an officer.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to Section&nbsp;14.15 concerning execution and delivery of the Guarantees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.6. <I>Certificate of Authentication.</I>
Only such Securities as shall bear thereon a certificate of authentication substantially in
the form hereinbefore recited, executed by the Trustee by the manual signature of one of its
authorized signatories, or its Authenticating Agent, shall be entitled to the benefits of this
Indenture or be valid or obligatory for any purpose. The execution of such certificate by the
Trustee or its Authenticating Agent upon any Security executed by the Issuer shall be conclusive
evidence that the Security so authenticated has been duly authenticated and delivered hereunder and
that the Holder is entitled to the benefits of this Indenture. Each reference in this Indenture to
authentication by the Trustee includes authentication by an agent appointed pursuant to Section
6.14.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.7. <I>Denomination and Date of Securities; Payments of Interest.</I>
The Securities of each series shall be issuable in registered form in denominations
established as contemplated by Section&nbsp;2.3 or, with respect to the Securities of any series, if not
so established, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
The Securities of each series shall be numbered, lettered or otherwise distinguished in such manner
or in accordance with such plan as the officers of the Issuer executing the same may determine with
the approval of the Trustee, as evidenced by the execution and authentication thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Security shall be dated the date of its authentication. The Securities of each series
shall bear interest, if any, from the date, and such interest, if any, shall be payable on the
dates, established as contemplated by Section&nbsp;2.3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Person in whose name any Security of any series is registered at the close of business on
any record date applicable to a particular series with respect to any interest payment date for
such series shall be entitled to receive the interest, if any, payable on such interest payment
date notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the
payment of the interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the Persons in whose names Outstanding Securities for such
series are registered (a)&nbsp;at the close of business on a subsequent record date (which shall be not
less than five Business Days prior to the date of payment of such defaulted interest) established
by notice given by mail by or on behalf of the Issuer to the Holders of Securities not less than 15
days preceding such subsequent record date or (b)&nbsp;as determined by such other procedure as is
mutually acceptable to the Issuer and the Trustee. The term &#147;record date&#148; as used with respect to
any interest payment date (except a date for payment of defaulted interest) for the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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">Securities of
any series shall mean the date specified as such in the terms of the Securities of such series
established as contemplated by Section&nbsp;2.3, or, if no such date is so established, if such interest
payment date is the first day of a calendar month, the fifteenth day of the next preceding calendar
month or, if such interest payment date is the fifteenth day of a calendar month, the first day of
such calendar month, whether or not such record date is a Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.8. <I>Registration, Transfer and Exchange.</I>
The Issuer will keep at each office or agency to be maintained for the purpose as provided in
Section&nbsp;3.2 for each series of Securities a register or registers in which, subject to such
reasonable regulations as it may prescribe, it will provide for the registration of Securities of
each series and the registration of transfer of Securities of such series. Each such register
shall be in written form in the English language or in any other form capable of being converted
into such form within a reasonable time. At all reasonable times such register or registers shall
be open for inspection and available for copying by the Trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon due presentation for registration of transfer of any Security of any series at any such
office or agency to be maintained for the purpose as provided in Section&nbsp;3.2, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Security or Securities of the same series, maturity date, interest rate, if any, and original
issue date in authorized denominations for a like aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities presented for registration of transfer shall (if so required by the Issuer or
the Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder or his
attorney duly authorized in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the option of the Holder thereof, Securities of any series (other than a Global Security,
except as set forth below) may be exchanged for a Security or Securities of such series having
authorized denominations and an equal aggregate principal amount, upon surrender of such Securities
to be exchanged at the agency of the Issuer that shall be maintained for such purpose in accordance
with Section&nbsp;3.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer or Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer of
Securities. No service charge shall be made for any such transaction or for any exchange of
Securities of any series as contemplated by the immediately preceding paragraph.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall not be required to exchange or register a transfer of (a)&nbsp;any Securities of
any series for a period of 15&nbsp;days next preceding the first mailing or publication of notice of
redemption of Securities of such series to be redeemed, (b)&nbsp;any Securities selected, called or
being called for redemption, in whole or in part, except, in the case of any Security to be
redeemed in part, the portion thereof not so to be redeemed or (c)&nbsp;any Security if the Holder
thereof has exercised his right, if any, to require the Issuer to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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">repurchase such Security in whole
or in part, except the portion of such Security not required to be repurchased.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Section&nbsp;2.8, unless and until it is exchanged in
whole or in part for Securities in definitive registered form, a Global Security representing all
or a part of the Securities of a series may not be transferred except as a whole by the Depositary
for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such
Depositary or any such nominee to a successor Depositary for such series or a nominee of such
successor Depositary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time the Depositary for any Securities of a series represented by one or more Global
Securities notifies the Issuer that it is unwilling or unable to continue as Depositary for such
Securities or if at any time the Depositary for such Securities shall no longer be eligible under
Section&nbsp;2.4, the Issuer shall appoint a successor Depositary with respect to such Securities. If a
successor Depositary for such Securities is not appointed by the Issuer within 90&nbsp;days after the
Issuer receives such notice or becomes aware of such ineligibility, the Issuer&#146;s election pursuant
to Section&nbsp;2.3 that such Securities be represented by one or more Global Securities shall no longer
be effective and the Issuer shall execute, and the Trustee, upon receipt of an Issuer Order for the
authentication and delivery of definitive Securities of such series, will authenticate and deliver
Securities of such series in definitive registered form, in any authorized denominations, in an
aggregate principal amount equal to the principal amount of the Global Security or Securities
representing such Securities in exchange for such Global Security or Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event, the Issuer shall execute, and the Trustee, upon
receipt of an Issuer Order for the authentication and delivery of definitive Securities of such
series, shall authenticate and deliver, Securities of such series in definitive registered form, in
any authorized denominations, in an aggregate principal amount equal to the principal amount of the
Global Security or Securities representing such Securities, in exchange for such Global Security or
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified by the Issuer pursuant to Section&nbsp;2.3 with respect to Securities represented by a
Global Security, the Depositary for such Global Security may surrender such Global Security in
exchange in whole or in part for Securities of the same series in definitive registered form on
such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall
execute, and the Trustee shall authenticate and deliver, without service charge,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Person specified by such Depositary, a new Security or Securities of the
same series, of any authorized denominations as requested by such Person, in an aggregate
principal amount equal to and in exchange for such Person&#146;s beneficial interest in the
Global Security; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to such Depositary a new Global Security in a denomination equal to the
difference, if any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Securities authenticated and delivered pursuant to clause (i)
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the exchange of a Global Security for Securities in definitive registered form in
authorized denominations, such Global Security shall be cancelled by the Trustee or an agent of the
Trustee. Securities in definitive registered form issued in exchange for a Global Security
pursuant to this Section&nbsp;2.8 shall be registered in such names and in such authorized denominations
as the Depositary for such Global Security, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee
or an agent of the Trustee or the Issuer or an agent of the Issuer. The Trustee or such agent
shall deliver at its office such Securities to or as directed by the Persons in whose names such
Securities are so registered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Securities issued upon any registration of transfer or exchange of Securities shall be
valid and legally binding obligations of the Issuer, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Securities surrendered upon such registration of
transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.9. <I>Mutilated, Defaced, Destroyed, Lost and Stolen Securities.</I>
In case any temporary or definitive Security shall become mutilated or defaced or be
destroyed, lost or stolen, the Issuer in its discretion may execute, and upon the written request
of the Issuer, the Trustee shall authenticate and deliver a new Security of the same series,
maturity date, interest rate, if any, and original issue date, bearing a number or other
distinguishing symbol not contemporaneously outstanding, in exchange and substitution for the
mutilated or defaced Security, or in lieu of and in substitution for the Security so destroyed,
lost or stolen. In every case the applicant for a substitute Security shall furnish to the Issuer
and to the Trustee and any agent of the Issuer or the Trustee such security or indemnity as may be
required by the Trustee or the Issuer or any such agent to indemnify and defend and to save each of
the Trustee and the Issuer and any such agent harmless and, in every case of destruction, loss or
theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the
ownership thereof and in the case of mutilation or defacement, shall surrender the Security to the
Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of any substitute Security, the Issuer may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee or its agent) connected
therewith. In case any Security which has matured or is about to mature or has been called for
redemption in full shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer
may instead of issuing a substitute Security, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated or defaced Security), if the applicant for such
payment shall furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee
such security or indemnity as any of them may require to hold each of them harmless, and, in every
case of destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee
and any agent of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /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">the Issuer or the Trustee evidence to the Trustee&#146;s satisfaction of the
destruction, loss or theft of such Security and of the ownership thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every substitute Security of any series issued pursuant to the provisions of this Section by
virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an
additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen
Security shall be at any time enforceable by anyone and shall be entitled to all the benefits of
(but shall be subject to all the limitations of rights set forth in) this Indenture equally and
proportionately with any and all other Securities of such series duly authenticated and delivered
hereunder. All Securities shall be held and owned upon the
express condition that, to the extent permitted by law, the foregoing provisions are exclusive
with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen
Securities and shall preclude any and all other rights or remedies notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their surrender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.10. <I>Cancellation of Securities; Disposition Thereof.</I>
All Securities surrendered for payment, redemption, registration of transfer or exchange, or
for credit against any payment in respect of a sinking or analogous fund, if surrendered to the
Issuer or any agent of the Issuer or the Trustee or any agent of the Trustee, shall be delivered to
the Trustee or its agent for cancellation or, if surrendered to the Trustee, shall be cancelled by
it; and no Securities shall be issued in lieu thereof except as expressly permitted by any of the
provisions of this Indenture. The Trustee shall dispose of all cancelled Securities in accordance
with its standard procedures and shall deliver a certificate of such disposition to the Issuer. If
the Issuer or its agent shall acquire any of the Securities, such acquisition shall not operate as
a redemption or satisfaction of the indebtedness represented by such Securities unless and until
the same are delivered to the Trustee or its agent for cancellation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.11. <I>Temporary Securities.</I>
Pending the preparation of definitive Securities for any series, the Issuer may execute and
the Trustee, upon receipt of an Issuer Order, shall authenticate and deliver temporary Securities
for such series (printed, lithographed, typewritten or otherwise reproduced, in each case in form
satisfactory to the Trustee). Temporary Securities of any series shall be issuable in any
authorized denomination, and substantially in the form of the definitive Securities of such series
but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Issuer. Temporary Securities may contain such references to any
provisions of this Indenture as may be appropriate. Every temporary Security shall be executed by
the Issuer and be authenticated by the Trustee upon the same conditions and in substantially the
same manner, and with like effect, as the definitive Securities. Without unreasonable delay the
Issuer shall execute and shall furnish definitive Securities of such series and thereupon temporary
Securities of such series may be surrendered in exchange therefor without charge at each office or
agency to be maintained by the Issuer for that purpose pursuant to Section&nbsp;3.2 and the Trustee
shall authenticate and deliver in exchange for such temporary Securities of such series an equal
aggregate principal amount of definitive Securities of the same series having authorized
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /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">denominations. Until so exchanged, the temporary Securities of any series shall be entitled to the
same benefits under this Indenture as definitive Securities of such series, unless otherwise
established pursuant to Section&nbsp;2.3.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 2.12. <I>CUSIP Numbers.</I>
The Issuer in issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in use), and,
if so, the Trustee shall use &#147;CUSIP&#148; numbers in notices of redemption as a convenience to Holders;
<I>provided </I>that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of a redemption and that reliance may be placed only on
the other identification numbers printed on the Securities, and any such redemption shall not be
affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee
of any change to such &#147;CUSIP&#148; numbers.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THREE<BR>
COVENANTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.1. <I>Payment of Principal and Interest.</I>
The Issuer covenants and agrees that it will duly and punctually pay or cause to be paid the
principal of, premium, if any, and interest, if any, on each of the Securities at the place, at the
respective times and in the manner provided in the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.2. <I>Offices for Notices and Payments, etc.</I>
So long as any of the Securities are Outstanding, the Issuer and Hovnanian will maintain in
each Place of Payment, an office or agency where the Securities may be presented for payment, an
office or agency where the Securities may be presented for registration of transfer and for
exchange as provided in this Indenture, and an office or agency where notices and demands to or
upon the Issuer and Hovnanian in respect of the Securities or of this Indenture may be served. In
case the Issuer shall at any time fail to maintain any such office or agency, or shall fail to give
notice to the Trustee of any change in the location thereof, presentation may be made and notice
and demand may be served in respect of the Securities or of this Indenture to the Trustee. The
Issuer hereby initially designates the Corporate Trust Office of the Trustee for each such purpose
and appoints the Trustee as registrar and paying agent and as the agent upon whom notices and
demands may be served with respect to the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.3. <I>No Interest Extension.</I>
In order to prevent any accumulation of claims for interest after maturity thereof, the Issuer
will not directly or indirectly extend or consent to the extension of the time for the payment of
any claim for interest on any of the Securities and will not directly or indirectly be a party to
or approve any such arrangement by the purchase or funding of said claims or in any other manner;
<I>provided</I>, <I>however</I>, that this Section&nbsp;3.3 shall not apply in any case where an extension shall be
made pursuant to a plan proposed by the Issuer to the Holders of all Securities of any series then
Outstanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.4. <I>Appointments to Fill Vacancies in Trustee&#146;s Office.</I>
The Issuer, whenever necessary to avoid or fill a vacancy in the office of the Trustee, will
appoint, in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /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">the manner provided in Section&nbsp;6.10, a Trustee, so that there shall at all times be a
Trustee hereunder.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 3.5. <I>Provision as to Paying Agent.</I>
(a)&nbsp;If the Issuer shall appoint a paying agent other than the Trustee, it will cause such
paying agent to execute and deliver to the Trustee an instrument in which such paying agent shall
agree with the Trustee, subject to the provisions of this Section&nbsp;3.5,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) that it will hold all sums held by it as such paying agent for the payment of the
principal of or interest, if any, on the Securities (whether such sums have been paid to it
by the Issuer or by any other obligor on the Securities) in trust for the benefit of the
Holders of the Securities and the Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) that it will give the Trustee notice of any failure by the Issuer (or by any other
obligor on the Securities) to make any payment of the principal of, premium, if any, or
interest, if any, on the Securities when the same shall be due and payable; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) that it will, at any time during the continuance of any such failure, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by
such paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If the Issuer shall act as its own paying agent, it will, on or before each due date of
the principal of or interest, if any, on the Securities, set aside, segregate and hold in trust for
the benefit of the Holders of the Securities a sum sufficient to pay such principal, premium, if
any, or interest, if any, so becoming due and will notify the Trustee of any failure to take such
action and of any failure by the Issuer (or by any other obligor under the Securities) to make any
payment of the principal of, premium, if any, or interest, if any, on the Securities when the same
shall become due and payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, the Issuer may, at any time,
for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by it, or any paying agent
hereunder, as required by this Section&nbsp;3.5, such sums to be held by the Trustee upon the trusts
herein contained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Anything in this Section&nbsp;3.5 to the contrary notwithstanding, any agreement of the Trustee
or any paying agent to hold sums in trust as provided in this Section&nbsp;3.5 is subject to Sections
10.3 and 10.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Whenever the Issuer shall have one or more paying agents, it will, on or before 9:00 A.M.
on each due date of the principal of, premium, if any, or interest, if any, on any Securities,
deposit with a paying agent a sum sufficient to pay the principal, premium, if any, or interest, if
any, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such
principal, premium, if any, or interest, if any, and (unless such paying agent is the Trustee) the
Issuer will promptly notify the Trustee of its action or failure so to act.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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">ARTICLE FOUR<BR>
SECURITYHOLDERS LISTS AND REPORTS BY THE<BR>
ISSUER, HOVNANIAN AND THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.1. <I>Issuer and Hovnanian to Furnish Trustee Information as to Names and Addresses
of Securityholders.</I>
The Issuer and Hovnanian and any other obligor on the Securities covenant and agree that they
will furnish or cause to be furnished to the Trustee a list in such form as the Trustee may
reasonably require of the names and addresses of the Holders of the Securities of each series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) semiannually and not more than 15&nbsp;days after each January 1 and July&nbsp;1, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at such other times as the Trustee may request in writing, within 15&nbsp;days after
receipt by the Issuer of any such request,
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>provided </I>that if and so long as the Trustee shall be the registrar for such series, such list shall
not be required to be furnished.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.2. <I>Preservation and Disclosure of Securityholders Lists.</I>
(a)&nbsp;The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the Holders of each series of Securities (i)&nbsp;contained
in the most recent list furnished to it as provided in Section&nbsp;4.1, and (ii)&nbsp;received by it in the
capacity of registrar or paying agent for such series, if so acting. The Trustee may destroy any
list furnished to it as provided in Section&nbsp;4.1 upon receipt of a new list so furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The rights of Holders of each series of Securities to communicate with other Holders of
such series of Securities with respect to their rights under this Indenture or under the Securities
of such series, and the corresponding rights and privileges of the Trustee, shall be as provided by
the Trust Indenture Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Every Holder of Securities of any series, by receiving and holding the same, agrees with
the Issuer, Hovnanian and the Trustee that neither the Issuer nor Hovnanian nor the Trustee nor any
agent of any of them shall be held accountable by reason of any disclosure of information as to
names and addresses of Holders of Securities of such series made pursuant to the Trust Indenture
Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.3. <I>Reports by the Issuer and Hovnanian.</I>
The Issuer and Hovnanian covenant:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;to file with the Trustee, within 15&nbsp;days after the Issuer or Hovnanian is required, as the
case may be, to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations
prescribe) which the Issuer or Hovnanian, as the case may be, may be required to file with the
Commission pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act; or, if the Issuer or
Hovnanian, as the case may be, is not required to file information, documents or reports pursuant
to either of such Exchange Act Sections, then to file with the Trustee and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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">the Commission, in
accordance with rules and regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents and reports which may be required pursuant to
Section&nbsp;13 of the Exchange Act, in respect of a debt security listed and registered on a national
securities exchange as may be prescribed from time to time in such rules and regulations;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;to file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports
with respect to compliance by the Issuer or Hovnanian, as the case may be, with the conditions and
covenants provided for in this Indenture as may be required from time to time by such rules and
regulations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;to transmit by mail to the Holders of Securities within 30&nbsp;days after the filing thereof
with the Trustee, in the manner and to the extent provided in Section&nbsp;4.4(a), such summaries of any
information, documents and reports required to be filed by the Issuer or Hovnanian, as the case may
be, pursuant to subsections (a)&nbsp;and (b)&nbsp;of this Section&nbsp;4.3 as may be required to be transmitted to
such Holders by rules and regulations prescribed from time to time by the Commission; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;to furnish to the Trustee, not less than annually, an Officers&#146; Certificate from the
principal executive officer, principal financial officer or principal accounting officer as to his
knowledge of the Issuer&#146;s or Hovnanian&#146;s, as the case may be, compliance with all conditions and
covenants under this Indenture. For purposes of this subsection (d), such compliance shall be
determined without regard to any period of grace or requirement of notice provided under this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delivery of the reports, information and documents referenced in Sections&nbsp;4.3(a), (b)&nbsp;and (c)
to the Trustee is for informational purposes only and the Trustee&#146;s receipt of them will not
constitute constructive notice of any information contained therein or determinable from
information contained therein, including the Issuer&#146;s and/or Hovnanian&#146;s compliance with any of its
covenants in this Indenture (as to which the Trustee is entitled to rely exclusively on an
Officers&#146; Certificate).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 4.4. <I>Reports by the Trustee.</I>
(a)&nbsp;The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act of 1939 at the times
and in the manner provided pursuant thereto. To the extent that any such report is required by the
Trust Indenture Act of 1939 with respect to any 12&nbsp;month period, such report shall cover the 12
month period ending May&nbsp;15 and shall be transmitted by the next succeeding July&nbsp;15.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;A copy of each such report shall, at the time of such transmission to Securityholders, be
furnished to the Issuer and Hovnanian and be filed by the Trustee with
each stock exchange upon which the Securities of any applicable series are listed and also
with the Commission. The Issuer and Hovnanian agree to promptly notify the Trustee with respect to
any series when and as the Securities of such series become admitted to trading on any national
securities exchange.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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">ARTICLE FIVE<BR>
REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS<BR>
ON EVENT OF DEFAULT
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.1. <I>Events of Default.</I>
&#147;Event of Default&#148;, wherever used herein with respect to Securities of any series, means any
one or more of the following events (whatever the reason for such Event of Default), unless it is
either inapplicable to a particular series or it is specifically deleted or modified in or pursuant
to the Board Resolution or supplemental indenture establishing such series of Securities or in the
form of Security, for such series:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the payment of the principal of or premium, if any, of the Securities
of such series as and when the same shall become due and payable either at maturity, upon
redemption, by declaration or otherwise; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the payment of any installment of interest on any of the Securities of
such series as and when the same shall become due and payable, and continuance of such
default for a period of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) default in the payment or satisfaction of any sinking fund or other purchase
obligation with respect to Securities of such series, as and when such obligation shall
become due and payable; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) failure on the part of the Issuer or a Guarantor duly to observe or perform any
other of the covenants or agreements on the part of the Issuer in or a Guarantor of, the
Securities of such series or in this Indenture continued for a period of 90&nbsp;days after the
date on which written notice of such failure, requiring the Issuer or a Guarantor to remedy
the same, shall have been given by certified or registered mail to the Issuer or a
Guarantor by the Trustee, or to the Issuer or a Guarantor and the Trustee by the Holders of
at least 25% in aggregate principal amount of the Securities of such series then
Outstanding; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without the consent of the Issuer or Hovnanian, a court having jurisdiction shall
enter an order for relief with respect to the Issuer or Hovnanian or any of its Significant
Subsidiaries under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia, or without the consent of
the Issuer or Hovnanian, a court having jurisdiction shall enter a judgment, order or
decree adjudging the Issuer or Hovnanian or any of its Significant Subsidiaries bankrupt or
insolvent, or enter an order for relief for reorganization, arrangement, adjustment or
composition of or in respect of the Issuer or Hovnanian or any of its Significant
Subsidiaries under any applicable bankruptcy, insolvency or other similar law of the United
States of America, any state thereof or the District of Columbia, and the continuance of
any
such judgment, order or decree is unstayed and in effect for a period of 60
consecutive days; or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Issuer or Hovnanian or any of its Significant Subsidiaries shall institute
proceedings for entry of an order for relief with respect to the Issuer or Hovnanian or any
of its Significant Subsidiaries under any applicable bankruptcy, insolvency or other
similar law of the United States of America, any state thereof or the District of Columbia,
or for an adjudication of insolvency, or shall consent to the institution of bankruptcy or
insolvency proceedings against it, or shall file a petition seeking, or seek or consent to
reorganization, arrangement, composition or relief under any applicable bankruptcy,
insolvency or other similar law of the United States of America, any state thereof or the
District of Columbia, or shall consent to the filing of such petition or to the appointment
of a receiver, custodian, liquidator, assignee, trustee, sequestrator or similar official
of the Issuer or Hovnanian or of substantially all of its property, or the Issuer or
Hovnanian or any of its Significant Subsidiaries shall make a general assignment for the
benefit of creditors as recognized under any applicable bankruptcy, insolvency or other
similar law of the United States of America, any state thereof or the District of Columbia;
or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a Guarantee ceases to be in full force and effect (other than in accordance with
the terms of any Guarantee) or a Guarantor denies or disaffirms its obligations under the
Guarantee; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any other Event of Default provided with respect to the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default with respect to Securities of any series then Outstanding occurs and is
continuing, then and in each and every such case, unless the principal of all of the Securities of
such series shall have already become due and payable, either the Trustee or the Holders of not
less than 25% in aggregate principal amount of the Securities of such series then Outstanding, by
notice in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the
principal (or, if the Securities of such series are Original Issue Discount Securities, such
portion of the principal amount as may be specified in the terms of such series) of all the
Securities of such series and the interest, if any, accrued thereon to be due and payable
immediately, and upon any such declaration the same shall become and shall be immediately due and
payable, notwithstanding anything to the contrary contained in this Indenture or in the Securities
of such series. This provision, however, is subject to the condition that, if at any time after
the unpaid principal amount (or such specified amount) of the Securities of such series shall have
been so declared due and payable and before any judgment or decree for the payment of the moneys
due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall
deposit with the Trustee a sum sufficient to pay all matured installments of interest, if any, upon
all of the Securities of such series and the principal of any and all Securities of such series
which shall have become due otherwise than by acceleration (with interest on overdue installments
of interest, if any, to the extent that payment of such interest is enforceable under applicable
law and on such principal at the rate borne by the Securities of such series to the date of such
payment or deposit) and the reasonable compensation, disbursements,
expenses and advances of the Trustee and all other amounts due the Trustee under Section&nbsp;6.6,
and any and all defaults under this Indenture, other than the nonpayment of such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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">portion of the
principal amount of and accrued interest, if any, on Securities of such
series which shall have
become due by acceleration, shall have been cured or shall have been waived in accordance with
Section&nbsp;5.7 or provision deemed by the Trustee to be adequate shall have been made therefor, then
and in every such case the Holders of a majority in aggregate principal amount of the Securities of
such series then Outstanding, by written notice to the Issuer and to the Trustee, may rescind and
annul such declaration and its consequences; but no such rescission and annulment shall extend to
or shall affect any subsequent default, or shall impair any right consequent thereon.
Notwithstanding the previous sentence, no waiver shall be effective against any Holder for any
Event of Default or event which with notice or lapse of time or both would be an Event of Default
with respect to any covenant or provision which cannot be modified or amended without the consent
of the Holder of each outstanding Security affected thereby, unless all such affected Holders
agree, in writing, to waive such Event of Default or other event.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Event of Default specified in Section&nbsp;5.1(e) or 5.1(f) occurs with respect to the
Issuer, all unpaid principal amount (or, if the Securities of any series then Outstanding are
Original Issue Discount Securities, such portion of the principal amount as may be specified in the
terms of each such series) and accrued interest on all Securities of each series then Outstanding
shall <I>ipso facto </I>become and be immediately due and payable without any declaration or other act by
the Trustee or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission or annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Issuer, the Trustee and the Securityholders shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of the Issuer, the
Trustee and the Securityholders shall continue as though no such proceeding had been taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except with respect to an Event of Default pursuant to Section&nbsp;5.1 (a), (b)&nbsp;or (c), the
Trustee shall not be charged with knowledge of any Event of Default unless written notice thereof
shall have been given to a Responsible Officer by the Issuer, a paying agent or any Securityholder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.2. <I>Payment of Securities on Default; Suit Therefor.</I>
The Issuer covenants that (a)&nbsp;if default shall be made in the payment of any installment of
interest upon any of the Securities of any series then Outstanding as and when the same shall
become due and payable, and such default shall have continued for a period of 30&nbsp;days, or (b)&nbsp;if
default shall be made in the payment of the principal of any of the Securities of such series as
and when the same shall have become due and payable, whether at maturity of the Securities of such
series or upon redemption or by declaration or otherwise, then, upon demand of the Trustee, the
Issuer will pay to the Trustee, for the benefit of the Holders of the Securities, the whole amount
that then shall have become due and payable on all such Securities of such series for principal or
interest, if any, or both, as the case may be, with interest upon the overdue principal and (to the
extent that payment of
such interest is enforceable under applicable law) upon the overdue installments of interest,
if any, at the rate borne by the Securities of such series; and, in addition thereto, such further
amount as
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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">shall be sufficient to cover the costs and expenses of collection, including a reasonable
compensation to the Trustee, its agents, attorneys and counsel, and any expenses or liabilities
incurred by the Trustee hereunder other than through its negligence or bad faith.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to institute any
actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and
may prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment or final decree against the Issuer or any other obligor on the Securities of such series
and collect in the manner provided by law out of the property of the Issuer or any other obligor on
the Securities of such series, wherever situated, the moneys adjudged or decreed to be payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there shall be pending proceedings for the bankruptcy or for the reorganization of the
Issuer or any other obligor on the Securities of any series then Outstanding under any bankruptcy,
insolvency or other similar law now or hereafter in effect, or if a receiver or trustee or similar
official shall have been appointed for the property of the Issuer or such other obligor, or in the
case of any other similar judicial proceedings relative to the Issuer or other obligor upon the
Securities of such series, or to the creditors or property of the Issuer or such other obligor, the
Trustee, irrespective of whether the principal of the Securities of such series shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the
Trustee shall have made any demand pursuant to the provisions of this Section&nbsp;5.2, shall be
entitled and empowered by intervention in such proceedings or otherwise to file and prove a claim
or claims for the whole amount of principal and interest, if any, owing and unpaid in respect of
the Securities of such series, and, in case of any judicial proceedings, to file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee and of the Securityholders allowed in such judicial proceedings relative to the Issuer
or any other obligor on the Securities of such series, its or their creditors, or its or their
property, and to collect and receive any moneys or other property payable or deliverable on any
such claims, and to distribute the same after the deduction of its charges and expenses, and any
receiver, assignee or trustee or similar official in bankruptcy or reorganization is hereby
authorized by each of the Securityholders to make such payments to the Trustee, and, if the Trustee
shall consent to the making of such payments directly to the Securityholders, to pay to the Trustee
any amount due it for compensation and expenses or otherwise pursuant to Section&nbsp;6.6, including
counsel fees and expenses incurred by it up to the date of such distribution. To the extent that
such payment of reasonable compensation, expenses and counsel fees and expenses out of the estate
in any such proceedings shall be denied for any reason, payment of the same shall be secured by a
lien on, and shall be paid out of, any and all distributions, dividends, moneys, securities and
other property which the Holders of the Securities of such series may be entitled to receive in
such proceedings, whether in liquidation or under any plan of reorganization or arrangement or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities, or the
production thereof at any trial or other proceeding relative thereto, and any such suit
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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">or
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment shall be for the ratable benefit of the Holders of the
Securities of the series in respect of which such judgment has been recovered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.3. <I>Application of Moneys Collected by Trustee.</I>
Any moneys collected by the Trustee pursuant to Section&nbsp;5.2 with respect to Securities of any
series then Outstanding shall be applied in the order following, at the date or dates fixed by the
Trustee for the distribution of such moneys, upon presentation of the several Securities of such
series, and stamping thereon the payment, if only partially paid, and upon surrender thereof, if
fully paid:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: To the payment of costs and expenses of collection and reasonable compensation
to the Trustee, its agents, attorneys and counsel, and of all other expenses and
liabilities incurred, and all advances made, by the Trustee pursuant to Section&nbsp;6.6 except
as a result of its negligence or bad faith;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: If the principal of the Outstanding Securities of such series shall not have
become due and be unpaid, to the payment of interest, if any, on the Securities of such
series, in the order of the maturity of the installments of such interest, if any, with
interest (to the extent that such interest has been collected by the Trustee) upon the
overdue installments of interest, if any, at the rate borne by the Securities of such
series, such payment to be made ratably to the Persons entitled thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIRD: If the principal of the Outstanding Securities of such series shall have
become due, by declaration or otherwise, to the payment of the whole amount then owing and
unpaid upon the Securities of such series for principal and interest, if any, with interest
on the overdue principal and (to the extent that such interest has been collected by the
Trustee) upon overdue installments of interest, if any, at the rate borne by the Securities
of such series; and in case such moneys shall be insufficient to pay in full the whole
amounts so due and unpaid upon the Securities of such series, then to the payment of such
principal and interest, if any, without preference or priority of principal over interest
or of interest over principal, or of any installment of interest over any other installment
of interest, or of any Security over any other Security, ratably to the aggregate of such
principal and accrued and unpaid interest; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH: To the payment of any surplus then remaining to the Issuer, its successors or
assigns, 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;No claim for interest which in any manner at or after maturity shall have been transferred or
pledged separate or apart from the Securities to which it relates, or which in any manner shall
have been kept alive after maturity by an extension (otherwise than
pursuant to an extension made pursuant to a plan proposed by the Issuer to the Holders of all
Securities of any series then Outstanding), purchase, funding or otherwise by or on behalf or with
the consent or approval of the Issuer shall be entitled, in case of a default
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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">hereunder, to any
benefit of this Indenture, except after prior payment in full of the principal of all Securities of
any series then Outstanding and of all claims for interest not so transferred, pledged, kept alive,
extended, purchased or funded.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.4. <I>Proceedings by Securityholders.</I>
No Holder of any Securities of any series then Outstanding shall have any right by virtue of
or by availing of any provision of this Indenture to institute any suit, action or proceeding in
equity or at law upon or under or with respect to this Indenture or for the appointment of a
receiver or trustee or similar official, or for any other remedy hereunder, unless such Holder
previously shall have given to the Trustee written notice of default and of the continuance
thereof, as hereinbefore provided, and unless the Holders of not less than 25% in aggregate
principal amount of the Securities of such series then Outstanding shall have made written request
to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60&nbsp;days
after its receipt of such notice, request and offer of indemnity, shall have neglected or refused
to institute any such action, suit or proceeding, it being understood and intended, and being
expressly covenanted by the Holder of every Security of such series with every other Holder and the
Trustee, that no one or more Holders of Securities of such series shall have any right in any
manner whatever by virtue of or by availing of any provision of this Indenture or of the Securities
to affect, disturb or prejudice the rights of any other Holder of such Securities of such series,
or to obtain or seek to obtain priority over or preference as to any other such Holder, or to
enforce any right under this Indenture or the Securities, except in the manner herein provided and
for the equal, ratable and common benefit of all Holders of Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provisions in this Indenture, but subject to Article&nbsp;Thirteen, the
right of any Holder of any Security to receive payment of the principal of, premium, if any, and
interest, if any, on such Security, on or after the respective due dates expressed in such
Security, or to institute suit for the enforcement of any such payment on or after such respective
dates shall not be impaired or affected without the consent of such Holder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.5. <I>Proceedings by Trustee.</I>
In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in
equity or by action at law or by proceedings in bankruptcy or otherwise, whether for the specific
enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of
any power granted in this Indenture, or to enforce any other legal or equitable right vested in the
Trustee by this Indenture or by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.6. <I>Remedies Cumulative and Continuing.</I>
All powers and remedies given by this Article&nbsp;Five to the Trustee or to the Securityholders
shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of
any other powers and remedies available to the Trustee or the Securityholders, by judicial
proceedings or otherwise, to enforce the performance or observance of the covenants and
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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">agreements contained in this Indenture, and no delay or omission of the Trustee or of any
Securityholder to exercise any right or power accruing upon any default occurring and continuing as
aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such
default or an acquiescence therein; and, subject to the provisions of Section&nbsp;5.4, every power and
remedy given by this Article&nbsp;Five or by law to the Trustee or to the Securityholders may be
exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the
Securityholders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.7. <I>Direction of Proceedings; Waiver of Defaults by Majority of Securityholders</I>.
The Holders of a majority in aggregate principal amount of the Securities of any series then
Outstanding shall have the right to direct the time, method, and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee
with respect to Securities of such series; <I>provided</I>, <I>however</I>, that (subject to the provisions of
Section&nbsp;6.1) the Trustee shall have the right to decline to follow any such direction if the
Trustee shall determine upon advice of counsel that the action or proceeding so directed may not
lawfully be taken or if the Trustee in good faith by its board of directors, its executive
committee, or a trust committee of directors or Responsible Officers or both shall determine that
the action or proceeding so directed would involve the Trustee in personal liability. The Holders
of a majority in aggregate principal amount of the Securities of any series then Outstanding may on
behalf of the Holders of all of the Securities of such series waive any past default or Event of
Default hereunder and its consequences except a default in the payment of interest, if any, on, or
the principal of, the Securities of such series. Upon any such waiver the Issuer, the Trustee and
the Holders of the Securities of such series shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent thereon. Whenever any default or Event of Default
hereunder shall have been waived as permitted by this Section&nbsp;5.7, said default or Event of Default
shall for all purposes of the Securities and this Indenture be deemed to have been cured and to be
not continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 5.8. <I>Notice of Defaults</I>. The Trustee shall, within 90&nbsp;days after the occurrence of
