Exhibit 4.1


 

EXECUTION VERSION


 


EVOLUTION ESCROW ISSUER LLC


 


to be merged into


 


TRONOX FINANCE LLC


 


7.50% SENIOR NOTES DUE
2022


 


 



 


INDENTURE


 


Dated as of March 19, 2015


 


 



 


Wilmington Trust, National Association


 


Trustee


 


 



 



    	 



    	 



    

 


CROSS-REFERENCE TABLE*


	 	 	 
	Trust Indenture	 
	Act Section	Indenture Section
	310(a)(1)	7.10
	 	  (a)(2)	7.10
	 	  (a)(3)	N.A.
	 	  (a)(4)	N.A.
	 	  (a)(5)	7.10
	 	  (b)	7.10
	 	  (c)	N.A.
	311(a)	7.11
	 	  (b)	7.11
	 	  (c)	N.A.
	312(a)	2.05
	 	  (b)	12.03
	 	  (c)	12.03
	313(a)	7.06
	 	  (b)(1)	N.A.
	 	  (b)(2)	7.06; 7.07
	 	  (c)	7.06; 12.02
	 	  (d)	7.06
	314(a)	4.03; 12.02; 12.05
	 	  (b)	N.A.
	 	  (c)(1)	12.04
	 	  (c)(2)	12.04
	 	  (c)(3)	N.A.
	 	  (d)	N.A.
	 	  (e)	12.05
	 	  (f)	N.A.
	315(a)	7.01
	 	  (b)	7.05; 12.02
	 	  (c)	7.01
	 	  (d)	7.01
	 	  (e)	6.11
	316(a) (last sentence)	2.09
	 	  (a)(1)(A)	6.05
	 	  (a)(1)(B)	6.04
	 	  (a)(2)	N.A.
	 	  (b)	6.07
	 	  (c)	2.12
	317(a)(1)	6.08
	 	  (a)(2)	6.09
	 	  (b)	2.04
	318(a)	12.01
	 	  (b)	N.A.
	 	  (c)	12.01



 


N.A. means not applicable.


* This Cross Reference Table is not part
of the Indenture.


 


    	 



    	 



    

 


TABLE OF CONTENTS


 


Page


 




	ARTICLE 1 

DEFINITIONS AND INCORPORATION 

BY REFERENCE
	Section 1.01   Definitions	1
	Section 1.02   Other Definitions	34
	Section 1.03   Incorporation by Reference of Trust Indenture Act	35
	Section 1.04   Rules of Construction	36
	ARTICLE 2 

THE NOTES
	Section 2.01   Form and Dating	36
	Section 2.02   Execution and Authentication	37
	Section 2.03   Registrar and Paying Agent	38
	Section 2.04   Paying Agent to Hold Money in Trust	38
	Section 2.05   Holder Lists	38
	Section 2.06   Transfer and Exchange	39
	Section 2.07   Replacement Notes	49
	Section 2.08   Outstanding Notes	49
	Section 2.09   Treasury Notes	49
	Section 2.10   Temporary Notes	50
	Section 2.11   Cancellation	50
	Section 2.12   Defaulted Interest	50
	Section 2.13   CUSIP Numbers	50
	ARTICLE 3 

REDEMPTION AND PREPAYMENT
	Section 3.01   Notices to Trustee	51
	Section 3.02   Selection of Notes to Be Redeemed or Purchased	51
	Section 3.03   Notice of Redemption	51
	Section 3.04   Effect of Notice of Redemption	52
	Section 3.05   Deposit of Redemption or Purchase Price	52
	Section 3.06   Notes Redeemed or Purchased in Part	53
	Section 3.07   Optional Redemption	53
	Section 3.08   Mandatory Redemption	55
	Section 3.09   Offer to Purchase by Application of Excess Proceeds	55
	Section 3.10   Escrow of Proceeds; Special Mandatory Redemption	55





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	ARTICLE 4 

COVENANTS
	Section 4.01   Payment of Notes	56
	Section 4.02   Maintenance of Office or Agency	57
	Section 4.03   Reports	57
	Section 4.04   Compliance Certificate	58
	Section 4.05   Taxes	59
	Section 4.06   Stay, Extension and Usury Laws	59
	Section 4.07   Limitation on Restricted Payments	59
	Section 4.08   Limitation on Dividend and Other Restrictions Affecting Restricted Subsidiaries	63
	Section 4.09   Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock	66
	Section 4.10   Limitation on Asset Sales	71
	Section 4.11   Limitation on Transactions with Affiliates	72
	Section 4.12   Limitation on Liens	74
	Section 4.13   Conduct of Business and Limitation on Certain Activities	75
	Section 4.14   Corporate Existence	75
	Section 4.15   Change of Control	75
	Section 4.16   Additional Note Guarantees	76
	Section 4.17   Designation of Restricted and Unrestricted Subsidiaries	76
	Section 4.18   [RESERVED]	77
	Section 4.19   Covenant Suspension	77
	Section 4.20   Withholding Taxes	78
	Section 4.21   Issuer Status Prior to the SPV Merger	80
	ARTICLE 5 

SUCCESSORS
	Section 5.01   Merger, Consolidation or Sale of Assets	80
	Section 5.02   Successor Person Substituted	82
	ARTICLE 6 

DEFAULTS AND REMEDIES
	Section 6.01   Events of Default	82
	Section 6.02   Acceleration	84
	Section 6.03   Other Remedies	84
	Section 6.04   Waiver of Past Defaults	85
	Section 6.05   Control by Majority	85
	Section 6.06   Limitation on Suits	85
	Section 6.07   Rights of Holders of Notes to Receive Payment	85
	Section 6.08   Collection Suit by Trustee	86
	Section 6.09   Trustee May File Proofs of Claim	86
	Section 6.10   Priorities	86
	Section 6.11   Undertaking for Costs	87




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	ARTICLE 7 

TRUSTEE
	Section 7.01   Duties of Trustee	87
	Section 7.02   Rights of Trustee	88
	Section 7.03   Individual Rights of Trustee	88
	Section 7.04   Trustee’s Disclaimer	89
	Section 7.05   Notice of Defaults	89
	Section 7.06   Reports by Trustee to Holders of the Notes	89
	Section 7.07   Compensation and Indemnity	89
	Section 7.08   Replacement of Trustee	90
	Section 7.09   Successor Trustee by Merger, etc	91
	Section 7.10   Eligibility; Disqualification	91
	Section 7.11   Preferential Collection of Claims Against Issuer	91
	ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	Section 8.01   Option to Effect Legal Defeasance or Covenant Defeasance	91
	Section 8.02   Legal Defeasance and Discharge	92
	Section 8.03   Covenant Defeasance	92
	Section 8.04   Conditions to Legal or Covenant Defeasance	93
	Section 8.05   Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	94
	Section 8.06   Repayment to Issuer	94
	Section 8.07   Reinstatement	94
	ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER
	Section 9.01   Without Consent of Holders of Notes	95
	Section 9.02   With Consent of Holders of Notes	96
	Section 9.03   [RESERVED]	97
	Section 9.04   Revocation and Effect of Consents	97
	Section 9.05   Notation on or Exchange of Notes	97
	Section 9.06   Trustee to Sign Amendments, etc	98
	ARTICLE 10 

NOTE GUARANTEES
	Section 10.01   Guarantee	98
	Section 10.02   Limitation on Guarantor Liability	99
	Section 10.03   Execution and Delivery of Note Guarantee	99
	Section 10.04   Guarantors May Consolidate, etc., on Certain Terms	99
	Section 10.05   Releases	100
	ARTICLE 11 

SATISFACTION AND DISCHARGE
	Section 11.01   Satisfaction and Discharge	101
	Section 11.02   Application of Trust Money	102







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	ARTICLE 12 

MISCELLANEOUS
	Section 12.01   [RESERVED]	103
	Section 12.02   Notices	103
	Section 12.03   [RESERVED]	104
	Section 12.04   Certificate and Opinion as to Conditions Precedent	104
	Section 12.05   Statements Required in Certificate or Opinion	104
	Section 12.06   Rules by Trustee and Agents	105
	Section 12.07   No Personal Liability of Directors, Officers, Employees and Stockholders	105
	Section 12.08   Governing Law	105
	Section 12.09   No Adverse Interpretation of Other Agreements	105
	Section 12.10   Successors	105
	Section 12.11   Severability	105
	Section 12.12   Counterpart Originals	105
	Section 12.13   Table of Contents, Headings, etc	106
	Section 12.14   Waiver of Jury Trial	106
	Section 12.15   USA PATRIOT Act	106



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EXHIBITS


 


	Exhibit A1	FORM OF NOTE
	Exhibit A2	FORM OF REGULATION S TEMPORARY GLOBAL NOTE
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E	FORM OF NOTATION OF GUARANTEE
	Exhibit F	FORM OF SUPPLEMENTAL INDENTURE



 


    	 



    	 



    

 


INDENTURE dated as
of March 19, 2015 between Evolution Escrow Issuer LLC, a Delaware limited liability company, as SPV Issuer (as defined below) and
Wilmington Trust, National Association, as Trustee (as defined below).


 


Upon consummation of
the SPV Merger (as defined below), (i) the SPV Issuer will merge into Tronox Finance LLC, with Tronox Finance LLC being the surviving
entity, (ii) the “Issuer” hereunder shall be Tronox Finance LLC and (iii) Tronox Finance LLC shall assume all obligations
under the Notes and this Indenture by operation of law.


 


The Issuer and the
Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined below)
of the 7.50% Senior Notes due 2022 (the “Notes”):


 


ARTICLE
1

DEFINITIONS AND INCORPORATION

BY REFERENCE


 


Section 1.01 Definitions.

 

“144A Global
Note” means a Global Note substantially in the form of Exhibit A1 hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be
issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.


 


“ABL Facility”
means the senior secured asset based revolving syndicated credit facility, dated as of June 18, 2012, among Tronox Incorporated
and certain of its subsidiaries, as U.S. borrowers and guarantors, the Parent and certain of its subsidiaries, as Australian borrowers
and guarantors, the other guarantors party thereto, the lenders from time to time party thereto and UBS AG, Stamford branch, as
administrative agent and collateral agent, as amended, supplemented, modified, extended, restructured, renewed, restated, refinanced
or replaced in whole or in part from time to time, including, without limitation, by a Credit Facility.


 


“Acquired
Indebtedness” means (1) with respect to any Person that becomes a Restricted Subsidiary after the Issue Date, Indebtedness,
Disqualified Stock or Preferred Stock of such Person and its Subsidiaries existing at the time such Person becomes a Restricted
Subsidiary and (2) with respect to the Parent or any Restricted Subsidiary, any Indebtedness, Disqualified Stock or Preferred Stock
of a Person (other than the Parent or a Restricted Subsidiary) existing at the time such Person is merged with or into the Parent
or a Restricted Subsidiary, or Indebtedness, Disqualified Stock or Preferred Stock expressly assumed in connection with the acquisition
of the stock or any asset or assets from another Person, in each case whether or not Incurred or issued by such Person in connection
with or in contemplation of such merger or acquisition.


 


“Additional
Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections
2.02 and 4.09 hereof, as part of the same series as the Initial Notes.


 


“Affiliate”
of any specified Person means (1) any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person or (2) any executive officer or director of such specified Person. For purposes of this
definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities,
by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and
“under common control with” have correlative meanings.


 






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“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.


 


“Alternative
Facility” means (i) one or more debt facilities or other financing arrangements with banks or other institutional lenders
providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders
or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit Incurred by any
Subsidiary of Parent and secured solely by Liens upon one or more assets comprising collateral (A) of the relevant Subsidiary of
Parent that is an obligor or provides credit support to such obligor under the relevant Alternative Facility and (B) that secures
the ABL Facility, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from
time to time and (ii) any Credit Facility.


 


“Applicable
Premium” means, with respect to a Note at any date of redemption, the greater of (i) 1% of the principal amount of such
Note and (ii) the excess of (A) the present value at such date of redemption of (1) the redemption price of such Note at March
15, 2018 (such redemption price being set forth in the table appearing in Section 3.07(d) hereof) plus (2) all remaining required
interest payments due on such Note through March 15, 2018 (excluding accrued but unpaid interest to the date of redemption), computed
using a discount rate equal to the Treasury Rate plus 50 basis points, over (B) the principal amount of such Note.


 


“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, any redemption
or payment of any Global Note or any other actions with respect to Global Notes, the rules and procedures of the Depositary, Euroclear
and Clearstream that apply to such transfer, exchange, redemption, payment or action.


 


“Asset Sale”
means:


 


(1) the sale, lease, conveyance, transfer or other disposition (each, a “Transfer”), whether in a single transaction
or a series of related transactions (including by way of a Sale and Leaseback Transaction), of any assets or rights (excluding
Equity Interests in the Parent) of the Parent or any Restricted Subsidiary; and


 


(2) the issuance or sale of Equity Interests by any Restricted Subsidiary or the Transfer by the Parent or any Restricted Subsidiary
of Equity Interests in any of the Parent’s Subsidiaries (other than directors’ qualifying shares and shares issued
to foreign nationals to the extent required by applicable law), whether in a single transaction or series of related transactions.


 


Notwithstanding the
preceding, the following items will be deemed not to be Asset Sales:


 


(1) 
any single transaction or series of related transactions that involves assets or Equity Interests having a Fair Market Value
of less than $15.0 million;


 


(2)
 sales of inventory in the ordinary course of business;


 


(3)
 the liquidation, winding-up or dissolution of Excluded Entities;


 


(4)
 a Transfer of assets in accordance with Section 4.15 hereof or permitted under Section 5.01 hereof;


 


(5)
 a Transfer of assets or Equity Interests between or among the Parent and the Restricted Subsidiaries;


 






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(6)
 an issuance of Equity Interests by a Restricted Subsidiary to the Parent or to another Restricted Subsidiary;


 


(7)
 a Transfer of cash and Cash Equivalents;


 


(8)
 a Transfer of accounts receivable in connection with the compromise, settlement or collection thereof in the ordinary course
of business or in bankruptcy or similar proceedings;


 


(9)
 a Transfer that constitutes a Restricted Payment that is permitted under Section 4.07 hereof or a Permitted Investment;


 


(10)
 a Transfer of any property or equipment that has become redundant, surplus, damaged, worn out, obsolete or no longer useful,
and sales or other dispositions of intellectual property determined, in the reasonable judgment of the Parent, to be uneconomical,
negligible or obsolete;


 


(11)
 the creation of a Lien not prohibited by this Indenture (but not the sale of property subject to a Lien);


 


(12)
 a grant of a license to use the Parent’s or any Restricted Subsidiary’s patents, trade secrets, know-how or
other intellectual property to the extent that such license does not limit the licensor’s use of the patent, trade secret,
know-how or other intellectual property;


 


(13)
 sales, transfers or contributions of Receivables Assets (or a fractional undivided interest therein) to a Receivables Entity
in a Qualified Receivables Transaction, provided that if such Receivables Entity is an Affiliate, such sale, transfer or
contribution must be for the fair market value thereof (as determined in good faith by the Parent);


 


(14)
 transfers of Receivables Assets (or a fractional undivided interest therein) in a Qualified Receivables Transaction;


 


(15)
 any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.07 hereof;


 


(16) foreclosure, condemnation or any similar action with respect to any property or other asset of the Parent or any of its
Restricted Subsidiaries;


 


(17)
 any financing transaction with respect to property built or acquired by the Parent or any Restricted Subsidiary after the
Issue Date, including any Sale and Leaseback Transaction or asset securitization permitted by this Indenture;


 


(18)
 to the extent they constitute an Asset Sale, the granting of a Lien that is permitted to be granted, and is granted, under
Section 4.12 hereof;


 


(19)
 to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, as amended, any exchange of like property
(excluding any boot thereon) for use in a Permitted Business and Permitted Asset Swaps;


 


(20)
 the lease, assignment, sublease or license of any real or personal property in the ordinary course of business;


 






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(21) 
dispositions in connection with Permitted Liens;


 


(22) 
any issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary, including
in connection with any merger or consolidation; and


 


(23) 
any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other
claims of any kind.


 


“Bankruptcy
Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.


 


“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has the
right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only
upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” will
have a corresponding meaning.


 


“Board of
Directors” means:


 


(1) 
with respect to a corporation, the board of directors of the corporation or a duly authorized committee thereof;


 


(2) 
with respect to a partnership, the Board of Directors of the general partner of the partnership; and


 


(3) 
with respect to any other Person, the board or committee of such Person serving a similar function.


 


“Board Resolution”
means a resolution certified by the Secretary or an Assistant Secretary of the Parent to have been duly adopted by the Board of
Directors of the Parent and to be in full force and effect on the date of such certification.


 


“Borrowing
Base” means, as of the date of determination, an amount equal to:


 


(1) 
85% of the face amount of all accounts receivable owned by the Parent and its Restricted Subsidiaries as of the end of the
most recent fiscal quarter preceding such date; plus


 


(2) 
75% of the book value of all inventory owned by the Parent and its Restricted Subsidiaries as of the end of the most recent
fiscal quarter preceding such date,


 


based on the most recent
internal month-end financial statements available to the Parent, determined on a pro forma basis in a manner consistent
with the pro forma basis contained in the definition of Fixed Charge Coverage Ratio.


 


“Business
Day” means any day other than a Legal Holiday.


 




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“Capital Lease
Obligation” means an obligation that is required to be classified and accounted for as a capital lease for financial
reporting purposes in accordance with GAAP; and the amount of Indebtedness represented thereby at any time shall be the amount
of the liability in respect thereof that would at that time be required to be capitalized on a balance sheet in accordance with
GAAP.


 


“Capital Stock”
of any Person means any and all shares, interests (including general or limited partnership interests, limited liability company
or membership interests or limited liability partnership interests), participations or other equivalents of or interests in (however
designated) equity of such Person, including any Preferred Stock.


 


“Cash Equivalents”
means:


 


(1) 
United States dollars, Canadian dollars, Euro, any national currency of any Member State of the European Union as of December
31, 2003 and such foreign currencies held by the Parent or any Restricted Subsidiary from time to time in the ordinary course of
business;


 


(2) 
securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality
thereof (provided that the full faith and credit of the United States is pledged in support thereof), maturing, unless such securities
are deposited to defease any Indebtedness, not more than twelve months from the date of acquisition;


 


(3) 
investments in time or demand deposit accounts, certificates of deposit and money market deposits maturing within 180 days
of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of
America, any State thereof or any foreign country recognized by the United States, and which bank or trust company has capital,
surplus and undivided profits aggregating in excess of $500 million (or the foreign currency equivalent thereof) and has outstanding
debt which is rated “A-2” or higher by Moody’s, “A” or higher by S&P or the equivalent rating
by any other nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act);


 


(4) 
securities with maturities of one year or less from the date of acquisition backed by standby letters of credit issued by
any Person referenced in clause (3) above;


 


(5) 
repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above;


 


(6) 
commercial paper having a rating of at least A-1 from S&P or at least P-1 from Moody’s and in each case maturing
within one year after the date of acquisition;


 


(7) 
securities issued and fully guaranteed by any state, commonwealth or territory of the United States of America, or by any
political subdivision or taxing authority thereof, rated at least “A” by Moody’s or S&P and having maturities
of not more than two years from the date of acquisition;


 



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(8) 
certificates of deposit or bankers’ acceptances (or, in the case of Non-US Entities, the foreign equivalent thereof)
maturing within six months after such date and issued or accepted by any Lender or by any commercial bank organized under the laws
of the United States of America or any state thereof or the District of Columbia that (a) is at least “adequately capitalized”
(as defined in the regulations of its primary Federal banking regulator) and (b) has Tier 1 capital (as defined in such regulations)
of not less than $500,000,000 (or, in the case of a Non-U.S. Entity that is incorporated in Australia, issued or accepted by any
Lender or commercial bank incorporated in Australia and which has a rating of at least A-1 from S&P or at least P-1 from Moody’s)
provided that, in the case of any Investment by a Non-U.S. Entity, “Cash Equivalents” shall also include: (i) direct
obligations of the sovereign nation (or any agency thereof) in which such Non-U.S. Entity is organized and is conducting business
or in obligations fully and unconditionally guaranteed by such sovereign nation (or any agency thereof) and (ii) investments of
the type and maturity described in clauses (i) through (v) above of obligors that are Non-US Entities, which Investments or obligors
(or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies;
and


 


(9) 
shares of any money market mutual fund rated at least AAA or the equivalent thereof by S&P, at least Aaa or the equivalent
thereof by Moody’s or any other mutual fund at least 95% of the assets of which constitute Cash Equivalents of the kinds
described in clauses (1) through (8) of this definition.


 


“Change of
Control” means the occurrence of any of the following:


 


(1) 
the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of the Parent and its Subsidiaries,
taken as a whole, to any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act) other than a Permitted Holder;


 


(2) 
the adoption of a plan relating to the liquidation or dissolution of the Parent (other than as permitted hereunder);


 


(3) 
the Parent becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) the acquisition by any “person” or “group” (as defined above) other
than a Permitted Holder, including any group acting for the purpose of acquiring, holding or disposing of securities (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by way of
merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under
the Exchange Act, or any successor provision), directly or indirectly, of 50% or more of the total voting power of the Voting Stock
of the Parent; other than in connection with any transaction or series of transactions in which the Issuer shall become the wholly
owned subsidiary of a Parent Entity of which no person or group, as noted above, holds 50% or more of the total voting power of
the Voting Stock of such Parent Entity (other than a Permitted Holder);


 


(4) 
the first day on which a majority of the members of the Board of Directors of the Parent are not Continuing Directors; or


 


(5) 
following the Completion Date, the first day on which the Parent ceases to own, directly or indirectly, 100% of the outstanding
Equity Interests of Tronox Finance LLC.


 


“Change of
Control Triggering Event” means (i) during a Suspension Period, the occurrence of both a Change of Control and a Ratings
Event and (ii) at any time other than during a Suspension Period, the occurrence of a Change of Control; provided, that
solely for purposes of determining whether a Suspension Period is occurring with respect to the definition of Change of Control
Triggering Event, a Covenant Suspension Event shall be any period of time that (i) the Notes have an Investment Grade Rating from
at least one Rating Agency and (ii) no Default has occurred and is continuing under this Indenture.


 



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“Clearstream”
means Clearstream Banking, S.A.


 


“Common Stock”
means, with respect to any Person, any Capital Stock (other than Preferred Stock) of such Person, whether outstanding on the Issue
Date or issued thereafter.


 


“Completion
Date” means the date that all of the Escrow Release Conditions (as defined in the Escrow Agreement) are satisfied or
waived, as applicable. For the absence of doubt, the Transaction shall be deemed to have been consummated on the Completion Date.


 


“Consolidated
EBITDA” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such
period plus, without duplication:


 


(1) 
an amount equal to any extraordinary loss plus any net loss realized by such Person or any of its Restricted Subsidiaries
in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus


 


(2) 
provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, including
any penalties and interest relating to any tax examinations, to the extent that such provision for taxes was deducted in computing
such Consolidated Net Income; plus


 


(3) 
the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that any such Fixed Charges
were deducted in computing such Consolidated Net Income; plus


 


(4) 
any foreign currency translation losses (including losses related to currency remeasurements of Indebtedness) of such Person
and its Restricted Subsidiaries for such period, to the extent that such losses were taken into account in computing such Consolidated
Net Income; plus


 


(5) 
depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period) and other non-cash charges and expenses (excluding any such non-cash charge or expense to the extent
that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization of a prepaid cash
charge or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent
that such depreciation, amortization and other non-cash charges or expenses were deducted in computing such Consolidated Net Income;
plus


 


(6) 
the amount of any “run rate” cost savings and operating efficiencies projected by the Parent in good faith to
be realized as a result of specified actions either taken or initiated prior to or during such period (calculated on a pro forma
basis as though such cost savings and operating efficiencies had been realized on the first day of such period) and which are expected
to be realized (i) within 18 months of the date thereof, with respect to specified actions taken or to be taken in connection with
the Transaction (including the expected stand-alone cost savings from lower costs for certain services (including back office functions)),
and (ii) within 12 months of the date thereof with respect to specified actions taken or to be taken in connection with future
acquisitions and cost saving, restructuring and other similar initiatives, in each case, net of the amount of actual benefits realized
during such period from such actions; provided that such cost savings are reasonably identifiable and factually supportable;
minus


 



    	7



    	 



    

 


(7) 
non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the ordinary
course of business; plus


 


(8) 
any net loss included in the Consolidated Net Income attributable to non-controlling interests pursuant to Accounting Standards
Codification 810-10-45; plus


 


(9) 
to the extent non-recurring, any fees, costs and expenses of such Person and its Restricted Subsidiaries Incurred as a result
of Investments, Asset Sales permitted hereunder and the issuance, repayment or amendment of Equity Interests or Indebtedness permitted
hereunder (in each case, whether or not consummated).


 


in each case, on a
consolidated basis and determined in accordance with GAAP.


 


Notwithstanding the
preceding, the provision for taxes based on the income or profits of, the Fixed Charges of and the depreciation and amortization
and other non-cash expenses of, a Restricted Subsidiary will be added to Consolidated Net Income to compute Consolidated EBITDA
of such Person (A) in the same proportion that the Net Income of such Restricted Subsidiary was added to compute such Consolidated
Net Income of such Person and (B) only to the extent that a corresponding amount would be permitted at the date of determination
to be dividended or distributed to such Person by such Restricted Subsidiary without prior governmental approval (that has not
been obtained), and without direct or indirect restriction pursuant to the terms of its charter or any agreements, instruments,
judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders.


 


“Consolidated
Net Income” means, with respect to any specified Person for any period, the aggregate of the net income (loss) of such
Person and its Restricted Subsidiaries for such period, on a consolidated basis, (excluding the net income (loss) of any Unrestricted
Subsidiary of such Person), determined in accordance with GAAP and without any reduction in respect of Preferred Stock dividends;
provided that:


 


(1) 
all extraordinary gains (but not losses) and all gains (but not losses) realized in connection with any disposition of assets
or securities, whether or not consummated, or the early extinguishment of Indebtedness, together with any related provision for
taxes on any such gain, will be excluded;


 


(2) 
any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that Parent’s equity in
the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of
Cash Equivalents actually distributed by such Person during such period to the Parent or a Restricted Subsidiary as a dividend
or other distribution or return on investment (subject, in the case of a dividend or other distribution or return on investment
to a Restricted Subsidiary, to the limitations contained in clause (3) below);


 


(3) 
solely for the purpose of determining the amount available for Restricted Payments pursuant to Section 4.07(a)(3), the net
income (but not the net loss) of any Restricted Subsidiary (other than any Guarantor) will be excluded to the extent that the declaration
or payment of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination
permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the
terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable
to that Restricted Subsidiary or its equityholders;


 



    	8



    	 



    

 


(4) 
any gain or loss, together with any related provision for taxes on such gain or loss less all fees and expenses or charges
relating thereto, realized in connection with: (a) any sale of assets outside the ordinary course of business of the specified
Person; or (b) the disposition of any securities by the specified Person or any of its Restricted Subsidiaries, will be excluded;


 


(5) 
any extraordinary, unusual or non-recurring gain, loss or expense, together with any related provision for taxes on such
gain, loss or expense, will be excluded;


 


(6) 
any (i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards
and any non-cash deemed finance charges in respect of any pension liabilities or other provisions and (ii) income (loss) attributable
to deferred compensation plans or trusts shall be excluded;


 


(7) 
the cumulative effect of a change in accounting principles will be excluded;


 


(8) 
non-cash gains and losses attributable to movement in the mark-to-market valuation of Hedging Obligations pursuant to Financial
Accounting Standards Board Statement No. 133 will be excluded;


 


(9) 
any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out
of Consolidated Net Income accrued at any time following the Issue Date will be excluded;


 


(10) 
to the extent the related loss is not added back in calculating such Consolidated Net Income, proceeds of business interruption
insurance policies to the extent of such related loss will be excluded;


 


(11) 
fees and expenses related to a Qualified Receivables Transaction will be excluded;


 


(12) 
any net after-tax gains attributable to the termination of any employee pension benefit plan will be excluded;


 


(13) 
(a) any net after-tax income or loss from operating results of discontinued operations as defined by GAAP and (b) any net
after-tax gains or losses from sales of discontinued operations, in each case will be excluded;


 


(14) 
any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early extinguishment
of Indebtedness, Hedging Obligations or other derivative instruments entered into in relation with the Indebtedness extinguished
will be excluded;


 


(15) 
any non-cash impairment charges or asset write-downs or write-offs, in each case pursuant to GAAP, and the amortization
of intangibles arising pursuant to GAAP will be excluded; and


 


(16) 
any extraordinary, unusual or nonrecurring gain, loss, charge or expense or any charges, expenses or reserves in respect
of any restructuring, redundancy or severance expense shall be excluded.


 



    	9



    	 



    

 


“Consolidated
Net Tangible Assets” means, with respect to any Person, the Total Assets of such Person and its Restricted Subsidiaries
less goodwill and intangibles (other than intangibles arising from, or relating to, intellectual property, licenses or permits
(including, but not limited to, emissions rights) of such Person), in each case calculated in accordance with GAAP as of the last
day of the most recently completed fiscal quarter for which financial statements are available, provided that in the event
that such Person or any of its Restricted Subsidiaries assumes or acquires any assets in connection with the acquisition by such
Person and its Restricted Subsidiaries of another Person subsequent to the commencement of the period for which the Consolidated
Net Tangible Assets is being calculated but prior to the event for which the calculation of the Consolidated Net Tangible Assets
is made, then the Consolidated Net Tangible Assets shall be calculated giving pro forma effect to such assumption or acquisition
of assets, as if the same had occurred at the beginning of the applicable period.


 


“continuing”
means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.
 


 


“Continuing
Directors” means, as of any date of determination, any member of the Board of Directors of the Parent who:


 


(1) 
was a member of such Board of Directors on the date of this Indenture; or


 


(2) 
was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors
who were members of such Board of Directors at the time of such nomination or election.


 


“Corporate
Trust Office of the Trustee” means the address of the Trustee specified in Section 12.02 hereof or such other address
as to which the Trustee may give notice to the Issuer.


 


“Credit Agreements”
means (i) the credit agreement governing the ABL Facility, (ii) a credit agreement governing any Alternative Facility and (iii)
the credit agreement governing the Senior Secured Term Loan Facility, in each case including any related notes, Guarantees, collateral
documents, instruments and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed,
refunded, replaced or refinanced from time to time, regardless of whether such amendment, restatement, modification, renewal, refunding,
replacement or refinancing is with the same financial institutions or otherwise.


 


“Credit Facilities”
means (i) the ABL Facility, (ii) an Alternative Facility, (iii) the Senior Secured Term Loan Facility and (iv) one or more debt
facilities or other financing arrangements (including, without limitation, commercial paper facilities, overdraft facilities, receivables
financing or indentures) including with banks, institutional lenders, noteholders or other investors or a trustee, providing for
revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special
purpose entities formed to borrow from such lenders against such receivables), letters of credit or issuances of notes, in each
case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.


 


“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.


 


“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default, provided
that any Default that results solely from the taking of any action that would have been permitted but for the continuation of a
previous Default will be deemed to be cured if such previous Default is cured prior to becoming an Event of Default.


 



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“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06
hereof, substantially in the form of Exhibit A1 hereto except that such Note shall not bear the Global Note Legend and shall not
have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.


 


“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.


 


“Designated
Noncash Consideration” means the Fair Market Value of non-cash consideration received by the Parent or one of its Restricted
Subsidiaries in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officer’s
Certificate, setting forth the basis of such valuation, less the amount of cash and Cash Equivalents received in connection with
a subsequent sale of such Designated Noncash Consideration.


 


“Designated
Preferred Stock” means, with respect to the Parent, Preferred Stock (other than Disqualified Stock) (a) that is issued
for cash (other than to the Parent, the Issuer or a Subsidiary of the Issuer or an employee stock ownership plan or trust established
by the Parent or any such Subsidiary for the benefit of their employees to the extent funded by the Parent or such Subsidiary)
and (b) that is designated as “Designated Preferred Stock” pursuant to an Officer’s Certificate of the Parent
at or prior to the issuance thereof, the Net Cash Proceeds of which are excluded from Section 4.07(a)(3)(B).


 


“Disinterested
Member” means, with respect to any transaction or series of related transactions, a member of the Parent’s Board
of Directors who does not have any material direct or indirect financial interest (other than as a stockholder of the Parent) in
or with respect to such transaction or series of related transactions and is not an Affiliate, or an officer, director, member
of a supervisory, executive or management board or employee of any Person (other than the Parent or a Restricted Subsidiary) who
has any direct or indirect financial interest in or with respect to such transaction or series of related transactions.


 


“Disqualified
Stock” means any Capital Stock that, by its terms, or by the terms of any security into which it is convertible, or for
which it is exchangeable, or by contract or otherwise, is, or upon the happening of any event or passage of time would be, required
to be redeemed on or prior to the date that is ninety-one days after the earlier of the date on which the Notes mature and the
date the Notes are no longer outstanding, or is redeemable at the option of the Holder thereof, or is convertible into or exchangeable
for debt securities in any such case on or prior to such date. Notwithstanding the preceding sentence, any Capital Stock that would
constitute Disqualified Stock solely because the holders thereof have the right to require the Parent to repurchase such Capital
Stock upon the occurrence of a Change of Control or an Asset Sale will not constitute Disqualified Stock if such Capital Stock
specifically provides that such Person will not repurchase or redeem any such stock pursuant to such provision prior to the Issuer’s
repurchase of such Notes as are required to be repurchased pursuant to Sections 4.10 and 4.15 hereof. The term “Disqualified
Stock” will also include any options, warrants or other rights that are convertible into Disqualified Stock or that are
redeemable at the option of the holder, or required to be redeemed, prior to the date that is one year after the earlier of the
date on which the Notes mature and the date the Notes are no longer outstanding.


 


“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is
convertible into, or exchangeable for, Capital Stock).


 



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“Equity Offering”
means any public or private sale of Equity Interests (other than Disqualified Stock) of the Parent or any of its Subsidiaries by
the Parent or its Subsidiaries (other than pursuant to a registration statement on Form S-8 or otherwise relating to equity securities
issuable under any employee benefit plan of the Parent) to any Person other than any Subsidiary of the Parent.


 


“Escrow Account”
means the account or accounts that hold the deposit of the proceeds of the issuance of the Initial Notes in accordance with the
Escrow Agreement.


 


“Escrow Agreement”
means the Escrow Agreement to be entered into on the Issue Date between, inter alios, the Issuer and the Trustee in respect
of the deposit of the proceeds of the issuance of the Initial Notes in the Escrow Account.


 


“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 


“Excluded
Entities” means:


 


(1) 
any one or more Restricted Subsidiaries organized under the laws of the United Kingdom that is (i) Tronox Sands LLP, a limited
liability partnership organized in England and Wales (“TSL”) and (ii) any wholly-owned Subsidiary of TSL or its wholly-owned
Subsidiaries;


 


(2) 
any one or more Restricted Subsidiaries organized under the laws of The Netherlands that has not received the unconditional
positive advice of its works council and any prior corporate approvals, including the decision of its Board of Directors (or similar
governing body), that it is in such Restricted Subsidiary’s corporate interest (vennootschappelijk belang) to become a Guarantor
of the Notes;


 


(3) 
any one or more Restricted Subsidiaries organized under the laws of the Republic of South Africa or any Restricted Subsidiary
if, as a result of becoming a Guarantor of the Notes, such Restricted Subsidiary would violate any applicable South African “Black
Empowerment” laws, any South African exchange control regulations or any other similar South African laws and regulations
applicable to it; and


 


(4) 
any Receivables Entity.


 


“Existing
Indebtedness” means the aggregate amount of Indebtedness of the Parent and the Restricted Subsidiaries (other than Indebtedness
under the Credit Agreements, the Notes and the related Note Guarantees) in existence on the date of this Indenture until such amounts
are repaid.


 


“Fair Market
Value” means the price that would be paid in an arm’s-length transaction between an informed and willing seller
under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board
of Directors of the Parent (unless otherwise provided in this Indenture).


 


“Fixed Charge
Coverage Ratio” means with respect to any specified Person for any period, the ratio of the Consolidated EBITDA of such
Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its
Restricted Subsidiaries Incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness
(other than ordinary working capital borrowings) or issues, repurchases or redeems Preferred Stock subsequent to the commencement
of the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for
which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage
Ratio will be calculated giving pro forma effect to such Incurrence, assumption, Guarantee, repayment, repurchase, redemption,
defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of Preferred Stock, and the use of the
proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period, provided,
however, that the pro forma calculation shall not give effect to any Indebtedness Incurred on such determination date pursuant
to Section 4.09(b) hereof.