a default, with respect to Securities of any series then Outstanding, mail to all Holders of
Securities of such series, as the names and the addresses of such Holders appear upon the
Securities register, notice of all defaults known to the Trustee with respect to such series,
unless such defaults shall have been cured before the giving of such notice (the term &#147;defaults&#148;
for the purpose of this Section&nbsp;5.8 being hereby defined to be the events specified in clauses (a),
(b), (c), (d), (e), (f), (g)&nbsp;and (h)&nbsp;of Section&nbsp;5.1, not including periods of grace, if any,
provided for therein and irrespective of the giving of the written notice specified in said clause
(d)&nbsp;but in the case of any default of the character specified in said clause (d)&nbsp;no such notice to
Securityholders shall be given until at least 60&nbsp;days after the giving of written notice thereof to
the Issuer pursuant to said clause (d)); <I>provided</I>, <I>however</I>, that, except in the case of default in
the payment of the principal of or interest, if any, on any of the Securities, or in the payment or
satisfaction of any sinking fund or other purchase obligation, the Trustee shall be protected in
withholding such notice if and so long as the board of directors, the executive committee, or a
trust committee of directors or Responsible Officers or both of the Trustee in good faith
determines that the withholding of such notice is in the best interests of the Securityholders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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;SECTION 5.9<I>. Undertaking to Pay Costs</I>. All parties to this Indenture agree, and each Holder
of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any
party litigant in such suit of an undertaking to pay the cost of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys&#146; fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section&nbsp;5.9 shall not
apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group
of Securityholders, holding in the aggregate more than 10% in principal amount of the Securities of
any series then Outstanding, or to any suit instituted by any Securityholders for the enforcement
of the payment of the principal of or interest, if any, on any Security against the Issuer on or
after the due date expressed in such Security.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SIX<BR>
CONCERNING THE TRUSTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.1. <I>Duties and Responsibilities of the Trustee; During Default; Prior to Default</I>.
In case an Event of Default with respect to the Securities of a series has occurred (which has not
been cured or waived) the Trustee shall exercise with respect to such series of Securities such of
the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
their exercise as a prudent man would exercise or use under the circumstances in the conduct of his
own affairs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No provision of this Indenture shall be construed to relieve the Trustee from liability for
its own negligent action, its own negligent failure to act or its own willful misconduct, except
that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prior to the occurrence of an Event of Default with respect to the Securities of
any series and after the curing or waiving of all such Events of Default with respect to
such series which may have occurred:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the duties and obligations of the Trustee with respect to the Securities
of any series shall be determined solely by the express provisions of this
Indenture, and the Trustee shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Indenture, and no
implied covenants or obligations shall be read into this Indenture against the
Trustee; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the absence of bad faith on the part of the Trustee, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any statements, certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture; but in the
case of any such statements, certificates or opinions which by any provision hereof
are specifically required to be furnished to the Trustee, the Trustee shall be
under a duty to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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; margin-left: 4%">examine the same to determine whether or not they conform to the requirements
of this Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that
the Trustee was negligent in ascertaining the pertinent facts; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders pursuant to
Section&nbsp;5.7 relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for
believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.2. <I>Certain Rights of the Trustee.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section&nbsp;6.1:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, Officers&#146; Certificate or any other certificate, statement, instrument, opinion, report,
notice, request, consent, order, bond, debenture, note, coupon, security or other paper or document
believed by it to be genuine and to have been signed or presented by the proper party or parties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officers&#146; Certificate or Issuer Order (unless other evidence in
respect thereof be herein specifically prescribed); and any resolution of the Board of Directors
may be evidenced to the Trustee by a Board Resolution;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Trustee may consult with counsel of its selection and any advice of such counsel
promptly confirmed in writing shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by it hereunder in good faith and in reliance
thereon in accordance with such advice or Opinion of Counsel;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders pursuant to
the provisions of this Indenture (including, without limitation, pursuant to Section&nbsp;5.7), unless
such Securityholders shall have offered to the Trustee reasonable security or indemnity against the
costs, expenses and liabilities which might be incurred therein or thereby;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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;(e)&nbsp;the Trustee shall not be liable for any action taken or omitted by it in good faith and
believed by it to be authorized or within the discretion, rights or powers conferred upon it by
this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;prior to the occurrence of an Event of Default hereunder and after the curing or waiving
of all Events of Default, the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other
paper or document unless requested in writing so to do by the Holders of not less than a majority
in aggregate principal amount of the Securities of all series affected then Outstanding; <I>provided</I>
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a
condition to proceeding; the reasonable expenses of every such investigation shall be paid by the
Issuer or, if paid by the Trustee or any predecessor Trustee, shall be repaid by the Issuer upon
demand;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys not regularly in its employ and the
Trustee shall not be responsible for any misconduct or negligence on the part of any such agent or
attorney appointed with due care by it hereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the Trustee shall not be charged with knowledge of any default or Event of Default with
respect to a series of Securities unless either (i)&nbsp;a Responsible Officer of the Trustee assigned
to the Corporate Trust Office of the Trustee (or any successor division or department of the
Trustee) shall have actual knowledge of such default or Event of Default or (ii)&nbsp;written notice of
such default or Event of Default shall have been given to the Trustee by the Issuer or any other
obligor on such series of Securities or by any Holder of Securities of such series;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Trustee shall not be liable for any action taken, suffered or omitted by it in good
faith and believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Indenture;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;the permissive rights of the Trustee hereunder shall not be construed as duties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;in no event shall the Trustee be liable for any consequential, special, punitive or
indirect loss or damages, even if advised of the likelihood thereof in advance and regardless of
the form of action;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;the rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be
enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and
other Person employed to act hereunder
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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;(m)&nbsp;the Trustee may request that Hovnanian (on behalf of itself and the Issuer) deliver an
Officers&#146; Certificate setting forth the name of the individuals and/or titles of Officers
authorized at such time to take specific actions pursuant to this Indenture, which Officers&#146;
Certificate may be signed by any person authorized to sign an Officers&#146; Certificate, including any
person specified as so authorized in any such Officers&#146; Certificate previously delivered and not
superseded; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;the Trustee shall not be responsible for delays or failures in performance of its
obligations hereunder resulting from acts beyond its reasonable control. Such acts shall include
but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental
regulations superimposed after the fact, fire, communication line failures, computer viruses, power
failures, earthquakes, terrorist attacks or other disasters, it being understood that the Trustee
shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.3. <I>Trustee Not Responsible for Recitals, Disposition of Securities or Application
of Proceeds Thereof</I>. The recitals contained herein and in the Securities, except the Trustee&#146;s
certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee makes no representation as
to the validity or sufficiency of this Indenture, of the Securities or of any prospectus used to
sell the Securities. The Trustee shall not be accountable for the use or application by the Issuer
of any of the Securities or of the proceeds thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.4. <I>Trustee and Agents May Hold Securities; Collections, etc</I>. The Trustee or any
agent of the Issuer or the Trustee, in its individual or any other capacity, may become the owner
or pledgee of Securities with the same rights it would have if it were not the Trustee or such
agent and, subject to Sections&nbsp;6.8 and 6.13, may otherwise deal with the Issuer and receive,
collect, hold and retain collections from the Issuer with the same rights it would have if it were
not the Trustee or such agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.5. <I>Moneys Held by Trustee</I>. Subject to the provisions of Section&nbsp;10.4 hereof, all
moneys received by the Trustee shall, until used or applied as herein provided, be held in trust
for the purposes for which they were received, but need not be segregated from other funds except
to the extent required by mandatory provisions of law. Neither the Trustee nor any agent of the
Issuer or the Trustee shall be under any liability for interest on any moneys received by it
hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.6<I>. Compensation and Indemnification of Trustee and Its Prior Claim</I>. The Issuer
covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be entitled to,
such compensation as shall be agreed to in writing between the Issuer and the Trustee (which shall
not be limited by any provision of law in regard to the compensation of a trustee of an express
trust) and the Issuer covenants and agrees to pay or reimburse the Trustee and each predecessor
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made
by or on behalf of it in accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses and disbursements of its counsel and of all agents and
other persons not regularly
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /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">in its employ) except any such expense, disbursement or advance as may
arise from its
negligence or bad faith. The Issuer also covenants to indemnify the Trustee and each
predecessor Trustee for, and to hold it harmless against, any and all loss, liability, damage,
claim or expense, including taxes (other than taxes based on the income of the Trustee), incurred
without negligence or bad faith on its part, arising out of or in connection with the acceptance or
administration of this Indenture or the trusts hereunder and its duties hereunder, including the
costs and expenses of defending itself against or investigating any claim or liability in the
premises. The obligations of the Issuer under this Section&nbsp;6.6 to compensate and indemnify the
Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each predecessor
Trustee for expenses, disbursements and advances shall constitute additional indebtedness hereunder
and shall survive the satisfaction and discharge of this Indenture or the resignation or removal of
the Trustee and shall not be subordinate to the payment of Senior Indebtedness pursuant to Article
Thirteen. Such additional indebtedness shall be a senior claim to that of the Securities upon all
property and funds held or collected by the Trustee as such, except funds held in trust for the
benefit of the Holders of particular Securities. When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section&nbsp;5.1 or in connection with
Article&nbsp;Five hereof, the expenses (including the reasonable fees and expenses of its counsel) and
the compensation for the service in connection therewith are intended to constitute expenses of
administration under any bankruptcy law. The provisions of this Section&nbsp;6.6 shall survive the
resignation or removal of the Trustee and the termination of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.7. <I>Right of Trustee to Rely on Officers&#146; Certificate, etc</I>. Subject to Sections
6.1 and 6.2, whenever in the administration of the trusts of this Indenture the Trustee shall deem
it necessary or desirable that a matter be proved or established prior to taking or suffering or
omitting any action hereunder, such matter (unless other evidence in respect thereof be herein
specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee,
be deemed to be conclusively proved and established by an Officers&#146; Certificate delivered to the
Trustee, and such certificate, in the absence of negligence or bad faith on the part of the
Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted by it under
the provisions of this Indenture upon the faith thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.8<I>. Qualification of Trustee; Conflicting Interests</I>. This Indenture shall always
have a Trustee who satisfies the requirements of Section&nbsp;310(a)(1) of the Trust Indenture Act of
1939. The Trustee shall have a combined capital and surplus of at least $25,000,000 as set forth
in its most recent published annual report of condition. The Trustee shall comply with Section
310(b) of the Trust Indenture Act of 1939 regarding disqualification of a trustee upon acquiring a
conflicting interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.9. <I>Persons Eligible for Appointment as Trustee; Different Trustees for Different
Series</I>. The Trustee for each series of Securities hereunder shall at all times be a corporation
organized and doing business under the laws of the United States of America or of any state thereof
or the District of Columbia having a combined capital and surplus of at least $25,000,000, and
which is authorized under such laws to exercise corporate trust powers and is subject to
supervision or examination by federal, state or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /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">District of Columbia authority, or a corporation or
other Person permitted to act as trustee by the Commission. If such corporation publishes reports
of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section&nbsp;6.9, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. No obligor upon the Securities or any Affiliate of such obligor shall
serve as trustee upon the Securities. In case at any time the Trustee shall cease to be eligible
in accordance with the provisions of this Section&nbsp;6.9, the Trustee shall resign immediately in the
manner and with the effect specified in Section&nbsp;6.10.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A different Trustee may be appointed by the Issuer for each series of Securities prior to the
issuance of such Securities. If the initial Trustee for any series of Securities is to be a
trustee other than Wilmington Trust Company, the Issuer and such Trustee shall, prior to the
issuance of such Securities, execute and deliver an indenture supplemental hereto, which shall
provide for the appointment of such Trustee as Trustee for the Securities of such series and shall
add to or change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate
and apart from any trust or trusts hereunder administered by any other such Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.10. <I>Resignation and Removal; Appointment of Successor Trustee</I>. (a)&nbsp;The Trustee,
or any trustee or trustees hereafter appointed, may at any time resign with respect to one or more
or all series of Securities by giving written notice of resignation to the Issuer. Upon receiving
such notice of resignation, the Issuer shall promptly appoint a successor trustee or trustees with
respect to the applicable series by written instrument in duplicate, executed by authority of the
Board of Directors, one copy of which instrument shall be delivered to the resigning trustee and
one copy to the successor trustee or trustees. If no successor trustee shall have been so
appointed with respect to any series of Securities and have accepted appointment within 30&nbsp;days
after the mailing of such notice of resignation, the resigning trustee may petition any court of
competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has
been a bona fide Holder of a Security or Securities of the applicable series for at least six
months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case at any time any of the following shall occur:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee shall fail to comply with the provisions of Section&nbsp;6.8 with respect
to any series of Securities after written request therefor by the Issuer or by any
Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months; or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section&nbsp;6.9 and shall fail to resign after written request therefor by the Issuer or by any
such Securityholder; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of
the Trustee or of its property shall be appointed, or any public officer shall take charge
or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then, in any such case, the Issuer may remove the Trustee with respect to the applicable series of
Securities and appoint a successor trustee for such series by written instrument, in duplicate,
executed by order of the Board of Directors one copy of which instrument shall be delivered to the
Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Article
Five, any Securityholder who has been a <I>bona fide </I>Holder of a Security or Securities of such series
for at least six months may on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
trustee with respect to such series. Such court may thereupon, after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor trustee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Holders of a majority in aggregate principal amount of the Securities of each series
then Outstanding may at any time remove the Trustee with respect to Securities of such series and
appoint a successor trustee with respect to the Securities of such series by delivering to the
Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence provided
for in Section&nbsp;7.1 of the action in that regard taken by the Securityholders. If no successor
trustee shall have been so appointed with respect to any series and have accepted appointment
within 30&nbsp;days after the delivery of such evidence of removal, the Trustee may petition any court
of competent jurisdiction for the appointment of a successor trustee, or any Securityholder who has
been a <I>bona fide </I>Holder of a Security or Securities of the applicable series for at least six
months may, subject to the provisions of Section&nbsp;5.9, on behalf of himself and all others similarly
situated, petition any such court for the appointment of a successor trustee. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Any resignation or removal of the Trustee with respect to any series of Securities and any
appointment of a successor trustee with respect to such series pursuant to any of the provisions of
this Section&nbsp;6.10 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section&nbsp;6.11.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.11<I>. Acceptance of Appointment by Successor Trustee</I>. Any successor trustee
appointed as provided in Section&nbsp;6.10 shall execute and deliver to the Issuer and to its
predecessor trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee with respect to all or any applicable series
shall become effective and such successor trustee, without any further act, deed or conveyance,
shall become vested with all rights, powers, duties and obligations with respect to such series of
its predecessor hereunder, with like effect as if originally named as
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /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">trustee for such series
hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee,
upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section&nbsp;10.4,
pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and
deliver an instrument transferring to such successor trustee all such rights, powers, duties and
obligations. Upon request of any
such successor trustee, the Issuer shall execute any and all instruments in writing for more
fully and certainly vesting in and confirming to such successor trustee all such rights and powers.
Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or funds
held or collected by such trustee to secure any amounts then due it pursuant to the provisions of
Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor trustee is appointed with respect to the Securities of one or more (but not
all) series, the Issuer, the predecessor Trustee and each successor trustee with respect to the
Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of
any series as to which the predecessor Trustee is not retiring shall continue to be vested in the
predecessor Trustee, and shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such trustees co-trustees of the same trust and that each such trustee shall be trustee of a trust
or trusts under separate indentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No successor trustee with respect to any series of Securities shall accept appointment as
provided in this Section&nbsp;6.11 unless at the time of such acceptance such successor trustee shall be
qualified under the provisions of Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon acceptance of appointment by any successor trustee as provided in this Section&nbsp;6.11, the
Issuer shall give notice thereof to the Holders of Securities of each series affected, by mailing
such notice to such Holders at their addresses as they shall appear on the Securities register. If
the Issuer fails to give such notice within ten days after acceptance of appointment by the
successor trustee, the successor trustee shall cause such notice to be given at the expense of the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.12<I>. Merger, Conversion, Consolidation or Succession to Business of Trustee. </I>Any
corporation into which the Trustee may be merged or converted or with which it may be consolidated,
or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all of the corporate trust
business of the Trustee (including the trust created by this Indenture), shall be the successor of
the Trustee hereunder, provided that such corporation shall be qualified under the provisions of
Section&nbsp;6.8 and eligible under the provisions of Section&nbsp;6.9, without the execution or filing of
any paper or any further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /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 case at the time such successor to the Trustee shall succeed to the trusts created by this
Indenture and any of the Securities of any series shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication of any predecessor
Trustee and deliver such Securities so authenticated; and, in case at that time any of the
Securities of any series shall not have been authenticated, any successor to the Trustee may
authenticate such Securities either in the name of any predecessor
hereunder or in the name of the successor Trustee; and in all such cases such certificate of
authentication shall have the full force as if such successor Trustee had itself authenticated such
Securities; <I>provided</I>, that the right to adopt the certificate of authentication of any predecessor
Trustee or to authenticate Securities of any series in the name of any predecessor Trustee shall
apply only to its successor or successors by merger, conversion or consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.13<I>. Preferential Collection of Claims Against the Issuer</I>. The Trustee shall
comply with Section 311(a) of the Trust Indenture Act of 1939, excluding any creditor relationship
listed in Section 311(b) of the Trust Indenture Act of 1939. A Trustee who has resigned or been
removed shall be subject to Section 311(a) of the Trust Indenture Act of 1939 to the extent
indicated therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 6.14. <I>Appointment of Authenticating Agent</I>. As long as any Securities of a series
remain Outstanding, the Trustee may, by an instrument in writing, appoint with the approval of the
Issuer an authenticating agent (the &#147;Authenticating Agent&#148;) which shall be authorized to act on
behalf of the Trustee to authenticate Securities, including Securities issued upon exchange,
registration of transfer, partial redemption or pursuant to Section&nbsp;2.9. Securities of each such
series authenticated by such Authenticating Agent shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee.
Whenever reference is made in this Indenture to the authentication and delivery of Securities of
any series by the Trustee or to the Trustee&#146;s Certificate of Authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating
Agent for such series and a Certificate of Authentication executed on behalf of the Trustee by such
Authenticating Agent. Such Authenticating Agent shall at all times be a corporation organized and
doing business under the laws of the United States of America or of any state thereof or the
District of Columbia, authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of at least $25,000,000 (determined as provided in Section&nbsp;6.9 with
respect to the Trustee) and subject to supervision or examination by federal or state authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any corporation into which any Authenticating Agent may be merged or converted, or with which
it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which any Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency business (including the authenticating agency contemplated by this Indenture) of any
Authenticating Agent, shall continue to be the Authenticating Agent with respect to all series of
Securities for which it served as Authenticating Agent without the execution or filing of any paper
or any further act on the part of the Trustee or such Authenticating Agent. Any Authenticating
Agent may at any time, and if it shall cease to be eligible shall, resign by giving written notice
of resignation
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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">to the Trustee and to the Issuer. The Trustee may at any time terminate the agency
of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the
Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon receiving such a notice of resignation or upon such a termination, or in case at any time
any Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section&nbsp;6.14 with respect to one or more series of Securities, the Trustee
may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and the
Issuer shall provide notice of such appointment to all Holders of Securities of such series in the
manner and to the extent provided in Section&nbsp;11.4. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all rights, powers, duties and
responsibilities of its predecessor hereunder, with like effect as if originally named as
Authenticating Agent. The Issuer agrees to pay to the Authenticating Agent for such series from
time to time reasonable compensation. The Authenticating Agent for the Securities of any series
shall have no responsibility or liability for any action taken by it as such at the direction of
the Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sections&nbsp;6.2, 6.3, 6.4 and 7.3 shall be applicable to any Authenticating Agent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE SEVEN<BR>
CONCERNING THE SECURITYHOLDERS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.1<I>. Evidence of Action Taken by Securityholders</I>. Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by a specified percentage in principal amount of the Securityholders of any or all
series may be embodied in and evidenced by one or more instruments of substantially similar tenor
signed by such specified percentage of Securityholders in person or by agent duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee. Proof of execution of any
instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Sections&nbsp;6.1 and 6.2) conclusive in favor of the Trustee and the Issuer,
if made in the manner provided in this Article&nbsp;Seven.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.2. <I>Proof of Execution of Instruments and of Holding of Securities</I>. Subject to
Sections&nbsp;6.1 and 6.2, the execution of any instrument by a Securityholder or his agent or proxy may
be proved in the following manner:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The fact and date of the execution by any Holder of any instrument may be proved
by the certificate of any notary public or other officer of any jurisdiction authorized to
take acknowledgments of deeds or administer oaths that the person executing such
instruments acknowledged to him the execution thereof, or by an affidavit of a witness to
such execution sworn to before any such notary or other such officer. Where such execution
is by or on behalf of any legal entity other than an individual, such certificate or
affidavit shall also constitute sufficient proof of the authority of the person executing
the same.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The ownership of Securities shall be proved by the Security register or by a
certificate of the Security registrar.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.3. <I>Holders to be Treated as Owners</I>. The Issuer, the Trustee and any agent of the
Issuer or the Trustee may deem and treat the Person in whose name any Security shall be registered
upon the Security register for such series as the absolute owner of such Security (whether or not
such Security shall be overdue and notwithstanding any notation of ownership or other writing
thereon) for the purpose of receiving payment of
or on account of the principal of and, subject to the provisions of this Indenture, interest,
if any, on such Security and for all other purposes; and neither the Issuer nor the Trustee nor any
agent of the Issuer or the Trustee shall be affected by any notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.4. <I>Securities Owned by Issuer Deemed Not Outstanding</I>. In determining whether the
Holders of the requisite aggregate principal amount of Outstanding Securities of any or all series
have concurred in any direction, consent or waiver under this Indenture, Securities which are owned
by the Issuer or any other obligor on the Securities with respect to which such determination is
being made or by any Affiliate of the Issuer or any other obligor on the Securities with respect to
which such determination is being made shall be disregarded and deemed not to be Outstanding for
the purpose of any such determination, except that for the purpose of determining whether the
Trustee shall be protected in relying on any such direction, consent or waiver only Securities
which a Responsible Officer of the Trustee knows are so owned shall be so disregarded. Securities
so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee&#146;s right so to act with respect to such
Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any
Affiliate of the Issuer or any other obligor on the Securities. In case of a dispute as to such
right, the advice of counsel shall be full protection in respect of any decision made by the
Trustee in accordance with such advice. Upon request of the Trustee, the Issuer shall furnish to
the Trustee promptly an Officers&#146; Certificate listing and identifying all Securities, if any, known
by the Issuer to be owned or held by or for the account of any of the above-described Persons; and,
subject to Sections&nbsp;6.1 and 6.2, the Trustee shall be entitled to accept such Officers&#146; Certificate
as conclusive evidence of the facts therein set forth and of the fact that all Securities not
listed therein are Outstanding for the purpose of any such determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.5. <I>Right of Revocation of Action Taken</I>. At any time prior to (but not after) the
evidencing to the Trustee, as provided in Section&nbsp;7.1, of the taking of any action by the Holders
of the percentage in aggregate principal amount of the Securities of any or all series, as the case
may be, specified in this Indenture in connection with such action, any Holder of a Security the
serial number of which is shown by the evidence to be included among the serial numbers of the
Securities the Holders of which have consented to such action may, by filing written notice at the
Corporate Trust Office and upon proof of holding as provided in this Article&nbsp;Seven, revoke such
action so far as concerns such Security provided that such revocation shall not become effective
until three Business Days after such filing. Except as aforesaid, any such action taken by the
Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders
and owners of such Security and of any Securities issued in exchange or substitution therefor or on
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /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">registration of transfer thereof, irrespective of whether or not any notation in regard thereto is
made upon any such Security. Any action taken by the Holders of the percentage in aggregate
principal amount of the Securities of any or all series, as the case may be, specified in this
Indenture in connection with such action shall be conclusively binding upon the Issuer, the Trustee
and the Holders of all the Securities affected by such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 7.6<I>. Record Date for Consents and Waivers</I>. The Issuer may, but shall not be
obligated to, establish a record date for the purpose of determining the Persons entitled to (i)
waive any past default with respect to the Securities of such series in
accordance with Section&nbsp;5.7 of the Indenture, (ii)&nbsp;consent to any supplemental indenture in
accordance with Section&nbsp;8.2 of the Indenture or (iii)&nbsp;waive compliance with any term, condition or
provision of any covenant hereunder. If a record date is fixed, the Holders on such record date,
or their duly designated proxies, and any such Persons, shall be entitled to waive any such past
default, consent to any such supplemental indenture or waive compliance with any such term,
condition or provision, whether or not such Holder remains a Holder after such record date;
<I>provided</I>, <I>however</I>, that unless such waiver or consent is obtained from the Holders, or duly
designated proxies, of the requisite principal amount of Outstanding Securities of such series
prior to the date which is the 120th day after such record date, any such waiver or consent
previously given shall automatically and, without further action by any Holder be cancelled and of
no further effect.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE EIGHT<BR>
SUPPLEMENTAL INDENTURES
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.1<I>. Supplemental Indentures Without Consent of Securityholders</I>. The Issuer, when
authorized by a Board Resolution (which resolution may provide general terms or parameters for such
action and may provide that the specific terms of such action may be determined in accordance with
or pursuant to an Issuer Order), and the Trustee may from time to time and at any time enter into
an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act of 1939 as in force at the date of the execution thereof) for one or more of the
following purposes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to evidence the succession of another Person to the Issuer or Hovnanian or
successive successions, and the assumption by the successor Person of the covenants,
agreements and obligations of the Issuer or Hovnanian herein and in the Securities or the
Guarantees or to otherwise evidence compliance with Article&nbsp;Nine hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to add to the covenants of the Issuer or Hovnanian such further covenants,
restrictions, conditions or provisions for the protection of the Holders of all or any
series of Securities (and if such covenants, restrictions, conditions or provisions are to
be for the protection of less than all series of Securities, stating that the same are
expressly being included solely for the protection of such series), or to surrender any
right or power herein conferred upon the Issuer or Hovnanian,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /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; margin-left: 2%">and to make the occurrence,
or the occurrence and continuance, of a default in any such additional covenants,
restrictions, conditions or provisions an Event of Default permitting the enforcement of
all or any of the several remedies provided in this Indenture as herein set forth;
<I>provided</I>, <I>however, </I>that in respect of any such additional covenant, restriction, condition
or provision such supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of other
defaults) or may provide for an immediate enforcement upon such an Event of Default or may
limit the remedies available to the Trustee upon such an Event of Default or may limit the
right of the
Holders of a majority in aggregate principal amount of the Securities of such series
to waive such an Event of Default;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to cure any ambiguity or to correct or supplement any provision contained herein
or in any supplemental indenture which may be defective or inconsistent with any other
provision contained herein or in any supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to establish the form or terms of Securities or the Guarantees to be endorsed
thereon of any series as permitted by Sections&nbsp;2.1 and 2.3, to provide for any Guarantees
of the Securities of any series and to confirm and evidence the termination or discharge of
any Guarantee of or mortgage, lien, pledge, charge, security interest or encumbrance
securing the Securities of a series when such release, termination or discharge is
permitted by the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to provide for the issuance of uncertificated Securities of any series (including
Securities registrable as to principal only) in addition to or in place of certificated
Securities and to provide for exchangeability of such Securities for the Securities issued
hereunder in fully registered form and to make all appropriate changes for such purpose;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust Indenture
Act of 1939, or under any similar federal statute hereafter enacted, and to add to this
Indenture such other provisions as may be expressly permitted by the Trust Indenture Act of
1939, <I>excluding, however, </I>the provisions referred to in Section&nbsp;316(a)(2) of the Trust
Indenture Act of 1939 as in effect at the date as of which this instrument was executed or
any corresponding provision provided for in any similar federal statute hereafter enacted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to evidence and provide for the acceptance of appointment hereunder of a Trustee
other than Wilmington Trust Company as Trustee for a series of Securities and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to
the requirements of Section&nbsp;6.9 hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject to Section&nbsp;8.2 hereof, to add to or modify the provisions hereof as may be
necessary or desirable to provide for the denomination of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /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; margin-left: 2%">Securities in foreign currencies
which shall not adversely affect the interests of the Holders of the Securities in any
material respect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to modify the covenants or Events of Default of the Issuer solely in respect of, or add
new covenants or Events of Default of the Issuer that apply solely to, Securities not Outstanding
on the date of such supplemental indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to evidence and provide for the acceptance of appointment hereunder by a successor
trustee with respect to the Securities of one or more series and to add to or change any of the
provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one trustee, pursuant to
the requirements of Section&nbsp;6.11;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to conform the text of this Indenture, the Securities of any series, or the Guarantees
to any provision of the &#147;Description of Debt Securities&#148; section of any prospectus or the
comparable section in any applicable prospectus supplement that is used to sell the Securities of
such series to the extent that such provision was intended to be a verbatim recitation of a
provision of this Indenture, the Securities of such series sold thereby, or the Guarantees
thereof; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to make any other change that does not adversely affect the legal rights of any Holder
of Securities of the series affected by such change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee is hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which affects the Trustee&#146;s own rights, duties or immunities under this Indenture or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities then Outstanding, notwithstanding any
of the provisions of Section&nbsp;8.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.2. <I>Supplemental Indentures with Consent of Securityholders</I>. With the consent
(evidenced as provided in Article&nbsp;Seven and including written consents obtained in connection with
a tender offer or exchange offer) of the Holders of not less than a majority in aggregate principal
amount of the Securities then Outstanding of any series affected thereby, the Issuer, when
authorized by a Board Resolution (which resolution may provide general terms or parameters for such
action and may provide that the specific terms of such action may be determined in accordance with
or pursuant to an Issuer Order), and the Trustee may, from time to time and at any time, enter into
an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act of 1939 as in force at the date of execution thereof) for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner the rights of the Holders of the
Securities of such series or waiving future compliance with any provision of the Indenture
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /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">or the
Securities (other than a continuing default or Event of Default in the payment of principal of or
interest on Securities, which shall require the consent of the Holders of each Security so
affected); <I>provided</I>, that no such supplemental indenture or waiver shall (a)&nbsp;change the stated
final maturity of the principal of any Security, or reduce the principal amount thereof, or reduce
the rate or extend the time of payment of interest (including default interest), if any, thereon
(or, in the case of an Original Issue Discount Security, reduce the rate of accretion of original
issue discount thereon), or reduce or alter the method of computation of any amount payable on
redemption, repayment or purchase by the Issuer thereof (or the time at which any such redemption,
repayment or purchase may be made), or make the principal thereof (including any amount in respect
of original issue discount), or interest, if any, thereon payable in any coin or currency other
than that
provided in the Securities or in accordance with the terms of the Securities, or reduce the
amount of the principal of an Original Issue Discount Security that would be due and payable upon
an acceleration of the maturity thereof pursuant to Section&nbsp;5.1 or the amount thereof provable in
bankruptcy pursuant to Section&nbsp;5.2, make any change to Sections&nbsp;5.4 or 5.7, or impair or affect the
right of any Securityholder to institute suit for the payment thereof or, if the Securities provide
therefor, any right of repayment or purchase at the option of the Securityholder, in each case
without the consent of the Holder of each Security so affected or modify the ranking or priority of
the Securities or the Guarantees issued hereunder, or (b)&nbsp;reduce the aforesaid percentage of
Securities of any series, the consent of the Holders of which is required for any such supplemental
indenture, without the consent of the Holders of each Security so affected. No consent of any
Holder of any Security shall be necessary under this Section&nbsp;8.2 to permit the Trustee and the
Issuer to execute supplemental indentures pursuant to Sections&nbsp;8.1 and 9.2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A supplemental indenture which changes or eliminates any covenant, Event of Default or other
provision of this Indenture which has expressly been included solely for the benefit of one or more
particular series of Securities, or which modifies the rights of Holders of Securities of such
series, with respect to such covenant or provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors (which resolution may provide general terms or parameters for such action and may provide
that the specific terms of such action may be determined in accordance with or pursuant to an
Issuer Order) certified by the secretary or an assistant secretary of the Issuer authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of the Holders of the Securities as aforesaid and other documents, if any, required by
Section&nbsp;7.1, the Trustee shall join with the Issuer in the execution of such supplemental indenture
unless such supplemental indenture affects the Trustee&#146;s own rights, duties or immunities under
this Indenture or otherwise, in which case the Trustee may at its discretion, but shall not be
obligated to, enter into such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It shall not be necessary for the consent of the Securityholders under this Section&nbsp;8.2 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /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;Promptly after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section&nbsp;8.2, the Issuer (or the Trustee at the request and
expense of the Issuer) shall give notice thereof to the Holders of then Outstanding Securities of
each series affected thereby, as provided in Section&nbsp;11.4. Any failure of the Issuer to give such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such supplemental indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.3. <I>Effect of Supplemental Indenture</I>. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and shall be deemed to be
modified and amended in accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the
Trustee, the Issuer, Hovnanian, the Guarantors and the Holders of Securities of each series
affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and shall be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.4. <I>Documents to Be Given to Trustee</I>. The Trustee, subject to the provisions of
Sections&nbsp;6.1 and 6.2, shall be entitled to receive an Officers&#146; Certificate and an Opinion of
Counsel as provided in Section&nbsp;11.5 as conclusive evidence that any supplemental indenture executed
pursuant to this Article&nbsp;Eight complies with the applicable provisions of this Indenture and that
all conditions precedent to the execution and delivery of such supplemental indenture have been
satisfied. An Opinion of Counsel pursuant to this Section&nbsp;8.4 shall also include (a)&nbsp;an opinion
that any such supplemental indenture has been duly authorized, executed and delivered and
constitutes the valid and legally binding obligation of the Issuer and the Guarantors party
thereto, if any, enforceable in accordance with its terms and (b)&nbsp;in the case of 8.1(m) an opinion
that such supplemental indenture does not adversely affect the legal rights of any Holder of
Securities of the series affected by such change. In rendering such opinion, such counsel may
qualify any opinions as to enforceability by stating that such enforceability may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, liquidation, moratorium and other
similar laws relating to or affecting the rights and remedies of creditors and is subject to
general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law) and an implied covenant of good faith and fair dealing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 8.5<I>. Notation on Securities in Respect of Supplemental Indentures</I>. Securities of
any series authenticated and delivered after the execution of any supplemental indenture pursuant
to the provisions of this Article&nbsp;Eight may bear a notation in form approved by the Trustee for
such series as to any matter provided for by such supplemental indenture or as to any action taken
by Securityholders. If the Issuer or the Trustee shall so determine, new Securities of any series
so modified as to conform, in the opinion of the Trustee and the Issuer, to any modification of
this Indenture contained in any such supplemental indenture may be prepared and executed by the
Issuer, and such Securities may be authenticated by the Trustee and delivered in exchange for the
Securities of such series then Outstanding.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /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">ARTICLE NINE<BR>
CONSOLIDATION, MERGER, SALE, LEASE, EXCHANGE OR OTHER<BR>
DISPOSITION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.1. <I>Consolidation Permitted, etc., on Certain Terms</I>. Subject to the provisions of
Section&nbsp;9.2, nothing contained in this Indenture or in any of the Securities shall prevent any
consolidation or merger of the Issuer or Hovnanian with or into any other Person or Persons
(whether or not affiliated with the Issuer), or successive consolidations or mergers in which the
Issuer or Hovnanian or their successor or successors shall be a party or parties, or shall prevent
any sale, lease, exchange or other disposition of all or substantially all the property and assets
of the Issuer or Hovnanian to any other Person (whether or not affiliated with the Issuer or