 



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In addition, for purposes
of calculating the Fixed Charge Coverage Ratio:


 


(1) 
in the event that the specified Person or any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any
Indebtedness or issues, repurchases or redeems Preferred Stock subsequent to the commencement of the period for which the Fixed
Charge Coverage Ratio is being calculated but on or prior to the Calculation Date, then the Fixed Charge Coverage Ratio will be
calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance,
repurchase or redemption of Disqualified Stock or Preferred Stock, and the use of the proceeds therefrom as if the same had occurred
at the beginning of such period;


 


(2) 
acquisitions and dispositions of business entities or property and assets constituting a division or line of business of
any Person that have been made by the specified Person or any of its Restricted Subsidiaries (or by any Person that has subsequently
become a Restricted Subsidiary or has subsequently merged or consolidated with or into the specified Person or any of its Restricted
Subsidiaries), including through mergers or consolidations, and the designation or re-designation of Unrestricted Subsidiaries,
in each case, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation
Date will be given pro forma effect as if they had occurred on the first day of the four-quarter reference period, and Consolidated
EBITDA for such reference period will be calculated on a pro forma basis, but without giving effect to clause (3) of the
proviso set forth in the definition of Consolidated Net Income;


 


(3) 
the Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, will be excluded;


 


(4) 
the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, will be excluded, but
only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any
of its Restricted Subsidiaries following the Calculation Date;


 


(5) 
whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good
faith by a responsible financial or chief accounting officer of the Parent (including cost savings and operating efficiencies that
are reasonably identifiable and factually supportable). If any Indebtedness bears a floating rate of interest and is being given
pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Calculation Date
had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness).
Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible
financial or accounting officer of the Parent to be the rate of interest implicit in such Capitalized Lease Obligation in accordance
with GAAP;


 



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(6) 
interest on any Indebtedness under a revolving credit facility computed with a pro forma basis shall be computed
based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first paragraph
of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime
or similar rate, a Eurocurrency interbank offered rate, or other rate, shall be determined to have been based upon the rate actually
chosen, or if none, then based upon such optional rate chosen as the Parent may designate;


 


(7) 
any Person that is a Restricted Subsidiary on the Calculation Date will be deemed to have been a Restricted Subsidiary at
all times during such four-quarter period;


 


(8) 
any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted Subsidiary
at any time during such four-quarter period; and


 


(9) 
Fixed Charges attributable to interest on any Indebtedness Incurred under a revolving credit facility computed on a pro
forma basis will be calculated based on the average daily balance of such Indebtedness for the four fiscal quarters subject
to the pro forma calculation to the extent that such Indebtedness was Incurred solely for working capital purposes.


 


“Fixed Charges”
means, with respect to any specified Person for any period, the sum, without duplication, of:


 


(1) 
the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued,
including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the
interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations,
commissions, discounts and other fees and charges Incurred in respect of letter of credit or bankers’ acceptance financings,
and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates; plus


 


(2) 
the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period;
plus


 


(3) 
any interest on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or
secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called
upon; plus


 


(4) 
the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of Preferred Stock of
such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests
of the Parent (other than Disqualified Stock) or to the Parent or a Restricted Subsidiary of the Parent, times (b) a fraction,
the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory
tax rate of such Person, expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP.


 


“GAAP”
means generally accepted accounting principles in the United States which are in effect on the Issue Date. At any time after the
Issue Date, the Parent may elect to apply International Financial Reporting Standards (“IFRS”) accounting principles
in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS on the date of
such election; provided that any such election, once made, shall be irrevocable; provided, further, that any calculation
or determination in this Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to
the Parent’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. The Parent
shall give notice of any such election made in accordance with this definition to the Trustee.


 



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“Global Note
Legend” means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all Global Notes issued
under this Indenture.


 


“Global Notes”
means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on
behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A1 hereto and that
bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto,
issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4) or 2.06(d)(2) hereof.


 


“Government
Securities” means securities that are direct obligations of the United States of America for the timely payment of which
its full faith and credit is pledged.


 


“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct
or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or
by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement
conditions or otherwise).


 


“Guarantors”
means the Parent and any Subsidiary of the Parent (other than the Issuer) that executes a Note Guarantee in accordance with the
provisions of this Indenture, and their respective successors and assigns required to execute a Note Guarantee hereunder or succeeding
directly in the case of conversion or similar transaction for the primary purpose of changing the form of incorporation or other
type of formation of the Guarantor, in each case, until the Note Guarantee of such Person has been released in accordance with
the provisions of this Indenture.


 


“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:


 


(1) 
any interest rate protection agreement, interest rate future agreement, interest rate option agreement, interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement;


 


(2) 
any commodity forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement;
or


 


(3) 
any foreign exchange contract, currency swap agreement or other similar agreement or arrangement.


 


“Holder”
means a Person in whose name a Note is registered.


 


“IAI Global
Note” means a Global Note substantially in the form of Exhibit A1 hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued
in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors. 


 


“Income”
means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction
in respect of Preferred Stock dividends.


 



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“Incur”
means, with respect to any Indebtedness, to incur, create, issue, assume, enter into any Guarantee or otherwise become directly
or indirectly liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness
(and “Incurrence” and “Incurred” will have meanings correlative to the foregoing); provided that
(1) any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary will be deemed to be Incurred
by such Person at the time it becomes a Restricted Subsidiary and (2) neither the accrual of interest nor the accretion of original
issue discount nor the payment of interest in the form of additional Indebtedness with the same terms or the payment of dividends
on Disqualified Stock or Preferred Stock in the form of additional shares of the same class of Disqualified Stock or Preferred
Stock (to the extent provided for when the Indebtedness or Disqualified Stock or Preferred Stock on which such interest or dividend
is paid was originally issued) will be considered an Incurrence of Indebtedness.


 


“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables), whether
or not contingent:


 


(1) 
in respect of borrowed money;


 


(2) 
evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof);


 


(3) 
in respect of banker’s acceptances;


 


(4) 
representing Capital Lease Obligations;


 


(5) 
representing the balance deferred and unpaid of the purchase price of any property or services due more than one year after
such property is acquired or such services are completed;


 


(6) 
representing any Hedging Obligations;


 


(7) 
all Disqualified Stock issued by such Person, valued at the greater of its voluntary or involuntary liquidation preference
and its maximum fixed repurchase price plus accrued dividends; or


 


(8) 
all Preferred Stock issued by a Subsidiary of such Person, valued at the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase price plus accrued dividends,


 


if and to the extent
any of the preceding items (other than letters of credit, Hedging Obligations, Disqualified Stock and Preferred Stock) would appear
as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness
of any other Person. Indebtedness shall be calculated without giving effect to the effects of Statement of Financial Accounting
Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness
for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the terms of such Indebtedness.


 


For purposes hereof,
the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock which does not have a fixed repurchase
price will be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock, as applicable, as if such
Disqualified Stock or Preferred Stock were repurchased on any date on which Indebtedness will be required to be determined pursuant
to this Indenture.


 



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The amount of any Indebtedness
outstanding as of any date will be the outstanding balance at such date of all unconditional obligations as described above and,
with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation.
The amount of any Indebtedness described in clauses (1) and (2) above will be:


 


(1) 
the accreted value thereof, in the case of any Indebtedness issued with original issue discount; and


 


(2) 
the principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of any
other Indebtedness.


 


For purposes of determining
any particular amount of Indebtedness, Guarantees, Liens or Obligations with respect to letters of credit supporting Indebtedness
otherwise included in the determination of such particular amount shall not be included. The following items shall not be treated
as Indebtedness: (i) any Liens granted pursuant to the equal and ratable provisions referred to in Section 4.12; (ii) contingent
Obligations Incurred in the ordinary course of business and not in respect of borrowed money; (iii) deferred or prepaid revenues;
(iv) deferred tax revenues and (v) obligations of the Parent or any Restricted Subsidiary pursuant to contracts for, options, puts
or similar arrangements relating to the purchase of raw materials or the sale of inventory at a time in the future entered into
in the ordinary course of business.


 


“Indenture”
means this Indenture, as amended or supplemented from time to time.


 


“Independent
Financial Advisor” means a firm: (1) which does not, and whose directors, officers or affiliates do not, have a material
financial interest in the Parent or any of its Subsidiaries; and (2) which, in the judgment of the Board of Directors, is otherwise
independent and qualified to perform the task for which it is to be engaged.


 


“Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.


 


“Initial Notes”
means the first $600,000,000 million aggregate principal amount of Notes issued under this Indenture on the date hereof.


 


“Initial Purchasers”
means UBS Securities LLC, Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC, Citigroup Global Markets Inc., Goldman,
Sachs & Co. and MCS Capital Markets LLC.


 


“Institutional
Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act, who are not also QIBs.


 


“Inventory”
has the meaning set forth in the Uniform Commercial Code of the State of New York, as amended.


 


“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, or an equivalent rating by any other Rating Agency.


 



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“Investments”
in any Person means all direct or indirect investments in such Person in the form of loans or other extensions of credit (including
Guarantees but excluding advances or extensions of credit to customers or suppliers made in the ordinary course of business), advances,
capital contributions (by means of any transfer of cash or other property to others or any payment for property or services for
the account or use of others), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities
issued by such Person, together with all items that are or would be classified as investments on a balance sheet prepared in accordance
with GAAP (excluding the footnotes).


 


For purposes of the
definition of “Unrestricted Subsidiary,” the definition of “Restricted Payment” and Section 4.07 hereof:


 


(1) “Investment” shall include the portion (proportionate to the Parent’s direct and indirect equity interest
in such Subsidiary) of the Fair Market Value of the net assets of any Restricted Subsidiary at the time that such Restricted Subsidiary
is designated an Unrestricted Subsidiary;


 


(2) 
any asset sold or otherwise disposed to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the
time of such sale or disposition; and


 


(3) 
if the Parent or any Restricted Subsidiary sells or otherwise disposes of any Capital Stock of any direct or indirect Restricted
Subsidiary, or any Restricted Subsidiary issues Capital Stock, such that, after giving effect to any such sale, disposition or
issuance, such Person is no longer a Restricted Subsidiary, the Parent shall be deemed to have made an Investment on the date of
any such sale, disposition or issuance equal to the Fair Market Value of the Capital Stock of such Person held by the Parent or
such Restricted Subsidiary immediately following any such sale, disposition or issuance.


 


The acquisition by
the Parent or any Restricted Subsidiary of a Person that holds an Investment in a third Person will be deemed to be an Investment
by the Parent or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investment
held by the acquired Person in such third Person unless such Investment in such third party was not made in anticipation or contemplation
of the Investment by the Parent or such Restricted Subsidiary and such third party Investment is incidental to the primary business
of such Person in whom the Parent or such Restricted Subsidiary is making such Investment.


 


“Issue Date”
means the first date Notes are issued under this Indenture.


 


“Issuer”
means (i) the SPV Issuer, prior to the completion of the SPV Merger and (ii) Tronox Finance LLC, following completion of the SPV
Merger.


 


“Joint Venture”
means any joint venture entity, whether a company, unincorporated firm, association, partnership or any other entity which, in
each case, is not a Subsidiary of the Parent or any of its Restricted Subsidiaries but in which the Parent or a Restricted Subsidiary
has a direct or indirect equity or similar interest.


 


“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in The City of New York or at a place of payment are authorized
or required by law, regulation or executive order to remain closed.


 



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“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other
title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in
and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction; provided that in no event shall an operating lease, rights of set-off or netting arrangements in the ordinary
course of business be deemed to constitute a Lien.


 


“Moody’s”
means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.


 


“Net Available
Cash” means the aggregate proceeds, including payments in respect of deferred payment obligations (to the extent corresponding
to the principal, but not the interest component, thereof), received in cash and Cash Equivalents by the Parent or any Restricted
Subsidiary in respect of any Asset Sale (including, without limitation, any cash and Cash Equivalents received upon the sale or
other disposition of any non-cash consideration received in any Asset Sale), net of (1) the costs relating to such Asset Sale,
including, without limitation, legal, accounting, investment banking and brokerage fees, and sales commissions, and any relocation
expenses incurred as a result thereof, (2) taxes paid or payable as a result thereof, in each case, after taking into account tax
credits or deductions determined by the Parent to be available and any tax sharing arrangements, (3) working capital adjustments,
(4) in the case of any Asset Sale by a Restricted Subsidiary, payments to holders of Equity Interests in such Restricted Subsidiary
in such capacity (other than such Equity Interests held by the Parent or any Restricted Subsidiary) to the extent that such payment
is required to permit the distribution of such proceeds in respect of the Equity Interests in such Restricted Subsidiary held by
the Parent or any Restricted Subsidiary and (5) appropriate amounts to be provided by the Parent or the Restricted Subsidiaries
as a reserve against liabilities associated with such Asset Sale, including, without limitation, pension and other post- employment
benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations or purchase
price adjustment obligations associated with such Asset Sale, all as determined in accordance with GAAP; provided that (a)
excess amounts set aside for payment of taxes pursuant to clause (2) above remaining after such taxes have been paid in full or
the statute of limitations therefor has expired and (b) amounts initially held in reserve pursuant to clause (4) no longer so held,
will, in the case of each of subclause (a) and (b), at that time become Net Available Cash.


 


“Non-U.S.
Entity” means any Person that is not a U.S. Entity.


 


“Non-U.S.
Person” means any Person who is not a U.S. Person.


 


“Note Guarantee”
means a Guarantee of the Notes pursuant to this Indenture.


 


“Notes”
has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as
a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall
include the Initial Notes and any Additional Notes.


 


“Obligations”
with respect to any Indebtedness means any principal, interest (including any interest accruing subsequent to the filing of a petition
in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether
or not interest is an allowed claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements
(including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages
and other liabilities payable under the documentation governing such Indebtedness; provided that Obligations with respect
to the Notes shall not include fees or indemnifications in favor of the Trustee and other third parties other than the Holders
of the Notes.

 


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“Offer to
Purchase” means an offer to purchase Notes by the Issuer from the Holders commenced by mailing a notice to the Trustee
and each Holder stating:


 


(1) 
the provision of this Indenture pursuant to which the offer is being made and that all Notes validly tendered will be accepted
for payment on a pro rata basis;


 


(2) 
the purchase price and the date of purchase, which shall be a Business Day no earlier than 30 days nor later than 60 days
from the date such notice is mailed (the “Payment Date”);


 


(3) 
that any Note not tendered will continue to accrue interest pursuant to its terms;


 


(4) 
that, unless the Issuer defaults in the payment of the purchase price, any Note accepted for payment pursuant to the Offer
to Purchase shall cease to accrue interest on and after the Payment Date;


 


(5) 
that Holders electing to have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note,
together with the form entitled “Option of the Holder to Elect Purchase” on the reverse side of the Note completed,
to the Paying Agent at the address specified in the notice prior to the close of business on the Business Day immediately preceding
the Payment Date;


 


(6) 
that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business
on the third Business Day immediately preceding the Payment Date, a telegram, facsimile transmission or letter setting forth the
name of such Holder, the principal amount of Notes delivered for purchase and a statement that such Holder is withdrawing his election
to have such Notes purchased; and


 


(7) 
that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered; provided that each Note purchased and each new Note issued shall be in a minimum principal
amount of $2,000 or an integral multiple of $1,000 in excess thereof.


 


On the Payment Date,
the Issuer shall (a) accept for payment on a pro rata basis Notes or portions thereof (and, in the case of an Offer to Purchase
made pursuant to Section 4.10 hereof, any Pari Passu Debt included in such Offer to Purchase) tendered pursuant to an Offer to
Purchase; (b) deposit with the Paying Agent money sufficient to pay the purchase price of all Notes or portions thereof so accepted;
and (c) deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so accepted together with an Officer’s
Certificate specifying the Notes or portions thereof accepted for payment by the Issuer. The Paying Agent shall promptly mail to
the Holders of Notes so accepted payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate
and mail (or cause to be transferred by book-entry) to such Holders a new Note equal in principal amount to any unpurchased portion
of the Note surrendered; provided that each Note purchased and each new Note issued shall be in a minimum principal amount
of $2,000 or an integral multiple of $1,000 in excess thereof. The Issuer will publicly announce the results of an Offer to Purchase
as soon as practicable after the Payment Date. The Trustee shall act as the Paying Agent for an Offer to Purchase. The Issuer will
comply with Section 14(e) under the Exchange Act and any other securities laws and regulations thereunder, to the extent such laws
and regulations are applicable, in the event that the Issuer is required to repurchase Notes pursuant to an Offer to Purchase.
To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture relating
to an Offer to Purchase, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have
breached its obligations under such provisions of this Indenture by virtue of such conflict.


 



    	20



    	 



    

 


“Offering
Memorandum” means the final offering memorandum, dated March 10, 2015, relating to the offering of the Initial Notes
by the Issuer.


 


“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, Member, Managing Member, any
Manager or any Vice President or any Manager of such Person.


 


“Officer’s
Certificate” means a certificate signed on behalf of the Parent (or, prior to the SPV Merger, on behalf of the SPV Issuer)
by at least one Officer of the Parent, whom must be one of the principal executive officer, the principal financial officer, the
treasurer or the principal accounting officer of the Parent (or, prior to the SPV Merger, by at least one manager of the SPV Issuer),
that meets the requirements of Section 12.05 hereof.


 


“Opinion of
Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee (who may be counsel to
or an employee of the Parent) that meets the requirements of Section 12.05 hereof. The counsel may be an employee of or counsel
to the Parent, any Subsidiary of the Parent or the Trustee.


 


“Parent”
means Tronox Limited, a public limited company registered under the laws of the State of Western Australia, Australia.


 


“Parent Entity”
means any direct or indirect parent of the Parent.


 


“Pari Passu
Debt” means (a) any Indebtedness of the Issuer that ranks equally in right of payment with the Notes or (b) any Indebtedness
of a Guarantor that ranks equally in right of payment with such Guarantor’s Note Guarantee.


 


“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream).


 


“Permitted
Asset Swap” means the concurrent purchase and sale or exchange of assets used or useful in a Similar Business or a combination
of such assets and cash or Cash Equivalents between the Parent or any of its Restricted Subsidiaries and another Person; provided
that any cash or Cash Equivalents received in excess of the value of any cash or Cash Equivalents sold or exchanged must be applied
in accordance with Section 4.10 hereof.


 


“Permitted
Business” means any business conducted or proposed to be conducted (as described in the Offering Memorandum) by the Parent
and the Restricted Subsidiaries on the Issue Date and other businesses reasonably related or ancillary thereto or that are a reasonable
extension or development thereof.


 


“Permitted
Holders” means Exxaro Resources Limited, its successors and assigns, any Person in which it or such successors and assigns
owns a majority of the voting power, and each of its Affiliates or the Affiliates of such successors or assigns.


 



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“Permitted
Investments” means:


 


(1) 
any Investment in the Parent or in a Restricted Subsidiary;


 


(2) 
any Investment by the Parent or any Restricted Subsidiary in a Person, if as a result of such Investment:


 


(a)  
such Person becomes a Restricted Subsidiary; or


 


(b) 
such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into,
or transfers or conveys all or substantially all of its assets to, or is liquidated into, the Parent or a Restricted Subsidiary;


 


(3) 
any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and
in compliance with Section 4.10 hereof or any other disposition of assets not constituting an Asset Sale;


 


(4) 
Hedging Obligations and customary cash management arrangements permitted under clauses (9) and (11), respectively, of Section
4.09(b) hereof;


 


(5) 
(i) stock, obligations or securities received in satisfaction of judgments, foreclosure of Liens or settlement of Indebtedness
and (ii) any Investments received in compromise of obligations of any trade creditor or customer that were Incurred in the ordinary
course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of
any such Person;


 


(6) 
advances to customers or suppliers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts
receivable, prepaid expenses or deposits on the balance sheet of the Parent or the Restricted Subsidiaries and endorsements for
collection or deposit arising in the ordinary course of business;


 


(7) 
commission, payroll, travel and similar loans and advances, including such loans and advances required by applicable employment
laws, to officers, directors and employees of the Parent or any Restricted Subsidiary that are expected at the time of such advance
ultimately to be recorded as an expense in conformity with GAAP;


 


(8) 
loans or advances to directors, officers and employees of the Parent or any Restricted Subsidiary that are made in the ordinary
course of business of the Parent or such Restricted Subsidiary or to finance the purchase of Equity Interests of the Parent, in
an aggregate amount, taken together with all other loans or advances made pursuant to this clause (8) that are at the time outstanding,
not to exceed $25.0 million;


 


(9) 
Investments in securities of trade creditors or customers received pursuant to any plan of reorganization or similar arrangement
upon the bankruptcy or insolvency of such trade creditors or customers;


 


(10) 
Investments consisting of take-or-pay obligations contained in supply agreements relating to products, services or commodities
of a type that the Parent or any of its Subsidiaries uses or sells in the ordinary course of business;


 


(11) 
security deposits required by utility companies and other Persons in a similar line of business to that of utility companies
and governmental authorities that are utility companies, in each case, made in the ordinary course of business of the Parent and
its Subsidiaries;


 



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(12) 
Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment
or purchases of contract rights or licenses or leases of intellectual property;


 


(13) 
any Investment existing or pursuant to agreements or arrangements in effect on the Issue Date and any modification, replacement,
renewal or extension thereof; provided that the amount of any such Investment may not be increased except (x) as required
by the terms of such Investment as in existence on the Issue Date or (y) as otherwise permitted under this Indenture;


 


(14) 
Investments of a Restricted Subsidiary of the Parent acquired after the Issue Date or of an entity merged into, amalgamated
with, or consolidated with the Parent or a Restricted Subsidiary of the Parent in a transaction that is not prohibited by Section
5.01 hereof after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation;


 


(15) 
Investments consisting of earnest money deposits required in connection with a purchase agreement or letter of intent permitted
by this Indenture;


 


(16) 
any Investment by the Parent or any of its Restricted Subsidiaries in a Permitted Business or Joint Ventures having an aggregate
Fair Market Value, taken together with all other Investments made pursuant to this clause (16) that are at the time outstanding,
not to exceed $100.0 million; provided, however, that if any Investment pursuant to this clause (16) is made in any Person
that is not a Restricted Subsidiary of the Parent at the date of the making of such Investment and such Person becomes a Restricted
Subsidiary of the Parent after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above
and shall cease to have been made pursuant to this clause (16) for so long as such Person continues to be a Restricted Subsidiary;


 


(17) 
any Investment to the extent made using Capital Stock of the Parent (other than Disqualified Stock);


 


(18) 
(i) Guarantees not prohibited by Section 4.09 hereof and (other than with respect to Indebtedness) guarantees, keepwells
and similar arrangements in the ordinary course of business, and (ii) performance guarantees with respect to Obligations Incurred
by the Parent or any of its Restricted Subsidiaries that are permitted by this Indenture;


 


(19) 
other Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made
and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this
clause (19) since the Issue Date, not to exceed the greater of $150.0 million and 3.0% of the Consolidated Net Tangible Assets
of the Parent, plus the amount of any distributions, dividends, payments or other returns in respect of such Investments (without
duplication for purposes of Section 4.07 hereof of any amounts applied pursuant to Section 4.07(a)(3)); provided that if
such Investment is in Capital Stock of a Person that subsequently becomes a Restricted Subsidiary, such Investment shall thereafter
be deemed permitted under clause (1) or (3) above and shall not be included as having been made pursuant to this clause (19); and


 



    	23



    	 



    

 


(20) 
Investments relating to a Receivables Entity that, in the good faith determination of the Parent, are necessary or advisable
to effect any Qualified Receivables Transaction.


 


“Permitted
Liens” means:


 


(1) 
Liens in favor of the Issuer or any Restricted Subsidiary with respect to Indebtedness that was not Incurred in violation
of Section 4.09 hereof;


 


(2) 
Liens on Capital Stock, assets or property of a Restricted Subsidiary that is not a Guarantor securing Indebtedness of such
Restricted Subsidiary;


 


(3) 
Liens on property existing of a Person at the time such Person is merged with or into or consolidated with the Parent or
any Restricted Subsidiary; provided that such Liens were in existence prior to the contemplation of such merger or consolidation
and do not extend to any assets other than those of the Person merged with or into or consolidated with the Parent or the Restricted
Subsidiary;


 


(4) 
Liens on property existing at the time of acquisition thereof by the Parent or any Restricted Subsidiary of the Parent,
provided that such Liens were in existence prior to the contemplation of such acquisition and do not extend to any property
other than the property so acquired by the Parent or the Restricted Subsidiary;


 


(5) 
Liens securing Indebtedness Incurred under clause (1) of Section 4.09(b) hereof;


 


(6) 
Liens existing on the Issue Date (other than any Liens securing Indebtedness Incurred under clause (1) of Section 4.09 hereof);


 


(7) 
Liens securing Permitted Refinancing Indebtedness; provided that such Liens do not extend to any property or assets
other than the property or assets that secure the Indebtedness being refinanced;


 


(8) 
Liens on property or assets securing Indebtedness used to defease or to satisfy and discharge the Notes; provided
that (a) the Incurrence of such Indebtedness was not prohibited by this Indenture and (b) such defeasance or satisfaction and discharge
is not prohibited by this Indenture;


 


(9) 
Liens to secure Indebtedness (including Capital Lease Obligations) permitted by clause (4) of Section 4.09(b) hereof; provided
that any such Lien covers only the assets acquired, constructed or improved with such Indebtedness;


 


(10) 
Liens on cash and Cash Equivalents securing Hedging Obligations of the Parent or any Restricted Subsidiary (a) that are
Incurred in the ordinary course of business for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign
currency exchange rate risk (or to reverse or amend any such agreements previously made for such purposes), and not for speculative
purposes, or (b) securing letters of credit that support such Hedging Obligations;


 



    	24



    	 



    

 


(11) 
Liens Incurred or deposits made in the ordinary course of business in connection with workers’ compensation, pension
plans, unemployment insurance or other social security obligations;


 


(12) 
Liens, deposits or pledges to secure the performance of bids, tenders, contracts (other than contracts for the payment of
Indebtedness), leases, import duties or for the payment of rent or deposits as security for the payment of insurance-related obligations
(including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto)
or other similar obligations, in each case, arising in the ordinary course of business;


 


(13) 
survey exceptions, encumbrances, easements or reservations of, or rights of others for, rights of way, zoning or other restrictions
as to the use of properties, and defects in title which, in the case of any of the foregoing, were not Incurred or created to secure
the payment of Indebtedness, and which in the aggregate do no materially adversely affect the value of such properties or materially
impair the use for the purposes of which such properties are held by the Parent or any Restricted Subsidiary;


 


(14) 
judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related
to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made;


 


(15) 
Liens, deposits or pledges to secure public or statutory obligations, surety, stay, appeal, indemnity, performance or other
similar bonds or obligations; and Liens, deposits or pledges in lieu of such bonds or obligations, or to secure such bonds or obligations,
or to secure letters of credit in lieu of or supporting the payment of such bonds or obligations;


 


(16) 
Liens in favor of collecting or payor banks having a right of setoff, revocation, refund or chargeback with respect to money
or instruments of the Parent or any Subsidiary thereof on deposit with or in possession of such bank;


 


(17) 
any interest or title of a lessor, licensor or sublicensor in the property subject to any lease, license or sublicense (other
than any property that is the subject of a Sale and Leaseback Transaction);


 


(18) 
Liens for taxes, assessments and governmental charges not yet delinquent or being contested in good faith and for which
adequate reserves have been established to the extent required by GAAP;


 


(19) 
Liens arising from precautionary UCC financing statements regarding operating leases or consignments;


 


(20) 
Liens of franchisors in the ordinary course of business not securing Indebtedness;


 


(21) 
Liens on assets of Restricted Subsidiaries that are not Guarantors securing Indebtedness of such Restricted Subsidiaries
permitted to be Incurred under Section 4.09 hereof;


 


(22) 
pledges of or Liens on raw materials or on manufactured products as security for any drafts or bills of exchange drawn in
connection with the importation of such raw materials or manufactured products;


 



    	25



    	 



    

 


(23) 
Liens on any property in favor of domestic or foreign governmental bodies to secure partial, progress, advance or other
payments pursuant to any contract or statute, not yet due and payable;


 


(24) 
any obligations or duties affecting any property of the Parent or any Restricted Subsidiary to any municipality or public
authority with respect to any franchise, grant, license or permit that do not materially impair the use of such property for the
purposes for which it is held;


 


(25) 
Liens imposed by law that are Incurred in the ordinary course of business and do not secure Indebtedness for borrowed money,
such as carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, employees’, laborers’,
employers’, suppliers’, banks’, repairmen’s and other like Liens, in each case, for sums not yet due or
that are being contested in good faith by appropriate proceedings and that are appropriately reserved for in accordance with GAAP
if required by GAAP;


 


(26) 
Liens on receivables subject to factoring transactions;


 


(27) 
Liens on goods or Inventory, the purchase, shipment or storage price of which is financed by a documentary letter of credit
or bankers’ acceptance issued or created for the account of the Parent or any Restricted Subsidiary; provided that
such Lien secures only the obligations of the Parent or such Restricted Subsidiary in respect of such letter of credit or bankers’
acceptance;


 


(28) 
Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods (including
under Article 2 of the Uniform Commercial Code) and Liens that are contractual rights of set-off relating to purchase orders and
other similar agreements entered into by the Parent or any of its Restricted Subsidiaries;


 


(29) 
Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto Incurred
in the ordinary course of business;


 


(30) 
ground leases in respect of real property on which facilities owned or leased by the Parent or any of its Restricted Subsidiaries
are located;


 


(31) 
any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any Joint Venture
or similar arrangement pursuant to any Joint Venture or similar agreement;


 


(32) 
Liens solely on any cash earnest money deposits made by the Parent or any of its Restricted Subsidiaries in connection with
any letter of intent or purchase agreement permitted under this Indenture;


 


(33) 
any netting or set-off arrangements entered into by the Parent or any Restricted Subsidiary of the Parent in the ordinary
course of its banking arrangements (including, for the avoidance of doubt, cash pooling arrangements) for the purposes of netting
debit and credit balances of the Parent or any Restricted Subsidiary of the Parent;


 


(34) 
Liens in favor of customs or revenue authorities arising as a matter of law to secure payment of customs duties in connection
with importation of goods;


 



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(35) 
Liens (A) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection
and (B) attaching to commodity trading accounts or other commodities brokerage accounts Incurred in the ordinary course of business
and consistent with past practice;


 


(36) 
Liens consisting of escrow arrangements with respect to escrow accounts, to the extent such escrow accounts hold deposits
by any proposed buyer in connection with any sale or disposition of assets permitted under this Indenture;


 


(37) 
Liens consisting of an agreement to sell or otherwise dispose of any property in an Asset Sale permitted under Section 4.10
hereof in each case solely to the extent such Asset Sale would have been permitted on the date of the creation of such Lien;


 


(38) 
Liens on Cash and Cash Equivalents arising in connection with the cash collateralization of letters of credit in an amount
not to exceed 105% of the aggregate face amount of the letters of credit permitted pursuant to clause (26) of Section 4.09(b) hereof;


 


(39) 
Liens securing Indebtedness in an aggregate amount not to exceed $50.0 million (or the foreign currency equivalent) at any
one time outstanding; and


 


(40) 
other Liens securing Indebtedness so long as the Secured Indebtedness Leverage Ratio does not exceed 3.25 to 1.00, as of
the date such Indebtedness was Incurred and after giving effect to the Incurrence of such Indebtedness and the application of proceeds
therefrom on such date.


 


“Permitted
Refinancing Indebtedness” means any Indebtedness of the Parent or any Restricted Subsidiary issued in exchange for, or
the net cash proceeds of which are used to extend, refinance, renew, replace, defease or refund, other Indebtedness of the Parent
or any Restricted Subsidiary (other than Indebtedness owed to the Parent or to any Subsidiary of the Parent); provided that:


 


(1) 
the amount of such Permitted Refinancing Indebtedness does not exceed the amount of the Indebtedness so extended, refinanced,
renewed, replaced, defeased or refunded (plus all accrued and unpaid interest thereon and the amount of any reasonably determined
premium necessary to accomplish such refinancing and such reasonable expenses Incurred in connection therewith);


 


(2) 
such Permitted Refinancing Indebtedness has a final maturity date equal to or later than the final maturity date of, and
has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being
extended, refinanced, renewed, replaced, defeased or refunded;


 


(3) 
if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment
to the Notes or the Note Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes or
the Note Guarantees, as applicable, on terms at least as favorable, taken as a whole, to the Holders of Notes as those contained
in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded;


 



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(4) 
if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is Pari Passu Debt, such Permitted
Refinancing Indebtedness ranks equally in right of payment with, or is subordinated in right of payment to, the Notes or such Note
Guarantees; and


 


(5) 
such Indebtedness is Incurred by either (a) the Restricted Subsidiary that is the obligor on the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded or (b) the Issuer or a Guarantor.


 


“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.


 


“Preferred
Stock” means, with respect to any Person, any Capital Stock of such Person that has preferential rights to any other
Capital Stock of such Person with respect to dividends or redemptions upon liquidation.


 


“Private Placement
Legend” means the legend set forth in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture
except where otherwise permitted by the provisions of this Indenture.


 


“QIB”
means a “qualified institutional buyer” as defined in Rule 144A.


 


“Qualified
Receivables Transaction” means any transaction or series of transactions entered into by the Parent or any of its Subsidiaries
pursuant to which the Parent or any of its Subsidiaries sells, conveys or otherwise transfers to (1) a Receivables Entity (in the
case of a transfer by the Parent or any of its Subsidiaries) or (2) any other Person (in the case of a transfer by a Receivables
Entity or by the Parent or any of its Subsidiaries in connection with a European securitization transaction), or transfers an undivided
interest in or grants a security interest in, any Receivables Assets (whether now existing or arising in the future) of the Parent
or any of its Subsidiaries.


 


“Rating Agency”
means (1) S&P, (2) Moody’s, or (3) if either or both of S&P and Moody’s shall not then exist, or do not
then rate the Notes, a nationally recognized securities rating agency or agencies, as the case may be, selected by the Parent,
which shall be substituted for S&P or Moody’s or both, as the case may be.


 


“Ratings Decline
Period” means the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence
of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change
of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the applicable Rating
Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.


 


“Ratings Event”
means (x) a downgrade by one or more gradations (including gradations within ratings categories as well as between rating categories)
or withdrawal of the rating of the Notes within the Ratings Decline Period by one or more Rating Agencies (unless the applicable
Rating Agency shall have put forth a written statement to the effect that such downgrade is not attributable in whole or in part
to the applicable Change of Control) and (y) the Notes do not have an Investment Grade Rating from either Rating Agency.


 


“Receivables
Assets” means any accounts receivable and any assets related thereto, including, without limitation, all collateral securing
such accounts receivable and assets and all contracts and contract rights including rights to returned or repossessed goods, all
insurance policies, security deposits, indemnities, checks or other negotiable instruments relating to debtor(s) obligations, and
all guarantees or other supporting obligations (within the meaning of the New York Uniform Commercial Code Section 9-102(a)(77))
(including Hedging Obligations), in respect of such accounts receivable and assets and all proceeds of the foregoing and other
assets which are customarily transferred, or in respect of which security interests are customarily granted, in connection with
asset securitization transactions involving Receivables Assets.


 



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“Receivables
Entity” means a Subsidiary of the Parent or another Person formed for the purposes of engaging in a Qualified Receivables
Transaction or which is regularly engaged in receivables financings and to which the Parent or any of its Subsidiaries transfers
Receivables Assets, and which is designated by the Board of Directors of the Parent or of such other Person (as provided below)
to be a Receivables Entity (a) no portion of the Indebtedness or any other Obligations (contingent or otherwise) of which (1) is
guaranteed by the Parent or any Restricted Subsidiary of the Parent (excluding guarantees of Obligations (other than the principal
of, and interest on, Indebtedness) pursuant to Standard Receivables Undertakings), (2) is recourse to or obligates the Parent or
any Restricted Subsidiary of the Parent (other than the Receivables Entity) in any way other than pursuant to Standard Receivables
Undertakings or (3) subjects any property or asset of the Parent or any Restricted Subsidiary of the Parent (other than Receivables
Assets and related assets as provided in the definition of “Qualified Receivables Transaction”), directly or indirectly,
contingently or otherwise, to the satisfaction thereof other than pursuant to Standard Receivables Undertakings, (b) with which
neither the Parent nor any Restricted Subsidiary of the Parent has any material contract, agreement, arrangement or understanding
(other than on terms which the Parent reasonably believes to be no less favorable to the Parent or such Restricted Subsidiary than
those that might be obtained at the time from Persons who are not Affiliates of the Parent) other than fees payable in the ordinary
course of business in connection with servicing Receivables Assets, and (c) with which neither the Parent nor any Restricted Subsidiary
of the Parent has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve
certain levels of operating results. Any such designation by the Board of Directors of the Parent or of such other Person will
be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the Board of Directors of the Parent
or of such other Person giving effect to such designation, together with an Officer’s Certificate certifying that such designation
complied with the foregoing conditions.