Hovnanian) authorized to acquire and operate the same; <I>provided</I>, <I>however</I>, and the Issuer and
Hovnanian hereby covenant and agree,
that any such consolidation, merger, sale, lease, exchange or other disposition shall be upon
the conditions that (a)&nbsp;immediately after giving effect to such consolidation, merger, sale, lease,
exchange or other disposition of the Person (whether the Issuer or Hovnanian or such other Person)
formed by or surviving any such consolidation or merger, or to which such sale, lease, exchange or
other disposition shall have been made, no Event of Default, and no event which after notice or
lapse of time or both, would become an Event of Default, shall have occurred and be continuing; (b)
the Person (if other than the Issuer or Hovnanian) formed by or surviving any such consolidation or
merger, or to which such sale, lease, exchange or other disposition shall have been made, shall be
a corporation or partnership organized under the laws of the United States of America, any state
thereof or the District of Columbia; and (c)&nbsp;the due and punctual payment of the principal of
premium, if any, and interest, if any, on all the Securities, according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions of this Indenture to
be performed by the Issuer or Hovnanian, shall be expressly assumed, by supplemental indenture
satisfactory in form to the Trustee executed and delivered to the Trustee, by the Person (if other
than the Issuer or Hovnanian) formed by such consolidation, or into which the Issuer or Hovnanian
shall have been merged, or by the Person which shall have acquired or leased such property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.2. <I>Successor Corporation to be Substituted</I>. In case of any such consolidation or
merger or any sale, conveyance or lease of all or substantially all of the property of the Issuer
or Hovnanian and upon the assumption by the successor Person, by supplemental indenture executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual
payment of the principal of, premium, if any, and interest, if any, on all of the Securities and
the due and punctual performance of all of the covenants and conditions of this Indenture to be
performed by the Issuer or Hovnanian, such successor Person shall succeed to and be substituted for
the Issuer or Hovnanian, with the same effect as if it had been named herein as the party of the
first part, and the Issuer or Hovnanian (including any intervening successor to the Issuer or
Hovnanian which shall have become the obligor hereunder) shall be relieved of any further
obligation under this Indenture and the
Securities; <I>provided</I>, <I>however</I>, that in the case of a sale,
lease, exchange or other disposition of the property and assets of the Issuer or Hovnanian
(including any such intervening successor), the Issuer or Hovnanian (including any such intervening
successor) shall continue to be liable on its obligations under this Indenture and the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /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">Securities
to the extent, but only to the extent, of liability to pay the principal of, premium, if any, and
interest, if any, on the Securities at the time, places and rate prescribed in this Indenture and
the Securities. Such successor Person thereupon may cause to be signed, and may issue either in
its own name or in the name of the Issuer or Hovnanian, any or all of the Securities issuable
hereunder which theretofore shall not have been signed by the Issuer or Hovnanian and delivered to
the Trustee; and, upon the order of such successor Person instead of the Issuer or Hovnanian and
subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver any Securities which previously shall have been signed and
delivered by the officers of the Issuer or Hovnanian to the Trustee for authentication, and any
Securities which such successor Person thereafter shall cause to be signed and delivered to the
Trustee for that purpose. All the Securities so issued shall in all respects have the same legal
rank and benefit under this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of
this Indenture as though all of such Securities had been issued at the date of the execution
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case of any such consolidation or merger or any sale, lease, exchange or other disposition
of all or substantially all of the property and assets of the Issuer or Hovnanian, such changes in
phraseology and form (but not in substance) may be made in the Securities, thereafter to be issued,
as may be appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.3. <I>Opinion of Counsel to be Given Trustee</I>. The Trustee, subject to Sections&nbsp;6.1
and 6.2, shall receive an Officers&#146; Certificate and Opinion of Counsel as conclusive evidence that
any such consolidation, merger, sale, lease, exchange or other disposition and any such assumption
complies with the provisions of this Article&nbsp;Nine.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TEN<BR>
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.1<I>. Applicability of Article</I>. Unless specified otherwise pursuant to Section&nbsp;2.3
for Securities of a series, this Article shall apply to each series of Securities issued under this
Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.2<I>. Legal Defeasance and Discharge</I>. The Issuer shall, subject to the satisfaction
of the conditions set forth in Section&nbsp;10.4 hereof, be deemed to have been discharged from its
obligations with respect to the Outstanding Securities of any series on the date the conditions set
forth below are satisfied with respect to such series (hereinafter, &#147;Legal Defeasance&#148;). For this
purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the
entire Indebtedness represented by the Outstanding Securities of any series, which shall thereafter
be deemed to be Outstanding only for the purposes of Section&nbsp;10.5 hereof and the other Sections of
this Indenture referred to in clauses (a)&nbsp;and (b)&nbsp;below, and to have satisfied all of its
obligations under such Securities and this Indenture (and the Trustee, on demand of and at the
expense of the Issuer, shall execute proper instruments delivered to it by the Issuer acknowledging
the same), except of the following provisions which shall survive until otherwise terminated or
discharged hereunder; (a)&nbsp;the rights of Holder of Outstanding Securities of such series to receive
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /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">payments in respect of the principal of, premium, if any, and interest on such Securities when such
payments are due from the trust referred to below; (b)&nbsp;the Issuer&#146;s obligations with respect to the
Securities concerning mutilated, destroyed, lost or stolen Securities and the maintenance of an
office or agency for payment and money for security payments held in trust; (c)&nbsp;the rights, powers,
trusts, duties and immunities of the Trustee, and the Issuer&#146;s obligations in connection therewith;
and (d)&nbsp;the Legal Defeasance provisions of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.3<I>. Covenant Defeasance</I>. The Issuer, Hovnanian and the Guarantors shall, subject
to the satisfaction of the conditions set forth in Section&nbsp;10.4 hereof, be released from their
obligations under the covenants contained in Article&nbsp;Nine (other than Section&nbsp;9.1(c)) and, to the
extent described in the applicable supplemental indenture, with respect to the covenants of any
series of Securities, on and after the date
that the conditions set forth in Section&nbsp;10.4 are satisfied with respect to such series
(hereinafter, &#147;Covenant Defeasance&#148;), and the Securities of such series shall thereafter be deemed
not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders
(and the consequences of any thereof) in connection with such covenants, but shall continue to be
deemed Outstanding for all other purposes hereunder (it being understood that such Securities shall
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the Outstanding Securities of any series, the Issuer may omit to comply with
and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such
covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a default or an Event of Default
under Section&nbsp;5.1 hereof, but, except as specified above, the remainder of this Indenture and such
Securities shall be unaffected thereby. Subject to the satisfaction of the conditions set forth in
Section&nbsp;10.4 hereof, Sections&nbsp;5.1(d), 5.1(e), 5.1(f) and 5.1(g) hereof shall not constitute Events
of Default or defaults hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.4. <I>Conditions to Legal or Covenant Defeasance</I>. The following shall be the
conditions to the application of either Section&nbsp;10.2 or 10.3 hereof to the Outstanding Securities
of any series:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to exercise either Legal Defeasance or Covenant Defeasance:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Issuer must irrevocably deposit, or cause to be deposited, with the Trustee, in trust,
for the benefit of the Holders of the Securities of a particular series, cash in U.S. dollars, U.S.
Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the
opinion of a nationally recognized firm of independent public accountants, to pay, without
reinvestment, the principal of, premium, if any, and interest on the Outstanding Securities of such
series on the stated maturity thereof or on the applicable redemption date, as the case may be, and
the Issuer must specify whether the Securities are being defeased to maturity or to a particular
redemption date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;in the case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Issuer has
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /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">received from, or there
has been published by, the Internal Revenue Service a ruling, or there has been a change in the
applicable United States federal income tax law after the date of this Indenture, in either case to
the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the
Outstanding Securities of such series will not recognize income, gain or loss for United States
federal income tax purposes as a result of such Legal Defeasance, and will be subject to United
States federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such Legal Defeasance had not occurred;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;in the case of Covenant Defeasance, the Issuer must deliver to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that the Holders of the Outstanding
Securities of such series will not recognize income, gain or loss for United States federal income
tax purposes as a result of such Covenant Defeasance, and such Holders will be subject to United
States federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance had
not occurred;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;no default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a default or Event of Default resulting from the borrowing of funds to be
applied to such deposit) or insofar as Events of Default from bankruptcy or insolvency events are
concerned, at any time in the period ending on the 91st day after the date of deposit;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than the Indenture) to
which the Issuer or any of its Restricted Subsidiaries is a party or by which the issuer or any of
its Restricted Subsidiaries is bound;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate stating that the deposit
was not made by the Issuer with the intent of preferring the Holders of the Securities over other
creditors of the Issuer, or with the intent of defeating, hindering, delaying or defrauding
creditors of the Issuer or others;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Issuer must deliver to the Trustee an Officers&#146; Certificate and an opinion of Counsel
in the United States reasonably acceptable to the Trustee, each stating that the conditions
precedent provided for or relating to Legal Defeasance or Covenant Defeasance, as applicable, in
the case of the Officers&#146; Certificate, in clauses (a)&nbsp;through (f)&nbsp;and, in the case of the opinion
of Counsel, in clauses (b)&nbsp;and (c)&nbsp;of this paragraph, have been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.5. <I>Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. </I>Subject to Section&nbsp;10.6 hereof, all money and U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively, and solely
for purposes of this Section&nbsp;10.5, the &#147;Trustee&#148;) pursuant to Section&nbsp;10.4 hereof in respect of the
Outstanding Securities of any series shall be held in trust and applied by the Trustee, in
accordance with the provisions of such Securities and this Indenture, to the payment, either
directly or through any paying
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /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">agent (including the Issuer acting as paying agent) as the Trustee
may determine, to the Holders of such Securities of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be segregated from
other funds except to the extent required by law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section&nbsp;10.4 hereof in respect of any series of Securities or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of
the Holders of the Outstanding Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Anything in this Article&nbsp;Ten to the contrary notwithstanding, the Trustee shall deliver or pay
to the Issuer from time to time upon the request of the Issuer any money or
non-callable U.S. Government Obligations held by it as provided in Section&nbsp;10.4 hereof which,
in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee (which may be the opinion delivered under
Section&nbsp;10.4(a) hereof), are in excess of the amount thereof that would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.6. <I>Repayment to Issuer. </I>Any money deposited with the Trustee or any paying
agent, or then held by the Issuer, in trust for the payment of the principal of, premium or
interest on any Security and remaining unclaimed for two years after such principal, and premium,
if any, or interest has become due and payable shall be paid to the Issuer on its request or (if
then held by the Issuer) shall be discharged from such trust; and the Holder of such Security shall
thereafter, as an unsecured creditor, look only to the Issuer for payment thereof, and all
liability of the Trustee or such paying agent with respect to such trust money, and all liability
of the Issuer as trustee thereof, shall thereupon cease; <I>provided</I>, <I>however</I>, that the Trustee or
such paying agent, before being required to make any such repayment, may at the expense of the
Issuer cause to be published once, in the New York Times and The Wall Street Journal (national
edition), notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30&nbsp;days from the date of such notification or publication, any unclaimed
balance of such money then remaining will be repaid to the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.7. <I>Reinstatement. </I>If the Trustee or paying agent is unable to apply any money
or non-callable U.S. Government Obligations in accordance with Section&nbsp;10.2 or 10.3 hereof, as the
case may be, by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Issuer&#146;s obligations under this
Indenture and the Securities shall be revived and reinstated as though no deposit had occurred
pursuant to Section&nbsp;10.2 or 10.3 hereof until such time as the Trustee or paying agent is permitted
to apply all such money in accordance with Section&nbsp;10.2 or 10.3 hereof, as the case may be;
<I>provided</I>, <I>however</I>, that, if the Issuer makes any payment of principal of, premium, if any, or
interest on any Security following the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /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">Holders of such Securities to receive such payment from the money
held by the Trustee or paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 10.8<I>. Survival. </I>The Trustee&#146;s rights under this Article&nbsp;Ten shall survive
termination of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
10.9. <I>Satisfaction and Discharge of Indenture</I>. If at any time (a)(i) the Issuer
shall have paid or caused to be paid the principal of, premium, if any, and interest, if any, on
all the Securities Outstanding of any series (other than Securities which have been destroyed, lost
or stolen and which have been replaced or paid as provided in Section&nbsp;2.9) as and when the same
shall have become due and payable, or (ii)&nbsp;the Issuer shall have delivered to the Trustee for
cancellation all Securities of any series theretofore authenticated (other than Securities which
have been destroyed, lost or stolen and which have been replaced or paid as provided in Section
2.9), or (b)(i) the Securities of any series mature within one year, or all of them are to be
called for redemption within one year under arrangements satisfactory to the Trustee for giving the
notice of redemption, (ii)&nbsp;the Issuer
irrevocably deposits in trust with the Trustee, as trust funds solely for the benefit of the
Holders, money or U.S. Government Obligations or a combination thereof sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written
certificate delivered to the Trustee, without consideration of any reinvestment, to pay principal
of and premium and interest on the Securities to maturity or redemption, as the case may be, and to
pay all other sums payable by it hereunder, (iii)&nbsp;no Event of Default has occurred and is
continuing on the date of the deposit, (iv)&nbsp;the deposit will not result in a breach or violation
of, or constitute a default under, the Indenture or any other agreement or instrument to which the
Issuer is a party or by which it is bound, and (v)&nbsp;the Issuer delivers to the Trustee an Officers&#146;
Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided
for herein relating to the satisfaction and discharge of the Indenture have been complied with; and
if, in any such case, the Issuer shall also pay or cause to be paid all other sums payable
hereunder by the Issuer (including all amounts, payable to the Trustee pursuant to Section&nbsp;6.6),
then, (x)&nbsp;after satisfying the conditions in clause (a), only the Issuer&#146;s obligations under
Sections&nbsp;6.6 and 10.5, as applicable, will survive or (y)&nbsp;after satisfying the conditions in clause
(b), only the Issuer&#146;s or obligations in Article&nbsp;Two and Sections&nbsp;3.1, 3.2, 6.6, 6.10, 10.5, 10.6
and 10.7 will survive, and, in either case, the Trustee, on demand of the Issuer accompanied by an
Officers&#146; Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the satisfaction and discharge contemplated by this provision have been complied with,
and at the cost and expense of the Issuer, shall execute proper instruments acknowledging such
satisfaction and discharging of this Indenture. The Issuer agrees to reimburse the Trustee for any
costs or expenses thereafter reasonably and properly incurred, and to compensate the Trustee for
any services thereafter reasonably and properly rendered, by the Trustee in connection with this
Indenture or the Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE ELEVEN<BR>
MISCELLANEOUS PROVISIONS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.1. <I>Partners, Incorporators, Stockholders, Officers and Directors of Issuer Exempt
from Individual Liability</I>. No recourse under or upon any obligation,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /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">covenant or agreement
contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby,
shall be had against any incorporator, as such or against any past, present or future stockholder,
officer, director or employee, as such, of the Issuer, Hovnanian or the Guarantors or any partner
of the Issuer, Hovnanian or the Guarantors or of any successor, either directly or through the
Issuer, Hovnanian or the Guarantors or any successor, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance
of the Securities by the Holders thereof and as part of the consideration for the issue of the
Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.2. <I>Provisions of Indenture for the Sole Benefit of Parties and Holders of
Securities. </I>Nothing in this Indenture or in the Securities, expressed or implied, shall give or be
construed to give to any Person, other than the parties hereto and their successors and the Holders
of the Senior Indebtedness and the Holders of the Securities, any legal or equitable right, remedy
or claim under this Indenture or under any covenant or provision herein contained, all such
covenants and provisions being for the sole benefit of the parties hereto and their successors and
of the Holders of the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.3. <I>Successors and Assigns of Issuer Bound by Indenture. </I>All the covenants,
stipulations, promises and agreements in this Indenture contained by or on behalf of the Issuer
shall bind its successors and assigns, whether so expressed or not.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.4. <I>Notices and Demands on Issuer, Trustee and Holders of Securities. </I>Any notice
or demand which by any provision of this Indenture is required or permitted to be given or served
by the Trustee or by the Holders of Securities to or on the Issuer, or as required pursuant to the
Trust Indenture Act of 1939, may be given or served by being deposited postage prepaid, first-class
mail (except as otherwise specifically provided herein) addressed (until another address of the
Issuer is filed by the Issuer with the Trustee) to K. Hovnanian Enterprises, Inc., 110 West Front
Street, P.O. Box 500, Red Bank, New Jersey 07701. Any notice, direction, request or demand by the
Issuer or any Holder of Securities to or upon the Trustee shall be deemed to have been sufficiently
given or served by being deposited postage prepaid, first-class mail (except as otherwise
specifically provided herein) addressed (until another address of the Trustee is filed by the
Trustee with the Issuer) to Wilmington Trust Company, Rodney Square North, 1100 North Market
Street, Wilmington, DE 19890 &#091;specify series of Securities&#093;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where this Indenture provides for notice to Holders of Securities, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder entitled thereto, at his last address as it appears in
the Security register. Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event,
and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be
filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice to the Issuer when such notice is required to be given
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /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">pursuant to any
provision of this Indenture, then any manner of giving such notice as shall be reasonably
satisfactory to the Trustee shall be deemed to be sufficient notice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.5. <I>Officers&#146; Certificates and Opinions of Counsel; Statements to Be Contained
Therein. </I>Upon any application or demand by the Issuer to the Trustee to take any action under any
of the provisions of this Indenture, or as required pursuant to the Trust Indenture Act of 1939,
the Issuer or Hovnanian, as applicable, shall furnish to the Trustee an Officers&#146; Certificate
stating that all conditions precedent provided for in this Indenture relating to the proposed
action have been complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent have been complied with, except that in the case of any such
application or demand as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or demand, no additional
certificate or opinion need be furnished.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion provided for in this Indenture (other than a certificate provided
pursuant to Section&nbsp;4.3(d)) and delivered to the Trustee with respect to compliance with a
condition or covenant provided for in this Indenture shall include (a)&nbsp;a statement that the person
making such certificate or opinion has read such covenant or
condition, (b)&nbsp;a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are
based, (c)&nbsp;a statement that, in the opinion of such person, he has made such examination or
investigation as is necessary to enable him to express an opinion as to whether or not such
covenant or condition has been complied with, and (d)&nbsp;a statement as to whether or not, in the
opinion of such person, such condition or covenant has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer or Hovnanian, as applicable,
may be based, insofar as it relates to legal matters, upon a certificate or opinion of or
representations by counsel, unless such officer knows that the certificate or opinion or
representations with respect to the matters upon which his certificate, statement or opinion may be
based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same
are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it
relates to factual matters, on information with respect to which is in the possession of the
Issuer, or Hovnanian, as applicable, upon the certificate, statement or opinion of or
representations by an officer or officers of the Issuer, or Hovnanian, as applicable, unless such
counsel knows that the certificate, statement or opinion or representations with respect to the
matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous,
or in the exercise of reasonable care should know that the same are erroneous.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any certificate, statement or opinion of an officer of the Issuer or Hovnanian, as applicable,
or of counsel may be based, insofar as it relates to accounting matters, upon a certificate or
opinion of or representations by an accountant or firm of accountants in the employ of the Issuer
or Hovnanian, as applicable, unless such officer or counsel, as the case may be, knows that the
certificate or opinion or representations with respect to the accounting matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /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;Any certificate or opinion of any independent firm of public accountants filed with and
directed to the Trustee shall contain a statement that such firm is independent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.6. <I>Payments Due on Saturdays, Sundays and Holidays. </I>If the date of maturity of
principal of or interest, if any, on the Securities of any series or the date fixed for redemption,
purchase or repayment of any such Security shall not be a Business Day, then payment of interest,
if any, premium, if any, or principal need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made on the date of maturity or the
date fixed for redemption, purchase or repayment, and, in the case of payment, no interest shall
accrue for the period after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.7. <I>Conflict of Any Provision of Indenture with Trust Indenture Act of 1939. </I>If
and to the extent that any provision of this Indenture limits, qualifies or conflicts with another
provision included in this Indenture which is required to be included herein by any of Sections&nbsp;310
to 317 of the Trust Indenture Act of 1939, inclusive, or is deemed applicable to this Indenture by
virtue of the provisions of the Trust Indenture Act of 1939, such required provision shall control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.8. <I>GOVERNING LAW. </I>THIS INDENTURE, EACH SECURITY AND EACH GUARANTEE SHALL BE
DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.9. <I>Counterparts</I>. This Indenture may be executed in any number of counterparts,
each of which shall be an original; but such counterparts shall together constitute but one and the
same instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.10<I>. Effect of Headings. </I>The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 11.11. <I>No Adverse Interpretation of Other Agreements. </I>The Indenture may not be used
to interpret another indenture or loan or debt agreement of the Issuer, Hovnanian or any subsidiary
of Hovnanian, and no such indenture or loan or debt agreement may be used to interpret the
Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE TWELVE<BR>
REDEMPTION OF SECURITIES AND SINKING FUNDS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.1. <I>Applicability of Article. </I>The provisions of this Article shall be applicable
to the Securities of any series which are redeemable before their maturity or to any sinking fund
for the retirement of Securities of a series except as otherwise specified, as contemplated by
Section&nbsp;2.3 for Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.2. <I>Notice of Redemption; Partial Redemptions. </I>Notice of redemption to the
Holders of Securities of any series to be redeemed as a whole or in part at the option of the
Issuer shall be given by mailing notice of such redemption by first class
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /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">mail, postage prepaid, at
least 30&nbsp;days and not more than 60&nbsp;days prior to the date fixed for redemption to such Holders of
Securities of such series at their last addresses as they shall appear in the Security register.
Any notice which is mailed in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or
any defect in the notice to the Holder of any Security of a series designated for redemption as a
whole or in part shall not affect the validity of the proceedings for the redemption of any other
Security of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption to each such Holder shall specify (i)&nbsp;the principal amount of each
Security of such series held by such Holder to be redeemed, (ii)&nbsp;the date fixed for redemption,
(iii)&nbsp;the redemption price, (iv)&nbsp;the place or places of payment, (v)&nbsp;the CUSIP number relating to
such Securities, (vi)&nbsp;that payment will be made upon presentation and surrender of such Securities,
(vii)&nbsp;whether such redemption is pursuant to the mandatory or optional sinking fund, or both, if
such be the case, (viii)&nbsp;whether interest, if any, (or, in the case of Original Issue Discount
Securities, original issue discount) accrued to the date fixed for redemption will be paid as
specified in such notice and (ix)&nbsp;whether on and after said date interest, if any, (or, in the case
of Original Issue Discount Securities, original issue discount) thereon or on the portions thereof
to be redeemed will cease to accrue. In case
any Security of a series is to be redeemed in part only, the notice of redemption shall state
the portion of the principal amount thereof to be redeemed and shall state that on and after the
date fixed for redemption, upon surrender of such Security, a new Security or Securities of such
series in principal amount equal to the unredeemed portion thereof will be issued.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuer&#146;s request, by the Trustee in the name and at
the expense of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the redemption date specified in the notice of redemption given as provided in
this Section&nbsp;12.2, the Issuer will deposit with the Trustee or with one or more paying agents (or,
if the Issuer is acting as its own paying agent, set aside, segregate and hold in trust as provided
in Section&nbsp;3.5) an amount of money sufficient to redeem on the redemption date all the Securities
of such series so called for redemption at the appropriate redemption price, together with accrued
interest, if any, to the date fixed for redemption. The Issuer will deliver to the Trustee at
least 45&nbsp;days prior to the date fixed for redemption (unless a shorter notice period shall be
satisfactory to the Trustee) an Officers&#146; Certificate stating the aggregate principal amount of
Securities to be redeemed. In case of a redemption at the election of the Issuer prior to the
expiration of any restriction on such redemption, the Issuer shall deliver to the Trustee, prior to
the giving of any notice of redemption to Holders pursuant to this Section, an Officers&#146;
Certificate stating that such restriction has been complied with.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If less than all the Securities of a series are to be redeemed, the Trustee, within 10
Business Days after the Issuer gives written notice to the Trustee that such redemption is to
occur, shall select on a pro rata basis, by lot or in such manner as it shall deem, in its sole
discretion, appropriate and fair, Securities of such series to be redeemed. Notice of the
redemption shall be given only after such selection has been made. Securities may be redeemed in
part in denominations of $2,000 and multiples of $1,000 in excess thereof in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /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">original principal
amount of Securities, unless another minimum authorized denomination is specified for Securities of
such series, or any multiple thereof. The Trustee shall promptly notify the Issuer in writing of
the Securities of such series selected for redemption and, in the case of any Securities of such
series selected for partial redemption, the principal amount thereof to be redeemed. For all
purposes of this Indenture, unless the context otherwise requires, all provisions relating to the
redemption of Securities of any series shall relate, in the case of any Security redeemed or to be
redeemed only in part, to the portion of the principal amount of such Security which has been or is
to be redeemed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.3<I>. Payment of Securities Called for Redemption</I>. If notice of redemption has been
given as provided by this Article&nbsp;Twelve, the Securities or portions of Securities specified in
such notice shall become due and payable on the date and at the place or places stated in such
notice at the applicable redemption price, together with interest, if any accrued to the date fixed
for redemption, and on and after said date (unless the Issuer shall default in the payment of such
Securities at the redemption price, together with interest, if any, accrued to said date) interest,
if any (or, in the case of Original Issue Discount Securities, original issue discount), on the
Securities or portions of Securities so called for redemption shall cease to accrue, and such
Securities shall cease from and after the date fixed for redemption (unless an earlier date shall
be specified in a Board
Resolution, Officers&#146; Certificate or executed supplemental indenture referred to in Sections
2.1 and 2.3 by or pursuant to which the form and terms of the Securities of such series were
established) except as provided in Sections&nbsp;6.5 and 10.4, to be entitled to any benefit or security
under this Indenture, and the Holders thereof shall have no right in respect of such Securities
except the right to receive the redemption price thereof and unpaid interest, if any, to the date
fixed for redemption. On presentation and surrender of such Securities at a place of payment
specified in said notice, said Securities or the specified portions thereof shall be paid and
redeemed by the Issuer at the applicable redemption price, together with interest, if any, accrued
thereon to the date fixed for redemption; <I>provided </I>that payment of interest, if any, becoming due
on or prior to the date fixed for redemption shall be payable to the Holders of Securities
registered as such on the relevant record date subject to the terms and provisions of Sections&nbsp;2.3
and 2.7 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the redemption price shall, until paid or duly provided for, bear interest from the
date fixed for redemption at the rate of interest or Yield to Maturity (in the case of an Original
Issue Discount Security) borne by such Security.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon presentation of any Security redeemed in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the expense of
the Issuer, a new Security or Securities of such series, and of like tenor, of authorized
denominations, in principal amount equal to the unredeemed portion of the Security so presented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.4. <I>Exclusion of Certain Securities from Eligibility for Selection for Redemption.</I>
Securities shall be excluded from eligibility for selection for redemption if they are identified
by registration and certificate number in an Officers&#146; Certificate delivered to the Trustee at
least 45&nbsp;days prior to the last date on which notice of redemption
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /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">may be given as being owned of
record and beneficially by, and not pledged or hypothecated by either (a)&nbsp;the Issuer, or (b)&nbsp;a
Person specifically identified in such written statement as an Affiliate of the Issuer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 12.5<I>. Mandatory and Optional Sinking Funds. </I>The minimum amount of any sinking fund
payment provided for by the terms of the Securities of any series is herein referred to as a
&#147;mandatory sinking fund payment,&#148; and any payment in excess of such minimum amount provided for by
the terms of the Securities of any series is herein referred to as an &#147;optional sinking fund
payment.&#148; The date on which a sinking fund payment is to be made is herein referred to as the
&#147;sinking fund payment date.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In lieu of making all or any part of any mandatory sinking fund payment with respect to any
series of Securities in cash, the Issuer may at its option (a)&nbsp;deliver to the Trustee Securities of
such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the
mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the
Issuer and delivered to the Trustee for cancellation pursuant to Section&nbsp;2.10, (b)&nbsp;receive credit
for optional sinking fund payments (not previously so credited) made pursuant to this Section&nbsp;12.5,
or (c)&nbsp;receive credit for Securities of such series (not previously so credited) redeemed by the
Issuer through any
optional redemption provision contained in the terms of such series. Securities so delivered
or credited shall be received or credited by the Trustee at the sinking fund redemption price
specified in such Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before the 60th day next preceding each sinking fund payment date for any series, the
Issuer will deliver to the Trustee an Officers&#146; Certificate (a)&nbsp;specifying the portion of the
mandatory sinking fund payment to be satisfied by payment of cash and the portion to be satisfied
by credit of Securities of such series and the basis for such credit, (b)&nbsp;stating that none of the
Securities of such series to be so credited has theretofore been so credited, (c)&nbsp;stating that no
defaults in the payment of interest or Events of Default with respect to such series have occurred
(which have not been waived or cured or otherwise ceased to exist) and are continuing, and (d)
stating whether or not the Issuer intends to exercise its right to make an optional sinking fund
payment with respect to such series and, if so, specifying the amount of such optional sinking fund
payment which the Issuer intends to pay on or before the next succeeding sinking fund payment date.
Any Securities of such series to be credited and required to be delivered to the Trustee in order
for the Issuer to be entitled to credit therefor as aforesaid which have not theretofore been
delivered to the Trustee shall be delivered for cancellation pursuant to Section&nbsp;2.10 to the
Trustee with such Officers&#146; Certificate (or reasonably promptly thereafter if acceptable to the
Trustee). Such Officers&#146; Certificate shall be irrevocable and upon its receipt by the Trustee the
Issuer shall become unconditionally obligated to make all the cash payments or payments therein
referred to, if any, on or before the next succeeding sinking fund payment date. Failure of the
Issuer, on or before any such 60th day, to deliver such Officers&#146; Certificate and Securities
(subject to the parenthetical clause in the second preceding sentence) specified in this paragraph,
if any, shall not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i)&nbsp;that the mandatory sinking fund payment for such series due
on the next succeeding sinking fund payment date shall be paid entirely in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /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">cash without the option
to deliver or credit Securities of such series in respect thereof, and (ii)&nbsp;that the Issuer will
make no optional sinking fund payment with respect to such series as provided in this Section&nbsp;12.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000, or a lesser sum if the Issuer shall so request with
respect to the Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such series at the sinking
fund redemption price together with accrued interest, if any, to the date fixed for redemption. If
such amount shall be $50,000 or less and the Issuer makes no such request, then it shall be carried
over until a sum in excess of $50,000 is available. The Trustee shall select, in the manner
provided in Section&nbsp;12.2, for redemption on such sinking fund payment date a sufficient principal
amount of Securities of such series to absorb said cash, as nearly as may be, and shall (if
requested in writing by the Issuer) inform the Issuer of the serial numbers of the Securities of
such series (or portions thereof) so selected. The Issuer, or the Trustee, in the name and at the
expense of the Issuer (if the Issuer shall so request the Trustee in writing) shall cause notice of
redemption of the Securities of such series to be given in substantially the manner provided in
Section&nbsp;12.2 (and with the effect provided in Section&nbsp;12.3) for the redemption of Securities of
such series in part at the option of the Issuer. The amount of any sinking fund
payments not so applied or allocated to the redemption of Securities of such series shall be
added to the next cash sinking fund payment for such series and, together with such payment, shall
be applied in accordance with the provisions of this Section&nbsp;12.5. Any and all sinking fund moneys
held on the stated maturity date of the Securities of any particular series (or earlier, if such
maturity is accelerated), which are not held for the payment or redemption of particular Securities
of such series shall be applied, together with other moneys, if necessary, sufficient for the
purpose, to the payment of the principal of, and interest, if any, on, the Securities of such
series at maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On or before 9:00 A.M. on each sinking fund payment date, the Issuer shall pay to the Trustee
in cash or shall otherwise provide for the payment of all interest, if any, accrued to the date
fixed for redemption on Securities to be redeemed on such sinking fund payment date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or give any notice of redemption of Securities for such series by operation of the
sinking fund during the continuance of a default in payment of interest on such Securities or of
any Event of Default with respect to such series except that, where the giving of notice of
redemption of any Securities shall theretofore have been made, the Trustee shall redeem or cause to
be redeemed such Securities, <I>provided </I>that it shall have received from the Issuer a sum sufficient
for such redemption. Except as aforesaid, and subject to Article&nbsp;Thirteen, any moneys in the
sinking fund for such series at the time when any such default or Event of Default known to a
Responsible Officer of the Trustee shall occur, and any moneys thereafter paid into the sinking
fund, shall, during the continuance of such default or Event of Default, be deemed to have been
collected under Article&nbsp;Five and held for the payment of all such Securities. In case such Event
of Default shall have
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /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">been waived as provided in Section&nbsp;5.7 or the default cured on or before the
60th day preceding the sinking fund payment date in any year, such moneys shall thereafter be
applied on the next succeeding sinking fund payment date in accordance with this Section to the
redemption of such Securities.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE THIRTEEN<BR>
SUBORDINATION
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.1. <I>Securities Subordinated to Senior Indebtedness. </I>(a)&nbsp;The Issuer covenants and
agrees, and each Holder of Securities of each series, by his acceptance thereof, likewise covenants
and agrees, that anything in this Indenture or the Securities of any series to the contrary
notwithstanding, the indebtedness evidenced by the Securities of each series is subordinate and
junior in right of payment, to the extent provided herein, to all Senior Indebtedness, whether
outstanding on the date of execution of this Indenture or thereafter created, incurred or assumed,
and that the subordination is for the benefit of the holders of Senior Indebtedness.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to Section&nbsp;13.4, if (i)&nbsp;the Issuer shall default in the payment of any principal
of, premium, if any, or interest, if any, on any Senior Indebtedness when the same becomes due and
payable, whether at maturity or at a date fixed for prepayment or by declaration of acceleration or
otherwise, or (ii)&nbsp;any other default shall occur with respect to Senior Indebtedness and the
maturity of such Senior Indebtedness has been accelerated in
accordance with its terms, then, upon written notice of such default to the Issuer and the
Trustee by the holders of Senior Indebtedness or any trustee therefor, unless and until, in either
case, the default has been cured or waived, or has ceased to exist, or any such acceleration has
been rescinded or such Senior Indebtedness has been paid in full, no direct or indirect payment (in
cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account
of the principal of, premium, if any, or interest, if any, on any of the Securities, or in respect
of any redemption, retirement, purchase or other acquisition of any of the Securities other than
those made in capital stock of the Issuer (or cash in lieu of fractional shares thereof).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If any default (other than a default described in paragraph (b)&nbsp;of this Section&nbsp;13.1)
shall occur under the Senior Indebtedness, pursuant to which the maturity thereof may be
accelerated immediately without further notice (except such notice as may be required to effect
such acceleration) or the expiration of any applicable grace periods occurs (a &#147;Senior Nonmonetary
Default&#148;), then, upon the receipt by the Issuer and the Trustee of written notice thereof (a
&#147;Payment Notice&#148;) from or on behalf of holders of not less than 25% in aggregate principal amount
of the Senior Indebtedness outstanding specifying an election to prohibit such payment and other
action by the Issuer in accordance with the following provisions of this paragraph (c), the Issuer
may not make any payment or take any other action that would be prohibited by paragraph (b)&nbsp;of this
Section&nbsp;13.1 during the period (the &#147;Payment Blockage Period&#148;) commencing on the date of receipt of
such Payment Notice and ending on the earlier of (i)&nbsp;the date, if any, on which the holders of such
Senior Indebtedness or their representative notify the Trustee that such Senior Nonmonetary Default
is cured or waived or ceases to exist or the Senior Indebtedness to which such Senior Nonmonetary
Default relates is discharged or (ii)&nbsp;the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /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">120th day after the date of receipt of such Payment
Notice. Notwithstanding the provisions described in the immediately preceding sentence, the Issuer
may resume payments on the Securities following such Payment Blockage Period. In no event shall a
Payment Blockage Period extend beyond 120&nbsp;days from the date of the receipt by the Trustee of the
Payment Notice (the &#147;Initial Period&#148;). Any number of additional Payment Blockage Periods may be
commenced during the Initial Period; <I>provided</I>, <I>however</I>, that no such additional period shall extend
beyond the Initial Period. After the expiration of the Initial Period, no Payment Blockage Period
may be commenced on the basis of a Senior Nonmonetary Default on the Senior Indebtedness which was
the basis of a Payment Blockage Period commenced during the Initial Period until at least 270
consecutive days have elapsed from the last day of the Initial Period. No Senior Nonmonetary
Default with respect to Senior Indebtedness which existed or was continuing on the date of the
commencement of any Payment Blockage Period and of which the applicable holder(s) of Senior
Indebtedness are aware shall be, or can be made, the basis for the commencement of a second Payment
Blockage Period whether or not within a period of 270 consecutive days unless such event of default
shall have been cured or waived for a period of not less than 90 consecutive days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If (i) (A)&nbsp;without the consent of the Issuer, a receiver, conservator, liquidator or
trustee of the Issuer or of any of its property is appointed by the order or decree of any court or
agency or supervisory authority having jurisdiction, and such decree or order remains in effect for
more than 60&nbsp;days or (B)&nbsp;the Issuer is adjudicated bankrupt or insolvent or (C)&nbsp;any of its property
is sequestered by court order and such order remains in
effect for more than 60&nbsp;days or (D)&nbsp;a petition is filed against the Issuer under any state or
federal bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution,
liquidation or receivership law of any jurisdiction whether now or hereafter in effect (including
without limitation the Bankruptcy Code), and is not dismissed within 60&nbsp;days after such filing; or
(ii)&nbsp;the Issuer (A)&nbsp;commences a voluntary case or other proceeding seeking liquidation,
reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or other
relief with respect to itself or its debt or other liabilities under any bankruptcy, insolvency or
other similar law now or hereafter in effect (including without limitation the Bankruptcy Code) or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of
it or any substantial part of its property, or (B)&nbsp;consents to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against it, or (C)&nbsp;fails generally to, or cannot, pay its debts generally as they become
due or (D)&nbsp;takes any corporate action to authorize or effect any of the foregoing; or (iii)&nbsp;any
Subsidiary of the Issuer takes, suffers or permits to exist any of the events or conditions
referred to in the foregoing clause (i)&nbsp;or (ii), then all Senior Indebtedness (including any
interest thereon accruing after the commencement of any such proceedings) shall first be paid in
full before any payment or distribution, whether in cash, securities or other property, shall be
made to any Holder of any Securities on account thereof. Any payment or distribution, whether in
cash, securities or other property (other than securities of the Issuer or any other corporation
provided for by a plan of
reorganization or readjustment the payment of which is subordinate, at
least to the extent provided in these subordination provisions with respect to the indebtedness
evidenced by the Securities to the payment of all Senior Indebtedness then outstanding and to any
securities issued in respect thereof under any such plan of