 


“Receivables
Repurchase Obligation” means any obligation of a seller of Receivables Assets in a Qualified Receivables Transaction
to repurchase Receivables Assets arising as a result of a breach of a Standard Receivables Undertaking, including as a result of
a Receivables Asset or portion thereof becoming subject to any asserted defense, dispute, off set or counterclaim of any kind as
a result of any action taken by, any failure to take action by or any other event relating to the seller.


 


“Regulation
S” means Regulation S promulgated under the Securities Act.


 


“Regulation
S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as appropriate.


 


“Regulation
S Permanent Global Note” means a permanent Global Note in the form of Exhibit A1 hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee,
issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of
the Restricted Period.


 


“Regulation
S Temporary Global Note” means a temporary Global Note in the form of Exhibit A2 hereto deposited with or on behalf of
and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount
of the Notes initially sold in reliance on Rule 903 of Regulation S.


 



    	29



    	 



    

 


“Replacement
Assets” means (1) non-current assets that will be used or useful in a Permitted Business, (2) substantially all the assets
of a Permitted Business, or (3) a majority of the Voting Stock of any Person engaged in a Permitted Business that will become on
the date of acquisition thereof a Restricted Subsidiary.


 


“Responsible
Officer,” when used with respect to the Trustee, means any Officer within the corporate trust administration of the Trustee
(or any successor group of the Trustee) with direct responsibility for administration of this Indenture and also means, with respect
to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity
with the particular subject.


 


“Restricted
Definitive Note” means a Definitive Note bearing the Private Placement Legend.


 


“Restricted
Global Note” means a Global Note bearing the Private Placement Legend.


 


“Restricted
Payment” means, with respect to any Person, to:


 


(1) 
declare or pay any dividend or make any other payment or distribution with respect to any of the Parent’s or any Restricted
Subsidiary’s Equity Interests (including, without limitation, any payment in connection with any merger or consolidation
involving the Parent or any Restricted Subsidiary) or to the direct or indirect holders of the Parent’s or any Restricted
Subsidiary’s Equity Interests in their capacity as such (other than dividends, payments or distributions (x) payable solely
in Equity Interests (other than Disqualified Stock) of the Parent or in options, warrants or other rights to purchase such Equity
Interests or (y) to the Parent or a Restricted Subsidiary);


 


(2) 
purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger
or consolidation involving the Parent or any Restricted Subsidiary) any Equity Interests of the Parent held by any Person (other
than by a Restricted Subsidiary) or any Equity Interests of any Restricted Subsidiary (other than by the Parent or another Restricted
Subsidiary);


 


(3) 
call for redemption or make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire
for value, prior to the Stated Maturity thereof, any Indebtedness that is subordinated in right of payment to the Notes or any
Note Guarantee except (a) in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in
each case due within one year of the date of such payment, purchase or other acquisition or (b) intercompany Indebtedness permitted
to be Incurred pursuant to clause (6) of Section 4.09(b) hereof; or


 


(4) 
make any Investment (other than a Permitted Investment) in any Person, including any Investment in an Unrestricted Subsidiary
(including by the designation of any Subsidiary as an Unrestricted Subsidiary).


 


“Restricted
Period” means the 40-day distribution compliance period as defined in Regulation S. 


 


“Restricted
Subsidiary” means any Subsidiary of the Parent that is not an Unrestricted Subsidiary.


 


“Rule 144”
means Rule 144 promulgated under the Securities Act.


 


“Rule 144A”
means Rule 144A promulgated under the Securities Act.


 



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“Rule 903”
means Rule 903 promulgated under the Securities Act.


 


“Rule 904”
means Rule 904 promulgated under the Securities Act.


 


“S&P”
means Standard & Poor’s Ratings Group or any successor to the rating agency business thereof.


 


“Sale and
Leaseback Transaction” means, with respect to any Person, any transaction involving any of the assets or properties of
such Person whether now owned or hereafter acquired, whereby such Person sells or otherwise transfers such assets or properties
and then or thereafter leases such assets or properties or any part thereof or any other assets or properties which such Person
intends to use for substantially the same purpose or purposes as the assets or properties sold or transferred.


 


“SEC”
means the United States Securities and Exchange Commission.


 


“Secured Indebtedness”
means any Indebtedness secured by a Lien.


 


“Secured Indebtedness
Leverage Ratio” means, with respect to any Person, at any date the ratio of (i) outstanding Secured Indebtedness for
borrowed money of such Person and its Restricted Subsidiaries as of such date of calculation (less the aggregate amount of cash
and Cash Equivalents (other than restricted cash), in each case, that is held by such Person and its Restricted Subsidiaries as
of such date free and clear of all Liens, other than Permitted Liens, in an amount not to exceed $150.0 million) determined on
a consolidated basis in accordance with GAAP to (ii) Consolidated EBITDA of such Person for the four full fiscal quarters for which
internal financial statements are available immediately preceding such date of such calculation. In the event that the Parent or
any of its Restricted Subsidiaries Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the
period for which the Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of
the Secured Indebtedness Leverage Ratio is made (the “Secured Leverage Calculation Date”), then the Secured Indebtedness
Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness
as if the same had occurred at the beginning of the applicable four-quarter period; provided that the Issuer may elect pursuant
to an Officer’s Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness
as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed,
for purposes of this calculation, to be an Incurrence at such subsequent time.


 


For purposes of making
the computation referred to above, Investments, acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued
operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational
changes that the Parent or any of its Restricted Subsidiaries has determined to make and/or made during the four-quarter reference
period or subsequent to such reference period and on or prior to or simultaneously with the Secured Leverage Calculation Date shall
be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations,
consolidations, discontinued operations and other operational changes (and the change of any associated Indebtedness and the change
in Consolidated EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning
of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into the Parent or any Restricted
Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation,
amalgamation, discontinued operation or operational change, in each case with respect to an operating unit of a business, that
would have required adjustment pursuant to this definition, then the Secured Indebtedness Leverage Ratio shall be calculated giving
pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued operation, merger,
amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period.


 



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For purposes of this
definition, whenever pro forma effect is to be given to any event, the pro forma calculations shall be made in good
faith by a responsible or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate,
in the reasonable good faith determination of the Issuer as set forth in an Officer’s Certificate, to reflect (1) operating
expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event and (2)
all adjustments of the nature set forth as “Conforming Adjustments” and “Pro Forma Adjustments” under “Unaudited
Pro Forma Condensed Combined Financial Statements” in the Offering Memorandum to the extent such adjustments, without duplication,
continue to be applicable to such four-quarter period.


 


For the purposes of
this definition, any amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange
rate for such currency for the most recent twelve-month period immediately prior to the date of determination or if any such Indebtedness
is subject to any foreign exchange contract, currency swap agreement or other similar agreement or arrangement with respect to
the currency in which such Indebtedness is denominated covering principal of, premium, if any, and interest on such Indebtedness,
the amount of such Indebtedness and such interest and premium, if any, shall be determined after giving effect to all payments
in respect thereof under such foreign exchange contract, currency swap agreement or other similar agreement or arrangement.


 


“Securities
Act” means the Securities Act of 1933, as amended.


 


“Senior Secured
Term Loan Facility” means the senior secured term loan and the senior secured delayed draw term loan of Tronox Pigments
(Netherlands) B.V., dated February, 8, 2012, as amended, supplemented, modified, extended, restructured, renewed, restated, refinanced
or replaced in whole or in part from time to time, including, without limitation, by a Credit Facility.


 


“Significant
Subsidiary” means any Restricted Subsidiary that would constitute a “significant subsidiary” within the meaning
of Article 1 of Regulation S-X under the Securities Act.


 


“Special Mandatory
Redemption Date” means the date on which a Special Mandatory
Redemption occurs, which date shall be no later than five Business Days (or otherwise, in accordance with the Applicable Procedures)
after the occurrence of a Special Mandatory Redemption Event.


 


“Special Mandatory
Redemption Event” has the meaning set forth in the Escrow Agreement.


 


“SPV Issuer”
means Evolution Escrow Issuer LLC, a Delaware limited liability company.


 


“SPV Merger”
means the merger of the SPV Issuer with and into Tronox Finance LLC.


 


“Standard
Receivables Undertakings” means representations, warranties, covenants, indemnities and guarantees of performance entered
into by the Parent or any Subsidiary of the Parent which are customary in a Qualified Receivables Transaction, including, without
limitation, those relating to the servicing of the assets of a Receivables Entity, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Receivables Undertaking.


 


“Stated Maturity”
means, with respect to any installment of interest on or principal of any series of Indebtedness, the date on which such installment
of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include
any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled
for the payment thereof.


 



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“Subsidiary”
means, with respect to any Person:


 


(1) 
a corporation a majority of whose Voting Stock is at the time owned or controlled, directly or indirectly, by such Person,
one or more Subsidiaries thereof or such Person and one or more Subsidiaries thereof; and


 


(2) 
any other Person (other than a corporation), including, without limitation, a partnership, limited liability company, business
trust or joint venture, in which such Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries thereof,
directly or indirectly, at the date of determination thereof, has at least majority ownership interest entitled to vote in the
election of directors, managers or trustees thereof (or other Person performing similar functions).


 


“Tax”
means any tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and any other additions
thereto). “Taxes” and “Taxation” shall be construed to have corresponding meanings.


 


“TIA”
means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).


 


“Total Assets”
means, with respect to any Person, the total consolidated assets of such Person and its Restricted Subsidiaries, without giving
effect to any amortization of the amount of intangible assets since the Issue Date, as shown on the most recent balance sheet of
such Person, determined on a pro forma basis in a manner consistent with the pro forma basis contained in the definition of Fixed
Charge Coverage Ratio.


 


“Transaction”
means the acquisition of Alkali Holdings Corporation, a Delaware corporation, and its direct and indirect subsidiaries, from FMC
Corporation by Tronox US Holdings Inc. pursuant to the Stock and Asset Purchase Agreement dated as of February 3, 2015, as amended,
waived, supplemented or modified from time to time, by and among, FMC Corporation, Tronox US Holdings Inc. and the Parent.


 


“Treasury
Rate” means the yield to maturity at the time of computation of United States Treasury securities with a constant maturity
(as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available
at least two Business Days prior to the date fixed for prepayment (or, if such Statistical Release is no longer published, any
publicly available source for similar market data)) most nearly equal to the then-remaining term of the Notes to March 15, 2018;
provided, however, that if the then-remaining term of the Notes to March 15, 2018, is not equal to the constant maturity
of a United States Treasury security for which a weekly average yield is given, the Treasury Rate will be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which
such yields are given, except that if the then-remaining term of the Notes to March 15, 2018 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.


 


“Trustee”
means Wilmington Trust, National Association, until a successor replaces it in accordance with the applicable provisions of this
Indenture and thereafter means the successor serving hereunder.


 



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“U.S. Dollar
Equivalent” means with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination
thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation into U.S. dollars
at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in The Wall Street Journal
in the “Exchange Rates” column under the heading “Currency Trading” on the date two Business Days prior
to such determination.


 


“U.S. Entity”
means any Person organized under the laws of the United States of America, any State thereof or the District of Columbia.


 


“U.S. Person”
means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.


 


“Unrestricted
Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.


 


“Unrestricted
Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend.


 


“Unrestricted
Subsidiary” means (other than the Issuer, which shall be a Restricted Subsidiary at all times):


 


(1) 
any Subsidiary of the Parent that at the time of determination shall have been designated an Unrestricted Subsidiary by
the Parent; and


 


(2) 
any Subsidiary of an Unrestricted Subsidiary.


 


“Voting Stock”
of any Person as of any date means the Capital Stock of such Person that is ordinarily entitled to vote in the election of the
Board of Directors of such Person.


 


“Weighted
Average Life to Maturity” means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case
may be, at any date, the number of years obtained by dividing:


 


(1) 
the sum of the products obtained by multiplying (a) the amount of each then-remaining installment, sinking fund, serial
maturity or other required payments of principal, including payment at final maturity, in respect thereof or similar payments with
respect to such Disqualified Stock or Preferred Stock, by (b) the number of years (calculated to the nearest one-twelfth) that
will elapse between such date and the making of such payment; by


 


(2) 
the then-outstanding principal amount of such Indebtedness.


 

Section
1.02 Other Definitions.




 


	Term	Defined in 

Section
	“Additional Amounts”	4.20
	“Additional Term Loan Debt”	4.07
	“Affiliate Transaction”	4.11
	“Authentication Order”	2.02
	“Calculation Date”	1.01: Definition of “Fixed Charge Coverage Ratio”
	“Change in Tax Law”	3.07



 



    	34



    	 



    

 


	Term	Defined in 

Section
	“Change of Control Offer”	4.15
	“Change of Control Payment”	4.15
	“Change of Control Payment Date”	4.15
	“Covenant Defeasance”	8.03
	“Covenant Suspension Event”	4.19
	“DTC”	2.03
	“Escrowed Property” 	3.10
	“Event of Default”	6.01
	“Excess Proceeds”	4.10
	“IFRS”	1.01: Definition of “GAAP”
	“Legal Defeasance”	8.02
	“maximum fixed repurchase price”	1.01: Definition of “Indebtedness”
	“Offer Amount”	3.09
	“Offer Period”	3.09
	“Paying Agent”	2.03
	“Payment Date”	1.01: Definition of “Offer to Purchase”
	“Permitted Debt”	4.09
	“Registrar”	2.03
	“Reversion Date”	4.19
	“Secured Leverage Calculation Date”	1.01: Definition of “Secured Indebtedness Leverage Ratio”
	“Special Mandatory Redemption” 	3.10
	“Special Mandatory Redemption Price” 	3.10
	“Suspended Covenants”	4.19
	“Suspension Period”	4.19
	“Tax Jurisdiction”	4.20
	“Tax Redemption Date”	3.07


 



Section 1.03 Incorporation by Reference of Trust Indenture Act.


 


Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.


 


The following TIA terms
used in this Indenture have the following meanings:


 


“indenture
securities” means the Notes;


 


“indenture
security Holder” means a Holder of a Note;


 


“indenture
to be qualified” means this Indenture;


 


“indenture
trustee” or “institutional trustee” means the Trustee; and


 



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“obligor”
on the Notes and the Note Guarantees means the Issuer and the Guarantors, respectively, and any successor obligor upon the Notes
and the Note Guarantees, respectively.


 


All other terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA
have the meanings so assigned to them.


 





Section 1.04 Rules of Construction.


 


Unless the context
otherwise requires:


 


(1) 
a term has the meaning assigned to it;


 


(2) 
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;


 


(3) 
“or” is not exclusive;


 


(4) 
“including” is not limiting;


 


(5) 
words in the singular include the plural, and in the plural include the singular;


 


(6) 
“will” shall be interpreted to express a command;


 


(7) 
provisions apply to successive events and transactions; and


 


(8) 
references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time.


 


ARTICLE
2

THE NOTES


 


Section 2.01 Form and Dating.


 


(a)  
General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibits
A1 and A2 hereto. The Notes may have notations, legends or endorsements in a form reasonably acceptable to the Issuer, provided
that any such notations, legends or endorsements are required by law, stock exchange rule or usage. Each Note will be dated the
date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 


The terms and provisions
contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the Guarantors
and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions
of this Indenture shall govern and be controlling.


 



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(b) 
Global Notes. Notes issued in global form will be substantially in the form of Exhibits A1 or A2 hereto (including
the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes
issued in definitive form will be substantially in the form of Exhibit A1 hereto (but without the Global Note Legend thereon and
without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent
such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of
a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by
the Holder thereof as required by Section 2.06 hereof.


 


(c)  
Temporary Global Notes. Notes offered and sold in reliance on Regulation S will be issued initially in the form of
the Regulation S Temporary Global Note, which will be deposited on behalf of the purchasers of the Notes represented thereby with
the Trustee, as Custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for
the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Issuer and authenticated
by the Trustee as hereinafter provided. The Restricted Period will be terminated upon the receipt by the Trustee of:


 


(1) 
a written certificate from the Depositary, together with copies of certificates from Euroclear and Clearstream certifying
that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the
Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof who acquired an interest therein during
the Restricted Period pursuant to another exemption from registration under the Securities Act and who will take delivery of a
beneficial ownership interest in a 144A Global Note or an IAI Global Note bearing a Private Placement Legend, all as contemplated
by Section 2.06(b) hereof); or


 


(2) 
an Officer’s Certificate from the Issuer.


 


Following the termination
of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note will be exchanged for beneficial interests
in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the
Regulation S Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The aggregate principal amount
of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased
by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers
of interests therein as hereinafter provided.


 


(d) 
Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of
Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests
in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants through Euroclear
or Clearstream.


 


Section 2.02 Execution and Authentication.


 


At least one Officer
must sign the Notes for the Issuer by manual or facsimile signature.


 


If an Officer whose
signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.


 


A Note will not be
valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been
authenticated under this Indenture.


 



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The Trustee will, upon
receipt of a written order of the Issuer signed by an Officer (an “Authentication Order”), authenticate Notes
for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount
of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Issuer pursuant
to one or more Authentication Orders, except as provided in Section 2.07 hereof.


 


The Trustee may appoint
an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent.
An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer.


 


Section 2.03 Registrar and Paying Agent.


 


The Issuer will maintain
an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a
register of the Notes and of their transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional
paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer will notify
the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying
Agent or Registrar.


 


The Issuer initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.


 


The Issuer initially
appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.


 



Section 2.04 Paying Agent to Hold Money in Trust.


 


The Issuer will require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders
or the Trustee all money held by the Paying Agent for the payment of principal of, premium on, if any, or interest, if any, on,
the Notes, and will notify the Trustee of any Default by the Issuer in making any such payment. While any such Default continues,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying
Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Parent
or a Subsidiary) will have no further liability for the money. If the Parent or a Subsidiary acts as Paying Agent, it will segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization
proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes.


 


Section 2.05 Holder Lists.


 


The Trustee will preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders.
If the Trustee is not the Registrar, the Issuer will furnish to the Trustee at least seven Business Days before each interest payment
date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of the Holders of Notes.


 



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Section 2.06 Transfer and Exchange.


 


(a)  
Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to
a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged
by the Issuer for Definitive Notes if:


 


(1) 
the Issuer delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary
or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not
appointed by the Issuer within 120 days after the date of such notice from the Depositary;


 


(2) 
the Issuer in its sole discretion determines that the Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation S Temporary
Global Note be exchanged by the Issuer for Definitive Notes prior to (A) the expiration of the Restricted Period and (B) the receipt
by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act; or


 


(3) 
there has occurred and is continuing a Default or Event of Default with respect to the Notes and the Depositary or Holder
so requests.


 


Upon the occurrence
of any of the preceding events, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global
Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated
and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07
or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged
for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred
and exchanged as provided in Section 2.06(b), (c) or (f) hereof.


 


(b) 
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests
in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. The Issuer shall not have any liability or responsibility for any records relating to or payments made on account of
beneficial ownership interest in a Global Note, or the maintaining, supervision or reviewing of any records relating to such beneficial
ownership interests. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable
to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also
will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable:


 


(1) 
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the
expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note
may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests
in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the
transfers described in this Section 2.06(b)(1).


 



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(2) 
All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver
to the Registrar either:


 


(A) 
both:


 


(i)   
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged; and


 


(ii) 
instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or


 


(B) 
both:


 


(i)   
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be
transferred or exchanged; and


 


(ii) 
instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive
Note shall be registered to effect the transfer or exchange referred to in (1) above;


 


provided that in no event
shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note
prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant
to Rule 903 under the Securities Act.


 


Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable
under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h)
hereof.


 


(3) 
Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global
Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global
Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:


 


(A) 
if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;


 


(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note or the
Regulation S Permanent Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof; and


 



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(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required
by item (3) thereof, if applicable.


 


(4) 
Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global
Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an
Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and:


 


(A) the Registrar receives the following:


 


(i)   
if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including
the certifications in item (1)(a) thereof; or


 


(ii) 
if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from
such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;


 


and, in each such case set forth
in this subparagraph (A), if the Issuer or the Registrar so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.


 


If any such transfer
is effected pursuant to subparagraph (A) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall
issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests
transferred pursuant to subparagraph (A).


 


Beneficial interests
in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial
interest in a Restricted Global Note.


 


(c)  
Transfer or Exchange of Beneficial Interests for Definitive Notes.


 


(1) 
Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any Holder of a beneficial interest
in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the
Registrar of the following documentation:


 


(A) 
if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
a Restricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item
(2)(a) thereof;


 



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(B) 
if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (1) thereof;


 


(C) 
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule
903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;


 


(D) 
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(a) thereof;


 


(E) 
if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from
the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate
to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item
(3) thereof, if applicable;


 


(F) 
if such beneficial interest is being transferred to the Parent or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or


 


(G) 
if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,


 


the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer shall execute
and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of
such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect
Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive
Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the
Private Placement Legend and shall be subject to all restrictions on transfer contained therein.


 


(2) 
Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(1)(A)
and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred
to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and
(B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except
in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903
or Rule 904.


 



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(3) 
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A Holder of a beneficial interest
in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if:


 


(A) 
the Registrar receives the following:


 


(i)   
if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for
an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in
item (1)(b) thereof; or


 


(ii) 
if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form
of Exhibit B hereto, including the certifications in item (4) thereof;


 


and, in each such case set forth
in this subparagraph (A), if the Issuer or the Registrar so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.


 


(4) 
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any Holder of a beneficial
interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions
set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Unrestricted Global
Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Issuer will execute and the Trustee will authenticate
and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive
Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) will be registered in such name or names
and in such authorized denomination or denominations as the Holder of such beneficial interest requests through instructions to
the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(4) will not bear the Private Placement Legend.


 


(d) 
Transfer and Exchange of Definitive Notes for Beneficial Interests.


 


(1) 
Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive
Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt
by the Registrar of the following documentation:


 


(A) 
if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;


 



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(B) 
if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1) thereof;


 


(C) 
if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with
Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;


 


(D) 
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3)(a) thereof;


 


(E) 
if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption
from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate
to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item
(3) thereof, if applicable;


 


(F) 
if such Restricted Definitive Note is being transferred to the Issuer or any of its Subsidiaries, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or


 


(G) 
if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities
Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,


 


the Trustee will cancel the Restricted
Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation
S Global Note, and in all other cases, the IAI Global Note.


 


(2) 
Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note
to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if:


 


(A) 
the Registrar receives the following:


 


(i)   
if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or


 


(ii) 
if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;


 



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and, in each such case set forth
in this subparagraph (A), if the Issuer or the Registrar so requests or if the Applicable Procedures so require, an Opinion of
Counsel in form reasonably acceptable to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.


 


Upon satisfaction
of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase
or cause to be increased the aggregate principal amount of the Unrestricted Global Note.


 


(3) 
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person
who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request
for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to
be increased the aggregate principal amount of one of the Unrestricted Global Notes.


 


If any such
exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(A) or (3) above
at a time when an Unrestricted Global Note has not yet been issued, the Issuer will issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the principal amount of Definitive Notes so transferred.


 


(e)  
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange
of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the
Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any
additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section
2.06(e).


 


(1) 
Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to
and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives
the following:


 


(A) 
if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (1) thereof;


 


(B) 
if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (2) thereof; and


 


(C) 
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion
of Counsel required by item (3) thereof, if applicable.


 



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(2) 
Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by
the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form
of an Unrestricted Definitive Note if:


 


(A) 
the Registrar receives the following:


 


(i)   
if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a
certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or


 


(ii) 
if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof
in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications
in item (4) thereof;


 


and, in each such case set forth
in this subparagraph (A), if the Issuer or the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the
Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.


 


(3) 
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer
such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to
register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the
Holder thereof.


 


(f)  
[RESERVED]


 


(g)  
Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this
Indenture unless specifically stated otherwise in the applicable provisions of this Indenture.


 


(1) 
Private Placement Legend.


 


(A) 
Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the legend in substantially the following form:


 


“THE
NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”)
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION
COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR
WITHIN THE MEANING OF RULE 501 OF REGULATION D UNDER THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH
ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.”


 



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(B) 
Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3), (c)(4),
(d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will
not bear the Private Placement Legend.


 


(2) 
Global Note Legend. Each Global Note will bear a legend in substantially the following form:


 


“THIS GLOBAL NOTE IS HELD BY THE
DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON
AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
ISSUER.


 


UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE
OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A 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. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH
OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 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 & CO., HAS AN INTEREST HEREIN.”


 


(3) 
Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note will bear a legend in substantially
the following form:


 


“THE RIGHTS ATTACHING TO THIS REGULATION
S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE
INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE
ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.”


 



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(h) 
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note
have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not
in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof.
At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal
amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note
by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is
being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global
Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or
by the Depositary at the direction of the Trustee to reflect such increase.


 


(i)   
General Provisions Relating to Transfers and Exchanges.


 


(1) 
To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s
request.


 


(2) 
No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax
or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05 hereof).


 


(3) 
The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part.


 


(4) 
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.


 


(5) 
Neither the Registrar nor the Issuer will be required:


 


(A) 
to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before (i) the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the
day of selection or (ii) any interest payment date and ending on the close of business on such interest payment date;


 


(B) 
to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part; or


 


(C) 
to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.


 



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(6) 
Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem
and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be
affected by notice to the contrary.


 


(7) 
The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.


 


(8) 
All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section
2.06 to effect a registration of transfer or exchange may be submitted by facsimile, except when signature guarantees are required.


 


Section 2.07 Replacement Notes.


 


If any mutilated Note
is surrendered to the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, the Issuer will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note
if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the
Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating
agent from any loss that any of them may suffer if a Note is replaced. The Issuer may charge for its expenses in replacing a Note.


 


Every replacement Note
is an additional obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally and proportionately
with all other Notes duly issued hereunder.


 


Section 2.08 Outstanding Notes.


 


The Notes outstanding
at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because
the Issuer or an Affiliate of the Issuer holds the Note; however, Notes held by the Issuer or a Subsidiary of the Issuer shall
not be deemed to be outstanding for purposes of Section 3.07(a) hereof.


 


If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a protected purchaser.


 


If the principal amount
of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.


 


If the Paying Agent
(other than the Issuer, the Parent, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date,
money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding
and will cease to accrue interest.


 



Section 2.09 Treasury Notes.


 


In determining whether
the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer
or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Issuer or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether
the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the
Trustee knows are so owned will be so disregarded.


 



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Section 2.10 Temporary Notes.


 


Until certificates
representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, will
authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that
the Issuer considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay,
the Issuer will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes.


 


Holders of temporary
Notes will be entitled to all of the benefits of this Indenture.


 


Section 2.11 Cancellation.


 


The Issuer at any time
may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirements
of the Exchange Act). Certification of the cancellation of Notes will be delivered to the Issuer at its request. The Issuer may
not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.


 


Section 2.12 Defaulted Interest.


 


If the Issuer defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof; provided that if the Issuer pays the defaulted interest prior to the date
that is 30 days after the date of the default in payment of interest, payment shall be made to the record Holders of the Notes
as of the original record date. The Issuer will notify the Trustee in writing of the amount of defaulted interest proposed to be
paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special record date
and Payment Date; provided that no such special record date may be less than 10 days prior to the related Payment Date for
such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer,
the Trustee in the name and at the expense of the Issuer) will deliver or cause to be delivered to Holders a notice that states
the special record date, the related Payment Date and the amount of such interest to be paid.


 


Section 2.13 CUSIP Numbers.


 


The Issuer in issuing
the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”
numbers in notices as a convenience to Holders; provided that any such notice may state that no representation is made as
to the correctness of such numbers either as printed on the Notes or as contained in any notice and that reliance may be placed
only on the other identification numbers printed on the Notes, and any such notice shall not be affected by any defect in or omission
of such numbers. The Issuer will promptly notify the Trustee of any change in the “CUSIP” numbers.


 



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ARTICLE
3

REDEMPTION AND PREPAYMENT


 


Section 3.01 Notices to Trustee.


 


If the Issuer elects
to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least
30 days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth:


 


(1) 
the clause of this Indenture pursuant to which the redemption shall occur;


 


(2) 
the redemption date;


 


(3) 
the principal amount of Notes to be redeemed; and


 


(4) 
the redemption price.


 


Section 3.02 Selection of Notes to Be Redeemed or Purchased.


 


If less than all of
the Notes issued under this Indenture are to be redeemed or purchased in an Offer to Purchase at any time, the selection of Notes
for redemption or purchase will be made by the Trustee on a pro rata basis, by lot or by such other method as the Trustee deems
fair and appropriate, subject to the Applicable Procedures; provided that no Notes of $2,000 or less will be redeemed in
part. On and after the redemption date, unless the Issuer defaults in payment of the redemption price, interest will cease to accrue
on Notes or portions thereof called for redemption.


 


In the event of partial
redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein,
not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously
called for redemption or purchase.


 


The Trustee will promptly
notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial
redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be
in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed
or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. Except as provided in
the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions
of Notes called for redemption or purchase.


 


Section 3.03 Notice of Redemption.


 


Subject to the provisions
of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date, the Issuer will send or cause to be
sent, by first class mail or electronically pursuant to the Applicable Procedures, a notice of redemption to each Holder whose
Notes are to be redeemed at its registered address, except that redemption notices may be sent more than 60 days prior to a redemption
date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant
to Articles 8 or 11 hereof.


 


The notice will identify
the Notes to be redeemed and will state:


 


(1) 
the redemption date;


 






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(2) 
the redemption price;


 


(3) 
if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued
upon cancellation of the original Note;


 


(4) 
the name and address of the Paying Agent;


 


(5) 
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;


 


(6) 
that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue
on and after the redemption date;


 


(7) 
the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being
redeemed; and


 


(8) 
that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed
on the Notes.


 


At the Issuer’s
written request, the Trustee will give the notice of redemption in the Issuer’s name and at its expense; provided, however,
that the Issuer has delivered to the Trustee, at least 45 days (unless the Trustee shall consent to a shorter period) prior to
the redemption date, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in the preceding paragraph.


 


Section 3.04 Effect of Notice of Redemption.


 


Once notice of redemption
is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption
date at the redemption price.


 


Notice of any redemption
of the Notes in connection with a corporate transaction (including an Equity Offering, an incurrence of Indebtedness or a Change
of Control) may, at the Issuer’s discretion, be given prior to the completion thereof and any such redemption or notice may,
at the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of
the related transaction. If such redemption or purchase is so subject to satisfaction of one or more conditions precedent, such
notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption
date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption or purchase may not occur
and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date,
or by the redemption date as so delayed. In addition, the Issuer may provide in such notice that payment of the redemption price
and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person.


 


Section 3.05 Deposit of Redemption or Purchase Price.


 


One Business Day prior
to the redemption or purchase date, the Issuer will deposit with the Trustee or with the Paying Agent money sufficient to pay the
redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee
or the Paying Agent will promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in
excess of the amounts necessary to pay the redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed
or purchased.


 






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If the Issuer complies
with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on
the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest
record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person
in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase
is not so paid upon surrender for redemption or purchase because of the failure of the Issuer to comply with the preceding paragraph,
interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent
lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.


 


Section 3.06 Notes Redeemed or Purchased in Part.


 


Upon surrender of a
Note that is redeemed or purchased in part, the Issuer will issue and, upon receipt of an Authentication Order, the Trustee will
authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered.


 




Section 3.07 Optional
Redemption.


 


(a)  
At any time prior to March 15, 2018, the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal
amount of Notes issued under this Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal
to 107.500% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, up to, but excluding, the
date of redemption (subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant interest
payment date), with the net cash proceeds of one or more Equity Offerings; provided that:


 


(1) 
at least 50% of the aggregate principal amount of Notes issued under this Indenture (including any Additional Notes) remains
outstanding immediately after the occurrence of such redemption (excluding Notes held by the Issuer or its Affiliates); and


 


(2) 
the redemption occurs within 180 days of the date of the closing of such Equity Offering.


 


(b) 
At any time prior to March 15, 2018, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon
not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes
redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, if any, up to, but excluding, the applicable date
of redemption, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment
date. Upon any such redemption pursuant to this clause (b), the Issuer shall calculate or cause the Applicable Premium to be calculated.
The Trustee shall have no duty to calculate or verify the Issuer’s calculation of the Applicable Premium.


 


(c)  
Except pursuant to the preceding paragraphs or pursuant to Section 3.10 hereof, the Notes will not be redeemable at the
Issuer’s option prior to March 15, 2018.


 



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(d) 
On or after March 15, 2018, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less
than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth
below, plus accrued and unpaid interest, if any, on the Notes redeemed, up to, but excluding, the applicable date of redemption,
if redeemed during the twelve-month period beginning on March 15 of the years indicated below, subject to the rights of Holders
on the relevant record date to receive interest on the relevant interest payment date:


 


	
        Year
	
        Percentage

	2018	103.750%
	2019	101.875%
	2020 and thereafter	100.000%



 


Unless the Issuer defaults
in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on
the applicable redemption date.


 


(e)  
The Issuer may redeem the Notes in whole, but not in part, at any time upon giving not less than 30 nor more than 60 days’
prior notice to the Holders of the Notes (which notice will be irrevocable) at a redemption price equal to 100% of the principal
amount thereof, together with accrued and unpaid interest, if any, to the date fixed for redemption (a “Tax Redemption
Date”) (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
Interest Payment Date) and all Additional Amounts, if any, then due and which will become due on the Tax Redemption Date as a result
of the redemption or otherwise, if the Issuer determines in good faith that, as a result of:


 


(1) 
any change in, or amendment to, the law or treaties (or any regulations or rulings promulgated thereunder) of a Tax Jurisdiction
affecting taxation; or


 


(2) 
any change in the official application, administration or written interpretation of such laws, treaties, regulations or
rulings (including a holding, judgment or order by a court of competent jurisdiction) (each of the foregoing in clauses (1) and
(2), a “Change in Tax Law”),


 


the Issuer, the Parent
or any Guarantor (including any successor entity) with respect to the Guarantee, as the case may be, is, or on the next Interest
Payment Date in respect of the Notes would be, required to pay more than de minimis Additional Amounts, and such obligation cannot
be avoided by taking reasonable measures available to the Issuer, the Parent or such Guarantor (including, for the avoidance of
doubt, the appointment of a new Paying Agent where this would be reasonable or, where such payment method would be reasonable under
the circumstances, payment through another Guarantor or the Issuer or Parent). Such Change in Tax Law must not be publicly announced
before and become effective after the Issue Date (or, if the relevant Tax Jurisdiction was not a Tax Jurisdiction on the Issue
Date, the date on which such Tax Jurisdiction became a Tax Jurisdiction under this Indenture). Notice of redemption for taxation
reasons will be published in accordance with the procedures described under “Selection and Notice”. Notwithstanding
the foregoing, no such notice of redemption will be given (a) earlier than 60 days prior to the earliest date on which the Issuer,
the Parent or Guarantor would be obliged to make such payment of Additional Amounts and (b) unless at the time such notice is given,
such obligation to pay such Additional Amounts remains in effect. Prior to the publication or mailing of any notice of redemption
of Notes pursuant to the foregoing, the Issuer will deliver to the Trustee (a) an Officer’s Certificate stating that it is
entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to its right so
to redeem have been satisfied and (b) an opinion of an independent tax counsel of recognized standing to the effect that the Issuer,
the Parent or Guarantor, as the case may be, is or will become obligated to pay Additional Amounts as a result of a Change in Tax
Law. The Trustee will accept such Officer’s Certificate and opinion as sufficient evidence of the satisfaction of the conditions
precedent described above, without further inquiry, in which event it will be conclusive and binding on the Holders.


 


(f)  
Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.


 



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(g)  
Notwithstanding the foregoing, in connection with any tender offer for the Notes, including a Change of Control Offer or
Offer to Purchase in connection with Excess Proceeds, if Holders of not less than 90% in aggregate principal amount of the outstanding
Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer, or any third party making a such tender
offer in lieu of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such
third party will have the right upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following
such purchase date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the price
offered to each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid
interest, if any, thereon, to, but not including, the date of such redemption.


 


Section 3.08 Mandatory Redemption.


 


Except for a Special
Mandatory Redemption pursuant to Section 3.10 hereof, the Issuer is not required to make mandatory redemption or sinking fund payments
with respect to the Notes. However, under certain circumstances, the Issuer may be required to offer to purchase the Notes as described
in Sections 4.10 and 4.15.


 


Section 3.09 Offer to Purchase by Application of Excess Proceeds.


 


In the event that,
pursuant to Section 4.10 hereof, the Issuer is required to commence an Offer to Purchase, it will follow the procedures specified
in the definition of Offer to Purchase.