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /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">reorganization or adjustment) which
would otherwise (but for these subordination provisions) be payable or deliverable in respect of
the Securities of any series shall be paid or delivered directly to the holders of Senior
Indebtedness in accordance with the priorities then existing among such holders until all Senior
Indebtedness (including any interest thereon accruing after the commencement of any such
proceedings) shall have been paid in full. In the event of any such proceeding, after payment in
full of all sums owing with respect to Senior Indebtedness, the Holders of the Securities, together
with the holders of any obligations of the Issuer ranking on a parity with the Securities, shall be
entitled to be paid from the remaining assets of the Issuer the amounts at the time due and owing
on account of unpaid principal of and interest, if any, on the Securities and such other
obligations before any payment or other distribution, whether in cash, property or otherwise, shall
be made on account of any capital stock or any obligations of the Issuer ranking junior to the
Securities and such other obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If, notwithstanding the foregoing, any payment or distribution of any character, whether
in cash, securities or other property (other than securities of the Issuer or any other corporation
provided for by a plan of reorganization or readjustment the payment of which is subordinate, at
least to the extent provided in the subordination provisions with respect to the indebtedness
evidenced by the Securities, to the payment of all Senior Indebtedness then outstanding and to any
securities issued in respect thereof under any such plan of reorganization or readjustment), shall
be received by the Trustee or any Holder in contravention of any of the terms hereof, such payment
or distribution of securities shall be received in trust for the benefit of and shall be paid over
or delivered and transferred to the holders of the Senior Indebtedness then outstanding in
accordance with the priorities
then existing among such holders for application to the payment of all Senior Indebtedness
remaining unpaid, to the extent necessary to pay all such Senior Indebtedness in full. In the
event of the failure of the Trustee or any Holder to endorse or assign any such payment,
distribution or security, each holder of Senior Indebtedness is hereby irrevocably authorized to
endorse or assign the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No present or future holder of any Senior Indebtedness shall be prejudiced in the right to
enforce subordination of the indebtedness evidenced by the Securities by any act or failure to act
on the part of the Issuer or any Holder of Securities. Nothing contained herein shall impair, as
between the Issuer and the Holders of Securities of each series, the obligation of the Issuer to
pay to such Holders the principal of and interest, if any, on such Securities or prevent the
Trustee or the Holder from exercising all rights, powers and remedies otherwise permitted by
applicable law or hereunder upon a default or Event of Default hereunder, all subject to the rights
of the holders of the Senior Indebtedness to remove cash, securities or other property otherwise
payable or deliverable to the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Senior Indebtedness shall not be deemed to have been paid in full unless the holders
thereof shall have received cash, securities or other property equal to the amount of such Senior
Indebtedness then outstanding. Upon the payment in full of all Senior Indebtedness, the Holders of
Securities of each series shall be subrogated to all rights of any holders of Senior Indebtedness
to receive any further payment or distributions applicable to the Senior Indebtedness until the
indebtedness evidenced by the Securities of such series shall have been paid in full and such
payments or distributions received by such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /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">Holders, by reason of such subrogation, of cash,
securities or other property which otherwise would be paid or distributed to the holders of Senior
Indebtedness, shall, as between the Issuer and its creditors other than the holders of Senior
Indebtedness, on the one hand, and such Holders, on the other hand, be deemed to be a payment by
the Issuer on account of Senior Indebtedness, and not on account of the Securities of such series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The provisions of this Section&nbsp;13.1 shall not impair any rights, interests, remedies or
powers of any secured creditor of the Issuer in respect of any security interest the creation of
which is not prohibited by the provisions of this Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;The securing of any obligations of the Issuer, otherwise ranking on a parity with the
Securities, shall not be deemed to prevent such obligations from constituting obligations ranking
on a parity with the Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION
13.2. <i>Reliance on Certificate of Liquidating Agent; Further Evidence as to Ownership
of Senior Indebtedness.</i> Upon any payment or distribution of assets of the Issuer, the Trustee and
the Holders shall be entitled to rely upon an order or decree issued by any court of competent
jurisdiction in which such dissolution or winding up or liquidation or reorganization or
arrangement proceedings are pending or upon a certificate of the bankruptcy trustee, receiver,
assignee for the benefit of creditors or other Person making such payment or distribution,
delivered to the Trustee or to the Holders, for the purpose of ascertaining the Persons entitled to
participate in such distribution, the holders of the Senior Indebtedness and other indebtedness of
the Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed
thereon and all other facts pertinent thereto or to this Article&nbsp;Thirteen. In the absence of any
such bankruptcy trustee,
receiver, assignee or other Person, the Trustee shall be entitled to rely upon written notice
by a Person representing himself to be a holder of Senior Indebtedness (or a trustee or
representative on behalf of such holder) as evidence that such Person is a holder of Senior
Indebtedness (or is such a trustee or representative). If the Trustee determines, in good faith,
that further evidence is required with respect to the right of any Person as a holder of Senior
Indebtedness to participate in any payment or distributions pursuant to this Article&nbsp;Thirteen, the
Trustee may request such Person to furnish evidence to the reasonable satisfaction of the Trustee
as to the amount of Senior Indebtedness held by such Person, as to the extent to which such Person
is entitled to participate in such payment or distribution, and to other facts pertinent to the
rights of such Person under this Article&nbsp;Thirteen, and if such evidence is not furnished, the
Trustee may defer any payment to such Person pending judicial determination as to the right of such
Person to receive such payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.3. <I>Payment Permitted If No Default. </I>Nothing contained in this Article&nbsp;Thirteen
or elsewhere in this Indenture, or in any of the Securities, shall prevent (a)&nbsp;the Issuer at any
time, except during the pendency of any default with respect to Senior Indebtedness described in
Section&nbsp;13.1(b) or Section&nbsp;13.1(c) or of any of the events described in Section&nbsp;13.1(d), from
making payments of the principal of or interest, if any, on the Securities, or (b)&nbsp;the application
by the Trustee or any paying agent of any moneys deposited with it hereunder to payments of the
principal of or interest, if any, on the Securities, if, at the time of such deposit, the Trustee
or such paying agent, as the case may be, did not have the written notice provided for in Section
13.5 of any event prohibiting the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /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">making of such deposit, or if, at the time of such deposit
(whether or not in trust) by the Issuer with the Trustee or paying agent (other than the Issuer)
such payment would not have been prohibited by the provisions of this Article&nbsp;Thirteen, and the
Trustee or any paying agent shall not be affected by any notice to the contrary received by it on
or after such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.4. <I>Disputes with Holders of Certain Senior Indebtedness</I>. Any failure by the
Issuer to make any payment on or under any Senior Indebtedness, other than any Senior Indebtedness
as to which the provisions of this Section&nbsp;13.4 shall have been waived by the Issuer in the
instrument or instruments by which the Issuer incurred, assumed, guaranteed or otherwise created
such Senior Indebtedness, shall not be deemed a default under Section&nbsp;13.1 hereof if (i)&nbsp;the Issuer
shall be disputing its obligation to make such payment or perform such obligation, and (ii)&nbsp;either
(A)&nbsp;no final judgment relating to such dispute shall have been issued against the Issuer which is
in full force and effect and is not subject to further review, including a judgment that has become
final by reason of the expiration of the time within which a party may seek further appeal or
review, or (B)&nbsp;if a judgment that is subject to further review or appeal has been issued, the
Issuer shall in good faith be prosecuting an appeal or other proceeding for review, and a stay of
execution shall have been obtained pending such appeal or review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.5. <I>Trustee Not Charged with Knowledge of Prohibition. </I>Anything in this Article
Thirteen or elsewhere in this Indenture contained to the contrary notwithstanding, the Trustee
shall not at any time be charged with knowledge of the existence of any facts which would prohibit
the making of any payment of moneys to or by the Trustee and shall be entitled to assume
conclusively that no such facts exist and that no event specified in clauses (b)&nbsp;and (c)&nbsp;of Section
13.1 has happened unless and until the
Trustee shall have received an Officers&#146; Certificate to the effect or notice in writing to
that effect signed by or on behalf of the holder or holders, or the representatives, of Senior
Indebtedness who shall have been certified by the Issuer or otherwise established to the reasonable
satisfaction of the Trustee to be such holder or holders or representatives or from any trustee
under any indenture pursuant to which such Senior Indebtedness shall be outstanding; <I>provided</I>,
<I>however</I>, that, if the Trustee shall not have received the Officers&#146; Certificate or notice provided
for in this Section&nbsp;13.5 at least three Business Days preceding the date upon which by the terms
hereof any moneys become payable for any purpose (including, without limitation, the payment of
either the principal of or interest, if any, on any Security), then, anything herein contained to
the contrary notwithstanding, the Trustee shall have full power and authority to receive such
moneys and apply the same to the purpose for which they were received and shall not be affected by
any notice to the contrary that may be received by it within three Business Days preceding such
date. The Issuer shall give prompt written notice to the Trustee and to each paying agent of any
facts that would prohibit any payment of moneys to or by the Trustee or any paying agent, and the
Trustee shall not be charged with knowledge of the curing of any default or the elimination of any
other fact or condition preventing such payment or distribution unless and until the Trustee shall
have received an Officers&#146; Certificate to such effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.6. <I>Trustee to Effectuate Subordination</I>. Each Holder of Securities by his
acceptance thereof authorizes and directs the Trustee on his behalf to take such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /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">action as may be
necessary or appropriate to effectuate the subordination as between such Holder and holders of
Senior Indebtedness as provided in this Article&nbsp;Thirteen and appoints the Trustee its
attorney-in-fact for any and all such purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.7. <I>Rights of Trustee as Holder of Senior Indebtedness. </I>The Trustee shall be
entitled to all the rights set forth in this Article&nbsp;Thirteen with respect to any Senior
Indebtedness which may at the time be held by it, to the same extent as any other holder of Senior
Indebtedness and nothing in this Indenture shall deprive the Trustee of any of its rights as such
holder. Nothing in this Article&nbsp;Thirteen shall apply to claims of, or payments to, the Trustee
under or pursuant to Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.8. <I>Article&nbsp;Applicable to Paying Agents. </I>In case at any time any paying agent
other than the Trustee shall have been appointed by the Issuer and be then acting hereunder, the
term &#147;Trustee&#148; as used in this Article&nbsp;Thirteen shall in such case (unless the context shall
otherwise require) be construed as extending to and including such paying agent within its meaning
as fully for all intents and purposes as if the paying agent were named in this Article&nbsp;Thirteen in
addition to or in place of the Trustee; <I>provided</I>, <I>however</I>, that Sections&nbsp;13.5 and 13.7 shall not
apply to the Issuer if it acts as paying agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.9. <I>Subordination Rights Not Impaired by Acts or Omissions of the Issuer or
Holders of Senior Indebtedness. </I>No right of any present or future holders of any Senior
Indebtedness to enforce subordination as herein provided shall at any time in any way be prejudiced
or impaired by any act or failure to act on the part of the Issuer or by any act or failure to act,
in good faith, by any such holder, or by any noncompliance by the Issuer with the terms, provisions
and covenants of this Indenture, regardless of any knowledge thereof which any such holder may have
or be otherwise charged with. The holders of Senior Indebtedness, may at any time or from time to
time and in their absolute
direction, change the manner, place or terms of payment, change or extend the time of payment
of, or renew or alter, any such Senior Indebtedness, or amend or supplement any instrument pursuant
to which any such Senior Indebtedness is issued or by which it may be secured, or release any
security therefor, or exercise or refrain from exercising any other of their rights under such
Senior Indebtedness, including, without limitation, the waiver of default thereunder, all without
notice to or assent from the Holders of the Securities or the Trustee and without affecting the
obligations of the Issuer, the Trustee or the Holders of Securities under this Article&nbsp;Thirteen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 13.10. <I>Trustee Not Fiduciary for Holders of Senior Indebtedness</I>. The Trustee shall
not be deemed to owe any fiduciary duty to the holders of the Senior Indebtedness, and shall not be
liable to any such holders if it shall mistakenly pay over or distribute money or assets to
Securityholders or the Issuer. With respect to the holders of Senior Indebtedness, the Trustee
undertakes to perform or to observe only such of its covenants or obligations as are specifically
set forth in this Article&nbsp;Thirteen and no implied covenants or obligations with respect to holders
of Senior Indebtedness shall be read into this Indenture against the Trustee.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /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;SECTION 13.11<I>. Applicability of Article</I>. Unless specified otherwise pursuant to Section&nbsp;2.3
for Securities of a series, this Article&nbsp;Thirteen shall apply to each series of Securities issued
under this Indenture.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FOURTEEN<BR>
SUBORDINATED GUARANTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.1. <I>Applicability of Article</I>. The provisions of this Article shall be applicable
to Hovnanian and to each of the Guarantors specified pursuant to Section&nbsp;2.3 for the Guarantee of
Securities of a series.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.2. <I>Guarantee</I>. Each Guarantor of a particular series of Securities hereby
unconditionally guarantees (each such guarantee to be referred to herein as a &#147;Guarantee&#148;), jointly
and severally with each other Guarantor of the Securities of that series, if any, to each Holder of
such Securities authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, irrespective of the validity and enforceability of this Indenture, such Securities or
the obligations of the Issuer hereunder or thereunder, (i)&nbsp;the due and punctual payment of the
principal of and any premium or interest on such Securities, whether at maturity or on an interest
payment date, by acceleration, pursuant to an offer to purchase such Securities or otherwise, and
interest on the overdue principal of and interest, if any, on such Securities, if lawful, and all
other obligations of the Issuer to the Holders of such Securities or the Trustee hereunder or
thereunder shall be promptly paid in full, all in accordance with the terms hereof and thereof
including all amounts payable to the Trustee under Section&nbsp;6.6 hereof, and (ii)&nbsp;in case of any
extension of time of payment or renewal of any such Securities or any of such other obligations,
the same shall be promptly paid in full when due or to be performed in accordance with the terms of
the extension or renewal, whether at stated maturity, by acceleration or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Issuer fails to make any payment when due of any amount so guaranteed for whatever
reason, the Guarantor of the Securities of that series shall be obligated, jointly and severally
with each other Guarantor, if any, to pay the same immediately. Each Guarantor hereby agrees that
its obligations hereunder shall be continuing, absolute and unconditional, irrespective of, and
shall be unaffected by, the validity, regularity or enforceability of the Securities, this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of
the Securities or the Trustee with respect to any provisions hereof or thereof, the recovery of any
judgment against the Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of such Guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, demand of performance, filing of claims
with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, the benefit of discussion, protest, notice and all demand
whatsoever and covenants that its Guarantee shall not be discharged except by complete performance
of the obligations contained in the Securities guaranteed by such Guarantee, in this Indenture and
in this Article&nbsp;Fourteen. If any Holder of Securities of a series guaranteed hereby or the Trustee
is required by any court or otherwise to return to the Issuer or any Guarantor of such Securities,
or any custodian,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /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">trustee, liquidator or other similar official acting in relation to the Issuer or
any Guarantor, any amount paid by the Issuer or any Guarantor of such Securities to the Trustee or
such Holder, this Article&nbsp;Fourteen, to the extent theretofore discharged with respect to any
Guarantee of such Securities, shall be reinstated in full force and effect. Each Guarantor agrees
that it shall not be entitled to any right of subrogation in relation to the Holders of Securities
of a series guaranteed hereby by such Guarantor in respect of any obligations guaranteed hereby by
such Guarantee until payment in full of all such obligations. Each Guarantor further agrees that,
as between such Guarantor, on the one hand, and the Holders of Securities of a series guaranteed
hereby by such Guarantor and the Trustee on the other hand, (i)&nbsp;the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article&nbsp;Five hereof for the purposes of such
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby and (ii)&nbsp;in the event of any acceleration of such
obligations as provided in Article&nbsp;Five hereof such obligations (whether or not due and payable)
shall forthwith become due and payable by such Guarantor, jointly and severally with any other
Guarantor of such Securities, for the purpose of this Article&nbsp;Fourteen. In addition, without
limiting the foregoing, upon the effectiveness of an acceleration under Article&nbsp;Five, the Trustee
may make a demand for payment on the Securities under any Guarantee provided hereunder and not
discharged.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Guarantee by a Guarantor, such Guarantor shall be subrogated to all
rights of the Holder of any Securities guaranteed hereby by such Guarantee against the Issuer in
respect of any amounts paid to such Holder by such Guarantor pursuant to the provisions of such
Guarantee; <I>provided </I>that the Guarantor shall not be entitled to enforce, or to receive any payments
arising out of or based upon, such right of subrogation until the principal of and interest on all
such Securities shall have been paid in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee set forth in this Section&nbsp;14.2 shall not be valid or become obligatory for any
purpose with respect to a Security until the certificate of authentication on such Security shall
have been signed by the Trustee or any duly appointed agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.3<I>. Guarantee Subordinated to Senior Indebtedness of the Guarantor</I>. Each
Guarantor agrees, and each Holder of the Securities by his acceptance thereof likewise agrees, that
the payments pursuant to the Guarantee by each Guarantor shall be subordinated in accordance with
the following provisions of this Article&nbsp;Fourteen unless, with respect to any series of Securities,
specified otherwise pursuant to Section&nbsp;2.3, to the prior payment in full of all Senior
Indebtedness of each Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Article&nbsp;Fourteen shall constitute a continuing offer to all persons who, in reliance upon
such provisions, become holders of, or continue to hold, Senior Indebtedness of each Guarantor, and
such provisions are made for the benefit of the holders of Senior Indebtedness of each Guarantor,
and such holders are made obligees hereunder and any one or more of them may enforce such
provisions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.4. <I>Guarantors Not to Make Payments With Respect to Securities in Certain
Circumstances. </I>(a)&nbsp;Upon the maturity of the principal of any Senior Indebtedness
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /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">of each
Guarantor (other than payment of sinking fund installments) by lapse of time, acceleration or
otherwise, all principal thereof and interest thereon shall first be paid in full, or such payment
duly provided for in cash or in a manner satisfactory to the holders of such Senior Indebtedness of
each Guarantor, before any payment, pursuant to the Guarantee, is made on account of the principal
or interest on the Securities or to acquire any of the Securities or on account of the mandatory
redemption provisions in the Securities (except mandatory redemption payments made in respect of
Securities acquired by each Guarantor before the maturity of such Senior Indebtedness of each
Guarantor).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless Section&nbsp;14.5 shall be applicable, if (i)&nbsp;a Guarantor shall default in the payment
of any principal of, premium, if any, or interest, if any, on any Senior Indebtedness when the same
becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration of
acceleration or otherwise, or (ii)&nbsp;any other default shall occur with respect to Senior
Indebtedness and the maturity of such Senior Indebtedness has been accelerated in accordance with
its terms, then, upon written notice of such default to the Guarantor and the Trustee by the
holders of Senior Indebtedness or any trustee therefor, unless and until, in either case, the
default has been cured or waived, or has ceased to exist, or any such acceleration has been
rescinded or such Senior Indebtedness has been paid in full, no direct or indirect payment (in
cash, property, securities, by set-off or otherwise) shall be made or agreed to be made on account
of the principal of, premium, if any, or interest, if any, on any of the Securities, or in respect
of any redemption, retirement, purchase or other acquisition of any of the Securities other than
those made in capital stock of the Guarantor (or cash in lieu of fractional shares thereof).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Unless Section&nbsp;14.5 shall be applicable, If any default (other than a default described in
paragraph (b)&nbsp;of this Section&nbsp;14.4) shall occur under the Senior Indebtedness, pursuant to which
the maturity thereof may be accelerated immediately without further notice (except such notice as
may be required to effect such acceleration) or the expiration of any applicable grace periods
occurs (a &#147;Guarantor Senior Nonmonetary Default&#148;), then,
upon the receipt by the applicable Guarantor and the Trustee of written notice thereof (a
&#147;Guarantor Payment Notice&#148;) from or on behalf of holders of not less than 25% in aggregate
principal amount of the Senior Indebtedness of such Guarantor outstanding specifying an election to
prohibit such payment and other action by the Guarantor in accordance with the following provisions
of this paragraph (c), the Guarantor may not make any payment or take any other action that would
be prohibited by paragraph (b)&nbsp;of this Section&nbsp;14.4 during the period (the &#147;Guarantor Payment
Blockage Period&#148;) commencing on the date of receipt of such Guarantor Payment Notice and ending on
the earlier of (i)&nbsp;the date, if any, on which the holders of such Senior Indebtedness or their
representative notify the Trustee that such Guarantor Senior Nonmonetary Default is cured or waived
or ceases to exist or the Senior Indebtedness to which such Guarantor Senior Nonmonetary Default
relates is discharged or (ii)&nbsp;the 120th day after the date of receipt of such Guarantor Payment
Notice. Notwithstanding the provisions described in the immediately preceding sentence, the
Guarantor may resume payments on the Securities following such Guarantor Payment Blockage Period.
In no event shall a Guarantor Payment Blockage Period extend beyond 120&nbsp;days from the date of the
receipt by the Trustee of the Guarantor Payment Notice (the &#147;Guarantor Initial Period&#148;). Any
number of additional Guarantor Payment Blockage Periods may be commenced during the Guarantor
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /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">Initial Period; <I>provide</I>d, <I>however</I>, that no such additional period shall extend beyond the Guarantor
Initial Period. After the expiration of the Guarantor Initial Period, no Guarantor Payment
Blockage Period may be commenced on the basis of a Guarantor Senior Nonmonetary Default on the
Senior Indebtedness which was the basis of a Guarantor Payment Blockage Period commenced during the
Guarantor Initial Period until at least 270 consecutive days have elapsed from the last day of the
Guarantor Initial Period. No Guarantor Senior Nonmonetary Default with respect to Senior
Indebtedness which existed or was continuing on the date of the commencement of any Payment
Blockage Period and of which the applicable holder(s) of Senior Indebtedness are aware shall be, or
can be made, the basis for the commencement of a second Guarantor Payment Blockage Period whether
or not within a period of 270 consecutive days unless such event of default shall have been cured
or waived for a period of not less than 90 consecutive days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that notwithstanding the provisions of this Section&nbsp;14.4 each Guarantor shall
make, pursuant to this Guarantee, any payment or distribution of any character to the Trustee on
account of the principal of or interest on the Securities, or on account of the mandatory
redemption provisions, after the happening of an event of default with respect to any Senior
Indebtedness of each Guarantor based on a default in the payment of the principal or interest on
Senior Indebtedness of each Guarantor, or after receipt by the Trustee of a Guarantor Payment
Notice as provided in this Section&nbsp;14.4 or after the acceleration of the Securities of any series
pursuant to Section&nbsp;5.1, then, but only if the Trustee is in receipt of the notice specified in
Section&nbsp;14.8, unless and until such default or event of default shall have been cured or waived or
shall have ceased to exist, or such acceleration shall have been rescinded, such payment (subject
to the provisions of Sections&nbsp;14.8 and 14.9) shall be held by the Trustee in trust for the benefit
of, and, if the Senior Indebtedness of each Guarantor shall have been declared immediately due and
payable, shall be paid forthwith over and delivered to, the holders of Senior Indebtedness of each
Guarantor (pro rata as to each of such holders on the basis of the respective amounts of Senior
Indebtedness of each Guarantor held by them) or their representative or the trustee under the
indenture or other agreement (if any) pursuant to which Senior
Indebtedness of each Guarantor may have been issued, as their respective interests may appear,
such payments to be made in accordance with an Officers&#146; Certificate as provided in Section&nbsp;11.5
(on which the Trustee may conclusively rely) identifying all holders of Senior Indebtedness of each
Guarantor and the principal amount of Senior Indebtedness of each Guarantor then outstanding held
by each and stating the reasons why such Officers&#146; Certificate is being delivered to the Trustee,
for application to the payment of all Senior Indebtedness of each Guarantor remaining unpaid to the
extent necessary to pay all Senior Indebtedness of each Guarantor in full in accordance with its
terms, after giving effect to any concurrent payment or distribution to or for the holders of
Senior Indebtedness of each Guarantor. In the event of the failure of any Holder of a Security to
endorse or assign any such payment or distribution, each holder of Senior Indebtedness of each
Guarantor is hereby irrevocably authorized to endorse or assign the same. Each Guarantor shall
give prompt notice to the Trustee of any default under any Senior Indebtedness of each Guarantor or
under any agreement pursuant to which Senior Indebtedness of each Guarantor may have been issued.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /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;SECTION 14.5<I>. Guarantee Subordinated to Prior Payment of All Senior Indebtedness of each
Guarantor on Dissolution, Winding Up, Liquidation or Reorganization of a Guarantor</I>. In the event
of (i)&nbsp;any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment,
composition or other similar proceeding relating to a Guarantor, its creditors or its property,
(ii)&nbsp;any case or proceeding for the liquidation, dissolution or other winding-up of a Guarantor,
voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings, (iii)&nbsp;any
assignment by such Guarantor for the benefit of creditors, or (iv)&nbsp;any other marshalling of the
assets of such Guarantor:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the holders of all Senior Indebtedness of such Guarantor shall first be entitled
to receive payment in full (or to have such payment duly provided for) of the principal and
interest due thereon (including any interest thereon accruing after commencement of any
such proceeding) before the Holders of the Securities are entitled to receive, pursuant to
this Guarantee any payment or any distribution, whether in cash, securities or other
property, on account of the principal or interest on the Securities;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any payment or distribution of assets of such Guarantor of any kind or character,
whether in cash, property or securities (other than securities of such Guarantor as
reorganized or readjusted or securities of such Guarantor or any other company, trust or
corporation provided for by a plan of reorganization or readjustment, junior or the payment
of which is otherwise subordinate, at least to the extent provided in this Article, to the
payment of all Senior Indebtedness of such Guarantor at the time outstanding and to the
payment of all securities issued in exchange therefor to the holders of the Senior
Indebtedness of such Guarantor at the time outstanding), to which the Holders of the
Securities or the Trustee on behalf of the Holders of the Securities would be entitled,
pursuant to this Guarantee except for the provisions of this Article&nbsp;Fourteen, including
any such payment or distribution which may be payable or deliverable by reason of the
payment of any other indebtedness of such Guarantor being subordinated to the payment of
the Securities, shall be paid by the liquidating trustee or agent or other person making
such payment or distribution directly to the holders of Senior Indebtedness of such
Guarantor or their representative(s), or to the trustee under any indenture under which
Senior Indebtedness of such Guarantor may have been issued (pro rata as to each such
holder, representative or trustee on the basis of the respective amounts of unpaid Senior
Indebtedness of such Guarantor held or represented by each), to the extent necessary to
make payment in full of all Senior Indebtedness of such Guarantor remaining unpaid after
giving effect to any concurrent payment or distribution or provision therefor to the
holders of such Senior Indebtedness of such Guarantor; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event that notwithstanding the foregoing provisions of this Section&nbsp;14.5,
any payment or distribution of assets of such Guarantor of any kind or character, whether
in cash, property or securities shall be received, pursuant to the Guarantee, by the
Trustee or the Holders of the Securities on account of principal or interest on the
Securities before all Senior Indebtedness of such Guarantor is paid in
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /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; margin-left: 2%">full, or effective
provisions made for its payment, such payment or distribution (subject to the provisions of
Sections&nbsp;14.8 and 14.9) shall be received and held in trust for and shall be paid over or
delivered to the liquidating trustee, agent or other person making such payment or
distribution or to the holders of the Senior Indebtedness of such Guarantor remaining
unpaid or unprovided for or their representative, or to the trustee under any indenture
under which Senior Indebtedness of such Guarantor may have been issued (pro rata as
provided in subsection (2)&nbsp;above), for application to the payment of such Senior
Indebtedness of such Guarantor until all such Senior Indebtedness of such Guarantor shall
have been paid in full, after giving effect to any concurrent payment or distribution or
provision therefor to the holders of such Senior Indebtedness of such Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Guarantor effects a transaction permitted by Article&nbsp;Nine, such transaction shall not be
deemed to be a dissolution, winding up, liquidation or reorganization of such Guarantor for
purposes of this Section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Guarantor shall give prompt written notice to the Trustee of any dissolution, winding up,
liquidation or reorganization of such Guarantor, assignment for the benefit of creditors by such
Guarantor or any other marshalling of assets of such Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.6. <I>Holders to be Subrogated to Rights of Holders of Senior Indebtedness of each
Guarantor</I>. Subject to the payment in full of all Senior Indebtedness of each Guarantor, the
Holders of the Securities shall be subrogated to the rights of the holders of Senior Indebtedness
of each Guarantor to receive payments or distributions of assets of each Guarantor applicable to
the Senior Indebtedness of each Guarantor until all amounts owing under the Guarantee shall be paid
in full and for the purpose of such subrogation no payments or distributions to the holders of
Senior Indebtedness of each Guarantor by virtue of this Article&nbsp;Fourteen which otherwise would have
been made to the Holders of the Securities, shall, as between each Guarantor, its creditors other
than holders of its Senior Indebtedness of each Guarantor and the Holders, be deemed to be a
payment by each Guarantor to or on account of the Senior Indebtedness of each Guarantor, it being
understood that the provisions of this Article&nbsp;Fourteen are solely for the purpose of
defining the relative rights of the holders of Senior Indebtedness of the Guarantors on the
one hand and the Holders on the other hand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any payment or distribution to which the Holders would otherwise have been entitled but for
the provisions of this Article shall have been applied, pursuant to the provisions of this Article,
to the payment of Senior Indebtedness of each Guarantor, then and in such case, the Holders shall
be entitled to receive from the holders of such Senior Indebtedness of each Guarantor at the time
outstanding any payments or distributions received by such holders of such Senior Indebtedness of
each Guarantor in excess of the amount sufficient to pay all amounts payable under or in respect of
such Senior Indebtedness of each Guarantor in full.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.7<I>. Obligations of the Guarantor Unconditional</I>. Nothing contained in this Article
Fourteen or elsewhere in this Indenture or in any Security is intended to or shall impair, as
between a Guarantor and the Holders of the Securities guaranteed by such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /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">Guarantor&#146;s Guarantee, the
obligations of such Guarantor, which are absolute and unconditional, to pay to such Holders the
principal of and interest on the Securities as and when the same shall become due and payable in
accordance with the provisions of this Guarantee or is intended to or shall affect the relative
rights of such Holders and creditors of a Guarantor other than the holders of the Senior
Indebtedness of such Guarantor, nor shall anything herein or therein prevent the Trustee or such
Holder from exercising all remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article&nbsp;Fourteen of the holders of Senior
Indebtedness of a Guarantor, in respect of cash, property or securities of such Guarantor received
upon the exercise of any such remedy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of assets of a Guarantor referred to in this Article&nbsp;Fourteen, the
Trustee, subject to the provisions of Sections&nbsp;6.1 and 6.2, and the Holders of the Securities
guaranteed hereby by such Guarantor shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which such dissolution, winding up, liquidation or
reorganization proceedings are pending, or a certificate of the liquidating trustee or agent or
other person making any distribution to the Trustee or to such Holders, for the purpose of
ascertaining the persons entitled to participate in such distribution, the holders of the Senior
Indebtedness and other indebtedness of such Guarantor, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article&nbsp;Fourteen.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.8<I>. Trustee Entitled to Assume Payments Not Prohibited in Absence of Notice</I>. The
Trustee shall not at any time be charged with knowledge of the existence of any facts which would
prohibit the making of any payment to or by the Trustee, and the Trustee shall not be required to
withhold payment to the Holders of Securities as provided in Section&nbsp;14.4(d), unless and until the
Trustee shall have received written notice thereof at its Corporate Trust Office from a Guarantor
or from one or more holders of Senior Indebtedness of such Guarantor or from any representative
thereof or trustee therefor identifying the specific sections of this Indenture involved and
describing in detail the facts that would obligate the Trustee to withhold payments to Holders of
Securities, as well as any other facts required by the next succeeding paragraph of this Section
14.8; and, prior to the receipt of any such written notice, the Trustee, subject to the
provisions of Sections&nbsp;6.1 and 6.2, shall be entitled to assume conclusively that no such
facts exist; <I>provided</I>, <I>however</I>, that, if the Trustee shall not have received any such written
notice provided for in this Section&nbsp;14.8 at least three Business Days preceding the date upon which
by the terms hereof any moneys become payable for any purpose (including, without limitation, the
payment of either the principal of or interest, if any, on any Security), then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power and authority to
receive such moneys and apply the same to the purpose for which they were received and shall not be
affected by any notice to the contrary that may be received by it within three Business Days
preceding such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall be entitled to rely on the delivery to it of a written notice by a person
representing himself to be a holder of Senior Indebtedness of a Guarantor (or a trustee on behalf
of such holder) to establish that such notice has been given by a holder of Senior Indebtedness of
such Guarantor or a trustee on behalf of any such holder. In the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /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">event that the Trustee determines
in good faith that further evidence is required with respect to the right of any person as a holder
of Senior Indebtedness of a Guarantor to participate in any payment or distribution pursuant to
this Article&nbsp;Fourteen, the Trustee may request such person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of Senior Indebtedness of such Guarantor held by such
person, the extent to which such person is entitled to participate in such payment or distribution
and any other facts pertinent to the rights of such person under this Article&nbsp;Fourteen, and if such
evidence is not furnished the Trustee may defer any payment to such person pending judicial
determination as to the right of such person to receive such payment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.9<I>. Application by Trustee of Monies Deposited with It</I>. Except as provided in
Section&nbsp;10.5, any deposit of monies by a Guarantor with the Trustee or any Paying Agent (whether or
not in trust) for the payment of the principal or interest on any Securities shall be subject to
the provisions of Sections&nbsp;14.3, 14.4, 14.5 and 14.6 except that, if prior to the opening of
business on the date on which by the terms of this Indenture any such monies may become payable for
any purpose (including, without limitation, the payment, pursuant to this Guarantee, of either the
principal or the interest on any Security) the Trustee shall not have received with respect to such
monies the notice provided for in Section&nbsp;14.8, then the Trustee shall have full power and
authority to receive such monies and to apply the same to the purpose for which they were received
and shall not be affected by any notice to the contrary which may be received by it on or after
such date, without, however, limiting any rights that holders of Senior Indebtedness of a Guarantor
may have to recover any such payments from the Holders in accordance with the provisions of this
Article.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.10. <I>Subordination Rights Not Impaired by Acts or Omissions of a Guarantor or
Holders of Senior Indebtedness of such Guarantor</I>. No right of any present or future holders of any
Senior Indebtedness of a Guarantor to enforce subordination as provided herein shall at any time in
any way be prejudiced or impaired by any act or failure to act on the part of such Guarantor or by
any act or failure to act, in good faith, by any such holder, or by any noncompliance by such
Guarantor with the terms of this Indenture, regardless of any knowledge thereof which any such
holder may have or be otherwise charged with. The holders of Senior Indebtedness of such Guarantor
may extend, renew, modify or amend the terms of the Senior Indebtedness of such Guarantor or
any security therefor and release, sell or exchange such security and otherwise deal freely
with such Guarantor, all without affecting the liabilities and obligations of the parties to this
Indenture or the Holders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.11<I>. Holders Authorize Trustee to Effectuate Subordination of Securities</I>. Each
Holder of the Securities by his acceptance thereof authorizes and expressly directs the Trustee on
his behalf to take such action as may be necessary or appropriate to effectuate the subordination
provided in this Article&nbsp;Fourteen and appoints the Trustee his attorney-in-fact for such purpose,
including, in the event of any dissolution, winding up, liquidation or reorganization of a
Guarantor (whether in bankruptcy, insolvency or receivership proceedings, voluntary liquidation or
upon assignment for the benefit of creditors or otherwise) tending towards liquidation of the
business and assets of such Guarantor, the timely filing of a claim for the unpaid balance,
pursuant to this
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /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">Guarantee, of its or his Securities in the form required in said proceedings and
cause said claim to be approved. If the Trustee does not file a proper claim or proof of debt in
the form required in such proceeding on or prior to 30&nbsp;days before the expiration of the time to
file such claim or claims, then the holders of Senior Indebtedness of such Guarantor have the right
to file and are hereby authorized to file an appropriate claim for and on behalf of the Holders of
said Securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.12. <I>Right of Trustee to Hold Senior Indebtedness of a Guarantor</I>. The Trustee in
its individual capacity, shall be entitled to all of the rights set forth in this Article&nbsp;Fourteen
in respect of any Senior Indebtedness of a Guarantor at any time held by it to the same extent as
any other holder of such Senior Indebtedness of a Guarantor, and nothing in this Indenture shall be
construed to deprive the Trustee of any of its rights as such holder. Nothing in this Article
Fourteen shall apply to claims of, or payments to, the Trustee under or pursuant to Section&nbsp;6.6.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.13<I>. Trustee Not Fiduciary for Holders of Senior Indebtedness of a Guarantor</I>.
With respect to the holders of Senior Indebtedness of a Guarantor, the Trustee undertakes to
perform or to observe only such of its covenants and obligations as are specifically set forth in
this Article&nbsp;Fourteen, and no implied covenants or obligations with respect to the holders of
Senior Indebtedness of a Guarantor shall be read into this Indenture against the Trustee. The
Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Indebtedness of a
Guarantor and the Trustee shall not be liable to any holder of Senior Indebtedness of a Guarantor
if it shall pay over or deliver to Holders of Securities, a Guarantor or any other person monies or
assets to which any holder of Senior Indebtedness of such Guarantor shall be entitled by virtue of
this Article&nbsp;Fourteen or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.14<I>. Article&nbsp;Fourteen Not to Prevent Events of Default</I>. The failure to make a
payment on account of principal or interest on the Securities of any series by reason of any
provision in this Article&nbsp;Fourteen shall not be construed as preventing the occurrence of an Event
of Default under Section&nbsp;5.1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.15<I>. Execution and Delivery of Guarantee</I>. To evidence a Guarantee set forth in
this Article&nbsp;Fourteen, the Guarantor hereby agrees that the Guarantee Notation, substantially in
the form of Exhibit&nbsp;A hereto, shall be endorsed on each Security
authenticated and delivered by the Trustee that is guaranteed by such Guarantee and that this
Indenture or indenture supplemental hereto shall be executed on behalf of such Guarantor by its
Chairman of the Board, its president or chief executive officer, any vice president, the chief
financial officer or the treasurer. Such signatures may be the manual or facsimile signatures of
the present or any future such officers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor hereby agrees that its Guarantee shall remain in full force and effect
notwithstanding any failure to endorse the Guarantee Notation on each such Security.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an officer whose signature is on this Indenture or indenture supplemental hereto or on the
Securities guaranteed hereby no longer holds that office at the time the
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /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">Trustee authenticates the
Security on which a notation of the Guarantee is endorsed, such Guarantee shall be valid
nevertheless.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any Security by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of each Guarantee thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.16. <I>Limitation on Guarantor Liability</I>. Notwithstanding anything to the contrary
in this Article, each Guarantor, and by its acceptance of a Security, each Holder, hereby confirms
that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a
fraudulent conveyance under applicable fraudulent conveyance provisions of the Bankruptcy Code or
any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and
the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Guarantee
are limited to the maximum amount that would not render the Guarantor&#146;s obligations subject to
avoidance under applicable fraudulent conveyance provisions of the Bankruptcy Code or any
comparable provision of state law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 14.17. <I>Officers&#146; Certificate</I>. If there occurs an event referred to in the first
sentence of Section&nbsp;14.4(c) or the first sentence of Section&nbsp;14.5, the applicable Guarantor shall
promptly give to the Trustee an Officers&#146; Certificate (on which the Trustee may conclusively rely)
identifying all holders of Senior Indebtedness of such Guarantor and the principal amount of Senior
Indebtedness of such Guarantor then outstanding held by each such holder and stating the reasons
why such Officers&#146; Certificate is being delivered to the Trustee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE FIFTEEN
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 15.1<I>. Release of the Issuer</I>. The Issuer shall be released from its obligations
under this Indenture and the Securities, without the consent of the Holders, if: (1)&nbsp;Hovnanian or
any successor to Hovnanian has assumed the obligations of the Issuer under this Indenture and the
Securities, by supplemental indenture executed and delivered to the Trustee and satisfactory in
form to the Trustee, (2)&nbsp;Hovnanian delivers an Opinion of Counsel to the Trustee to the effect that
Holders will not recognize income, gain or loss for United States federal income tax purposes as a
result of such release, and such Holders will be subject to United States federal income tax on the
same amounts, in the same manner
and at the same times as would have been the case if such release had not occurred and (3)&nbsp;the
Issuer shall (w)&nbsp;become a Guarantor subject to the provisions of Article&nbsp;Thirteen hereof, (x)
execute a Guarantee Notation, substantially in the form of Exhibit&nbsp;A hereto, (y)&nbsp;execute a
supplemental indenture evidencing its Guarantee and (z)&nbsp;deliver an Opinion of Counsel to the
Trustee to the effect that the supplemental indenture has been duly authorized, executed and
delivered by the Issuer and constitutes a valid and binding obligation of the Issuer, enforceable
against the Issuer in accordance with its terms (subject to customary exceptions).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->76<!-- /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">SIGNATURES
</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 Indenture to be duly executed, all 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"><FONT style="FONT-variant: SMALL-CAPS">K. Hovnanian Enterprises, Inc.,</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS">As Issuer</FONT><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"><FONT style="FONT-variant: SMALL-CAPS">Hovnanian Enterprises, Inc.,</FONT><BR>
<FONT style="FONT-variant: SMALL-CAPS"> As Guarantor</FONT><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>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD colspan="3" align="left"><FONT style="FONT-variant: SMALL-CAPS">Wilmington Trust Company, As Trustee</FONT><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&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="right" style="font-size: 10pt; margin-top: 12pt"><U>EXHIBIT A</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;FORM OF NOTATION OF SECURITY
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">RELATING TO GUARANTEE&#093;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">GUARANTEE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;Name of Guarantor&#093; (hereinafter referred to as the &#147;Guarantor&#148;, which term includes any
successor person under the Indenture (the &#147;Indenture&#148;) referred to in the Security upon which this
notation is endorsed) (the &#147;Endorsed Security&#148;), has unconditionally guaranteed, jointly and
severally with each other Guarantor (i)&nbsp;the due and punctual payment of the principal of, premium,
if any, and interest on the Endorsed Security and all other Securities of the same series as the
Endorsed Security (the &#147;Guaranteed Securities&#148;), whether at maturity, by acceleration or otherwise,
the due and punctual payment of interest on the overdue principal of, premium, if any, and
interest, if any, on the Guaranteed Securities, to the extent lawful, and the due and punctual
performance of all other obligations of the Issuer to the Holders of Guaranteed Securities or the
Trustee all in accordance with the terms set forth in Article&nbsp;Fourteen of the Indenture and (ii)&nbsp;in
case of any extension of time of payment or renewal of any Guaranteed Securities or any of such
other obligations, that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto
in the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Guarantor to the Holders of Guaranteed Securities and to the Trustee
pursuant to the Guarantee evidenced hereby and the Indenture are expressly set forth in Article
Fourteen of the Indenture and reference is hereby made to such Indenture for the terms of such
Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stockholder, officer, director, employee or incorporator, as such, past, present or future,
of the Guarantor shall have any personal liability under the Guarantee evidenced hereby by reason
of his or its status as such stockholder, officer, director, employee or incorporator. Each Holder
of a Guaranteed Security by accepting a Guaranteed Security waives and releases all such liability.
This waiver and release are part of the consideration for the issuance of the Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of a Guaranteed Security by accepting a Guaranteed Security agrees that any
Guarantor named below shall have no further liability with respect to its Guarantee if such
Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of
the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantee evidenced hereby shall not be valid or obligatory for any purpose until the
certificate of authentication of the Guaranteed Securities shall have been executed by the Trustee
under the Indenture by the manual signature of one of its authorized officers.
</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">