 


The Offer to Purchase
will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except
to the extent that a longer period is required by applicable law (the “Offer Period”). On the Payment Date,
which shall be no later than three Business Days after the termination of the Offer Period, the Issuer will apply all Excess Proceeds
(the “Offer Amount”) to the purchase of Notes and such Pari Passu Debt (on a pro rata basis based on
the principal amount of Notes and such other Pari Passu Debt surrendered, if applicable) or, if less than the Offer Amount has
been tendered, all Notes and other Indebtedness tendered in response to the Offer to Purchase. Payment for any Notes so purchased
will be made in the same manner as interest payments are made.


 


If the Payment Date
is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest, if
any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional
interest will be payable to Holders who tender Notes pursuant to the Offer to Purchase.


 


Other than as specifically
provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections
3.01 through 3.06 hereof.


 


Section 3.10 Escrow of Proceeds; Special Mandatory Redemption.


 


(a)  
On the Issue Date, the SPV Issuer shall deposit into the Escrow Account the gross proceeds of the Initial Notes offering,
plus an amount (either in cash or in the form of a letter of credit) sufficient, together with the gross proceeds of the offering,
to fund a Special Mandatory Redemption (as defined below) of the Notes on April 10, 2015, if a Special Mandatory Redemption were
to occur on such date, plus an amount equal to five days of interest accrued on the Notes (collectively, and together with any
other property from time to time held by the Escrow Agent in the Escrow Account, the “Escrowed Property”). Additionally,
unless the Completion Date has occurred, on the fifth day of each month beginning on April 5, 2015 the SPV Issuer will deposit
(or cause to be deposited) to the Escrow Account an amount of cash equal to 30 days of interest accrued on the Notes plus an amount
in cash equal to the amount which would be necessary to pay the Special Mandatory Redemption Price (as defined below) if a Special
Mandatory Redemption were to occur on the fifth day of the next following month.


 



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(b) 
If the Escrowed Property is distributed to the Trustee pursuant to Section 5(b) of the Escrow Agreement, the SPV Issuer
shall redeem (a “Special Mandatory Redemption”) the Notes on the applicable Special Mandatory Redemption Date
at a Redemption Price equal to the issue price of 100% of the aggregate principal amount of the Notes, plus accrued and unpaid
interest to, but excluding, such Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”).
The Special Mandatory Redemption Date pursuant to this Section 3.10(b) shall be on the date that is no later than five (5) Business
Days after the Special Mandatory Redemption Event.


 


(c)  
On and following the Completion Date, all restrictive covenants will be deemed to have been applicable to the Guarantors
beginning on the Issue Date and, to the extent that Tronox Finance LLC or the Guarantors took any action prohibited by the terms
of this Indenture, the Issuer will be in Default on such date and the Issuer will not be entitled to request the release of the
Escrowed Property for any purpose other than a distribution to the Trustee pursuant to a Special Mandatory Redemption.


 


(d) 
Upon release of the proceeds from the sale of the Initial Notes to the Issuer on the Completion Date in accordance with
Section 5(a) of the Escrow Agreement, the Notes shall no longer be subject to redemption pursuant to this Section 3.10.


 


(e)  
Notwithstanding anything to the contrary in this Indenture, any redemption pursuant to this Section 3.10 shall not be subject
to the provisions of Sections 3.01 through 3.07 hereof.


 


(f)  
In connection with any redemption of the Notes described in this Section 3.10, the Trustee, on behalf of the SPV Issuer,
will cause a notice of Special Mandatory Redemption in the form attached to the Escrow Agreement to be sent electronically in accordance
with the procedures of DTC or mailed as soon as practicable upon the occurrence of a Special Mandatory Redemption Event.


 


(g)  
The Trustee will pay to the SPV Issuer any Escrowed Property remaining after the Special Mandatory Redemption and
payment of any amounts due to the Trustee or the Escrow Agent hereunder and under the Escrow Agreement.


 


(h)The
Trustee is authorized to enter into and perform its obligations under the Escrow Agreement.


 


ARTICLE
4

COVENANTS


 


Section 4.01 Payment of Notes.


 


The Issuer will pay
or cause to be paid the principal of, premium on, if any, and interest, if any, on, the Notes on the dates and in the manner provided
in the Notes. Principal, premium, if any, and interest, if any, will be considered paid on the date due if the Paying Agent, if
other than the Issuer or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuer
in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then
due.


 


The Issuer will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that is 1%
higher than the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable
grace period), at the same rate to the extent lawful.


 






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To the extent any payment
on the Notes is due on any date which is not a Business Day, such payment need not be made on such day, but may be made on the
next succeeding Business Day with the same force and effect as if made on such due date.


 


Section 4.02 Maintenance of Office or Agency.


 


The Issuer will maintain
an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee, Registrar or co-registrar) where Notes
may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect
of the Notes and this Indenture may be delivered. The Issuer will give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Issuer fails to maintain any such required office or agency
or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or delivered
at the Corporate Trust Office of the Trustee.


 


The Issuer may also
from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission
will in any manner relieve the Issuer of its obligation to maintain an office or agency for such purposes. The Issuer will give
prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency.


 


The Issuer hereby designates
the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03 hereof.


 


Section 4.03 Reports.


 


(a)  
Whether or not required by the SEC, so long as any Notes are outstanding, the Parent will furnish to the Trustee, or file
electronically with the SEC through the SEC’s Next-Generation EDGAR System (or any successor system), within the time periods
specified in the SEC’s rules and regulations that are then applicable to the Parent:


 


(1) 
all quarterly and annual information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K
if the Parent were required to file such reports, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements
by the Parent’s certified independent accountants; and


 


(2) 
all current reports that would be required to be filed with the SEC on Form 8-K if the Parent were required to file such
reports.


 


In addition, whether
or not required by the SEC, the Parent will file a copy of all of the information and reports referred to in clauses (1) and (2)
above with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the
SEC will not accept such a filing) and make such information available to prospective investors. In addition, the Parent agrees
that, for so long as any Notes remain outstanding, if at any time it is not required to file with the SEC the reports referred
to in clauses (1) and (2) above, it will furnish, or otherwise make publicly available, to the Trustee, securities analysts, Holders
of Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act.


 



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If the SEC will not
accept such information and reports referred to in clauses (1) and (2) above, the Parent will furnish, or otherwise make publicly
available, to the Trustee, securities analysts, Holders of Notes and prospective investors, such information and reports; provided,
however, that for so long as the SEC does not accept such information and reports, such reports (A) will not be required to comply
with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, as amended, or related Items 307 and 308 of Regulation S-K,
or Items 301 or 302 of Regulation S-K, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained
therein) and (B) will not be required to contain the separate financial statements for Guarantors contemplated by Rule 3-10 of
Regulation S-X (but will be required to comply with the condensed consolidating footnote presentation provided by Rule 3-10(b)-(f)
of Regulation S-X).


 


The reports and financial
information to be provided by the Parent pursuant to this Section 4.03 shall include consolidated statements for the Parent that
include the Issuer and the Subsidiaries of the Parent. The Parent’s obligations under this Section 4.03 will be fulfilled
if a successor to the Parent makes or provides the reports and financial information required hereunder, provided that such reports
and financial information include consolidated statements for such successor that include the Issuer and the Subsidiaries of such
successor in the same manner as with respect to the Parent.


 


(b) If the Parent has designated any Subsidiaries as Unrestricted Subsidiaries and such Unrestricted Subsidiaries, either individually
or collectively, would otherwise have been a Significant Subsidiary of the Parent, then the quarterly and annual financial information
required by paragraph (a) of this Section 4.03 shall include a reasonably detailed presentation, as determined in good faith by
senior management of the Parent, either on the face of the financial statements or in the footnotes thereto, and in “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of operations
of the Parent and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted
Subsidiaries.


 


(c) For so long as any Notes remain outstanding, if at any time they are not required to file with the SEC the reports required
by paragraphs (a) and (b) of this Section 4.03, the Issuer and the Guarantors will furnish to the Holders and to securities analysts
and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act.


 


(d) Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Issuer’s or Parent’s compliance with any of its covenants hereunder (as to which the Trustee
is entitled to rely exclusively on Officer’s Certificates).


 


Section 4.04 Compliance Certificate.




 


(a)
The Parent and the Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Parent
beginning with the fiscal year ended December 31, 2015, an Officer’s Certificate stating that a review of the activities
of the Issuer, the Parent and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Issuer and the Parent have kept, observed, performed and fulfilled their obligations
under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge
the Issuer and the Parent have kept, observed, performed and fulfilled each and every covenant contained in this Indenture and
are not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a
Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge
and what action the Issuer is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no
event has occurred and remains in existence by reason of which payments on account of the principal of, premium on, if any, or
interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Issuer
and/or Parent is taking or proposes to take with respect thereto.


 





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(b) [RESERVED]


 


(c) So long as any
of the Notes are outstanding, the Issuer will deliver to the Trustee, within ten (10) days, upon any Officer becoming aware of
any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the
Issuer is taking or proposes to take with respect thereto.


 


Section
4.05 Taxes.


 


The Issuer will pay,
and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse
in any material respect to the Holders of the Notes.


 


Section
4.06 Stay, Extension and Usury Laws.


 


The Issuer and each
of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer and each of the Guarantors
(to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that
it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law has been enacted.


 


Section
4.07 Limitation on Restricted Payments.


 


(a) The Parent will
not, and will not permit any Restricted Subsidiary to, directly or indirectly, make a Restricted Payment unless, at the time of
and after giving pro forma effect to the proposed Restricted Payment:


 


(1) no Default
or Event of Default shall have occurred and be continuing or would be caused thereby;


 


(2) the Parent
could Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a);
and


 


(3) such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Parent and the Restricted Subsidiaries
after the Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (9), (13)(a), and (14) of Section
4.07(b)), is less than the sum, without duplication, of:


 


(A) 50% of the Consolidated Net
Income on a cumulative basis during the period (taken as one accounting period) beginning on January 1, 2015 and ending on the
last day of the Parent’s last fiscal quarter ending prior to the date of such proposed Restricted Payment for which internal
financial statements are available (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit);
plus


 



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(B) 100% of the aggregate net cash
proceeds or property received by the Parent after the date of this Indenture as a contribution to its equity capital or from the
issue or sale of Equity Interests (other than Disqualified Stock or Designated Preferred Stock) of the Parent and the amount of
reduction of Indebtedness of the Parent or its Restricted Subsidiaries that has been converted into or exchanged for such Equity
Interests (other than Equity Interests sold to, or Indebtedness held by, a Subsidiary of the Parent) minus the aggregate amount
of Restricted Payments made pursuant to clause (14) of Section 4.07(b); provided that for purposes of determining the Fair
Market Value of property received (other than of any asset with a public trading market) in excess of $50.0 million, such Fair
Market Value shall be determined by an Independent Financial Advisor, which determination shall be evidenced by an opinion addressed
to the Parent and delivered to the Trustee; plus


 


(C) 100% of the amount by which
Indebtedness, Disqualified Stock or Designated Preferred Stock Incurred or issued subsequent to date of this Indenture is reduced
on the Parent’s consolidated balance sheet upon the conversion or exchange (other than by a Subsidiary of the Parent) into
Equity Interests other than Disqualified Stock (less the amount of any cash distributed by the Parent or any Restricted Subsidiary
upon such conversion or exchange); provided that such amount shall not exceed the aggregate net cash proceeds received by
the Parent or any Restricted Subsidiary after the date of this Indenture from the issuance and sale (other than to a Subsidiary
of the Parent) of such Indebtedness, Disqualified Stock or Designated Preferred Stock; plus


 


(D) to the extent not included in
the calculation of the Consolidated Net Income referred to in (a), an amount equal to, without duplication: (i) 100% of the aggregate
net proceeds (including the Fair Market Value of assets) received by the Parent or any Restricted Subsidiary upon the sale or other
disposition of any Investment (other than a Permitted Investment) made by the Parent or any Restricted Subsidiary since the date
of this Indenture; plus (ii) the net reduction in Investments (other than Permitted Investments) in any Person resulting from dividends,
repayments of loans or advances or other transfers of assets subsequent to the date of this Indenture, in each case to the Parent
or any Restricted Subsidiary from such Person (including by way of such Person becoming a Restricted Subsidiary); plus (iii) if
the sum of clauses (A), (B), (C) and (D) was reduced as the result of the designation of a Restricted Subsidiary as an Unrestricted
Subsidiary, the portion (proportionate to the Parent’s equity interest in such Subsidiary) of the Fair Market Value of the
net assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is re-designated, or liquidated or merged into,
a Restricted Subsidiary.


 


(b) The provisions
of Section 4.07(a) hereof will not prohibit (provided, in the case of clauses (7) and (8) below, that no Default or Event
of Default has occurred and is continuing or would be caused thereby):


 


(1) the payment
of any dividend or distribution within 90 days after the date of declaration thereof, if at said date of declaration such payment
would have complied with the provisions of this Indenture, and the redemption of any Indebtedness that is subordinated in right
of payment to the Notes or any Note Guarantees within 60 days after the date on which notice of such redemption was given, if at
said date of the giving of such notice, such redemption would have complied with the provisions of this Indenture as if it were
and is deemed at such time to be a Restricted Payment at the time of such notice;






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(2) the payment
of any dividend by a Restricted Subsidiary to the holders of a class of its Equity Interests on a pro rata basis;


 


(3) the redemption,
repurchase, defeasance or other acquisition or retirement for value of Indebtedness that is subordinated in right of payment to
the Notes or the Note Guarantees in exchange for or with the net cash proceeds from a substantially concurrent Incurrence (other
than to a Subsidiary of the Parent) of, Permitted Refinancing Indebtedness;


 


(4) the redemption,
repurchase, defeasance or other acquisition or retirement for value of Preferred Stock of the Parent or a Restricted Subsidiary
made by exchange for or out of the proceeds of the substantially concurrent sale of Preferred Stock of the Parent or a Restricted
Subsidiary, as the case may be, that, in each case, is permitted to be Incurred pursuant to Section 4.09;


 


(5) the repurchase
of Capital Stock deemed to occur upon the exercise of options or warrants to the extent that such Capital Stock represents all
or a portion of the exercise price thereof and applicable withholding taxes, if any;


 


(6) payments
of cash, dividends, distributions, advances or other Restricted Payments by the Parent or any of its Restricted Subsidiaries to
allow the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or (ii) the
conversion or exchange of Capital Stock of any such Person;


 


(7) the repurchase,
redemption or other acquisition or retirement for value of any Equity Interests of the Parent held by any future, current or former
employee, director, officer or consultant of the Parent (or any Restricted Subsidiary) pursuant to the terms of any employee equity
subscription agreement, stock option agreement or similar agreement; provided that the aggregate price paid for all such
repurchased, redeemed, acquired or retired Equity Interests in any calendar year will not exceed $10.0 million (with unused amounts
in any calendar year being carried over to the next two succeeding calendar years);


 


(8) the declaration
and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Parent or any Restricted
Subsidiary, or Preferred Stock of a Restricted Subsidiary, in each case issued in accordance with Section 4.09, and provided
that such dividends constitute “Fixed Charges”;


 


(9) other
Restricted Payments in an aggregate amount not to exceed $150.0 million pursuant to this clause (9);


 


(10) the
declaration and payment of dividends on Designated Preferred Stock of the Parent issued after the Escrow Release Date; provided,
however, the amount of all dividends declared or paid pursuant to this clause shall not exceed the Net Cash Proceeds received by
the Parent or the aggregate amount contributed in cash to the equity (other than through the issuance of Disqualified Stock of
the Parent), from the issuance or sale of such Designated Preferred Stock; provided further that for the most recently
ended four fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of
such Designated Preferred Stock, after giving effect to such payment on a pro forma basis the Parent would be permitted to Incur
at least $1.00 of additional Indebtedness under Section 4.09(a);






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(11) the
repurchase, redemption or other acquisition or retirement for value of any subordinated Indebtedness pursuant to the provisions
similar to those described in Sections 4.10 and 4.15; provided that all Notes tendered by Holders of the Notes in connection
with an Offer to Purchase in the event of a Change of Control or with respect to an Asset Sale have been repurchased, redeemed
or acquired for value;


 


(12) payments
or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, amalgamation,
merger or transfer of all or substantially all of the assets of the Parent and its Restricted Subsidiaries, taken as a whole, that
complies with the provisions of Section 5.01;


 


(13) the
payment of cash dividends on the Parent’s Common Stock (a) in an annual amount not to exceed 6% of the net cash proceeds
received by or contributed to the Parent from any public offering of Equity Interests, other than public offerings with respect
to the Parent’s Common Stock registered on Form S-8 (or any successor form), and (b) in the aggregate amount per fiscal quarter
not to exceed the greater of (x) $0.25 per share for each share of Common Stock of the Parent outstanding as of the record date
for dividends payable in respect of such fiscal quarter (as such amount shall be appropriately adjusted for any stock splits, stock
dividends, reverse stock splits, stock consolidations and similar transactions) and (y) if the Parent or its Restricted Subsidiary
consummates an acquisition within 540 days of the Escrow Release Date resulting in Consolidated EBITDA for the previous four fiscal
quarters for which financials statements are available on a pro forma basis calculated in a manner consistent with the pro forma
basis contained in the definition of Fixed Charge Coverage Ratio of at least $1,100 million, 1.25% of Consolidated Net Tangible
Assets;


 


(14) any
Restricted Payment with the net cash proceeds or property received by the Parent after the date of the Indenture as a contribution
to its equity capital or from the issue or sale of Equity Interests (other than Disqualified Stock or Designated Preferred Stock)
of the Parent and the amount of reduction of Indebtedness of the Parent or its Restricted Subsidiaries that has been converted
into or exchanged for such Equity Interests (other than Equity Interests sold to, or Indebtedness held by, a Subsidiary of the
Parent); provided however that any payments pursuant to this clause (14) shall reduce the amount in Section 4.07(a)(3)(B);


 


(15) the
declaration or payment of distributions or dividends, as applicable, by any Restricted Subsidiary to, or the making of loans to,
any direct or indirect parent of the Issuer, including the Parent (or, solely in the case of clause (b) below, to an Affiliate
of the Parent that is the common parent of a consolidated, combined or unitary group including the Parent or any Restricted Subsidiary,
as applicable, for the purpose of income tax liabilities under the laws of its jurisdiction of organization), in amounts required
for any such direct or indirect parents (or such Affiliates) to pay, in each case without duplication:


 


(A) franchise taxes and other fees,
taxes and expenses required to maintain their corporate existence;


 


(B) federal, state and local income
taxes, to the extent such income taxes are attributable to the income of such Restricted Subsidiary (as applicable) and, to the
extent of the amount actually received by such Restricted Subsidiary from its Unrestricted Subsidiaries, in amounts required to
pay such taxes to the extent attributable to the income of such Unrestricted Subsidiaries; provided, that in each case the
amount of such payments in any taxable period does not exceed the amount that the Restricted Subsidiary would be required to pay
in respect of federal, state and local income taxes for such taxable period were the Restricted Subsidiary and/or any Unrestricted
Subsidiary (to the extent described above), as applicable, to pay such taxes separately from any such parent entity (or such Affiliate);


 



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(C) customary salary, bonus, indemnification
obligations and other benefits payable to directors, officers and employees of any direct or indirect parent company of the Issuer,
including the Parent, to the extent such salaries, bonuses, indemnification obligations and other benefits are attributable to
the ownership or operation of the Issuer and any Restricted Subsidiary;


 


(D) general corporate operating
and overhead costs and expenses of any direct or indirect parent company of the Issuer, including the Parent, to the extent such
costs and expenses are attributable to the ownership or operation of the Issuer and any Restricted Subsidiary;


 


(E) fees and expenses other than
to Affiliates of the Issuer related to any unsuccessful equity or debt offering or other financing transaction of such parent entity;


 


provided, in each case,
that other than due to applicable law or regulation prohibiting the payment by one or more Restricted Subsidiaries of their proportionate
share of the Parent’s liabilities noted in this clause (15) (or if any such payment would render one or more Restricted Subsidiaries
insolvent or reasonably likely to become insolvent), each Restricted Subsidiary may not pay more than its proportionate share of
the Parent’s liabilities noted in this clause (15);


 


(16) distributions
or payments of Securitization Fees and other transfers of Receivables Assets and purchases of Receivables Assets in connection
with a Qualified Receivables Transaction; and


 


(17) the
consummation of the SPV Merger and the Transaction.