<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">Guarantor<BR><BR>&#091;NAME OF GUARANTOR&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">By:&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</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">


<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"><U>EXHIBIT B</U>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">&#091;SUBSIDIARY GUARANTORS&#093;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>8
<FILENAME>y88639a1exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</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;5.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt">[Simpson Thacher &#38; Bartlett LLP Letterhead]
</DIV>

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">January 25, 2011</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hovnanian Enterprises, Inc.<BR>
110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K. Hovnanian Enterprises, Inc.<BR>
110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701

</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Hovnanian Enterprises, Inc., a Delaware corporation (&#147;Hovnanian&#148;),
and to K. Hovnanian Enterprises, Inc., a wholly-owned subsidiary of Hovnanian and a California
corporation (&#147;K. Hovnanian&#148;), and to certain other subsidiaries of Hovnanian (together with K.
Hovnanian, the &#147;Subsidiary Guarantors&#148;) in connection with the Registration Statement on Form S-3
(the &#147;Registration Statement&#148;) filed by Hovnanian, K. Hovnanian and the Subsidiary Guarantors with
the Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), relating to (i)&nbsp;shares of Class&nbsp;A Common Stock of Hovnanian, par
value $.01 per share, including the associated rights to purchase Series&nbsp;B Junior Preferred Stock
evidenced by certificates for shares of Class&nbsp;A Common Stock (collectively, the &#147;Common Stock&#148;);
(ii)&nbsp;warrants to purchase Common Stock (the &#147;Common Stock Warrants&#148;); (iii)&nbsp;shares of preferred
stock of Hovnanian, par value $.01 per share (&#147;Preferred Stock&#148;), which may be issued in the form
of depositary shares evidenced by the depositary receipts (the &#147;Depositary Shares&#148;); (iv)&nbsp;warrants
to purchase Preferred Stock (the
</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">&#147;Preferred Stock Warrants&#148;); (v)&nbsp;warrants to purchase Depositary Shares (the &#147;Depositary
Shares Warrants&#148; and together with the Common Stock Warrants and the Preferred Stock Warrants, the
&#147;Equity Warrants&#148;); (vi)&nbsp;debt securities of Hovnanian, which may be senior (&#147;Hovnanian Senior Debt
Securities&#148;), senior subordinated (&#147;Hovnanian Senior Subordinated Debt Securities&#148;) or subordinated
(&#147;Hovnanian Subordinated Debt Securities&#148;) (collectively, the &#147;Hovnanian Debt Securities&#148;); (vii)
warrants to purchase Hovnanian Debt Securities (the &#147;Hovnanian Debt Security Warrants&#148;); (viii)
debt securities of K. Hovnanian, which may be senior (&#147;K. Hovnanian Senior Debt Securities&#148;),
senior subordinated (&#147;K. Hovnanian Senior Subordinated Debt Securities&#148;) or subordinated (&#147;K.
Hovnanian Subordinated Debt Securities&#148;) (collectively, the &#147;K. Hovnanian Debt Securities&#148; and,
together with the Hovnanian Debt Securities, the &#147;Debt Securities&#148;) which, in each case, will be
fully and unconditionally guaranteed by Hovnanian (the &#147;Hovnanian Debt Guarantee&#148;); (ix)&nbsp;warrants
to purchase K. Hovnanian Debt Securities (the &#147;K. Hovnanian Debt Security Warrants&#148; and, together
with the Hovnanian Debt Security Warrants, the &#147;Debt Security Warrants&#148;), which will be fully and
unconditionally guaranteed by Hovnanian (the &#147;Hovnanian Warrant Guarantee&#148;); (x)&nbsp;guarantees of the
Subsidiary Guarantors to be issued in connection with the Debt Securities (the &#147;Subsidiary Debt
Guarantees&#148; and together with the Hovnanian Debt Guarantee, the &#147;Debt Guarantees&#148;); (xi)&nbsp;guarantees
of the Subsidiary Guarantors to be issued in connection with the Debt Security Warrants and the
Equity Warrants (the &#147;Subsidiary Warrant Guarantees&#148; and together with the Hovnanian Warrant
Guarantee, the &#147;Warrant Guarantees,&#148; and the Warrant Guarantees together with the Debt Guarantees,
the &#147;Guarantees&#148;); (xii)&nbsp;contracts for the purchase and sale of Common Stock, Preferred Stock or
Depositary Shares (the &#147;Purchase Contracts&#148;); (xiii)&nbsp;units consisting of one or more of any of the
Debt Securities, Securities Warrants (as defined below), Purchase Contracts, Preferred Stock,
</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">Depositary Shares or Common Stock (the &#147;Units&#148;); and (xiv)&nbsp;Common Stock, Preferred Stock,
Depositary Shares, Debt Securities, and Debt Guarantees that may be issued upon exercise of
Securities Warrants or Purchase Contracts or that may be issued upon exchange or conversion of Debt
Securities, whichever is applicable. The Common Stock, the Preferred Stock, the Depositary Shares,
the Debt Securities, the Purchase Contracts, the Units, the Securities Warrants and the Guarantees
are hereinafter referred to collectively (together with any additional securities that may be
issued by Hovnanian and/or K. Hovnanian pursuant to Rule 462(b) (as prescribed by the Commission
pursuant to the Securities Act)) as the &#147;Securities&#148;. The Securities may be issued and sold or
delivered from time to time as set forth in the Registration Statement, any amendment thereto, the
prospectus contained therein (the &#147;Prospectus&#148;) and supplements to the Prospectus and pursuant to
Rule&nbsp;415 under the Act for an aggregate initial offering price not to exceed $500,000,000 or the
equivalent thereof in one or more foreign currencies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Hovnanian Senior Debt Securities and the Subsidiary Debt Guarantees thereof, if
applicable, will be issued under an Indenture, as supplemented by a supplemental indenture (the
&#147;Hovnanian Senior Indenture&#148;), among Hovnanian, Wilmington Trust Company (the &#147;Hovnanian Senior
Trustee&#148;) and such Subsidiary Guarantors as shall be named therein, if applicable. The Hovnanian
Senior Subordinated Debt Securities and the Subsidiary Debt Guarantees thereof, if applicable, will
be issued under an Indenture, as supplemented by a supplemental indenture (the &#147;Hovnanian Senior
Subordinated Indenture&#148;), among Hovnanian, Wilmington Trust Company (the &#147;Hovnanian Senior
Subordinated Trustee&#148;) and such Subsidiary Guarantors as shall be named therein, if applicable.
The Hovnanian Subordinated Debt Securities and the Subsidiary Debt Guarantees thereof, if
applicable, will be issued under an
</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">Indenture, as supplemented by a supplemental indenture (the &#147;Hovnanian Subordinated
Indenture&#148;), among Hovnanian, Wilmington Trust Company (the &#147;Hovnanian Subordinated Trustee&#148; and
together with the Hovnanian Senior Trustee and the Hovnanian Senior Subordinated Trustee, the
&#147;Hovnanian Trustees&#148;) and such Subsidiary Guarantors as shall be named therein, if applicable. The
Hovnanian Senior Indenture, the Hovnanian Senior Subordinated Indenture and the Hovnanian
Subordinated Indenture are hereinafter referred to collectively as the &#147;Hovnanian Indentures&#148;. The
K. Hovnanian Senior Debt Securities, the Hovnanian Debt Guarantee and the Subsidiary Debt
Guarantees thereof, if applicable, will be issued under an Indenture, as supplemented by a
supplemental indenture (the the &#147;K. Hovnanian Senior Indenture&#148;), among K. Hovnanian, Hovnanian,
Wilmington Trust Company (the &#147;K. Hovnanian Senior Trustee&#148;), and such Subsidiary Guarantors as
shall be named therein, if applicable. The K. Hovnanian Senior Subordinated Debt Securities, the
Hovnanian Debt Guarantee and the Subsidiary Debt Guarantees thereof, if applicable, will be issued
under an Indenture, as supplemented by a supplemental indenture (the &#147;K. Hovnanian Senior
Subordinated Indenture&#148;), among K. Hovnanian, Hovnanian, Wilmington Trust Company (the &#147;K.
Hovnanian Senior Subordinated Trustee&#148;) and such Subsidiary Guarantors as shall be named therein,
if applicable. The K. Hovnanian Subordinated Debt Securities, the Hovnanian Debt Guarantee and the
Subsidiary Debt Guarantees thereof, if applicable, will be issued under an Indenture, as
supplemented by a supplemental indenture (the &#147;K. Hovnanian Subordinated Indenture&#148;), among K.
Hovnanian, Hovnanian, Wilmington Trust Company (the &#147;K. Hovnanian Subordinated Trustee&#148; and
together with the K. Hovnanian Senior Trustee and the K. Hovnanian Senior Subordinated Trustee, the
&#147;K. Hovnanian Trustees&#148; and together with the Hovnanian Trustees, the &#147;Trustees&#148;) and such
Subsidiary Guarantors as shall be named therein, if
</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">applicable. The K. Hovnanian Senior Indenture, the K. Hovnanian Senior Subordinated Indenture
and the K. Hovnanian Subordinated Indenture are hereinafter collectively referred to as the &#147;K.
Hovnanian Indentures&#148;. The Hovnanian Indentures and the K. Hovnanian Indentures are hereinafter
collectively referred to as the &#147;Indentures&#148; and each an &#147;Indenture&#148; and the Hovnanian Trustees and
the K. Hovnanian Trustees are hereinafter collectively referred to as the &#147;Trustees&#148; and each a
&#147;Trustee&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchase Contracts will be issued pursuant to one or more purchase contract agreements
(each a &#147;Purchase Contract Agreement&#148;) between Hovnanian and such purchase contract agent as shall
be named therein (the &#147;Purchase Contract Agent&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Depositary Shares will be issued pursuant to one or more deposit agreements (each a
&#147;Deposit Agreement&#148;), between Hovnanian and such depositary as shall be named therein (the
&#147;Depositary&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units that include an interest in Common Stock, Preferred Stock or Depositary Shares
(collectively, the &#147;Equity Units&#148;) may be issued pursuant to one or more unit agreements (each, an
&#147;Equity Unit Agreement&#148;) between Hovnanian, K. Hovnanian, if applicable, and such unit agent as
shall be named therein (each, an &#147;Equity Unit Agent&#148;). Units that do not include an interest in
Common Stock, Preferred Stock or Depositary Shares (collectively, the &#147;Non-Equity Units&#148;) may be
issued pursuant to one or more unit agreements (each, a &#147;Non-Equity Unit Agreement&#148; and together
with the Equity Unit Agreements, the &#147;Unit Agreements&#148;) between Hovnanian, K. Hovnanian, if
applicable, and such unit agent as shall be named therein (each, a &#147;Non-Equity Unit Agent&#148; and
together with the Equity Unit Agents, the &#147;Unit Agents&#148;).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Equity Warrants and the Debt Security Warrants are hereinafter referred to collectively as
the &#147;Securities Warrants&#148;. The Securities Warrants and the Warrant Guarantees
</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">thereof (including in the case of the K. Hovnanian Debt Securities Warrants, the Hovnanian
Warrant Guarantee), if applicable, will be issued pursuant to one or more warrant agreements (each,
a &#147;Warrant Agreement&#148;) between Hovnanian and/or K. Hovnanian, as applicable, the Subsidiary
Guarantors, if applicable, and such warrant agent as shall be named therein (the &#147;Warrant Agent&#148;).
Each party to a Warrant Agreement other than Hovnanian, K. Hovnanian or the Subsidiary Guarantors
is referred to hereinafter as a &#147;Counterparty&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have examined the Registration Statement, a form of share certificate for the Common Stock,
the forms of the Indentures, the forms of Warrant Agreements, the form of Deposit Agreement, the
form of Depositary Shares, the form of Purchase Contract Unit and the form of Purchase Contract
Agreement, which have been filed with the Commission as exhibits to the Registration Statement. We
also have examined the originals, or duplicates or certified or conformed copies, of such corporate
and other records, agreements, documents and other instruments and have made such other and further
investigations as we have deemed relevant and necessary in connection with the opinions hereinafter
set forth. As to questions of fact material to this opinion, we have relied upon certificates or
comparable documents of public officials and of officers and representatives of Hovnanian, K.
Hovnanian and the Subsidiary Guarantors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering the opinions set forth below, we have assumed the genuineness of all signatures,
the legal capacity of natural persons, the authenticity of all documents submitted to us as
originals, the conformity to original documents of all documents submitted to us as duplicates or
certified or conformed copies, and the authenticity of the originals of such latter documents. We
also have assumed that (1)&nbsp;at the time of execution, authentication, issuance and delivery of the
Debt Securities, each of the Indentures will be the valid and legally binding obligation of the
Trustee thereunder; (2)&nbsp;at the time of execution, issuance and delivery of the Purchase 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="left" style="font-size: 10pt; margin-top: 6pt">the Purchase Contract Agreement will be the valid and legally binding obligation of the
Purchase Contract Agent; (3)&nbsp;at the time of execution, countersignature, issuance and delivery of
the Securities Warrants, the related Warrant Agreement will be the valid and legally binding
obligation of each Counterparty thereto; (4)&nbsp;at the time of execution, issuance and delivery of the
Depositary Shares, the Deposit Agreement will be the valid and legally binding obligation of the
Depositary; and (5)&nbsp;at the time of the execution, issuance and delivery of the Units, the related
Unit Agreement will be the valid and legally binding obligation of the Unit Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed further that (1)&nbsp;at the time of execution, authentication, issuance and
delivery of the Hovnanian Indentures and the Hovnanian Debt Securities and the Subsidiary Debt
Guarantees, if applicable, the Hovnanian Indentures will have been duly authorized, executed and
delivered by Hovnanian and the Subsidiary Guarantors, if applicable, in accordance with all
applicable laws (excepting the Delaware General Corporation Law (the &#147;DGCL&#148;), the law of the State
of New York and the Federal laws of the United States), and (2)&nbsp;the execution, delivery and
performance by Hovnanian and the Subsidiary Guarantors, if applicable, of the Hovnanian Indentures,
the Hovnanian Debt Securities and the Subsidiary Debt Guarantees, if applicable, will not violate
any applicable laws (excepting the DGCL, the law of the State of California, the law of State of
New York and the Federal law of the United States).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed further that (1)&nbsp;at the time of the execution, authentication, issuance and
delivery of the K. Hovnanian Indentures and the K. Hovnanian Debt Securities, the Hovnanian Debt
Guarantee and the Subsidiary Debt Guarantees, if applicable, the K. Hovnanian Indentures will have
been duly authorized, executed and delivered by K. Hovnanian, Hovnanian and the Subsidiary
Guarantors, if applicable, in accordance with all applicable laws (excepting the DGCL, the law of
the State of California, the law of State of New York and the Federal law
</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">of the United States), and (2)&nbsp;the execution, delivery and performance by K. Hovnanian,
Hovnanian and the Subsidiary Guarantors, if applicable, of the K. Hovnanian Indentures, the K.
Hovnanian Debt Securities, the Hovnanian Debt Guarantee and the Subsidiary Debt Guarantees, if
applicable, will not violate any applicable laws (excepting the DGCL, the law of the State of
California, the law of State of New York and the Federal law of the United States).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed further that at the time of execution, issuance and delivery of the Purchase
Contracts, the Purchase Contract Agreement will have been duly authorized, executed and delivered
by Hovnanian.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed further that (1)&nbsp;at the time of execution, countersignature, issuance and
delivery of the Securities Warrants, the Subsidiary Warrant Guarantees, and/or the Hovnanian
Warrant Guarantee, if applicable, the related Warrant Agreements will have been duly authorized,
executed and delivered by Hovnanian and/or K. Hovnanian, as applicable, and the Subsidiary
Guarantors, if applicable, in accordance with all applicable laws (excepting the DGCL, the law of
the State of California, the law of the State of New York and the Federal law of the United States)
and (2)&nbsp;the execution, delivery and performance by Hovnanian, and/or K. Hovnanian, as applicable,
and the Subsidiary Guarantors, if applicable, of such Warrant Agreements, Warrants and Warrant
Guarantees, if applicable, will not violate any applicable laws (excepting the DGCL, the law of the
State of California, the law of State of New York and the Federal law of the United States).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed further that at the time of execution, issuance and delivery of the Depositary
Shares, the Deposit Agreement will have been duly authorized, executed and delivered by Hovnanian.
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed further that (1)&nbsp;at the time of execution, authentication (as applicable),
issuance and delivery of the Units, the related Unit Agreements will have been duly authorized,
executed and delivered by Hovnanian and/or K. Hovnanian, as applicable, in accordance with all
applicable laws (excepting the DGCL, the law of the State of California, the law of the State of
New York and the Federal law of the United States) and (2)&nbsp;the execution, delivery and performance
by Hovnanian and/or K. Hovnanian, as applicable, of such Unit Agreements and the Units, will not
violate any applicable laws (excepting the DGCL, the law of the State of California, the law of
State of New York and the Federal law of the United States).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the qualifications, assumptions and limitations
stated herein, 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. With respect to the Common Stock, assuming (a)&nbsp;the taking by the Board of Directors of
Hovnanian or a duly constituted and acting committee of such Board of Directors (such Board of
Directors or committee being referred to herein as the &#147;Hovnanian Board&#148;) of all necessary
corporate action to authorize and approve the issuance of the Common Stock and (b)&nbsp;due issuance
and delivery of the Common Stock, upon payment therefor in accordance with the applicable
definitive purchase, underwriting or similar agreement approved by the Hovnanian Board, the
Common Stock will be validly issued, fully paid and nonassessable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to the Preferred Stock, assuming (a)&nbsp;the taking by the Hovnanian Board of
all necessary corporate action to authorize and approve the issuance of the Preferred Stock, (b)
due filing of the Certificate of Designations and (c)&nbsp;due issuance and delivery of the Preferred
Stock, upon payment therefor in accordance with the applicable definitive purchase, underwriting
or similar agreement approved by the Hovnanian Board, the Preferred Stock will be validly
issued, fully paid and nonassessable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to the Hovnanian Debt Securities, assuming (a)&nbsp;the taking of all necessary
corporate action to approve the issuance and terms of any Hovnanian Debt Securities, the terms
of the offering thereof and related matters by the Hovnanian Board or duly authorized officers
of Hovnanian (the &#147;Hovnanian Authorized Officers&#148;) and (b)&nbsp;the due execution, authentication,
issuance and delivery of such Hovnanian Debt Securities, upon payment of the consideration
therefor provided for in the applicable definitive purchase, underwriting or similar agreement
approved by the Hovnanian Board or the Hovnanian Authorized Officers and otherwise in accordance
with the provisions of the applicable Hovnanian Indenture and such agreement, such Hovnanian
Debt Securities will constitute valid and legally binding obligations of Hovnanian enforceable
against Hovnanian in accordance with their terms.
</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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to the K. Hovnanian Debt Securities, assuming (a)&nbsp;the taking of all
necessary corporate action to approve the issuance and terms of any K. Hovnanian Debt
Securities, the terms of the offering thereof and related matters by the Board of Directors of
K. Hovnanian, a duly constituted and acting committee of such Board of Directors or duly
authorized officers of K. Hovnanian (such Board of Directors, committee or authorized officers
being referred to herein as the &#147;K. Hovnanian Board&#148;) and (b)&nbsp;the due execution, authentication,
issuance and delivery of such K. Hovnanian Debt Securities, upon payment of the consideration
therefor provided for in the applicable definitive purchase, underwriting or similar agreement
approved by the K. Hovnanian Board and otherwise in accordance with the provisions of the
applicable K. Hovnanian Indenture and such agreement, such K. Hovnanian Debt Securities will
constitute valid and legally binding obligations of K. Hovnanian enforceable against K.
Hovnanian in accordance with their terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. With respect to the Guarantees, assuming (a)&nbsp;the taking of all necessary corporate
action to approve the issuance and terms of the Guarantees and related matters by the Hovnanian
Board or the Hovnanian Authorized Officers, as applicable, and by the Board of Directors of each
Subsidiary Guarantor, as applicable, a duly constituted and acting committee of such Board of
Directors of each Subsidiary Guarantor, as applicable, or duly authorized officers of each
Subsidiary Guarantor, as applicable (each such Board of Directors, committee or authorized
officers being referred to herein as a &#147;Subsidiary Guarantor Board&#148;), (b)&nbsp;the due execution,
authentication, issuance and delivery of the Debt Securities, Common Stock, Preferred Stock or
Depositary Shares, as applicable, underlying such Guarantees, upon payment of the consideration
therefor provided for in the applicable definitive purchase, underwriting or similar agreement
approved by the Hovnanian Board, or the Hovnanian Authorized Officers, as applicable, or each
Subsidiary Guarantor Board, as applicable, and otherwise in accordance with the provisions of
the applicable Indenture, Warrant Agreement and such agreement and (c)&nbsp;the due issuance of such
Guarantees, such Guarantees will constitute valid and legally binding obligations of Hovnanian
or the Subsidiary Guarantors, as applicable, enforceable against the Hovnanian or the Subsidiary
Guarantors, as applicable, in accordance with their terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to the Purchase Contracts, assuming (a)&nbsp;the taking of all necessary
corporate action by the Hovnanian Board to approve the execution and delivery of the Purchase
Contract Agreement in the form filed as an exhibit to the Registration Statement and (b)&nbsp;the due
execution, issuance and delivery of the Purchase Contracts, upon payment of the consideration
for such Purchase Contracts provided for in the applicable definitive purchase, underwriting or
similar agreement approved by the Hovnanian Board and otherwise in accordance with the
provisions of the applicable Purchase Contract Agreement and such agreement, the Purchase
Contracts will constitute valid and legally binding obligations of Hovnanian enforceable against
Hovnanian in accordance with their terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to the Securities Warrants, assuming (a)&nbsp;the taking of all necessary
corporate action by the Hovnanian Board or the Hovnanian Authorized Officers, as applicable, or
the K. Hovnanian Board, as applicable, to approve the execution and delivery of a related
Warrant Agreement in the form filed as an exhibit to the Registration Statement and (b)&nbsp;the due
execution, countersignature, issuance and delivery of such Securities Warrants, upon payment of
the consideration for such Securities Warrants provided for in the
</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; margin-left: 2%">applicable definitive purchase, underwriting or similar agreement approved by the Hovnanian
Board or the Hovnanian Authorized Officers, as applicable, or the K. Hovnanian Board, as
applicable, and otherwise in accordance with the provisions of the applicable Warrant Agreement
and such agreement, such Securities Warrants will constitute valid and legally binding
obligations of Hovnanian or K. Hovnanian, as applicable, enforceable against Hovnanian or K.
Hovnanian, as applicable, in accordance with their terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. With respect to the Depositary Shares, assuming (a)&nbsp;the taking of all necessary
corporate action by the Hovnanian Board to approve (1)&nbsp;the issuance and terms of the Depositary
Shares and (2)&nbsp;the execution and delivery of the Deposit Agreement in the form filed as an
exhibit to the Registration Statement, (b)&nbsp;the Preferred Stock represented by the Depositary
Shares has been duly delivered to the Depositary under the Deposit Agreement and (c)&nbsp;the due
execution, issuance and delivery of the depositary receipts evidencing the Depositary Shares,
against deposit of the Preferred Stock in accordance with the Deposit Agreement, upon payment of
the consideration therefor provided for in the applicable definitive purchase, underwriting or
similar agreement approved by the Hovnanian Board, the depositary receipts evidencing the
Depositary Shares will be validly issued and will entitle the holders thereof to the rights
specified in the Depositary Shares and the Deposit Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. With respect to the Non-Equity Units, assuming (a)&nbsp;the taking of all necessary corporate
action by the Hovnanian Board or the Hovnanian Authorized Officers, as applicable, or the K.
Hovnanian Board, as applicable, to approve (1)&nbsp;the issuance and terms of the Non-Equity Units,
(2)&nbsp;the execution and delivery of a related Non-Equity Unit Agreement in the form to be filed as
an exhibit to the Registration Statement and (3)&nbsp;the issuance and terms the Securities that are
a component part of the Non-Equity Units, the terms of the offering thereof and related matters
and (b)&nbsp;the due execution, countersignature, authentication, issuance and delivery of each
Security that is a component of the Non-Equity Unit, in each case upon the payment of the
consideration therefor provided for in the applicable definitive purchase, underwriting or
similar agreement approved by the Hovnanian Board or the Hovnanian Authorized Officers, as
applicable, or the K. Hovnanian Board, as applicable, and otherwise in accordance with the
provisions of the applicable Non-Equity Unit Agreement and such agreement, such Non-Equity Units
will constitute valid and legally binding obligations of Hovnanian or K. Hovnanian, as
applicable, enforceable against Hovnanian or K. Hovnanian, as applicable, in accordance with
their terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. With respect to the Equity Units, assuming (a)&nbsp;the taking of all necessary corporate
action by the Hovnanian Board and the K. Hovnanian Board, if applicable, to approve (1)&nbsp;the
issuance and terms of the Equity Units, (2)&nbsp;the execution and delivery of a related Equity Unit
Agreement in the form to be filed as an exhibit to the Registration Statement and (3)&nbsp;the
issuance and terms of the Securities that are a component part of the Equity Units, the terms of
the offering thereof and related matters, (b)&nbsp;the due filing of a Certificate of Designations
establishing the terms of any Preferred Stock that is a component of the Equity Unit and (c)&nbsp;the
due execution, countersignature, issuance and delivery of each Security that is a component of
the Equity Unit, in each case upon the payment of the consideration therefor provided for in the
applicable definitive purchase, underwriting or
</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; margin-left: 2%">similar agreement approved by the Hovnanian Board or the K. Hovnanian Board, as applicable,
and otherwise in accordance with the provisions of the applicable Equity Unit Agreement and such
agreement, such Equity Units will constitute valid and legally binding obligations of Hovnanian
or K. Hovnanian, as applicable, enforceable against Hovnanian or K. Hovnanian, as applicable, in
accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions set forth in paragraphs 3 through 10 above are subject to the effects of (i)
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting creditors&#146; rights generally, (ii)&nbsp;general equitable principles (whether
considered in a proceeding in equity or at law) and (iii)&nbsp;an implied covenant of good faith and
fair dealing<B>.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as the opinions expressed herein relate to or are dependent upon matters governed by
the law of the State of California, we have relied upon the opinion of Peter S. Reinhart, Senior
Vice President and General Counsel of Hovnanian and K. Hovnanian, dated the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not express any opinion herein concerning any law other than the law of the State of New
York, the Federal Law of the United States and the DGCL (including the statutory provisions, all
applicable provisions of the Delaware Constitution and reported judicial decisions interpreting the
foregoing).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion letter as Exhibit&nbsp;5.1 to the Registration
Statement and to the use of our name under the caption &#147;Legal Matters&#148; in the Prospectus included
in the Registration Statement.
</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><FONT size="1">

</FONT></TD></TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
/s/ Simpson Thacher &#038; Bartlett LLP
<BR>
<BR>
<DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV>


SIMPSON THACHER &#038; BARTLETT LLP<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" 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>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>9
<FILENAME>y88639a1exv5w2.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w2</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;5.2</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 30%">[Hovnanian Enterprises, Inc. Letterhead]
</DIV>

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">January 25, 2011
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hovnanian Enterprises, Inc<BR>
110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">K. Hovnanian Enterprises, Inc<BR>
110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, New Jersey 07701

</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I am Senior Vice President and General Counsel of Hovnanian Enterprises, Inc., a Delaware
corporation (&#147;Hovnanian&#148;), and of K. Hovnanian Enterprises, Inc., a California corporation (&#147;K.
Hovnanian&#148;). A Registration Statement on Form S-3 (the &#147;Registration Statement&#148;) was filed by
Hovnanian, K. Hovnanian and certain subsidiaries of Hovnanian (the &#147;Subsidiary Guarantors&#148;) with
the Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), on the date hereof. The Registration Statement relates to the
registration of (i)&nbsp;shares of Class&nbsp;A Common Stock of Hovnanian, par value $.01 per share,
including the associated rights to purchase Series&nbsp;B Junior Preferred Stock initially attached to,
and evidenced by certificates for, shares of Class&nbsp;A Common Stock (collectively, the &#147;Common
Stock&#148;); (ii)&nbsp;warrants to purchase Common Stock (the &#147;Common Stock Warrants&#148;); (iii)&nbsp;shares of
preferred stock of Hovnanian, par value $.01 per share (&#147;Preferred Stock&#148;), which may be issued in
the form of depositary shares evidenced by the depositary receipts (the &#147;Depositary Shares&#148;); (iv)
warrants to purchase Preferred Stock (the
</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">&#147;Preferred Stock Warrants&#148;); (v)&nbsp;warrants to purchase Depositary Shares (the &#147;Depositary
Shares Warrants&#148; and together with the Common Stock Warrants and the Preferred Stock Warrants, the
&#147;Equity Warrants&#148;); (vi)&nbsp;debt securities of Hovnanian, which may be senior (&#147;Hovnanian Senior Debt
Securities&#148;), senior subordinated (&#147;Hovnanian Senior Subordinated Debt Securities&#148;) or subordinated
(&#147;Hovnanian Subordinated Debt Securities&#148;) (collectively, the &#147;Hovnanian Debt Securities&#148;); (vii)
warrants to purchase Hovnanian Debt Securities (the &#147;Hovnanian Debt Security Warrants&#148;); (viii)
debt securities of K. Hovnanian, which may be senior (&#147;K. Hovnanian Senior Debt Securities&#148;),
senior subordinated (&#147;K. Hovnanian Senior Subordinated Debt Securities&#148;) or subordinated (&#147;K.
Hovnanian Subordinated Debt Securities&#148;) (collectively, the &#147;K. Hovnanian Debt Securities&#148; and,
together with the Hovnanian Debt Securities, the &#147;Debt Securities&#148;) which, in each case, will be
fully and unconditionally guaranteed by Hovnanian (the &#147;Hovnanian Debt Guarantee&#148;); (ix)&nbsp;warrants
to purchase K. Hovnanian Debt Securities (the &#147;K. Hovnanian Debt Security Warrants&#148; and, together
with the Hovnanian Debt Security Warrants, the &#147;Debt Security Warrants&#148;, and the Debt Security
Warrants together with the Equity Warrants, the &#147;Securities Warrants&#148;), which will be fully and
unconditionally guaranteed by Hovnanian (the &#147;Hovnanian Warrant Guarantee&#148;); (x)&nbsp;guarantees of the
Subsidiary Guarantors to be issued in connection with the Debt Securities (the &#147;Subsidiary Debt
Guarantees&#148; and together with the Hovnanian Debt Guarantee, the &#147;Debt Guarantees&#148;); (xi)&nbsp;guarantees
of the Subsidiary Guarantors to be issued in connection with the Debt Security Warrants and the
Equity Warrants (the &#147;Subsidiary Warrant Guarantees&#148; and together with the Hovnanian Warrant
Guarantee, the &#147;Warrant Guarantees,&#148; and the Warrant Guarantees together with the Debt Guarantees,
the &#147;Guarantees&#148;); (xii)&nbsp;contracts for the purchase and sale of Common Stock, Preferred Stock or
Depositary Shares (the &#147;Purchase Contracts&#148;); (xiii)&nbsp;units consisting of one or more of any of the
</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">Debt Securities, Securities Warrants, Purchase Contracts, Preferred Stock, Depositary Shares
or Common Stock (the &#147;Units&#148;), including in the case of K. Hovnanian, Units consisting of one or
more K. Hovnanian Debt Securities or K. Hovnanian Debt Security Warrants (the &#147;K. Hovnanian
Units&#148;); and (xiv)&nbsp;Common Stock, Preferred Stock, Depositary Shares, Debt Securities, and Debt
Guarantees that may be issued upon exercise of Securities Warrants or Purchase Contracts or that
may be issued upon exchange or conversion of Debt Securities, whichever is applicable. The Common
Stock, the Preferred Stock, the Depositary Shares, the Debt Securities, the Purchase Contracts, the
Units, the Securities Warrants and the Guarantees are hereinafter referred to collectively
(together with any additional securities that may be issued by Hovnanian and/or K. Hovnanian
pursuant to Rule 462(b) (as prescribed by the Commission pursuant to the Securities Act)) as the
&#147;Securities&#148;. The Securities may be issued and sold or delivered from time to time as set forth in
the Registration Statement, any amendment thereto, the prospectus contained therein (the
&#147;Prospectus&#148;) and supplements to the Prospectus and pursuant to Rule&nbsp;415 under the Act for an
aggregate initial offering price not to exceed $500,000,000 or the equivalent thereof in one or
more foreign currencies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In that connection, I have examined and relied upon the originals, or duplicates or certified
or conformed copies identified to my satisfaction, of such corporate and other records, agreements,
documents and other instruments and have made such other and further investigations as I have
deemed relevant and necessary in connection with the opinions hereinafter set forth. As to
questions of fact material to this opinion, I have relied upon certificates or comparable documents
of public officials and of officers and representatives of Hovnanian, K. Hovnanian and the
Subsidiary Guarantors. In such examination, I have assumed the genuineness and authenticity of all
documents examined by me and all signatures thereon,
</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">the legal capacity of all persons executing such documents, the conformity to originals of all
copies of documents submitted to me and the truth and correctness of any representations and
warranties contained therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the qualifications, assumptions and limitations
stated herein, I am of the opinion that:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When appropriate action is taken by the Board of Directors of K. Hovnanian, a duly
constituted and acting committee thereof or duly authorized officers of K. Hovnanian (such Board
of Directors, committee or authorized officers being referred to herein as the &#147;K. Hovnanian
Board&#148;), the K. Hovnanian Senior Debt Securities will have been duly authorized and, when the
indenture among K. Hovnanian, Hovnanian, as guarantor, the Trustee as shall be named therein
(the &#147;K. Hovnanian Senior Debt Trustee&#148;) and the Subsidiary Guarantors, if applicable (the &#147;K.
Hovnanian Senior Indenture&#148;), pursuant to which the K. Hovnanian Senior Debt Securities will be
issued has been duly executed and delivered, the K. Hovnanian Senior Debt Securities, when duly
executed by K. Hovnanian, authenticated by the K. Hovnanian Senior Debt Trustee in accordance
with the terms of the K. Hovnanian Senior Indenture and issued and delivered against payment of
the consideration therefor, will be legally issued and will constitute valid and legally binding
obligations of K. Hovnanian entitled to the benefits of the K. Hovnanian Senior Indenture
relating thereto; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When appropriate action is taken by the K. Hovnanian Board, the K. Hovnanian Senior
Subordinated Debt Securities will have been duly authorized and, when the indenture among K.
Hovnanian, Hovnanian, as guarantor, the Trustee as shall be named therein (the &#147;K. Hovnanian
Senior Subordinated Debt Trustee&#148;) and the Subsidiary Guarantors, if applicable (the &#147;K.
Hovnanian Senior Subordinated Indenture&#148;), pursuant to which the K. Hovnanian Senior
Subordinated Debt Securities will be issued has been duly executed and delivered, the K.
Hovnanian Senior Subordinated Debt Securities, when duly executed by K. Hovnanian, authenticated
by the K. Hovnanian Senior Subordinated Debt Trustee in accordance with the terms of the K.
Hovnanian Senior Subordinated Indenture and issued and delivered against payment of the
consideration therefor, will be legally issued and will constitute valid and legally binding
obligations of K. Hovnanian entitled to the benefits of the K. Hovnanian Senior Subordinated
Indenture relating thereto; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When appropriate action is taken by the K. Hovnanian Board, the K. Hovnanian
Subordinated Debt Securities will have been duly authorized and, when the indenture among K.
Hovnanian, Hovnanian, as guarantor, the Trustee as shall be named therein (the &#147;K. Hovnanian
Subordinated Debt Trustee&#148;) and the Subsidiary Guarantors, if applicable (the &#147;K. Hovnanian
Subordinated Indenture&#148;), pursuant to which the K. Hovnanian Subordinated Debt Securities will
be issued has been duly executed and delivered, the K. Hovnanian Subordinated Debt Securities,
when duly executed by K. Hovnanian, authenticated by the K. Hovnanian Subordinated Debt Trustee
in accordance with the terms of the K. Hovnanian Subordinated Indenture and issued and delivered
against payment of the consideration
</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; margin-left: 2%">therefor, will be legally issued and will constitute valid and legally binding obligations
of K. Hovnanian entitled to the benefits of the K. Hovnanian Subordinated Indenture relating
thereto; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. When appropriate action is taken by the K. Hovnanian Board, the K. Hovnanian Debt
Security Warrants will have been duly authorized and, when the warrant agreement among K.
Hovnanian, Hovnanian as guarantor, the warrant agent as shall be named therein and the
Subsidiary Guarantors, if applicable, pursuant to which the K. Hovnanian Debt Security Warrants
will be issued (the &#147;Warrant Agreement&#148;) has been duly executed and delivered, the K. Hovnanian
Debt Security Warrants, when duly executed by K. Hovnanian in accordance with the terms of the
Warrant Agreement and issued and delivered against payment of the consideration therefor, will
be legally issued and will constitute valid and legally binding obligations of K. Hovnanian
entitled to the benefits of the Warrant Agreement relating thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. When appropriate action is taken by the K. Hovnanian Board, the K. Hovnanian Units will
have been duly authorized and, when the unit agreement among K. Hovnanian, Hovnanian, as
applicable, and the unit agent named therein, pursuant to which the K. Hovnanian Units will be
issued (the &#147;Unit Agreement&#148;) has been duly executed and delivered, the K. Hovnanian Units, when
duly executed by K. Hovnanian in accordance with the terms of the Unit Agreement and issued and
delivered against payment of the consideration therefor, will be legally issued and will
constitute valid and legally binding obligations of K. Hovnanian entitled to the benefits of the
Unit Agreement relating thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Thacher &#038; Bartlett LLP may rely upon this opinion letter insofar as the opinions
expressed herein relate to or are dependent upon matters governed by the law of the State of
California.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I am a member of the Bar of the State of New Jersey, and I do not express any opinion herein
concerning any law other than the law of the State of New Jersey and the State of California.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the filing of this opinion as Exhibit&nbsp;5.2 to the Registration Statement
and to the reference under the caption &#147;Legal Matters&#148; in the Prospectus included in the
Registration Statement.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></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">Very truly yours, <BR>
<BR>/s/ Peter S. Reinhart
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>

Peter S. Reinhart<BR>
Senior Vice President and General Counsel<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>10
<FILENAME>y88639a1exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</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;23.1</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference
in this Amendment No. 1 to Registration Statement No. 333-171349 of our
reports dated January 25, 2011, relating to the consolidated financial statements of Hovnanian
Enterprises, Inc., and the effectiveness of Hovnanian Enterprises, Inc.&#146;s internal control over
financial reporting, appearing in the Amendment No. 1 to the Annual
Report on Form 10-K/A of Hovnanian Enterprises, Inc. for
the year ended October&nbsp;31, 2010, 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: 10pt; margin-top: 6pt">/s/
Deloitte &#38; Touche LLP</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Parsippany, New Jersey</div>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">January 25, 2011
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>11
<FILENAME>y88639a1exv23w2.htm
<DESCRIPTION>EX-23.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w2</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;23.2</B>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Consent of Independent Registered Public Accounting Firm</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the reference to our firm under the caption &#147;Experts&#148; in this
Registration Statement (Form S-3) and related Prospectus of Hovnanian
Enterprises, Inc. (the &#147;Company&#148;), K. Hovnanian Enterprises, Inc. and certain
subsidiaries of the Company for the registration of $500,000,000 of (i)
preferred stock, (ii)&nbsp;Class&nbsp;A common stock, (iii)&nbsp;preferred stock purchase
rights, (iv)&nbsp;depositary shares, (v)&nbsp;warrants to purchase preferred stock, Class
A common stock, depositary shares and debt securities, (vi)&nbsp;debt securities,
(vii)&nbsp;stock purchase contracts, (viii)&nbsp;stock purchase units,
(ix)&nbsp;units and (x)&nbsp;guarantees of such debt securities and warrants, and to the
incorporation by reference in Amendment No. 1 thereto of our report dated December&nbsp;23, 2008, with
respect to the consolidated financial statements of Hovnanian Enterprises, Inc.
and subsidiaries for the year ended October&nbsp;31, 2008, included
in Amendment No. 1 to its Annual
Report (Form 10-K/A) for the year ended October&nbsp;31, 2010, filed with the
Securities and Exchange Commission.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ Ernst &#038; Young LLP
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New York, New York</div>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">January 25, 2011
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>12
<FILENAME>y88639a1exv25w1.htm
<DESCRIPTION>EX-25.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv25w1</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;25.1</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></DIV>

<DIV align="center" style="font-size: 10pt"><B>Washington, D.C. 20549</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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: 12pt"><B>FORM T-1</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939<BR>
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE</B><BR>
Check if an Application to Determine Eligibility of a Trustee Pursuant to Section&nbsp;305(b)(2) <FONT style="font-family: Wingdings">&#111;</FONT></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>WILMINGTON TRUST COMPANY</B><BR>
(Exact name of Trustee as specified in its charter)</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="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>51-0055023</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Jurisdiction of incorporation of organization if not a U.S.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">national bank)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1100 North Market Street<BR>
Wilmington, Delaware 19890-0001<BR>
(302)&nbsp;651-1000</B><BR>
(Address of principal executive offices, including zip code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Michael A. DiGregorio<BR>
Senior Vice President and General Counsel<BR>
Wilmington Trust Company<BR>
1100 North Market Street<BR>
Wilmington, Delaware 19890-0001<BR>
(302)&nbsp;651-8793</B><BR>
(Name, address, including zip code, and telephone number, including area code, of agent of service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Hovnanian Enterprises, Inc.</B><BR>
(Exact name of obligor as specified in its charter)</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="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-1851059</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction or incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, NJ 07701</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Address of principal executive offices, including zip code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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: 12pt"><B>Debt Securities</B><BR>
(Title of the indenture securities)</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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: 12pt"><B>ITEM 1. GENERAL INFORMATION.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Furnish the following information as to the trustee:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(a)&nbsp;Name and address of each examining or supervising authority to which it is subject.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Federal Reserve Bank of Philadelphia
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">State Bank Commissioner</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ten Independence Mall
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">555 East Lockerman Street, Suite&nbsp;210</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Philadelphia, PA 19106-1574
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dover, Delaware 19901</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(b)&nbsp;Whether it is authorized to exercise corporate trust powers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The trustee is authorized to exercise corporate trust powers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 2. AFFILIATIONS WITH THE OBLIGOR.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">If the obligor is an affiliate of the trustee, describe each affiliation:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Based upon an examination of the books and records of the trustee and information
available to the trustee, the obligor is not an affiliate of the trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 16. LIST OF EXHIBITS.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Listed below are all exhibits filed as part of this Statement of Eligibility and
Qualification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exhibit&nbsp;1. Copy of the Charter of Wilmington Trust Company:
</DIV>


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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exhibit&nbsp;2. Certificate of Authority of Wilmington Trust Company to commence business
 &#151; included in Exhibit&nbsp;1 above.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exhibit&nbsp;3. Authorization of Wilmington Trust Company to exercise corporate trust
powers &#151; included in Exhibit&nbsp;1 above.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exhibit&nbsp;4. Copy of By-Laws of Wilmington Trust Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exhibit&nbsp;5. Not applicable
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exhibit&nbsp;6. Consent of Wilmington Trust Company required by Section 321(b) of the Trust
Indenture Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exhibit&nbsp;7. Copy of most recent Report of Condition of Wilmington Trust Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exhibit&nbsp;8. Not applicable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Exhibit&nbsp;9. Not applicable.
</DIV>

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee,
Wilmington Trust Company, a corporation organized and existing under the laws of Delaware, has duly
caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly
authorized, all in the City of Wilmington and State of Delaware on
the 5th day of&nbsp;January, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">&#091;SEAL&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>WILMINGTON TRUST COMPANY</B></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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr><td><DIV align="left"><FONT size="1">

</FONT></DIV></td></tr>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attest:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joseph B. Feil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Patrick J. Healy</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</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" style="border-top: 1px solid #000000">&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">Assistant Secretary
</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">Patrick J. Healy</TD>
</TR>
<TR style="font-size: 1px">
    <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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</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 colspan="3" valign="top" align="left">Title: Vice President</TD>
</TR>
<tr><td><DIV align="left"><FONT size="1">

</FONT></DIV></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"><B>EXHIBIT 1*</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDED CHARTER</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Wilmington Trust Company</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Wilmington, Delaware</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>As existing on May&nbsp;9, 1987</B>
</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">*</TD>
    <TD>&nbsp;</TD>
    <TD>Exhibit&nbsp;1 also constitutes Exhibits 2 and 3.</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"><B>Amended Charter<BR>
or<BR>
Act of Incorporation<BR>
of<BR>
Wilmington Trust Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Wilmington Trust Company</B>, originally incorporated by an Act of the General Assembly of the
State of Delaware, entitled &#147;An Act to Incorporate the Delaware Guarantee and Trust Company&#148;,
approved March&nbsp;2, A.D. 1901, and the name of which company was changed to &#147;<B>Wilmington Trust
Company</B>&#148; by an amendment filed in the Office of the Secretary of State on March&nbsp;18, A.D. 1903, and
the Charter or Act of Incorporation of which company has been from time to time amended and changed
by merger agreements pursuant to the corporation law for state banks and trust companies of the
State of Delaware, does hereby alter and amend its Charter or Act of Incorporation so that the same
as so altered and amended shall in its entirety read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>First: </B>- The name of this corporation is <B>Wilmington Trust Company</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Second: </B>- The location of its principal office in the State of Delaware is at Rodney
Square North, in the City of Wilmington, County of New Castle; the name of its resident
agent is <B>Wilmington Trust Company </B>whose address is Rodney Square North, in said City. In
addition to such principal office, the said corporation maintains and operates branch
offices in the City of Newark, New Castle County, Delaware, the Town of Newport, New Castle
County, Delaware, at Claymont, New Castle County, Delaware, at Greenville, New Castle County
Delaware, and at Milford Cross Roads, New Castle County, Delaware, and shall be empowered to
open, maintain and operate branch offices at Ninth and Shipley Streets, 418 Delaware Avenue,
2120 Market Street, and 3605 Market Street, all in the City of Wilmington, New Castle
County, Delaware, and such other branch offices or places of business as may be authorized
from time to time by the agency or agencies of the government of the State of Delaware
empowered to confer such authority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Third: </B>- (a)&nbsp;The nature of the business and the objects and purposes proposed to be
transacted, promoted or carried on by this Corporation are to do any or all of the things
herein mentioned as fully and to the same extent as natural persons might or could do and in
any part of the world, viz.:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To sue and be sued, complain and defend in any Court of law or
equity and to make and use a common seal, and alter the seal at pleasure, to
hold, purchase, convey, mortgage or otherwise deal in real and personal estate
and property, and to appoint such officers and agents as the business of the
Corporation shall require, to make by-laws not inconsistent with the
Constitution or laws of the United States or of this State, to discount bills,
notes or other evidences of debt, to receive deposits of money, or securities
for money, to buy gold and silver bullion and foreign coins, to buy and sell
bills of exchange, and generally to use, exercise and enjoy all the powers,
rights, privileges and franchises incident to a corporation which are proper or
necessary for the transaction of the business of the Corporation hereby
created.</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To insure titles to real and personal property, or any estate
or interests therein, and to guarantee the holder of such property, real or
personal, against any claim</TD>
</TR>

</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">


<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"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or&nbsp;claims, adverse to his interest therein, and to prepare and give
certificates of title for any lands or premises in the State of Delaware,
or elsewhere.</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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To act as factor, agent, broker or attorney in the receipt,
collection, custody, investment and management of funds, and the purchase,
sale, management and disposal of property of all descriptions, and to prepare
and execute all papers which may be necessary or proper in such business.</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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To prepare and draw agreements, contracts, deeds, leases,
conveyances, mortgages, bonds and legal papers of every description, and to
carry on the business of conveyance in all its branches.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To receive upon deposit for safekeeping money, jewelry, plate,
deeds, bonds and any and all other personal property of every sort and kind,
from executors, administrators, guardians, public officers, courts, receivers,
assignees, trustees, and from all fiduciaries, and from all other persons and
individuals, and from all corporations whether state, municipal, corporate or
private, and to rent boxes, safes, vaults and other receptacles for such
property.</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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To act as agent or otherwise for the purpose of registering,
issuing, certificating, countersigning, transferring or underwriting the stock,
bonds or other obligations of any corporation, association, state or
municipality, and may receive and manage any sinking fund therefore on such
terms as may be agreed upon between the two parties, and in like manner may act
as Treasurer of any corporation or municipality.</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">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To act as Trustee under any deed of trust, mortgage, bond or
other instrument issued by any state, municipality, body politic, corporation,
association or person, either alone or in conjunction with any other person or
persons, corporation or corporations.</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">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To guarantee the validity, performance or effect of any
contract or agreement, and the fidelity of persons holding places of
responsibility or trust; to become surety for any person, or persons, for the
faithful performance of any trust, office, duty, contract or agreement, either
by itself or in conjunction with any other person, or persons, corporation, or
corporations, or in like manner become surety upon any bond, recognizance,
obligation, judgment, suit, order, or decree to be entered in any court of
record within the State of Delaware or elsewhere, or which may now or hereafter
be required by any law, judge, officer or court in the State of Delaware or
elsewhere.</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">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To act by any and every method of appointment as trustee,
trustee in bankruptcy, receiver, assignee, assignee in bankruptcy, executor,
administrator, guardian, bailee, or in any other trust capacity in the
receiving, holding, managing, and disposing of any and all estates and
property, real, personal or mixed, and to be appointed as such trustee, trustee
in bankruptcy, receiver, assignee, assignee in bankruptcy, executor,
administrator, guardian or bailee by any persons, corporations, court, officer,
or authority, in the State of Delaware or elsewhere; and whenever this
Corporation is so appointed by any person, corporation, court,</TD>
</TR>

</TABLE>
</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 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"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>officer&nbsp;or authority such trustee, trustee in bankruptcy, receiver,
assignee, assignee in bankruptcy, executor, administrator, guardian, bailee,
or in any other trust capacity, it shall not be required to give bond with
surety, but its capital stock shall be taken and held as security for the
performance of the duties devolving upon it by such appointment.</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">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>And for its care, management and trouble, and the exercise of
any of its powers hereby given, or for the performance of any of the duties
which it may undertake or be called upon to perform, or for the assumption of
any responsibility the said Corporation may be entitled to receive a proper
compensation.</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">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To purchase, receive, hold and own bonds, mortgages,
debentures, shares of capital stock, and other securities, obligations,
contracts and evidences of indebtedness, of any private, public or municipal
corporation within and without the State of Delaware, or of the Government of
the United States, or of any state, territory, colony, or possession thereof,
or of any foreign government or country; to receive, collect, receipt for, and
dispose of interest, dividends and income upon and from any of the bonds,
mortgages, debentures, notes, shares of capital stock, securities, obligations,
contracts, evidences of indebtedness and other property held and owned by it,
and to exercise in respect of all such bonds, mortgages, debentures, notes,
shares of capital stock, securities, obligations, contracts, evidences of
indebtedness and other property, any and all the rights, powers and privileges
of individual owners thereof, including the right to vote thereon; to invest
and deal in and with any of the moneys of the Corporation upon such securities
and in such manner as it may think fit and proper, and from time to time to
vary or realize such investments; to issue bonds and secure the same by pledges
or deeds of trust or mortgages of or upon the whole or any part of the property
held or owned by the Corporation, and to sell and pledge such bonds, as and
when the Board of Directors shall determine, and in the promotion of its said
corporate business of investment and to the extent authorized by law, to lease,
purchase, hold, sell, assign, transfer, pledge, mortgage and convey real and
personal property of any name and nature and any estate or interest therein.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In furtherance of, and not in limitation, of the powers conferred by the laws of
the State of Delaware, it is hereby expressly provided that the said Corporation shall also
have the following powers:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To do any or all of the things herein set forth, to the same
extent as natural persons might or could do, and in any part of the world.</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To acquire the good will, rights, property and franchises and
to undertake the whole or any part of the assets and liabilities of any
person, firm, association or corporation, and to pay for the same in cash,
stock of this Corporation, bonds or otherwise; to hold or in any manner to
dispose of the whole or any part of the property so purchased; to conduct in
any lawful manner the whole or any part of any business so acquired, and to
exercise all the powers necessary or convenient in and about the conduct and
management of such business.</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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To take, hold, own, deal in, mortgage or otherwise lien, and to
lease, sell,</TD>
</TR>

</TABLE>
</DIV>
<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 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>exchange, transfer, or in any manner whatever dispose of property, real,
personal or mixed, wherever situated.</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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To enter into, make, perform and carry out contracts of every
kind with any person, firm, association or corporation, and, without limit as
to amount, to draw, make, accept, endorse, discount, execute and issue
promissory notes, drafts, bills of exchange, warrants, bonds, debentures, and
other negotiable or transferable instruments.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To have one or more offices, to carry on all or any of its
operations and businesses, without restriction to the same extent as natural
persons might or could do, to purchase or otherwise acquire, to hold, own, to
mortgage, sell, convey or otherwise dispose of, real and personal property, of
every class and description, in any State, District, Territory or Colony of the
United States, and in any foreign country or place.</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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is the intention that the objects, purposes and powers
specified and clauses contained in this paragraph shall (except where otherwise
expressed in said paragraph) be nowise limited or restricted by reference to or
inference from the terms of any other clause of this or any other paragraph in
this charter, but that the objects, purposes and powers specified in each of
the clauses of this paragraph shall be regarded as independent objects,
purposes and powers.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fourth: </B>- (a)&nbsp;The total number of shares of all classes of stock which the Corporation
shall have authority to issue is forty-one million (41,000,000) shares, consisting of:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One million (1,000,000) shares of Preferred stock, par value
$10.00 per share (hereinafter referred to as &#147;Preferred Stock&#148;); 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Forty million (40,000,000) shares of Common Stock, par value
$1.00 per share (hereinafter referred to as &#147;Common Stock&#148;).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares of Preferred Stock may be issued from time to time in one or more series as
may from time to time be determined by the Board of Directors each of said series to be
distinctly designated. All shares of any one series of Preferred Stock shall be alike in
every particular, except that there may be different dates from which dividends, if any,
thereon shall be cumulative, if made cumulative. The voting powers and the preferences and
relative, participating, optional and other special rights of each such series, and the
qualifications, limitations or restrictions thereof, if any, may differ from those of any
and all other series at any time outstanding; and, subject to the provisions of subparagraph
1 of Paragraph (c)&nbsp;of this Article <B>Fourth</B>, the Board of Directors of the Corporation is
hereby expressly granted authority to fix by resolution or resolutions adopted prior to the
issuance of any shares of a particular series of Preferred Stock, the voting powers and the
designations, preferences and relative, optional and other special rights, and the
qualifications, limitations and restrictions of such series, including, but without limiting
the generality of the foregoing, the following:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The distinctive designation of, and the number of shares of
Preferred Stock which shall constitute such series, which number may be
increased (except where otherwise provided by the Board of Directors) or
decreased (but not below the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">


<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>number of shares thereof then outstanding) from time to time by like action
of the Board of Directors;</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rate and times at which, and the terms and conditions on
which, dividends, if any, on Preferred Stock of such series shall be paid, the
extent of the preference or relation, if any, of such dividends to the
dividends payable on any other class or classes, or series of the same or other
class of stock and whether such dividends shall be cumulative or
non-cumulative;</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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The right, if any, of the holders of Preferred Stock of such
series to convert the same into or exchange the same for, shares of any other
class or classes or of any series of the same or any other class or classes of
stock of the Corporation and the terms and conditions of such conversion or
exchange;</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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether or not Preferred Stock of such series shall be subject
to redemption, and the redemption price or prices and the time or times at
which, and the terms and conditions on which, Preferred Stock of such series
may be redeemed.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rights, if any, of the holders of Preferred Stock of such
series upon the voluntary or involuntary liquidation, merger, consolidation,
distribution or sale of assets, dissolution or winding-up, of the Corporation.</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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms of the sinking fund or redemption or purchase
account, if any, to be provided for the Preferred Stock of such series; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The voting powers, if any, of the holders of such series of
Preferred Stock which may, without limiting the generality of the foregoing
include the right, voting as a series or by itself or together with other
series of Preferred Stock or all series of Preferred Stock as a class, to elect
one or more directors of the Corporation if there shall have been a default in
the payment of dividends on any one or more series of Preferred Stock or under
such circumstances and on such conditions as the Board of Directors may
determine.</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">(c)(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD> After the requirements with respect to preferential
dividends on the Preferred Stock (fixed in accordance with the provisions of
section (b)&nbsp;of this Article <B>Fourth</B>), if any, shall have been met and after the
Corporation shall have complied with all the requirements, if any, with respect
to the setting aside of sums as sinking funds or redemption or purchase
accounts (fixed in accordance with the provisions of section (b)&nbsp;of this
Article <B>Fourth</B>), and subject further to any conditions which may be fixed in
accordance with the provisions of section (b)&nbsp;of this Article <B>Fourth</B>, then and
not otherwise the holders of Common Stock shall be entitled to receive such
dividends as may be declared from time to time by the Board of Directors.</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After distribution in full of the preferential amount, if any,
(fixed in accordance with the provisions of section (b)&nbsp;of this Article
<B>Fourth</B>), to be distributed to the holders of Preferred Stock in the event of
voluntary or involuntary liquidation, distribution or sale of assets,
dissolution or winding-up, of the Corporation, the holders of the Common Stock
shall be entitled to receive all of the remaining</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">


<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>assets of the Corporation, tangible and intangible, of whatever kind
available for distribution to stockholders ratably in proportion to the
number of shares of Common Stock held by them respectively.</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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as may otherwise be required by law or by the provisions
of such resolution or resolutions as may be adopted by the Board of Directors
pursuant to section (b)&nbsp;of this Article <B>Fourth</B>, each holder of Common Stock
shall have one vote in respect of each share of Common Stock held on all
matters voted upon by the stockholders.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No holder of any of the shares of any class or series of stock or of options,
warrants or other rights to purchase shares of any class or series of stock or of other
securities of the Corporation shall have any preemptive right to purchase or subscribe for
any unissued stock of any class or series or any additional shares of any class or series to
be issued by reason of any increase of the authorized capital stock of the Corporation of
any class or series, or bonds, certificates of indebtedness, debentures or other securities
convertible into or exchangeable for stock of the Corporation of any class or series, or
carrying any right to purchase stock of any class or series, but any such unissued stock,
additional authorized issue of shares of any class or series of stock or securities
convertible into or exchangeable for stock, or carrying any right to purchase stock, may be
issued and disposed of pursuant to resolution of the Board of Directors to such persons,
firms, corporations or associations, whether such holders or others, and upon such terms as
may be deemed advisable by the Board of Directors in the exercise of its sole discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The relative powers, preferences and rights of each series of Preferred Stock in
relation to the relative powers, preferences and rights of each other series of Preferred
Stock shall, in each case, be as fixed from time to time by the Board of Directors in the
resolution or resolutions adopted pursuant to authority granted in section (b)&nbsp;of this
Article <B>Fourth </B>and the consent, by class or series vote or otherwise, of the holders of such
of the series of Preferred Stock as are from time to time outstanding shall not be required
for the issuance by the Board of Directors of any other series of Preferred Stock whether or
not the powers, preferences and rights of such other series shall be fixed by the Board of
Directors as senior to, or on a parity with, the powers, preferences and rights of such
outstanding series, or any of them; provided, however, that the Board of Directors may
provide in the resolution or resolutions as to any series of Preferred Stock adopted
pursuant to section (b)&nbsp;of this Article <B>Fourth </B>that the consent of the holders of a majority
(or such greater proportion as shall be therein fixed) of the outstanding shares of such
series voting thereon shall be required for the issuance of any or all other series of
Preferred Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the provisions of section (e), shares of any series of Preferred Stock
may be issued from time to time as the Board of Directors of the Corporation shall determine
and on such terms and for such consideration as shall be fixed by the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Shares of Common Stock may be issued from time to time as the Board of Directors of
the Corporation shall determine and on such terms and for such consideration as shall be
fixed by the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The authorized amount of shares of Common Stock and of Preferred Stock may, without
a class or series vote, be increased or decreased from time to time by the affirmative vote
of the holders of a majority of the stock of the Corporation entitled to vote thereon.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fifth: </B>- (a)&nbsp;The business and affairs of the Corporation shall be conducted and
managed by a Board of Directors. The number of directors constituting the entire Board
shall be not less than five nor more than twenty-five as fixed from time to time by vote of
a majority of the whole Board, provided, however, that the number of directors shall not be
reduced so as to shorten the term of any director at the time in office, and provided
further, that the number of directors constituting the whole Board shall be twenty-four
until otherwise fixed by a majority of the whole Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall be divided into three classes, as nearly equal in
number as the then total number of directors constituting the whole Board permits, with the
term of office of one class expiring each year. At the annual meeting of stockholders in
1982, directors of the first class shall be elected to hold office for a term expiring at
the next succeeding annual meeting, directors of the second class shall be elected to hold
office for a term expiring at the second succeeding annual meeting and directors of the
third class shall be elected to hold office for a term expiring at the third succeeding
annual meeting. Any vacancies in the Board of Directors for any reason, and any newly
created directorships resulting from any increase in the directors, may be filled by the
Board of Directors, acting by a majority of the directors then in office, although less than
a quorum, and any directors so chosen shall hold office until the next annual election of
directors. At such election, the stockholders shall elect a successor to such director to
hold office until the next election of the class for which such director shall have been
chosen and until his successor shall be elected and qualified. No decrease in the number of
directors shall shorten the term of any incumbent director.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provisions of this Charter or Act of Incorporation or the
By-Laws of the Corporation (and notwithstanding the fact that some lesser percentage may be
specified by law, this Charter or Act of Incorporation or the By-Laws of the Corporation),
any director or the entire Board of Directors of the Corporation may be removed at any time
without cause, but only by the affirmative vote of the holders of two-thirds or more of the
outstanding shares of capital stock of the Corporation entitled to vote generally in the
election of directors (considered for this purpose as one class) cast at a meeting of the
stockholders called for that purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nominations for the election of directors may be made by the Board of Directors or
by any stockholder entitled to vote for the election of directors. Such nominations shall
be made by notice in writing, delivered or mailed by first class United States mail, postage
prepaid, to the Secretary of the Corporation not less than 14&nbsp;days nor more than 50&nbsp;days
prior to any meeting of the stockholders called for the election of directors; provided,
however, that if less than 21&nbsp;days&#146; notice of the meeting is given to stockholders, such
written notice shall be delivered or mailed, as prescribed, to the Secretary of the
Corporation not later than the close of the seventh day following the day on which notice of
the meeting was mailed to stockholders. Notice of nominations which are proposed by the
Board of Directors shall be given by the Chairman on behalf of the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each notice under subsection (d)&nbsp;shall set forth (i)&nbsp;the name, age, business
address and, if known, residence address of each nominee proposed in such notice, (ii)&nbsp;the
principal occupation or employment of such nominee and (iii)&nbsp;the number of shares of stock
of the Corporation which are beneficially owned by each such nominee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Chairman of the meeting may, if the facts warrant, determine and declare to the
meeting that a nomination was not made in accordance with the foregoing procedure, and if he
should so determine, he shall so declare to the meeting and the defective nomination
shall be disregarded.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No action required to be taken or which may be taken at any annual or special
meeting of stockholders of the Corporation may be taken without a meeting, and the power of
stockholders to consent in writing, without a meeting, to the taking of any action is
specifically denied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sixth: </B>- The Directors shall choose such officers, agents and servants as may be
provided in the By-Laws as they may from time to time find necessary or proper.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Seventh: </B>- The Corporation hereby created is hereby given the same powers, rights and
privileges as may be conferred upon corporations organized under the Act entitled &#147;An Act
Providing a General Corporation Law&#148;, approved March&nbsp;10, 1899, as from time to time amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Eighth: </B>- This Act shall be deemed and taken to be a private Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Ninth: </B>- This Corporation is to have perpetual existence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenth: </B>- The Board of Directors, by resolution passed by a majority of the whole Board,
may designate any of their number to constitute an Executive Committee, which Committee, to
the extent provided in said resolution, or in the By-Laws of the Company, shall have and may
exercise all of the powers of the Board of Directors in the management of the business and
affairs of the Corporation, and shall have power to authorize the seal of the Corporation to
be affixed to all papers which may require it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Eleventh: </B>- The private property of the stockholders shall not be liable for the
payment of corporate debts to any extent whatever.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Twelfth: </B>- The Corporation may transact business in any part of the world.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Thirteenth: </B>- The Board of Directors of the Corporation is expressly authorized to
make, alter or repeal the By-Laws of the Corporation by a vote of the majority of the entire
Board. The stockholders may make, alter or repeal any By-Law whether or not adopted by
them, provided however, that any such additional By-Laws, alterations or repeal may be
adopted only by the affirmative vote of the holders of two-thirds or more of the outstanding
shares of capital stock of the Corporation entitled to vote generally in the election of
directors (considered for this purpose as one class).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fourteenth: </B>- Meetings of the Directors may be held outside of the State of Delaware at
such places as may be from time to time designated by the Board, and the Directors may keep
the books of the Company outside of the State of Delaware at such places as may be from time
to time designated by them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>Fifteenth: </B>- (a) (1)&nbsp;In addition to any affirmative vote required by law, and
except as otherwise expressly provided in sections (b)&nbsp;and (c)&nbsp;of this Article
<B>Fifteenth:</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">

<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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any merger or consolidation of the Corporation or any
Subsidiary (as hereinafter
defined) with or into (i)&nbsp;any Interested Stockholder (as hereinafter
defined) or (ii)&nbsp;any other corporation (whether or not itself an Interested
Stockholder), which, after such merger or consolidation, would be an
Affiliate (as hereinafter defined) of an Interested Stockholder, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any sale, lease, exchange, mortgage, pledge, transfer or other
disposition (in one transaction or a series of related transactions) to or with
any Interested Stockholder or any Affiliate of any Interested Stockholder of
any assets of the Corporation or any Subsidiary having an aggregate fair market
value of $1,000,000 or more, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance or transfer by the Corporation or any Subsidiary
(in one transaction or a series of related transactions) of any securities of
the Corporation or any Subsidiary to any Interested Stockholder or any
Affiliate of any Interested Stockholder in exchange for cash, securities or
other property (or a combination thereof) having an aggregate fair market value
of $1,000,000 or more, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the adoption of any plan or proposal for the liquidation or
dissolution of the Corporation, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any reclassification of securities (including any reverse stock
split), or recapitalization of the Corporation, or any merger or consolidation
of the Corporation with any of its Subsidiaries or any similar transaction
(whether or not with or into or otherwise involving an Interested Stockholder)
which has the effect, directly or indirectly, of increasing the proportionate
share of the outstanding shares of any class of equity or convertible
securities of the Corporation or any Subsidiary which is directly or indirectly
owned by any Interested Stockholder, or any Affiliate of any Interested
Stockholder,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">shall require the affirmative vote of the holders of at least two-thirds of the
outstanding shares of capital stock of the Corporation entitled to vote generally in
the election of directors, considered for the purpose of this Article <B>Fifteenth </B>as
one class (&#147;Voting Shares&#148;). Such affirmative vote shall be required
notwithstanding the fact that no vote may be required, or that some lesser
percentage may be specified, by law or in any agreement with any national securities
exchange or otherwise.
</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;business combination&#148; as used in this Article
<B>Fifteenth </B>shall mean any transaction which is referred to in any one or more of
clauses (A)&nbsp;through (E)&nbsp;of paragraph 1 of the section (a).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of section (a)&nbsp;of this Article <B>Fifteenth </B>shall not be applicable to
any particular business combination and such business combination shall require only such
affirmative vote as is required by law and any other provisions of the Charter or Act of
Incorporation or By-Laws if such business combination has been approved by a majority of the
whole Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of this Article <B>Fifteenth</B>:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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">

<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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A &#147;person&#148; shall mean any individual, firm, corporation or other entity.</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Interested Stockholder&#148; shall mean, in respect of any business
combination, any person (other than the Corporation or any Subsidiary) who or
which as of the record date for the determination of stockholders entitled to
notice of and to vote on such business combination, or immediately prior to the
consummation of any such transaction:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is the beneficial owner, directly or
indirectly, of more than 10% of the Voting Shares, 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 an Affiliate of the Corporation and at any
time within two years prior thereto was the beneficial owner, directly
or indirectly, of not less than 10% of the then outstanding voting
Shares, 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is an assignee of or has otherwise succeeded in
any share of capital stock of the Corporation which were at any time
within two years prior thereto beneficially owned by any Interested
Stockholder, and such assignment or succession shall have occurred in
the course of a transaction or series of transactions not involving a
public offering within the meaning of the Securities Act of 1933.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A person shall be the &#147;beneficial owner&#148; of any Voting Shares:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which such person or any of its Affiliates and
Associates (as hereafter defined) beneficially own, directly or
indirectly, 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>which such person or any of its Affiliates or
Associates has (i)&nbsp;the right to acquire (whether such right is
exercisable immediately or only after the passage of time), pursuant to
any agreement, arrangement or understanding or upon the exercise of
conversion rights, exchange rights, warrants or options, or otherwise,
or (ii)&nbsp;the right to vote pursuant to any agreement, arrangement or
understanding, 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which are beneficially owned, directly or
indirectly, by any other person with which such first mentioned person
or any of its Affiliates or Associates has any agreement, arrangement
or understanding for the purpose of acquiring, holding, voting or
disposing of any shares of capital stock of the Corporation.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The outstanding Voting Shares shall include shares deemed owned
through application of paragraph (3)&nbsp;above but shall not include any other
Voting Shares which may be issuable pursuant to any agreement, or upon exercise
of conversion rights, warrants or options or otherwise.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Affiliate&#148; and &#147;Associate&#148; shall have the respective meanings
given those terms in Rule&nbsp;12b-2 of the General Rules and Regulations under the
Securities Exchange Act of 1934, as in effect on December&nbsp;31, 1981.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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">


<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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Subsidiary&#148; shall mean any corporation of which a majority of
any class of equity
security (as defined in Rule&nbsp;3a11-1 of the General Rules and Regulations
under the Securities Exchange Act of 1934, as in effect on December&nbsp;31,
1981) is owned, directly or indirectly, by the Corporation; provided,
however, that for the purposes of the definition of Investment Stockholder
set forth in paragraph (2)&nbsp;of this section (c), the term &#147;Subsidiary&#148; shall
mean only a corporation of which a majority of each class of equity security
is owned, directly or indirectly, by the Corporation.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) majority of the directors shall have the power and duty to determine for the
purposes of this Article <B>Fifteenth </B>on the basis of information known to them, (1)&nbsp;the number
of Voting Shares beneficially owned by any person (2)&nbsp;whether a person is an Affiliate or
Associate of another, (3)&nbsp;whether a person has an agreement, arrangement or understanding
with another as to the matters referred to in paragraph (3)&nbsp;of section (c), or (4)&nbsp;whether
the assets subject to any business combination or the consideration received for the
issuance or transfer of securities by the Corporation, or any Subsidiary has an aggregate
fair market value of $1,000,000 or more.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing contained in this Article <B>Fifteenth </B>shall be construed to relieve any
Interested Stockholder from any fiduciary obligation imposed by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sixteenth: </B>Notwithstanding any other provision of this Charter or Act of
Incorporation or the By-Laws of the Corporation (and in addition to any other vote that may
be required by law, this Charter or Act of Incorporation by the By-Laws), the affirmative
vote of the holders of at least two-thirds of the outstanding shares of the capital stock of
the Corporation entitled to vote generally in the election of directors (considered for this
purpose as one class) shall be required to amend, alter or repeal any provision of Articles
<B>Fifth, Thirteenth, Fifteenth </B>or <B>Sixteenth </B>of this Charter or Act of Incorporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Seventeenth:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Director of this Corporation shall not be 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 or limitation thereof is not permitted under the
Delaware General Corporation Laws as the same exists or may hereafter be amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any repeal or modification of the foregoing paragraph shall not adversely affect
any right or protection of a Director of the Corporation existing hereunder with respect to
any act or omission occurring prior to the time of such repeal or modification.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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">ADOPTED: January&nbsp;21, 2009
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT 4</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BY-LAWS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON TRUST COMPANY</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON, DELAWARE</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 1</B><BR>
<U><B>Stockholders&#146; Meetings</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Annual Meeting</U>. The annual meeting of stockholders shall be held on the
third Thursday in April each year at the principal office at the Company or at such other date,
time or place as may be designated by resolution by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Special Meetings</U>. Special meetings of stockholders may be called at any
time by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the
President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Notice</U>. Notice of all meetings of the stockholders shall be given by
mailing to each stockholder at least ten (10)&nbsp;days before said meeting, at his last known address,
a written or printed notice fixing the time and place of such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Quorum</U>. A majority in the amount of the capital stock of the Company
issued and outstanding on the record date, as herein determined, shall constitute a quorum at all
meetings of stockholders for the transaction of any business, but the holders of a smaller number
of shares may adjourn from time to time, without further notice, until a quorum is secured. At
each annual or special meeting of stockholders, each stockholder shall be entitled to one vote,
either in person or by proxy, for each share of stock registered in the stockholder&#146;s name on the
books of the Company on the record date for any such meeting as determined herein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 2</B><BR>
<U><B>Directors</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Management</U>. The affairs and business of the Company shall be managed by
or under the direction of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Number</U>. The authorized number of directors that shall constitute the
Board of Directors shall be fixed from time to time by or pursuant to a resolution passed by a
majority of the
Board of Directors within the parameters set by the Charter of the Company. No more than two
</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">directors may also be employees of the Company or any affiliate thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Qualification</U>. In addition to any other provisions of these Bylaws, to be
qualified for nomination for election or appointment to the Board of Directors, a person must have
not attained the age of sixty-nine years at the time of such election or appointment, provided
however, the Nominating and Corporate Governance Committee may waive such qualification as to a
particular candidate otherwise qualified to serve as a director upon a good faith determination by
such committee that such a waiver is in the best interests of the Company and its stockholders.
The Chairman of the Board and the Chief Executive Officer shall not be qualified to continue to
serve as directors upon the termination of their service in those offices for any reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Meetings</U>. The Board of Directors shall meet at the principal office of
the Company or elsewhere in its discretion at such times to be determined by a majority of its
members, or at the call of the Chairman of the Board of Directors, the Chief Executive Officer or
the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Special Meetings</U>. Special meetings of the Board of Directors may be
called at any time by the Chairman of the Board, the Chief Executive Officer or the President, and
shall be called upon the written request of a majority of the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Quorum</U>. A majority of the directors elected and qualified shall be
necessary to constitute a quorum for the transaction of business at any meeting of the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Notice</U>. Written notice shall be sent by mail to each director of any
special meeting of the Board of Directors, and of any change in the time or place of any regular
meeting, stating the time and place of such meeting, which shall be mailed not less than two days
before the time of holding such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Vacancies</U>. In the event of the death, resignation, removal, inability to
act or disqualification of any director, the Board of Directors, although less than a quorum, shall
have the right to elect the successor who shall hold office for the remainder of the full term of
the class of directors in which the vacancy occurred, and until such director&#146;s successor shall
have been duly elected and qualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Organization Meeting</U>. The Board of Directors at its first meeting after
its election by the stockholders shall appoint an Audit Committee, a Compensation Committee and a
Nominating and Corporate Governance Committee, and shall elect from its own members a Chairman of
the Board, a Chief Executive Officer and a President, who may be the same person. The Board of
Directors shall also elect at such meeting a Secretary and a Chief Financial Officer, who may be
the same person, and may appoint at any time such committees as it may deem advisable. The Board
of Directors may also elect at such meeting one or more Associate Directors.
The Board of Directors, or a committee designated by the Board of Directors may elect or
appoint such other officers as they may deem advisable.
</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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Removal</U>. The Board of Directors may at any time remove, with or without
cause, any member of any committee appointed by it or any associate director or officer elected by
it and may appoint or elect his successor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Responsibility of Officers</U>. The Board of Directors may designate an
officer to be in charge of such departments or divisions of the Company as it may deem advisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. <U>Participation in Meetings</U>. The Board of Directors or any committee of
the Board of Directors may participate in a meeting of the Board of Directors or such committee, as
the case may be, by conference telephone, video facilities or other communications equipment. Any
action required or permitted to be taken at any meeting of the Board of Directors or any committee
thereof may be taken without a meeting if all of the members of the Board of Directors or the
committee, as the case may be, consent thereto in writing, and the writing or writings are filed
with the minutes of the Board of Directors or such committee.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 3</B><BR>
<U><B>Committees of the Board of Directors</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Audit Committee.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;The Audit Committee shall be composed of not less than three (3)&nbsp;members, who shall be
selected by the Board of Directors from its own members, none of whom shall be an officer or
employee of the Company, and shall hold office at the pleasure of the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;The Audit Committee shall have general supervision over the Audit Services Division in all
matters however subject to the approval of the Board of Directors; it shall consider all matters
brought to its attention by the officer in charge of the Audit Services Division, review all
reports of examination of the Company made by any governmental agency or such independent auditor
employed for that purpose, and make such recommendations to the Board of Directors with respect
thereto or with respect to any other matters pertaining to auditing the Company as it shall deem
desirable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;The Audit Committee shall meet whenever and wherever its Chairperson, the Chairman of the
Board, the Chief Executive Officer, the President or a majority of the Committee&#146;s members shall
deem it to be proper for the transaction of its business. A majority of the Committee&#146;s members
shall constitute a quorum for the transaction of business. The acts of the majority at a meeting at
which a quorum is present shall constitute action by the Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Compensation Committee.</U>
</DIV>

<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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;The Compensation Committee shall be composed of not less than three (3)&nbsp;members, who shall
be selected by the Board of Directors from its own members, none of whom shall be an officer or
employee of the Company, and shall hold office at the pleasure of the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;The Compensation Committee shall in general advise upon all matters of policy concerning
compensation, including salaries and employee benefits.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;The Compensation Committee shall meet whenever and wherever its Chairperson, the Chairman
of the Board, the Chief Executive Officer, the President or a majority of the Committee&#146;s members
shall deem it to be proper for the transaction of its business. A majority of the Committee&#146;s
members shall constitute a quorum for the transaction of business. The acts of the majority at a
meeting at which a quorum is present shall constitute action by the Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3. </B><U><B>Nominating and Corporate Governance Committee.</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;The Nominating and Corporate Governance Committee shall be composed of not less than three
(3)&nbsp;members, who shall be selected by the Board of Directors from its own members, none of whom
shall be an officer or employee of the Company, and shall hold office at the pleasure of the Board
of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;The Nominating and Corporate Governance Committee shall provide counsel and make
recommendations to the Chairman of the Board and the full Board with respect to the performance of
the Chairman of the Board and the Chief Executive Officer, candidates for membership on the Board
of Directors and its committees, matters of corporate governance, succession planning for the
Company&#146;s executive management and significant shareholder relations issues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;The Nominating and Corporate Governance Committee shall meet whenever and wherever its
Chairperson, the Chairman of the Board, the Chief Executive Officer, the President, or a majority
of the Committee&#146;s members shall deem it to be proper for the transaction of its business. A
majority of the Committee&#146;s members shall constitute a quorum for the transaction of business. The
acts of the majority at a meeting at which a quorum is present shall constitute action by the
Committee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Other Committees</U>. The Company may have such other committees with such
powers as the Board may designate from time to time by resolution or by an amendment to these
Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Associate Directors.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;Any person who has served as a director may be elected by the Board of Directors as an
associate director, to serve at the pleasure of the Board of Directors.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;Associate directors shall be entitled to attend all meetings of directors and participate
in the discussion of all matters brought to the Board of Directors, but will not have a right to
vote.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Absence or Disqualification of Any Member of a Committee.</U> In the absence
or disqualification of any member of any committee created under Article&nbsp;III of these Bylaws, the
member or members thereof present at any meeting and not disqualified from voting, whether or not
he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to
act at the meeting in the place of any such absent or disqualified member.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 4</B><BR>
<U><B>Officers</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Chairman of the Board</U>. The Chairman of the Board shall preside at all
meetings of the Board of Directors and shall have such further authority and powers and shall
perform such duties the Board of Directors may assign to him from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Chief Executive Officer</U>. The Chief Executive Officer shall have the
powers and duties pertaining to the office of Chief Executive Officer conferred or imposed upon him
by statute, incident to his office or as the Board of Directors may assign to him from time to
time. In the absence of the Chairman of the Board, the Chief Executive Officer shall have the
powers and duties of the Chairman of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>President</U>. The President shall have the powers and duties pertaining to
the office of the President conferred or imposed upon him by statute, incident to his office or as
the Board of Directors may assign to him from time to time. In the absence of the Chairman of the
Board and the Chief Executive Officer, the President shall have the powers and duties of the
Chairman of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Duties</U>. The Chairman of the Board, the Chief Executive Officer or the
President, as designated by the Board of Directors, shall carry into effect all legal directions of
the Board of Directors and shall at all times exercise general supervision over the interest,
affairs and operations of the Company and perform all duties incident to his office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Vice Presidents</U>. There may be one or more Vice Presidents, however
denominated by the Board of Directors, who may at any time perform all of the duties of the
Chairman of the Board, the Chief Executive Officer and/or the President and such other powers and
duties incident to their respective offices or as the Board of Directors, the Chairman of the
Board, the
Chief Executive Officer or the President or the officer in charge of the department or
division to which they are assigned may assign to them from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Secretary</U>. The Secretary shall attend to the giving of notice of meetings
of the stockholders and the Board of Directors, as well as the committees thereof, to the keeping
of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">accurate minutes of all such meetings, recording the same in the minute books of the Company and
in general notifying the Board of Directors of material matters affecting the Company on a timely
basis. In addition to the other notice requirements of these Bylaws and as may be practicable
under the circumstances, all such notices shall be in writing and mailed well in advance of the
scheduled date of any such meeting. He shall have custody of the corporate seal, affix the same to
any documents requiring such corporate seal, attest the same and perform other duties incident to
his office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Chief Financial Officer</U>. The Chief Financial Officer shall have general
supervision over all assets and liabilities of the Company. He shall be custodian of and
responsible for all monies, funds and valuables of the Company and for the keeping of proper
records of the evidence of property or indebtedness and of all transactions of the Company. He
shall have general supervision of the expenditures of the Company and periodically shall report to
the Board of Directors the condition of the Company, and perform such other duties incident to his
office or as the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the
President may assign to him from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Controller</U>. There may be a Controller who shall exercise general
supervision over the internal operations of the Company, including accounting, and shall render to
the Board of Directors or the Audit Committee at appropriate times a report relating to the general
condition and internal operations of the Company and perform other duties incident to his office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may be one or more subordinate accounting or controller officers however denominated,
who may perform the duties of the Controller and such duties as may be prescribed by the
Controller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Audit Officers</U>. The officer designated by the Board of Directors to be in
charge of the Audit Services Division of the Company, with such title as the Board of Directors
shall prescribe, shall report to and be directly responsible to the Audit Committee and the Board
of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall be an Auditor and there may be one or more Audit Officers, however denominated,
who may perform all the duties of the Auditor and such duties as may be prescribed by the officer
in charge of the Audit Services Division.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Other Officers</U>. There may be one or more officers, subordinate in rank
to all Vice Presidents with such functional titles as shall be determined from time to time by the
Board of Directors, who shall ex officio hold the office of Assistant Secretary of the Company and
who may perform such duties as may be prescribed by the officer in charge of the department or
division to which they are assigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Powers and Duties of Other Officers</U>. The powers and duties of all other
officers of the Company shall be those usually pertaining to their respective offices, subject to
the direction
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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">of the Board of Directors, the Chairman of the Board, the Chief Executive Officer or
the President and the officer in charge of the department or division to which they are assigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. <U>Number of Offices</U>. Any one or more offices of the Company may be held by
the same person, except that (A)&nbsp;no individual may hold more than one of the offices of Chief
Financial Officer, Controller or Audit Officer and (B)&nbsp;none of the Chairman of the Board, the Chief
Executive Officer or the President may hold any office mentioned in Section&nbsp;12(A).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 5</B><BR>
<U><B>Stock and Stock Certificates</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Transfer</U>. Shares of stock shall be transferable on the books of the
Company and a transfer book shall be kept in which all transfers of stock shall be recorded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Certificates</U>. Every holder of stock shall be entitled to have a
certificate signed by or in the name of the Company by the Chairman of the Board, the Chief
Executive Officer or the President or a Vice President, and by the Secretary or an Assistant
Secretary, of the Company, certifying the number of shares owned by him in the Company. The
corporate seal affixed thereto, and any of or all the signatures on the certificate, may be a
facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile
signature has been placed upon a certificate shall have ceased to be such officer, transfer agent
or registrar before such certificate is issued, it may be issued by the Company with the same
effect as if he were such officer, transfer agent or registrar at the date of issue. Duplicate
certificates of stock shall be issued only upon giving such security as may be satisfactory to the
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Record Date</U>. The Board of Directors is authorized to fix in advance a
record date for the determination of the stockholders entitled to notice of, and to vote at, any
meeting of stockholders and any adjournment thereof, or entitled to receive payment of any
dividend, or to any allotment of rights, or to exercise any rights in respect of any change,
conversion or exchange of capital stock, or in connection with obtaining the consent of
stockholders for any purpose, which record date shall not be more than 60 nor less than 10&nbsp;days
preceding the date of any meeting of stockholders or the date for the payment of any dividend, or
the date for the allotment of rights, or the date when any change or conversion or exchange of
capital stock shall go into effect, or a date in connection with obtaining such consent.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 6</B><BR>
<U><B>Seal</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporate seal of the Company shall be in the following form:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Between two concentric circles the words &#147;Wilmington Trust Company&#148;
within the inner circle the words &#147;Wilmington, Delaware.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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"><B>ARTICLE 7</B><BR>
<U><B>Fiscal Year</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fiscal year of the Company shall be the calendar year.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 8</B><BR>
<U><B>Execution of Instruments of the Company</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the Board, the Chief Executive Officer, the President or any Vice President,
however denominated by the Board of Directors, shall have full power and authority to enter into,
make, sign, execute, acknowledge and/or deliver and the Secretary or any Assistant Secretary shall
have full power and authority to attest and affix the corporate seal of the Company to any and all
deeds, conveyances, assignments, releases, contracts, agreements, bonds, notes, mortgages and all
other instruments incident to the business of this Company or in acting as executor, administrator,
guardian, trustee, agent or in any other fiduciary or representative capacity by any and every
method of appointment or by whatever person, corporation, court officer or authority in the State
of Delaware, or elsewhere, without any specific authority, ratification, approval or confirmation
by the Board of Directors, and any and all such instruments shall have the same force and validity
as though expressly authorized by the Board of Directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 9</B><BR>
<U><B>Compensation of Directors and Members of Committees</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and associate directors of the Company, other than salaried officers of the Company,
shall be paid such reasonable honoraria or fees for attending meetings of the Board of Directors as
the Board of Directors may from time to time determine. Directors and associate directors who
serve as members of committees, other than salaried employees of the Company, shall be paid such
reasonable honoraria or fees for services as members of committees as the Board of Directors shall
from time to time determine and directors and associate directors may be authorized by the Company
to perform such special services as the Board of Directors may from time to time determine in
accordance with any guidelines the Board of Directors may adopt for such services, and shall be
paid for such special services so performed reasonable compensation as may be determined by the
Board of Directors.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 10</B><BR>
<U><B>Indemnification</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Persons Covered</U>. The Company shall indemnify and hold harmless, to the
fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any
person who was or is made or is threatened to be made a party or is otherwise involved in any
action, suit or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">proceeding, whether civil, criminal, administrative or investigative (a
&#147;proceeding&#148;) by reason of the fact that he, or a person for whom he is the legal representative,
is or was a director or associate director of the Company, a member of an advisory board the Board
of Directors of the Company or any of its subsidiaries may appoint from time to time or is or was
serving at the request of the Company as a director, officer, employee, fiduciary or agent of
another corporation, partnership, limited liability company, joint venture, trust, enterprise or
non-profit entity that is not a subsidiary or affiliate of the Company, including service with
respect to employee benefit plans, against all liability and loss suffered and expenses reasonably
incurred by such person. The Company shall be required to indemnify such a person in connection
with a proceeding initiated by such person only if the proceeding was authorized by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may indemnify and hold harmless, to the fullest extent permitted by applicable law
as it presently exists or may hereafter be amended, any person who was or is made or threatened to
be made a party or is otherwise involved in any proceeding by reason of the fact that he, or a
person for whom he is the legal representative, is or was an officer, employee or agent of the
Company or a director, officer, employee or agent of a subsidiary or affiliate of the Company,
against all liability and loss suffered and expenses reasonably incurred by such person. The
Company may indemnify any such person in connection with a proceeding (or part thereof) initiated
by such person only if such proceeding (or part thereof) was authorized by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Advance of Expenses</U>. The Company shall pay the expenses incurred in
defending any proceeding involving a person who is or may be indemnified pursuant to Section&nbsp;1 in
advance of its final disposition, provided, however, that the payment of expenses incurred by such
a person in advance of the final disposition of the proceeding shall be made only upon receipt of
an undertaking by that person to repay all amounts advanced if it should be ultimately determined
that the person is not entitled to be indemnified under this Article&nbsp;10 or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Certain Rights</U>. If a claim under this Article&nbsp;10 for (A)&nbsp;payment of
expenses or (B)&nbsp;indemnification by a director, associate director, member of an advisory board the
Board of Directors of the Company or any of its subsidiaries may appoint from time to time or a
person who is or was serving at the request of the Company as a director, officer, employee,
fiduciary or agent of another corporation, partnership, limited liability company, joint venture,
trust, enterprise or nonprofit entity that is not a subsidiary or affiliate of the Company,
including service with respect to employee benefit plans, is not paid in full within sixty days
after a written claim therefor has been received by the Company, the claimant may file suit to
recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled
to be paid the expense of prosecuting such claim. In
any such action, the Company shall have the burden of proving that the claimant was not
entitled to the requested indemnification or payment of expenses under applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Non-Exclusive</U>. The rights conferred on any person by this Article&nbsp;10
shall not be exclusive of any other rights which such person may have or hereafter acquire under
any statute, provision of the Charter or Act of Incorporation, these Bylaws, agreement, vote of
stockholders or disinterested directors or otherwise.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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;Section&nbsp;5. <U>Reduction of Amount</U>. The Company&#146;s obligation, if any, to indemnify any
person who was or is serving at its request as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust, enterprise or nonprofit entity shall be reduced by
any amount such person may collect as indemnification from such other corporation, partnership,
joint venture, trust, enterprise or nonprofit entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Effect of Modification</U>. Any amendment, repeal or modification of the
foregoing provisions of this Article&nbsp;10 shall not adversely affect any right or protection
hereunder of any person in respect of any act or omission occurring prior to the time of such
amendment, repeal or modification.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 11</B><BR>
<U><B>Amendments to the Bylaws</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These Bylaws may be altered, amended or repealed, in whole or in part, and any new Bylaw or
Bylaws adopted at any regular or special meeting of the Board of Directors by a vote of a majority
of all the members of the Board of Directors then in office.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE 12</B><BR>
<U><B>Miscellaneous</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever used in these Bylaws, the singular shall include the plural, the plural shall include
the singular unless the context requires otherwise and the use of either gender shall include both
genders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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"><B>EXHIBIT 6</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Section&nbsp;321(b) Consent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 321(b) of the Trust Indenture Act of 1939, as amended, Wilmington Trust
Company hereby consents that reports of examinations by Federal, State, Territorial or District
authorities may be furnished by such authorities to the Securities and Exchange Commission upon
request therefor.
</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>WILMINGTON TRUST COMPANY</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD align="left">Dated:&nbsp;January 5, 2011</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
Patrick J. Healy</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Patrick J. Healy</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">Vice President&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"><B>EXHIBIT 7</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">This form is intended to assist state nonmember banks and
savings banks with state publication requirements. It has not been
approved by any state banking authorities. Refer to your
appropriate state banking authorities for your state publication
requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPORT OF CONDITION</B>
</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="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap style="border-bottom:1px solid #000000">WILMINGTON TRUST COMPANY
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom:1px solid #000000">Wilmington</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Name of Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">City</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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in the State of Delaware, at the close of business on September&nbsp;30, 2010:
</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="right" colspan="2"><B>Thousands of Dollars</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ASSETS</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">Cash and balances due from depository institutions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">815,920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">578,878</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds sold and securities purchased under agreement to resell:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and leases held for sale:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and leases net of unearned income, allowance:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,595,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premises and fixed assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,882</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,090</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in unconsolidated subsidiaries and associated companies:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct and indirect investments in real estate ventures:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,553</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,239</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513,451</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,700,781</B></TD>
    <TD>&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="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="right" colspan="2"><B>Thousands of Dollars</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES</B></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">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,066,266</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal Funds Purchased and Securities Sold Under Agreements to Repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other borrowed money:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,917</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,889,080</B></TD>
    <TD>&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="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="right" colspan="2"><B>Thousands of Dollars</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EQUITY CAPITAL</B></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">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained Earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,476</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(108,251</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Equity Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">811,701</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Liabilities and Equity Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,700,781</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.2
<SEQUENCE>13
<FILENAME>y88639a1exv25w2.htm
<DESCRIPTION>EX-25.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv25w2</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;25.2</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 6pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 0pt"><B>Washington, D.C. 20549</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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: 12pt"><B>FORM T-1</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939<BR>
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE</B><BR>
Check if an Application to Determine Eligibility of a Trustee Pursuant to Section&nbsp;305(b)(2) <FONT style="font-family: Wingdings">&#111;</FONT></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>WILMINGTON TRUST COMPANY</B><BR>
(Exact name of Trustee as specified in its charter)</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="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>51-0055023</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Jurisdiction of incorporation of organization if not a U.S. <BR>
national bank)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1100 North Market Street<BR>
Wilmington, Delaware 19890-0001<BR>
(302)&nbsp;651-1000</B><BR>
(Address of principal executive offices, including zip code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Michael A. DiGregorio<BR>
Senior Vice President and General Counsel<BR>
Wilmington Trust Company<BR>
1100 North Market Street<BR>
Wilmington, Delaware 19890-0001<BR>
(302)&nbsp;651-8793</B><BR>
(Name, address, including zip code, and telephone number, including area code, of agent of service)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>K. Hovnanian Enterprises, Inc.</B><BR>
(Exact name of obligor as specified in its charter)</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="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>California</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-2423583</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction or incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>110 West Front Street<BR>
P.O. Box 500<BR>
Red Bank, NJ 07701</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">(Address of principal executive offices, including zip code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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: 12pt"><B>Debt Securities</B><BR>
(Title of the indenture securities)</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</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">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>ITEM 1.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>GENERAL INFORMATION.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Furnish the following information as to the trustee:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(a) Name and address of each examining or supervising authority to which it is subject.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="92%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR></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">Federal Reserve Bank of Philadelphia<br>
Ten Independence Mall<br>
Philadelphia, PA 19106-1574
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">State Bank Commissioner<br>
555 East Lockerman Street, Suite&nbsp;210<br>
Dover, Delaware 19901</TD>
</TR>
<!-- End Table Body -->
</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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(b) Whether it is authorized to exercise corporate trust powers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The trustee is authorized to exercise corporate trust powers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>ITEM 2.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>AFFILIATIONS WITH THE OBLIGOR.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If the obligor is an affiliate of the trustee, describe each affiliation:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based upon an examination of the books and records of the trustee and information
available to the trustee, the obligor is not an affiliate of the trustee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>ITEM 16.</b></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><b>LIST OF EXHIBITS.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Listed below are all exhibits filed as part of this Statement of Eligibility and
Qualification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;1. Copy of the Charter of Wilmington Trust Company:</TD>
</TR>

</TABLE>
</DIV>


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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 64px">Exhibit&nbsp;2. Certificate of Authority of Wilmington Trust Company to commence business
 &#151; included in Exhibit&nbsp;1 above.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 64px">Exhibit&nbsp;3. Authorization of Wilmington Trust Company to exercise corporate trust
powers &#151; included in Exhibit&nbsp;1 above.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-left: 34px">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;4. Copy of By-Laws of Wilmington Trust Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;5. Not applicable</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;6. Consent of Wilmington Trust Company required by Section 321(b) of the Trust
Indenture Act.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;7. Copy of most recent Report of Condition of Wilmington Trust Company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;8. Not applicable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Exhibit&nbsp;9. Not applicable.</TD>
</TR>

</TABLE>
</DIV>

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

</FONT></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee,
Wilmington Trust Company, a corporation organized and existing under the laws of Delaware, has duly
caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly
authorized, all in the City of Wilmington and State of Delaware on
the 5th day of January, 2011.
</DIV>
<DIV align="left"><FONT size="1">

</FONT></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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&#091;SEAL&#093;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>WILMINGTON TRUST COMPANY</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr><td><DIV align="left"><FONT size="1">

</FONT></DIV></td></tr>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Attest:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Joseph B. Feil</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="font-size: 10pt; border-bottom: 1px solid #000000">/s/
Patrick J. Healy</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Assistant Secretary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="font-size: 10pt; border-bottom: 0px solid #000000">Patrick J. Healy</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr><td><DIV align="left"><FONT size="1">

</FONT></DIV></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"><B>EXHIBIT 1*</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AMENDED CHARTER</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Wilmington Trust Company</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Wilmington, Delaware</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>As existing on May&nbsp;9, 1987</B>
</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">*</TD>
    <TD>&nbsp;</TD>
    <TD>Exhibit&nbsp;1 also constitutes Exhibits 2 and 3.</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"><B>Amended Charter<BR>
or<BR>
Act of Incorporation<BR>
of<BR>
Wilmington Trust Company</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Wilmington Trust Company</B>, originally incorporated by an Act of the General Assembly of the
State of Delaware, entitled &#147;An Act to Incorporate the Delaware Guarantee and Trust Company&#148;,
approved March&nbsp;2, A.D. 1901, and the name of which company was changed to &#147;<B>Wilmington Trust
Company</B>&#148; by an amendment filed in the Office of the Secretary of State on March&nbsp;18, A.D. 1903, and
the Charter or Act of Incorporation of which company has been from time to time amended and changed
by merger agreements pursuant to the corporation law for state banks and trust companies of the
State of Delaware, does hereby alter and amend its Charter or Act of Incorporation so that the same
as so altered and amended shall in its entirety read as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>First: </B>- The name of this corporation is <B>Wilmington Trust Company</B>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Second: </B>- The location of its principal office in the State of Delaware is at Rodney
Square North, in the City of Wilmington, County of New Castle; the name of its resident
agent is <B>Wilmington Trust Company </B>whose address is Rodney Square North, in said City. In
addition to such principal office, the said corporation maintains and operates branch
offices in the City of Newark, New Castle County, Delaware, the Town of Newport, New Castle
County, Delaware, at Claymont, New Castle County, Delaware, at Greenville, New Castle County
Delaware, and at Milford Cross Roads, New Castle County, Delaware, and shall be empowered to
open, maintain and operate branch offices at Ninth and Shipley Streets, 418 Delaware Avenue,
2120 Market Street, and 3605 Market Street, all in the City of Wilmington, New Castle
County, Delaware, and such other branch offices or places of business as may be authorized
from time to time by the agency or agencies of the government of the State of Delaware
empowered to confer such authority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Third: </B>- (a)&nbsp;The nature of the business and the objects and purposes proposed to be
transacted, promoted or carried on by this Corporation are to do any or all of the things
herein mentioned as fully and to the same extent as natural persons might or could do and in
any part of the world, viz.:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To sue and be sued, complain and defend in any Court of law or
equity and to make and use a common seal, and alter the seal at pleasure, to
hold, purchase, convey, mortgage or otherwise deal in real and personal estate
and property, and to appoint such officers and agents as the business of the
Corporation shall require, to make by-laws not inconsistent with the
Constitution or laws of the United States or of this State, to discount bills,
notes or other evidences of debt, to receive deposits of money, or securities
for money, to buy gold and silver bullion and foreign coins, to buy and sell
bills of exchange, and generally to use, exercise and enjoy all the powers,
rights, privileges and franchises incident to a corporation which are proper or
necessary for the transaction of the business of the Corporation hereby
created.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To insure titles to real and personal property, or any estate
or interests therein, </TD>
</TR>

</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">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and to guarantee the holder of such property, real or personal, against any
claim or claims, adverse to his interest therein, and to prepare and give
certificates of title for any lands or premises in the State of Delaware,
or elsewhere.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To act as factor, agent, broker or attorney in the receipt,
collection, custody, investment and management of funds, and the purchase,
sale, management and disposal of property of all descriptions, and to prepare
and execute all papers which may be necessary or proper in such business.</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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To prepare and draw agreements, contracts, deeds, leases,
conveyances, mortgages, bonds and legal papers of every description, and to
carry on the business of conveyance in all its branches.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To receive upon deposit for safekeeping money, jewelry, plate,
deeds, bonds and any and all other personal property of every sort and kind,
from executors, administrators, guardians, public officers, courts, receivers,
assignees, trustees, and from all fiduciaries, and from all other persons and
individuals, and from all corporations whether state, municipal, corporate or
private, and to rent boxes, safes, vaults and other receptacles for such
property.</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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To act as agent or otherwise for the purpose of registering,
issuing, certificating, countersigning, transferring or underwriting the stock,
bonds or other obligations of any corporation, association, state or
municipality, and may receive and manage any sinking fund therefore on such
terms as may be agreed upon between the two parties, and in like manner may act
as Treasurer of any corporation or municipality.</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">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To act as Trustee under any deed of trust, mortgage, bond or
other instrument issued by any state, municipality, body politic, corporation,
association or person, either alone or in conjunction with any other person or
persons, corporation or corporations.</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">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To guarantee the validity, performance or effect of any
contract or agreement, and the fidelity of persons holding places of
responsibility or trust; to become surety for any person, or persons, for the
faithful performance of any trust, office, duty, contract or agreement, either
by itself or in conjunction with any other person, or persons, corporation, or
corporations, or in like manner become surety upon any bond, recognizance,
obligation, judgment, suit, order, or decree to be entered in any court of
record within the State of Delaware or elsewhere, or which may now or hereafter
be required by any law, judge, officer or court in the State of Delaware or
elsewhere.</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">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To act by any and every method of appointment as trustee,
trustee in bankruptcy, receiver, assignee, assignee in bankruptcy, executor,
administrator, guardian, bailee, or in any other trust capacity in the
receiving, holding, managing, and disposing of any and all estates and
property, real, personal or mixed, and to be appointed as such trustee, trustee
in bankruptcy, receiver, assignee, assignee in bankruptcy, executor,
administrator, guardian or bailee by any persons, corporations, court, officer,
or authority, in the State of Delaware or elsewhere;</TD>
</TR>

</TABLE>
</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 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and whenever this Corporation is so appointed by any person, corporation,
court, officer or authority such trustee, trustee in bankruptcy, receiver,
assignee, assignee in bankruptcy, executor, administrator, guardian, bailee,
or in any other trust capacity, it shall not be required to give bond with
surety, but its capital stock shall be taken and held as security for the
performance of the duties devolving upon it by such appointment.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>And for its care, management and trouble, and the exercise of
any of its powers hereby given, or for the performance of any of the duties
which it may undertake or be called upon to perform, or for the assumption of
any responsibility the said Corporation may be entitled to receive a proper
compensation.</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">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To purchase, receive, hold and own bonds, mortgages,
debentures, shares of capital stock, and other securities, obligations,
contracts and evidences of indebtedness, of any private, public or municipal
corporation within and without the State of Delaware, or of the Government of
the United States, or of any state, territory, colony, or possession thereof,
or of any foreign government or country; to receive, collect, receipt for, and
dispose of interest, dividends and income upon and from any of the bonds,
mortgages, debentures, notes, shares of capital stock, securities, obligations,
contracts, evidences of indebtedness and other property held and owned by it,
and to exercise in respect of all such bonds, mortgages, debentures, notes,
shares of capital stock, securities, obligations, contracts, evidences of
indebtedness and other property, any and all the rights, powers and privileges
of individual owners thereof, including the right to vote thereon; to invest
and deal in and with any of the moneys of the Corporation upon such securities
and in such manner as it may think fit and proper, and from time to time to
vary or realize such investments; to issue bonds and secure the same by pledges
or deeds of trust or mortgages of or upon the whole or any part of the property
held or owned by the Corporation, and to sell and pledge such bonds, as and
when the Board of Directors shall determine, and in the promotion of its said
corporate business of investment and to the extent authorized by law, to lease,
purchase, hold, sell, assign, transfer, pledge, mortgage and convey real and
personal property of any name and nature and any estate or interest therein.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In furtherance of, and not in limitation, of the powers conferred by the laws of
the State of Delaware, it is hereby expressly provided that the said Corporation shall also
have the following powers:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To do any or all of the things herein set forth, to the same
extent as natural persons might or could do, and in any part of the world.</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To acquire the good will, rights, property and franchises and
to undertake the whole or any part of the assets and liabilities of any
person, firm, association or corporation, and to pay for the same in cash,
stock of this Corporation, bonds or otherwise; to hold or in any manner to
dispose of the whole or any part of the property so purchased; to conduct in
any lawful manner the whole or any part of any business so acquired, and to
exercise all the powers necessary or convenient in and about the conduct and
management of such business.</TD>
</TR>




</TABLE>
</DIV>
<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 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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To take, hold, own, deal in, mortgage or otherwise lien, and to
lease, sell, exchange, transfer, or in any manner whatever dispose of property,
real, personal or mixed, wherever situated.</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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To enter into, make, perform and carry out contracts of every
kind with any person, firm, association or corporation, and, without limit as
to amount, to draw, make, accept, endorse, discount, execute and issue
promissory notes, drafts, bills of exchange, warrants, bonds, debentures, and
other negotiable or transferable instruments.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To have one or more offices, to carry on all or any of its
operations and businesses, without restriction to the same extent as natural
persons might or could do, to purchase or otherwise acquire, to hold, own, to
mortgage, sell, convey or otherwise dispose of, real and personal property, of
every class and description, in any State, District, Territory or Colony of the
United States, and in any foreign country or place.</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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is the intention that the objects, purposes and powers
specified and clauses contained in this paragraph shall (except where otherwise
expressed in said paragraph) be nowise limited or restricted by reference to or
inference from the terms of any other clause of this or any other paragraph in
this charter, but that the objects, purposes and powers specified in each of
the clauses of this paragraph shall be regarded as independent objects,
purposes and powers.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fourth: </B>- (a)&nbsp;The total number of shares of all classes of stock which the Corporation
shall have authority to issue is forty-one million (41,000,000) shares, consisting of:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One million (1,000,000) shares of Preferred stock, par value
$10.00 per share (hereinafter referred to as &#147;Preferred Stock&#148;); 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Forty million (40,000,000) shares of Common Stock, par value
$1.00 per share (hereinafter referred to as &#147;Common Stock&#148;).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Shares of Preferred Stock may be issued from time to time in one or more series as
may from time to time be determined by the Board of Directors each of said series to be
distinctly designated. All shares of any one series of Preferred Stock shall be alike in
every particular, except that there may be different dates from which dividends, if any,
thereon shall be cumulative, if made cumulative. The voting powers and the preferences and
relative, participating, optional and other special rights of each such series, and the
qualifications, limitations or restrictions thereof, if any, may differ from those of any
and all other series at any time outstanding; and, subject to the provisions of subparagraph
1 of Paragraph (c)&nbsp;of this Article <B>Fourth</B>, the Board of Directors of the Corporation is
hereby expressly granted authority to fix by resolution or resolutions adopted prior to the
issuance of any shares of a particular series of Preferred Stock, the voting powers and the
designations, preferences and relative, optional and other special rights, and the
qualifications, limitations and restrictions of such series, including, but without limiting
the generality of the foregoing, the following:
</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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The distinctive designation of, and the number of shares of
Preferred Stock which shall constitute such series, which number may be
increased (except where</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>otherwise provided by the Board of Directors) or decreased (but not below
the number of shares thereof then outstanding) from time to time by like
action of the Board of Directors;</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rate and times at which, and the terms and conditions on
which, dividends, if any, on Preferred Stock of such series shall be paid, the
extent of the preference or relation, if any, of such dividends to the
dividends payable on any other class or classes, or series of the same or other
class of stock and whether such dividends shall be cumulative or
non-cumulative;</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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The right, if any, of the holders of Preferred Stock of such
series to convert the same into or exchange the same for, shares of any other
class or classes or of any series of the same or any other class or classes of
stock of the Corporation and the terms and conditions of such conversion or
exchange;</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">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether or not Preferred Stock of such series shall be subject
to redemption, and the redemption price or prices and the time or times at
which, and the terms and conditions on which, Preferred Stock of such series
may be redeemed.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rights, if any, of the holders of Preferred Stock of such
series upon the voluntary or involuntary liquidation, merger, consolidation,
distribution or sale of assets, dissolution or winding-up, of the Corporation.</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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The terms of the sinking fund or redemption or purchase
account, if any, to be provided for the Preferred Stock of such series; 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The voting powers, if any, of the holders of such series of
Preferred Stock which may, without limiting the generality of the foregoing
include the right, voting as a series or by itself or together with other
series of Preferred Stock or all series of Preferred Stock as a class, to elect
one or more directors of the Corporation if there shall have been a default in
the payment of dividends on any one or more series of Preferred Stock or under
such circumstances and on such conditions as the Board of Directors may
determine.</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">(c) (1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After the requirements with respect to preferential
dividends on the Preferred Stock (fixed in accordance with the provisions of
section (b)&nbsp;of this Article <B>Fourth</B>), if any, shall have been met and after the
Corporation shall have complied with all the requirements, if any, with respect
to the setting aside of sums as sinking funds or redemption or purchase
accounts (fixed in accordance with the provisions of section (b)&nbsp;of this
Article <B>Fourth</B>), and subject further to any conditions which may be fixed in
accordance with the provisions of section (b)&nbsp;of this Article <B>Fourth</B>, then and
not otherwise the holders of Common Stock shall be entitled to receive such
dividends as may be declared from time to time by the Board of Directors.</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After distribution in full of the preferential amount, if any,
(fixed in accordance with the provisions of section (b)&nbsp;of this Article
<B>Fourth</B>), to be distributed to the holders of Preferred Stock in the event of
voluntary or involuntary liquidation, distribution or sale of assets,
dissolution or winding-up, of the Corporation, the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holders of the Common Stock shall be entitled to receive all of the
remaining assets of the Corporation, tangible and intangible, of whatever
kind available for distribution to stockholders ratably in proportion to the
number of shares of Common Stock held by them respectively.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as may otherwise be required by law or by the provisions
of such resolution or resolutions as may be adopted by the Board of Directors
pursuant to section (b)&nbsp;of this Article <B>Fourth</B>, each holder of Common Stock
shall have one vote in respect of each share of Common Stock held on all
matters voted upon by the stockholders.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No holder of any of the shares of any class or series of stock or of options,
warrants or other rights to purchase shares of any class or series of stock or of other
securities of the Corporation shall have any preemptive right to purchase or subscribe for
any unissued stock of any class or series or any additional shares of any class or series to
be issued by reason of any increase of the authorized capital stock of the Corporation of
any class or series, or bonds, certificates of indebtedness, debentures or other securities
convertible into or exchangeable for stock of the Corporation of any class or series, or
carrying any right to purchase stock of any class or series, but any such unissued stock,
additional authorized issue of shares of any class or series of stock or securities
convertible into or exchangeable for stock, or carrying any right to purchase stock, may be
issued and disposed of pursuant to resolution of the Board of Directors to such persons,
firms, corporations or associations, whether such holders or others, and upon such terms as
may be deemed advisable by the Board of Directors in the exercise of its sole discretion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The relative powers, preferences and rights of each series of Preferred Stock in
relation to the relative powers, preferences and rights of each other series of Preferred
Stock shall, in each case, be as fixed from time to time by the Board of Directors in the
resolution or resolutions adopted pursuant to authority granted in section (b)&nbsp;of this
Article <B>Fourth </B>and the consent, by class or series vote or otherwise, of the holders of such
of the series of Preferred Stock as are from time to time outstanding shall not be required
for the issuance by the Board of Directors of any other series of Preferred Stock whether or
not the powers, preferences and rights of such other series shall be fixed by the Board of
Directors as senior to, or on a parity with, the powers, preferences and rights of such
outstanding series, or any of them; provided, however, that the Board of Directors may
provide in the resolution or resolutions as to any series of Preferred Stock adopted
pursuant to section (b)&nbsp;of this Article <B>Fourth </B>that the consent of the holders of a majority
(or such greater proportion as shall be therein fixed) of the outstanding shares of such
series voting thereon shall be required for the issuance of any or all other series of
Preferred Stock.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the provisions of section (e), shares of any series of Preferred Stock
may be issued from time to time as the Board of Directors of the Corporation shall determine
and on such terms and for such consideration as shall be fixed by the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Shares of Common Stock may be issued from time to time as the Board of Directors of
the Corporation shall determine and on such terms and for such consideration as shall be
fixed by the Board of Directors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The authorized amount of shares of Common Stock and of Preferred Stock may, without
a class or series vote, be increased or decreased from time to time by the affirmative vote
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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; margin-left: 2%">of the holders of a majority of the stock of the Corporation entitled to vote thereon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fifth: </B>- (a)&nbsp;The business and affairs of the Corporation shall be conducted and
managed by a Board of Directors. The number of directors constituting the entire Board
shall be not less than five nor more than twenty-five as fixed from time to time by vote of
a majority of the whole Board, provided, however, that the number of directors shall not be
reduced so as to shorten the term of any director at the time in office, and provided
further, that the number of directors constituting the whole Board shall be twenty-four
until otherwise fixed by a majority of the whole Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Directors shall be divided into three classes, as nearly equal in
number as the then total number of directors constituting the whole Board permits, with the
term of office of one class expiring each year. At the annual meeting of stockholders in
1982, directors of the first class shall be elected to hold office for a term expiring at
the next succeeding annual meeting, directors of the second class shall be elected to hold
office for a term expiring at the second succeeding annual meeting and directors of the
third class shall be elected to hold office for a term expiring at the third succeeding
annual meeting. Any vacancies in the Board of Directors for any reason, and any newly
created directorships resulting from any increase in the directors, may be filled by the
Board of Directors, acting by a majority of the directors then in office, although less than
a quorum, and any directors so chosen shall hold office until the next annual election of
directors. At such election, the stockholders shall elect a successor to such director to
hold office until the next election of the class for which such director shall have been
chosen and until his successor shall be elected and qualified. No decrease in the number of
directors shall shorten the term of any incumbent director.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provisions of this Charter or Act of Incorporation or the
By-Laws of the Corporation (and notwithstanding the fact that some lesser percentage may be
specified by law, this Charter or Act of Incorporation or the By-Laws of the Corporation),
any director or the entire Board of Directors of the Corporation may be removed at any time
without cause, but only by the affirmative vote of the holders of two-thirds or more of the
outstanding shares of capital stock of the Corporation entitled to vote generally in the
election of directors (considered for this purpose as one class) cast at a meeting of the
stockholders called for that purpose.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nominations for the election of directors may be made by the Board of Directors or
by any stockholder entitled to vote for the election of directors. Such nominations shall
be made by notice in writing, delivered or mailed by first class United States mail, postage
prepaid, to the Secretary of the Corporation not less than 14&nbsp;days nor more than 50&nbsp;days
prior to any meeting of the stockholders called for the election of directors; provided,
however, that if less than 21&nbsp;days&#146; notice of the meeting is given to stockholders, such
written notice shall be delivered or mailed, as prescribed, to the Secretary of the
Corporation not later than the close of the seventh day following the day on which notice of
the meeting was mailed to stockholders. Notice of nominations which are proposed by the
Board of Directors shall be given by the Chairman on behalf of the Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each notice under subsection (d)&nbsp;shall set forth (i)&nbsp;the name, age, business
address and, if known, residence address of each nominee proposed in such notice, (ii)&nbsp;the
principal occupation or employment of such nominee and (iii)&nbsp;the number of shares of stock
of the Corporation which are beneficially owned by each such nominee.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Chairman of the meeting may, if the facts warrant, determine and declare to
the meeting that a nomination was not made in accordance with the foregoing procedure,
and if he should so determine, he shall so declare to the meeting and the defective
nomination shall be disregarded.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No action required to be taken or which may be taken at any annual or special
meeting of stockholders of the Corporation may be taken without a meeting, and the power of
stockholders to consent in writing, without a meeting, to the taking of any action is
specifically denied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sixth: </B>- The Directors shall choose such officers, agents and servants as may be
provided in the By-Laws as they may from time to time find necessary or proper.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Seventh: </B>- The Corporation hereby created is hereby given the same powers, rights and
privileges as may be conferred upon corporations organized under the Act entitled &#147;An Act
Providing a General Corporation Law&#148;, approved March&nbsp;10, 1899, as from time to time amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Eighth: </B>- This Act shall be deemed and taken to be a private Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Ninth: </B>- This Corporation is to have perpetual existence.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Tenth: </B>- The Board of Directors, by resolution passed by a majority of the whole Board,
may designate any of their number to constitute an Executive Committee, which Committee, to
the extent provided in said resolution, or in the By-Laws of the Company, shall have and may
exercise all of the powers of the Board of Directors in the management of the business and
affairs of the Corporation, and shall have power to authorize the seal of the Corporation to
be affixed to all papers which may require it.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Eleventh: </B>- The private property of the stockholders shall not be liable for the
payment of corporate debts to any extent whatever.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Twelfth: </B>- The Corporation may transact business in any part of the world.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Thirteenth: </B>- The Board of Directors of the Corporation is expressly authorized to
make, alter or repeal the By-Laws of the Corporation by a vote of the majority of the entire
Board. The stockholders may make, alter or repeal any By-Law whether or not adopted by
them, provided however, that any such additional By-Laws, alterations or repeal may be
adopted only by the affirmative vote of the holders of two-thirds or more of the outstanding
shares of capital stock of the Corporation entitled to vote generally in the election of
directors (considered for this purpose as one class).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fourteenth: </B>- Meetings of the Directors may be held outside of the State of Delaware at
such places as may be from time to time designated by the Board, and the Directors may keep
the books of the Company outside of the State of Delaware at such places as may be from time
to time designated by them.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>Fifteenth: </B>- (a) (1)&nbsp;In addition to any affirmative vote required by law, and
except as otherwise expressly provided in sections (b)&nbsp;and (c)&nbsp;of this Article
<B>Fifteenth:</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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">

<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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any merger or consolidation of the Corporation or any
Subsidiary (as hereinafter defined) with or into (i)&nbsp;any Interested Stockholder
(as hereinafter defined) or (ii)&nbsp;any other corporation (whether or not itself
an Interested Stockholder), which, after such merger or consolidation, would be
an Affiliate (as hereinafter defined) of an Interested Stockholder, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any sale, lease, exchange, mortgage, pledge, transfer or other
disposition (in one transaction or a series of related transactions) to or with
any Interested Stockholder or any Affiliate of any Interested Stockholder of
any assets of the Corporation or any Subsidiary having an aggregate fair market
value of $1,000,000 or more, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance or transfer by the Corporation or any Subsidiary
(in one transaction or a series of related transactions) of any securities of
the Corporation or any Subsidiary to any Interested Stockholder or any
Affiliate of any Interested Stockholder in exchange for cash, securities or
other property (or a combination thereof) having an aggregate fair market value
of $1,000,000 or more, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the adoption of any plan or proposal for the liquidation or
dissolution of the Corporation, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(E)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any reclassification of securities (including any reverse stock
split), or recapitalization of the Corporation, or any merger or consolidation
of the Corporation with any of its Subsidiaries or any similar transaction
(whether or not with or into or otherwise involving an Interested Stockholder)
which has the effect, directly or indirectly, of increasing the proportionate
share of the outstanding shares of any class of equity or convertible
securities of the Corporation or any Subsidiary which is directly or indirectly
owned by any Interested Stockholder, or any Affiliate of any Interested
Stockholder,</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">shall require the affirmative vote of the holders of at least two-thirds of the
outstanding shares of capital stock of the Corporation entitled to vote generally in
the election of directors, considered for the purpose of this Article <B>Fifteenth </B>as
one class (&#147;Voting Shares&#148;). Such affirmative vote shall be required
notwithstanding the fact that no vote may be required, or that some lesser
percentage may be specified, by law or in any agreement with any national securities
exchange or otherwise.
</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The term &#147;business combination&#148; as used in this Article
<B>Fifteenth </B>shall mean any transaction which is referred to in any one or more of
clauses (A)&nbsp;through (E)&nbsp;of paragraph 1 of the section (a).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of section (a)&nbsp;of this Article <B>Fifteenth </B>shall not be applicable to
any particular business combination and such business combination shall require only such
affirmative vote as is required by law and any other provisions of the Charter or Act of
Incorporation or By-Laws if such business combination has been approved by a majority of the
whole Board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of this Article <B>Fifteenth</B>:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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">

<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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A &#147;person&#148; shall mean any individual, firm, corporation or other entity.</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">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Interested Stockholder&#148; shall mean, in respect of any business
combination, any person (other than the Corporation or any Subsidiary) who or
which as of the record date for the determination of stockholders entitled to
notice of and to vote on such business combination, or immediately prior to the
consummation of any such transaction:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is the beneficial owner, directly or
indirectly, of more than 10% of the Voting Shares, 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 an Affiliate of the Corporation and at any
time within two years prior thereto was the beneficial owner, directly
or indirectly, of not less than 10% of the then outstanding voting
Shares, 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is an assignee of or has otherwise succeeded in
any share of capital stock of the Corporation which were at any time
within two years prior thereto beneficially owned by any Interested
Stockholder, and such assignment or succession shall have occurred in
the course of a transaction or series of transactions not involving a
public offering within the meaning of the Securities Act of 1933.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A person shall be the &#147;beneficial owner&#148; of any Voting Shares:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which such person or any of its Affiliates and
Associates (as hereafter defined) beneficially own, directly or
indirectly, 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>which such person or any of its Affiliates or
Associates has (i)&nbsp;the right to acquire (whether such right is
exercisable immediately or only after the passage of time), pursuant to
any agreement, arrangement or understanding or upon the exercise of
conversion rights, exchange rights, warrants or options, or otherwise,
or (ii)&nbsp;the right to vote pursuant to any agreement, arrangement or
understanding, 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which are beneficially owned, directly or
indirectly, by any other person with which such first mentioned person
or any of its Affiliates or Associates has any agreement, arrangement
or understanding for the purpose of acquiring, holding, voting or
disposing of any shares of capital stock of the Corporation.</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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The outstanding Voting Shares shall include shares deemed owned
through application of paragraph (3)&nbsp;above but shall not include any other
Voting Shares which may be issuable pursuant to any agreement, or upon exercise
of conversion rights, warrants or options or otherwise.</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Affiliate&#148; and &#147;Associate&#148; shall have the respective meanings
given those terms in Rule&nbsp;12b-2 of the General Rules and Regulations under the
Securities Exchange Act of 1934, as in effect on December&nbsp;31, 1981.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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 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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;Subsidiary&#148; shall mean any corporation of which a majority of
any class of equity security (as defined in Rule&nbsp;3a11-1 of the General Rules
and Regulations under the Securities Exchange Act of 1934, as in effect on
December&nbsp;31, 1981) is owned, directly or indirectly, by the Corporation;
provided, however, that for the purposes of the definition of Investment
Stockholder set forth in paragraph (2)&nbsp;of this section (c), the term
&#147;Subsidiary&#148; shall mean only a corporation of which a majority of each class of
equity security is owned, directly or indirectly, by the Corporation.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) majority of the directors shall have the power and duty to determine for the
purposes of this Article <B>Fifteenth </B>on the basis of information known to them, (1)&nbsp;the number
of Voting Shares beneficially owned by any person (2)&nbsp;whether a person is an Affiliate or
Associate of another, (3)&nbsp;whether a person has an agreement, arrangement or understanding
with another as to the matters referred to in paragraph (3)&nbsp;of section (c), or (4)&nbsp;whether
the assets subject to any business combination or the consideration received for the
issuance or transfer of securities by the Corporation, or any Subsidiary has an aggregate
fair market value of $1,000,000 or more.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing contained in this Article <B>Fifteenth </B>shall be construed to relieve any
Interested Stockholder from any fiduciary obligation imposed by law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Sixteenth: </B>Notwithstanding any other provision of this Charter or Act of
Incorporation or the By-Laws of the Corporation (and in addition to any other vote that may
be required by law, this Charter or Act of Incorporation by the By-Laws), the affirmative
vote of the holders of at least two-thirds of the outstanding shares of the capital stock of
the Corporation entitled to vote generally in the election of directors (considered for this
purpose as one class) shall be required to amend, alter or repeal any provision of Articles
<B>Fifth, Thirteenth, Fifteenth </B>or <B>Sixteenth </B>of this Charter or Act of Incorporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Seventeenth:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Director of this Corporation shall not be 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 or limitation thereof is not permitted under the
Delaware General Corporation Laws as the same exists or may hereafter be amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any repeal or modification of the foregoing paragraph shall not adversely affect
any right or protection of a Director of the Corporation existing hereunder with respect to
any act or omission occurring prior to the time of such repeal or modification.&#148;
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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">ADOPTED: January&nbsp;21, 2009
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT 4</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BY-LAWS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON TRUST COMPANY</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>WILMINGTON, DELAWARE</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 1</B><BR>
<U><B>Stockholders&#146; Meetings</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Annual Meeting</U>. The annual meeting of stockholders shall be held on the
third Thursday in April each year at the principal office at the Company or at such other date,
time or place as may be designated by resolution by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Special Meetings</U>. Special meetings of stockholders may be called at any
time by the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the
President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Notice</U>. Notice of all meetings of the stockholders shall be given by
mailing to each stockholder at least ten (10)&nbsp;days before said meeting, at his last known address,
a written or printed notice fixing the time and place of such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Quorum</U>. A majority in the amount of the capital stock of the Company
issued and outstanding on the record date, as herein determined, shall constitute a quorum at all
meetings of stockholders for the transaction of any business, but the holders of a smaller number
of shares may adjourn from time to time, without further notice, until a quorum is secured. At
each annual or special meeting of stockholders, each stockholder shall be entitled to one vote,
either in person or by proxy, for each share of stock registered in the stockholder&#146;s name on the
books of the Company on the record date for any such meeting as determined herein.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 2</B><BR>
<U><B>Directors</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Management</U>. The affairs and business of the Company shall be managed by
or under the direction of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Number</U>. The authorized number of directors that shall constitute the
Board of Directors shall be fixed from time to time by or pursuant to a resolution passed by a
majority of the
</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">Board of Directors within the parameters set by the Charter of the Company. No more
than two directors may also be employees of the Company or any affiliate thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Qualification</U>. In addition to any other provisions of these Bylaws, to be
qualified for nomination for election or appointment to the Board of Directors, a person must have
not attained the age of sixty-nine years at the time of such election or appointment, provided
however, the Nominating and Corporate Governance Committee may waive such qualification as to a
particular candidate otherwise qualified to serve as a director upon a good faith determination by
such committee that such a waiver is in the best interests of the Company and its stockholders.
The Chairman of the Board and the Chief Executive Officer shall not be qualified to continue to
serve as directors upon the termination of their service in those offices for any reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Meetings</U>. The Board of Directors shall meet at the principal office of
the Company or elsewhere in its discretion at such times to be determined by a majority of its
members, or at the call of the Chairman of the Board of Directors, the Chief Executive Officer or
the President.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Special Meetings</U>. Special meetings of the Board of Directors may be
called at any time by the Chairman of the Board, the Chief Executive Officer or the President, and
shall be called upon the written request of a majority of the directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Quorum</U>. A majority of the directors elected and qualified shall be
necessary to constitute a quorum for the transaction of business at any meeting of the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Notice</U>. Written notice shall be sent by mail to each director of any
special meeting of the Board of Directors, and of any change in the time or place of any regular
meeting, stating the time and place of such meeting, which shall be mailed not less than two days
before the time of holding such meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Vacancies</U>. In the event of the death, resignation, removal, inability to
act or disqualification of any director, the Board of Directors, although less than a quorum, shall
have the right to elect the successor who shall hold office for the remainder of the full term of
the class of directors in which the vacancy occurred, and until such director&#146;s successor shall
have been duly elected and qualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Organization Meeting</U>. The Board of Directors at its first meeting after
its election by the stockholders shall appoint an Audit Committee, a Compensation Committee and a
Nominating and Corporate Governance Committee, and shall elect from its own members a Chairman of
the Board, a Chief Executive Officer and a President, who may be the same person.
The Board of Directors shall also elect at such meeting a Secretary and a Chief Financial
Officer, who may be the same person, and may appoint at any time such committees as it may deem
advisable. The Board of Directors may also elect at such meeting one or more Associate Directors.
</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="left" style="font-size: 10pt; margin-top: 6pt">The Board of Directors, or a committee designated by the Board of Directors may elect or appoint
such other officers as they may deem advisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Removal</U>. The Board of Directors may at any time remove, with or without
cause, any member of any committee appointed by it or any associate director or officer elected by
it and may appoint or elect his successor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11. <U>Responsibility of Officers</U>. The Board of Directors may designate an
officer to be in charge of such departments or divisions of the Company as it may deem advisable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. <U>Participation in Meetings</U>. The Board of Directors or any committee of
the Board of Directors may participate in a meeting of the Board of Directors or such committee, as
the case may be, by conference telephone, video facilities or other communications equipment. Any
action required or permitted to be taken at any meeting of the Board of Directors or any committee
thereof may be taken without a meeting if all of the members of the Board of Directors or the
committee, as the case may be, consent thereto in writing, and the writing or writings are filed
with the minutes of the Board of Directors or such committee.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 3</B><BR>
<U><B>Committees of the Board of Directors</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Audit Committee.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;The Audit Committee shall be composed of not less than three (3)&nbsp;members, who shall be
selected by the Board of Directors from its own members, none of whom shall be an officer or
employee of the Company, and shall hold office at the pleasure of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;The Audit Committee shall have general supervision over the Audit Services Division in all
matters however subject to the approval of the Board of Directors; it shall consider all matters
brought to its attention by the officer in charge of the Audit Services Division, review all
reports of examination of the Company made by any governmental agency or such independent auditor
employed for that purpose, and make such recommendations to the Board of Directors with respect
thereto or with respect to any other matters pertaining to auditing the Company as it shall deem
desirable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;The Audit Committee shall meet whenever and wherever its Chairperson,
the Chairman of the Board, the Chief Executive Officer, the President or a majority of the
Committee&#146;s members shall deem it to be proper for the transaction of its business. A majority of
the Committee&#146;s members shall constitute a quorum for the transaction of business. The acts of the
majority at a meeting at which a quorum is present shall constitute action by the Committee.
</DIV>

<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="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Compensation Committee.</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;The Compensation Committee shall be composed of not less than three (3)&nbsp;members, who shall
be selected by the Board of Directors from its own members, none of whom shall be an officer or
employee of the Company, and shall hold office at the pleasure of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;The Compensation Committee shall in general advise upon all matters of policy concerning
compensation, including salaries and employee benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;The Compensation Committee shall meet whenever and wherever its Chairperson, the Chairman
of the Board, the Chief Executive Officer, the President or a majority of the Committee&#146;s members
shall deem it to be proper for the transaction of its business. A majority of the Committee&#146;s
members shall constitute a quorum for the transaction of business. The acts of the majority at a
meeting at which a quorum is present shall constitute action by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3. </B><U><B>Nominating and Corporate Governance Committee.</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;The Nominating and Corporate Governance Committee shall be composed of not less than three
(3)&nbsp;members, who shall be selected by the Board of Directors from its own members, none of whom
shall be an officer or employee of the Company, and shall hold office at the pleasure of the Board
of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;The Nominating and Corporate Governance Committee shall provide counsel and make
recommendations to the Chairman of the Board and the full Board with respect to the performance of
the Chairman of the Board and the Chief Executive Officer, candidates for membership on the Board
of Directors and its committees, matters of corporate governance, succession planning for the
Company&#146;s executive management and significant shareholder relations issues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;The Nominating and Corporate Governance Committee shall meet whenever and wherever its
Chairperson, the Chairman of the Board, the Chief Executive Officer, the President, or a majority
of the Committee&#146;s members shall deem it to be proper for the transaction of its business. A
majority of the Committee&#146;s members shall constitute a quorum for the transaction of business. The
acts of the majority at a meeting at which a quorum is present
shall constitute action by the Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Other Committees</U>. The Company may have such other committees with such
powers as the Board may designate from time to time by resolution or by an amendment to these
Bylaws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Associate Directors.</U>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;Any person who has served as a director may be elected by the Board of Directors as an
associate director, to serve at the pleasure of the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;Associate directors shall be entitled to attend all meetings of directors and participate
in the discussion of all matters brought to the Board of Directors, but will not have a right to
vote.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Absence or Disqualification of Any Member of a Committee.</U> In the absence
or disqualification of any member of any committee created under Article&nbsp;III of these Bylaws, the
member or members thereof present at any meeting and not disqualified from voting, whether or not
he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to
act at the meeting in the place of any such absent or disqualified member.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 4</B><BR>
<U><B>Officers</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Chairman of the Board</U>. The Chairman of the Board shall preside at all
meetings of the Board of Directors and shall have such further authority and powers and shall
perform such duties the Board of Directors may assign to him from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Chief Executive Officer</U>. The Chief Executive Officer shall have the
powers and duties pertaining to the office of Chief Executive Officer conferred or imposed upon him
by statute, incident to his office or as the Board of Directors may assign to him from time to
time. In the absence of the Chairman of the Board, the Chief Executive Officer shall have the
powers and duties of the Chairman of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>President</U>. The President shall have the powers and duties pertaining to
the office of the President conferred or imposed upon him by statute, incident to his office or as
the Board of Directors may assign to him from time to time. In the absence of the Chairman of the
Board and the Chief Executive Officer, the President shall have the powers and duties of the
Chairman of the Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Duties</U>. The Chairman of the Board, the Chief Executive Officer or the
President, as designated by the Board of Directors, shall carry into effect all legal directions of
the Board of Directors and shall at all times exercise general supervision over the interest,
affairs and operations of the Company and perform all duties incident to his office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Vice Presidents</U>. There may be one or more Vice Presidents, however
denominated by the Board of Directors, who may at any time perform all of the duties of the
Chairman of the Board, the Chief Executive Officer and/or the President and such other powers and
duties incident to their respective offices or as the Board of Directors, the Chairman of the
Board, the Chief Executive Officer or the President or the officer in charge of the department or
division to which they are assigned may assign to them from time to time.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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;Section&nbsp;6. <U>Secretary</U>. The Secretary shall attend to the giving of notice of meetings
of the stockholders and the Board of Directors, as well as the committees thereof, to the keeping
of accurate minutes of all such meetings, recording the same in the minute books of the Company and
in general notifying the Board of Directors of material matters affecting the Company on a timely
basis. In addition to the other notice requirements of these Bylaws and as may be practicable
under the circumstances, all such notices shall be in writing and mailed well in advance of the
scheduled date of any such meeting. He shall have custody of the corporate seal, affix the same to
any documents requiring such corporate seal, attest the same and perform other duties incident to
his office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7. <U>Chief Financial Officer</U>. The Chief Financial Officer shall have general
supervision over all assets and liabilities of the Company. He shall be custodian of and
responsible for all monies, funds and valuables of the Company and for the keeping of proper
records of the evidence of property or indebtedness and of all transactions of the Company. He
shall have general supervision of the expenditures of the Company and periodically shall report to
the Board of Directors the condition of the Company, and perform such other duties incident to his
office or as the Board of Directors, the Chairman of the Board, the Chief Executive Officer or the
President may assign to him from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8. <U>Controller</U>. There may be a Controller who shall exercise general
supervision over the internal operations of the Company, including accounting, and shall render to
the Board of Directors or the Audit Committee at appropriate times a report relating to the general
condition and internal operations of the Company and perform other duties incident to his office.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There may be one or more subordinate accounting or controller officers however denominated,
who may perform the duties of the Controller and such duties as may be prescribed by the
Controller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9. <U>Audit Officers</U>. The officer designated by the Board of Directors to be in
charge of the Audit Services Division of the Company, with such title as the Board of Directors
shall prescribe, shall report to and be directly responsible to the Audit Committee and the Board
of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall be an Auditor and there may be one or more Audit Officers, however denominated,
who may perform all the duties of the Auditor and such duties as may be prescribed by the officer
in charge of the Audit Services Division.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10. <U>Other Officers</U>. There may be one or more officers, subordinate in rank
to all Vice Presidents with such functional titles as shall be determined from time to time by the
Board of Directors, who shall ex officio hold the office of Assistant Secretary of the Company and
who may perform such duties as may be prescribed by the officer in charge of the department or
division to which they are assigned.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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;Section&nbsp;11. <U>Powers and Duties of Other Officers</U>. The powers and duties of all other
officers of the Company shall be those usually pertaining to their respective offices, subject to
the direction of the Board of Directors, the Chairman of the Board, the Chief Executive Officer or
the President and the officer in charge of the department or division to which they are assigned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;12. <U>Number of Offices</U>. Any one or more offices of the Company may be held by
the same person, except that (A)&nbsp;no individual may hold more than one of the offices of Chief
Financial Officer, Controller or Audit Officer and (B)&nbsp;none of the Chairman of the Board, the Chief
Executive Officer or the President may hold any office mentioned in Section&nbsp;12(A).
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 5</B><BR>
<U><B>Stock and Stock Certificates</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1. <U>Transfer</U>. Shares of stock shall be transferable on the books of the
Company and a transfer book shall be kept in which all transfers of stock shall be recorded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Certificates</U>. Every holder of stock shall be entitled to have a
certificate signed by or in the name of the Company by the Chairman of the Board, the Chief
Executive Officer or the President or a Vice President, and by the Secretary or an Assistant
Secretary, of the Company, certifying the number of shares owned by him in the Company. The
corporate seal affixed thereto, and any of or all the signatures on the certificate, may be a
facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile
signature has been placed upon a certificate shall have ceased to be such officer, transfer agent
or registrar before such certificate is issued, it may be issued by the Company with the same
effect as if he were such officer, transfer agent or registrar at the date of issue. Duplicate
certificates of stock shall be issued only upon giving such security as may be satisfactory to the
Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Record Date</U>. The Board of Directors is authorized to fix in advance a
record date for the determination of the stockholders entitled to notice of, and to vote at, any
meeting of stockholders and any adjournment thereof, or entitled to receive payment of any
dividend, or to any allotment of rights, or to exercise any rights in respect of any change,
conversion or exchange of capital stock, or in connection with obtaining the consent of
stockholders for any purpose,
which record date shall not be more than 60 nor less than 10&nbsp;days preceding the date of any
meeting of stockholders or the date for the payment of any dividend, or the date for the allotment
of rights, or the date when any change or conversion or exchange of capital stock shall go into
effect, or a date in connection with obtaining such consent.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 6</B><BR>
<U><B>Seal</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporate seal of the Company shall be in the following form:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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; margin-left: 4%">Between two concentric circles the words &#147;Wilmington Trust Company&#148;
within the inner circle the words &#147;Wilmington, Delaware.&#148;
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 7</B><BR>
<U><B>Fiscal Year</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fiscal year of the Company shall be the calendar year.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 8</B><BR>
<U><B>Execution of Instruments of the Company</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Chairman of the Board, the Chief Executive Officer, the President or any Vice President,
however denominated by the Board of Directors, shall have full power and authority to enter into,
make, sign, execute, acknowledge and/or deliver and the Secretary or any Assistant Secretary shall
have full power and authority to attest and affix the corporate seal of the Company to any and all
deeds, conveyances, assignments, releases, contracts, agreements, bonds, notes, mortgages and all
other instruments incident to the business of this Company or in acting as executor, administrator,
guardian, trustee, agent or in any other fiduciary or representative capacity by any and every
method of appointment or by whatever person, corporation, court officer or authority in the State
of Delaware, or elsewhere, without any specific authority, ratification, approval or confirmation
by the Board of Directors, and any and all such instruments shall have the same force and validity
as though expressly authorized by the Board of Directors.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 9</B><BR>
<U><B>Compensation of Directors and Members of Committees</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors and associate directors of the Company, other than salaried officers of the Company,
shall be paid such reasonable honoraria or fees for attending meetings of the Board of Directors as
the Board of Directors may from time to time determine. Directors and associate directors who
serve as members of committees, other than salaried employees of the Company,
shall be paid such reasonable honoraria or fees for services as members of committees as the
Board of Directors shall from time to time determine and directors and associate directors may be
authorized by the Company to perform such special services as the Board of Directors may from time
to time determine in accordance with any guidelines the Board of Directors may adopt for such
services, and shall be paid for such special services so performed reasonable compensation as may
be determined by the Board of Directors.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 10</B><BR>
<U><B>Indemnification</B></U>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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;Section&nbsp;1. <U>Persons Covered</U>. The Company shall indemnify and hold harmless, to the
fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any
person who was or is made or is threatened to be made a party or is otherwise involved in any
action, suit or proceeding, whether civil, criminal, administrative or investigative (a
&#147;proceeding&#148;) by reason of the fact that he, or a person for whom he is the legal representative,
is or was a director or associate director of the Company, a member of an advisory board the Board
of Directors of the Company or any of its subsidiaries may appoint from time to time or is or was
serving at the request of the Company as a director, officer, employee, fiduciary or agent of
another corporation, partnership, limited liability company, joint venture, trust, enterprise or
non-profit entity that is not a subsidiary or affiliate of the Company, including service with
respect to employee benefit plans, against all liability and loss suffered and expenses reasonably
incurred by such person. The Company shall be required to indemnify such a person in connection
with a proceeding initiated by such person only if the proceeding was authorized by the Board of
Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may indemnify and hold harmless, to the fullest extent permitted by applicable law
as it presently exists or may hereafter be amended, any person who was or is made or threatened to
be made a party or is otherwise involved in any proceeding by reason of the fact that he, or a
person for whom he is the legal representative, is or was an officer, employee or agent of the
Company or a director, officer, employee or agent of a subsidiary or affiliate of the Company,
against all liability and loss suffered and expenses reasonably incurred by such person. The
Company may indemnify any such person in connection with a proceeding (or part thereof) initiated
by such person only if such proceeding (or part thereof) was authorized by the Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2. <U>Advance of Expenses</U>. The Company shall pay the expenses incurred in
defending any proceeding involving a person who is or may be indemnified pursuant to Section&nbsp;1 in
advance of its final disposition, provided, however, that the payment of expenses incurred by such
a person in advance of the final disposition of the proceeding shall be made only upon receipt of
an undertaking by that person to repay all amounts advanced if it should be ultimately determined
that the person is not entitled to be indemnified under this Article&nbsp;10 or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3. <U>Certain Rights</U>. If a claim under this Article&nbsp;10 for (A)&nbsp;payment of
expenses or (B)&nbsp;indemnification by a director, associate director, member of an advisory board the
Board of Directors of the Company or any of its subsidiaries may appoint from time to time or a
person who is or was serving at the request of the Company as a director, officer, employee,
fiduciary or agent of another corporation, partnership, limited liability company, joint venture,
trust, enterprise or nonprofit entity that is not a subsidiary or affiliate of the Company,
including service with respect to employee benefit plans, is not paid in full within sixty days
after a written claim therefor has been received by the Company, the claimant may file suit to
recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled
to be paid the expense of prosecuting such claim. In any such action, the Company shall have the
burden of proving that the claimant was not entitled to the requested indemnification or payment of
expenses under applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4. <U>Non-Exclusive</U>. The rights conferred on any person by this Article&nbsp;10
shall not be exclusive of any other rights which such person may have or hereafter acquire under
any statute,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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">provision of the Charter or Act of Incorporation, these Bylaws, agreement, vote of
stockholders or disinterested directors or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5. <U>Reduction of Amount</U>. The Company&#146;s obligation, if any, to indemnify any
person who was or is serving at its request as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust, enterprise or nonprofit entity shall be reduced by
any amount such person may collect as indemnification from such other corporation, partnership,
joint venture, trust, enterprise or nonprofit entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6. <U>Effect of Modification</U>. Any amendment, repeal or modification of the
foregoing provisions of this Article&nbsp;10 shall not adversely affect any right or protection
hereunder of any person in respect of any act or omission occurring prior to the time of such
amendment, repeal or modification.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 11</B><BR>
<U><B>Amendments to the Bylaws</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These Bylaws may be altered, amended or repealed, in whole or in part, and any new Bylaw or
Bylaws adopted at any regular or special meeting of the Board of Directors by a vote of a majority
of all the members of the Board of Directors then in office.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ARTICLE 12</B><BR>
<U><B>Miscellaneous</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever used in these Bylaws, the singular shall include the plural, the plural shall include
the singular unless the context requires otherwise and the use of either gender shall include both
genders.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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"><B>EXHIBIT 6</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Section&nbsp;321(b) Consent</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section 321(b) of the Trust Indenture Act of 1939, as amended, Wilmington Trust
Company hereby consents that reports of examinations by Federal, State, Territorial or District
authorities may be furnished by such authorities to the Securities and Exchange Commission upon
request therefor.
</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="5%">&nbsp;</TD>
</TR>
<TR></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>WILMINGTON TRUST COMPANY</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><td><DIV align="left"><FONT size="1">

</FONT></DIV></td></tr>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:
January 5, 2011
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>

<TD align="left" valign="top" style="font-size: 10pt; border-bottom: 1px solid #000000">/s/
Patrick J. Healy</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">Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Patrick J. Healy</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">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<tr><td><DIV align="left"><FONT size="1">

</FONT></DIV></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"><B>EXHIBIT 7</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">This form is intended to assist state nonmember banks and
savings banks with state publication requirements. It has not been
approved by any state banking authorities. Refer to your
appropriate state banking authorities for your state publication
requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPORT OF CONDITION</B>
</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="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top" nowrap style="border-bottom:1px solid #000000">WILMINGTON TRUST COMPANY
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-bottom:1px solid #000000">Wilmington</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Name of Bank
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">City</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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">in the State of Delaware, at the close of business on September&nbsp;30, 2010:
</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="right" colspan="2"><B>Thousands of Dollars</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ASSETS</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">Cash and balances due from depository institutions:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">815,920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">578,878</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal funds sold and securities purchased under agreement to resell:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and leases held for sale:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and leases net of unearned income, allowance:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,595,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premises and fixed assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,882</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other real estate owned:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,090</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in unconsolidated subsidiaries and associated companies:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct and indirect investments in real estate ventures:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,553</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,239</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513,451</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,700,781</B></TD>
    <TD>&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="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="right" colspan="2"><B>Thousands of Dollars</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>LIABILITIES</B></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">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,066,266</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal Funds Purchased and Securities Sold Under Agreements to Repurchase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other borrowed money:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,917</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other Liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,889,080</B></TD>
    <TD>&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="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="right" colspan="2"><B>Thousands of Dollars</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>EQUITY CAPITAL</B></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">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">579,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Retained Earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,476</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(108,251</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Equity Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">811,701</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Liabilities and Equity Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,700,781</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