 


(c) For purposes of
determining compliance with this Section 4.07, in the event that a Restricted Payment, when made, met the criteria of more than
one of the categories described in clauses (1) through (17) of Section 4.07(b), or was permitted pursuant to Section 4.07(a), the
Issuer will be entitled to classify such Restricted Payment (or portion thereof) on the date of its payment or later reclassify
such Restricted Payment (or portion thereof) in any manner that complies with this Section 4.07.


 


(d) The amount of all
Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities
proposed to be transferred or issued to or by the Parent or the Restricted Subsidiary, as the case may be, pursuant to the Restricted
Payment. The Fair Market Value of any assets or securities that are required to be valued by this Section 4.07 will be determined
by the Board of Directors of the Parent whose resolution with respect thereto will be delivered to the Trustee.


 


Section
4.08 Limitation on Dividend and Other Restrictions Affecting Restricted Subsidiaries.


 










(a) The Parent will
not, and will not permit any Restricted Subsidiary to, directly or indirectly, cause or suffer to exist or become effective or
enter into any encumbrance or restriction on the ability of any Restricted Subsidiary to:


 


(1) pay dividends
or make any other distributions on its Capital Stock to the Parent or any Restricted Subsidiary;


 






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(2) pay any
liabilities owed to the Parent or any Restricted Subsidiary;


 


(3) make
loans or advances to the Parent or any Restricted Subsidiary; or


 


(4) sell,
lease or transfer any of its properties or assets to the Parent or any Restricted Subsidiary;


 


provided
that (x) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating
distributions being paid on common Equity Interests and (y) the subordination of (including the application of any standstill requirements
to) loans or advances made to the Parent or any Restricted Subsidiary to other Indebtedness Incurred by the Parent or any Restricted
Subsidiary shall not be deemed to constitute such an encumbrance or restriction.


 


(b) The restrictions
in Section 4.08(a) hereof will not apply to encumbrances or restrictions:


 


(1) existing
under, by reason of or with respect to the Existing Indebtedness and Credit Agreements as in effect on the Issue Date, and any
amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof, provided
that the encumbrances and restrictions in any such amendments, modifications, restatements, renewals, extensions, supplements,
refundings, replacements or refinancings, taken as a whole, are not materially more restrictive with respect to dividend and payment
restrictions (as determined by the Parent in good faith) than those contained in the Existing Indebtedness or Credit Agreements
as in effect on the Issue Date;


 


(2) set forth
in this Indenture, the Notes and the related Note Guarantees;


 


(3) existing
under, by reason of or with respect to agreements governing other Indebtedness permitted to be Incurred under the provisions of
Section 4.09 and any amendments, restatements, modifications, restatements, renewals, extensions, supplements, refundings, replacements
or refinancings of those agreements; provided that the encumbrances and restrictions therein, taken as a whole, (i) are
not materially more restrictive than the agreements governing Indebtedness as in effect on the date hereof, or (ii) will not affect
the Issuer’s ability to make principal or interest payments on the Notes (as determined by the Parent in good faith);


 


(4) existing
under or by reason of applicable law, rule, regulation or order;


 


(5) with
respect to any Person, or the property or assets of a Person, acquired by the Parent or any Restricted Subsidiary existing at the
time and not Incurred in connection with or in contemplation of such acquisition, which encumbrance or restriction is not applicable
to any Person, or the property or assets of any Person, other than the Person, or the property or assets of the Person, so acquired,
and any amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof;
provided that the encumbrances and restrictions in any such amendments, modifications, restatements, renewals, extensions,
supplements, refundings, replacements or refinancings, taken as a whole, are not materially more restrictive with respect to dividend
and other payment restrictions than those in effect on the date of the acquisition;


 


(6) that
restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance
or contract or similar property or asset;


 






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(7) existing
under or by reason of Permitted Refinancing Indebtedness; provided that the encumbrances and restrictions contained in the
agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive with respect to dividend and payment
restrictions, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;


 


(8) existing
by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of the
Parent or any Restricted Subsidiary not otherwise prohibited by this Indenture;


 


(9) arising
or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate,
detract from the value of property or assets of the Parent or any Restricted Subsidiary in any manner material to the Parent or
any Restricted Subsidiary;


 


(10) existing
under, by reason of or with respect to any agreement for the sale or other disposition of all or substantially all of the Capital
Stock of, or property and assets of, a Restricted Subsidiary that restrict distributions or transfer by that Restricted Subsidiary
pending such sale or other disposition;


 


(11) on cash
or other deposits or net worth, which encumbrances or restrictions are imposed by customers or suppliers or required by insurance,
surety or bonding companies, in each case, under contracts entered into in the ordinary course of business;


 


(12) arising
from customary provisions in Joint Venture agreements and other similar agreements relating solely to such Joint Venture, which
the Board of Directors of the Parent determines in good faith will not adversely affect the Issuer’s ability to make payments
of principal of or interest on the Notes;


 


(13) existing
under or by reason of Secured Indebtedness permitted to be Incurred pursuant to Sections 4.09 and 4.12 that limit the right of
the Parent or any Restricted Subsidiary to dispose of the assets securing such Indebtedness;


 


(14) under
purchase money obligations for property acquired and Capital Lease Obligations in the ordinary course of business;


 


(15) existing
under any agreement imposed in connection with consignment agreements entered into in the ordinary course of business;


 


(16) under
provisions limiting the disposition or distribution of assets or property in Joint Venture agreements, asset sale agreements, sale
and leaseback agreements, stock sale agreements and other similar agreements (or Investments), which limitation is applicable only
to the assets that are the subject of such agreements;


 


(17) arising
from customary provisions in Hedging Obligations permitted under this Indenture and entered into in the ordinary course of business;


 


(18) existing
under, by reason of or with respect to any Restricted Payment not prohibited by Section 4.07 and any Permitted Investment; and


 






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(19) restrictions
created in connection with any Qualified Receivables Transaction that, in the good faith determination of the Parent, are necessary
or advisable to effect such Qualified Receivables Transaction Facility.


 


Section
4.09 Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock.


 


(a) The Parent will
not, and will not permit any Restricted Subsidiary to, Incur any Indebtedness (including the issuance of any shares of Disqualified
Stock of the Parent or of Disqualified Stock or Preferred Stock by Restricted Subsidiaries); provided, however, that the
Parent or any Restricted Subsidiary may Incur Indebtedness (including the issuance of any shares of Disqualified Stock of the Parent
and of Disqualified Stock or Preferred Stock of any Restricted Subsidiary) if the Fixed Charge Coverage Ratio on a consolidated
basis for the Parent’s most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness (including the issuance of Disqualified Stock or Preferred
Stock) is Incurred would be at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application
of the net proceeds therefrom), as if the additional Indebtedness had been Incurred and the application of proceeds therefrom had
occurred at the beginning of such four-quarter period.


 


(b) The provisions
of Section 4.09(a) hereof will not prohibit the Incurrence of any of the following items of Indebtedness (collectively, “Permitted
Debt”):


 


(1) Indebtedness Incurred pursuant to any Credit Facility (including letters of credit or bankers’ acceptances issued or
created under any Credit Facility), and any Refinancing Indebtedness in respect thereof and Guarantees in respect of such
Indebtedness in a maximum aggregate principal amount at any time outstanding not exceeding (x) (i) $1,650.0 million, plus
(ii) in the case of any refinancing of any Indebtedness permitted under this clause (i) or any portion thereof, the aggregate
amount of fees, underwriting discounts, accrued and unpaid interest, premiums and other costs and expenses Incurred in
connection with such refinancing, plus (y) the amount of the Borrowing Base as of the date of such Incurrence;


 


(2) the Incurrence
of Existing Indebtedness;


 


(3) the Incurrence
by the Issuer and the Guarantors of Indebtedness represented by the Notes (other than Additional Notes) and the related Note Guarantees;


 


(4) the Incurrence
by the Parent or any Restricted Subsidiary of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase
money obligations, in each case, Incurred for the purpose of financing (whether prior to or within 270 days after) all or any part
of the purchase price, cost of design or cost of construction, installation, maintenance, upgrade or improvement of property (real
or personal, or movable or immovable), plant or equipment used in the business of the Parent or such Restricted Subsidiary (including
any reasonably related fees or expenses Incurred in connection with such acquisition, construction or improvement), whether through
the direct purchase of assets or the Capital Stock of any Person owning such assets, in an aggregate amount, including all Indebtedness
Incurred to extend the maturity of, refund, refinance, renew, defease, discharge or replace any Indebtedness Incurred pursuant
to this clause (4), not to exceed the greater of (a) $100.0 million and (b) 3.0% of the Consolidated Net Tangible Assets of the
Parent at any one time outstanding;


 






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(5) the Incurrence
by the Parent or any Restricted Subsidiary of Permitted Refinancing Indebtedness (including Disqualified Stock or Preferred Stock)
in exchange for, or the net cash proceeds of which are used to extend the maturity of, refund, refinance, renew, defease, discharge
or replace, Indebtedness (including Disqualified Stock or Preferred Stock) that was permitted by this Indenture to be Incurred
or issued pursuant to Section 4.09(a) or clauses (2), (3), (5), (14) or (16) of this Section 4.09(b), including any additional
Indebtedness (including the issuance of Disqualified Stock or Preferred Stock) Incurred, to pay premiums (including tender premiums)
and original issue discount, expenses, defeasance costs and fees in connection therewith;


 


(6) the Incurrence
by the Parent or any Restricted Subsidiary of Indebtedness owing to and held by the Parent or any Restricted Subsidiary; provided,
however, that:


 


(A) if the Parent, the Issuer or
any Restricted Subsidiary of the Parent that is a Guarantor is the obligor on such Indebtedness and the payee is not the Parent,
the Issuer or such Restricted Subsidiary, such Indebtedness must be unsecured and expressly subordinated in right of payment to
the prior payment in full in cash of all Obligations with respect to the Notes, in the case of the Issuer, or the Note Guarantee,
in the case of a Guarantor; and


 


(B) any event that results in any
such Indebtedness being held by a Person other than the Parent or a Restricted Subsidiary (except for any pledge of such Indebtedness
constituting a Permitted Lien until the pledgee commences actions to foreclose on such Indebtedness) will be deemed, in each case,
to constitute an Incurrence of such Indebtedness by the Parent or such Restricted Subsidiary, as the case may be, that was not
permitted by this clause (6);


 


(7) shares
of Preferred Stock of a Restricted Subsidiary issued to the Parent or another Restricted Subsidiary; provided that any subsequent
issuance or transfer of any Equity Interests or any other event which results in any Restricted Subsidiary that holds such shares
of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any
such shares of Preferred Stock (except to the Parent or another Restricted Subsidiary) shall be deemed, in each case, to be an
issuance of shares of Preferred Stock not permitted by this clause (7);


 


(8) the Guarantee
by the Parent or any Restricted Subsidiary of Indebtedness of the Parent or a Restricted Subsidiary that was permitted to be Incurred
by another provision of this Section 4.09; provided that if the Indebtedness being Guaranteed is subordinated to or pari
passu with the Notes or a Note Guarantee, then the Guarantee must be subordinated or pari passu, as applicable, to the same extent
as the Indebtedness Guaranteed;


 


(9) the Incurrence
by the Parent or any Restricted Subsidiary of Hedging Obligations that are Incurred in the ordinary course of business or Incurred
for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to reverse
or amend any such agreements previously made for such purposes), and not for speculative purposes (it being understood that Hedging
Obligations Incurred for the purpose of fixing, hedging or swapping foreign currency exchange rate risk shall not be deemed to
be for speculative purposes);


 






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(10) the
Incurrence by the Parent or any Restricted Subsidiary of Indebtedness arising from agreements providing for indemnification, adjustment
of purchase price, earn-outs or similar obligations, or Guarantees or letters of credit, surety, performance, bid or appeal bonds
and other similar types of performance and completion guarantees securing any obligations of the Parent or any Restricted Subsidiary
pursuant to such agreements, in any case Incurred or assumed (i) in connection with the disposition or acquisition of any business,
assets or Capital Stock held by a Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring
all or any portion of such business, assets or Capital Stock held by a Restricted Subsidiary for the purpose of financing such
acquisition), so long as the amount does not exceed the gross proceeds actually received by the Parent or any Restricted Subsidiary
in connection with such disposition or (ii) in the ordinary course of business;


 


(11) the
Incurrence by the Parent or any Restricted Subsidiary of Indebtedness arising from (i) the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds and related liabilities arising from treasury,
depository and cash management services in the ordinary course of business (including intraday cash management lines relating thereto),
provided, however, that such Indebtedness is extinguished within 30 Business Days of its Incurrence; (ii) bankers’
acceptances; and (iii) treasury, depository, cash management, cash pooling or netting or setting-off arrangements (including commercial
credit card and merchant card services);


 


(12) the
Incurrence by the Parent or any Restricted Subsidiary of Indebtedness constituting reimbursement obligations with respect to letters
of credit issued in the ordinary course of business, including letters of credit in respect of workers’ compensation claims,
or other Indebtedness with respect to reimbursement obligations regarding workers’ compensation claims, health, disability
or other benefits to employees or former employees or their families or property, casualty or liability insurance or self-insurance
or similar requirements, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental
or other permits or licenses from governmental authorities, or other Indebtedness with respect to reimbursement-type obligations
regarding workers’ compensation claims; provided that, upon the drawing of such letters of credit or the Incurrence
of such Indebtedness, such obligations are reimbursed within 30 Business Days following such drawing or Incurrence;


 


(13) the
Incurrence by the Parent or any Restricted Subsidiary of Indebtedness to the extent the net cash proceeds thereof are promptly
deposited to defease or to satisfy and discharge the Notes as described in Articles 8 and 11;


 


(14) Indebtedness
(including Disqualified Stock) of the Parent or Indebtedness (including Disqualified Stock or Preferred Stock) of any Restricted
Subsidiary not otherwise permitted hereunder in an aggregate principal amount or liquidation preference, including all Permitted
Refinancing Indebtedness Incurred to extend the maturity of, refund, refinance, renew, defease, discharge or replace any Indebtedness
Incurred pursuant to this clause (14), not to exceed the greater of (i) $200.0 million and (ii) 4.0% of Consolidated Net Tangible
Assets, at any one time outstanding;


 


(15) Indebtedness
arising in connection with endorsement of instruments for deposit in the ordinary course of business;


 


(16) the
Incurrence of Acquired Indebtedness; provided that after giving effect to such acquisition or merger, either:


 


(A) the Parent would be permitted
to Incur at least $1.00 of additional Indebtedness under Section 4.09(a); or


 


(B) the Fixed Charge Coverage Ratio
of the Parent and the Restricted Subsidiaries is equal to or greater than immediately prior to such acquisition or merger;


 






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(17) Indebtedness
consisting of take-or-pay obligations contained in supply agreements relating to products, services or commodities of a type that
the Parent or any of its Subsidiaries uses or sells in the ordinary course of business;


 


(18) Indebtedness
consisting of the financing of insurance premiums;


 


(19) Indebtedness
consisting of guarantees Incurred in the ordinary course of business under repurchase agreements or similar agreements in connection
with the financing of sales of goods in the ordinary course of business;


 


(20) customer
deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course
of business;


 


(21) Indebtedness
consisting of Indebtedness issued by the Parent or a Restricted Subsidiary of the Parent to future, current or former employees,
directors and consultants thereof, or their respective estates, spouses or former spouses, in each case to finance the purchase
or redemption of Equity Interests of the Parent to the extent described in Section 4.07(b)(6);


 


(22) Indebtedness
Incurred on behalf of, or representing guarantees of Indebtedness of, Joint Ventures of the Parent or any Restricted Subsidiary
not to exceed, at any one time outstanding, the greater of (i) $100.0 million and (ii) 2.0% of the Consolidated Net Tangible Assets
of the Parent and any Indebtedness to exchange, extend, refinance, renew, replace, defease or refund such Indebtedness originally
Incurred pursuant to subclause (ii) of this clause (22), provided that any such Indebtedness until reclassified in accordance
with this Indenture shall remain Incurred pursuant to this clause prior to its maturity;


 


(23) Indebtedness
Incurred by the Parent or any Restricted Subsidiary of up to $25.0 million relating to funding of contributions to the foreign
pension plans;


 


(24) Indebtedness
which may be deemed to exist pursuant to any surety bonds, appeal bonds or similar obligations Incurred in connection with any
judgment not constituting an Event of Default; and


 


(25) letters
of credit issued for ordinary course of business purposes in an aggregate principal face amount not to exceed the greater of (i)
$100.0 million and (ii) 2.0% of Consolidated Net Tangible Assets of the Parent outstanding at any time.


 


For purposes of determining
compliance with this Section 4.09, in the event that an item of Indebtedness (including Disqualified Stock or Preferred Stock)
(or any portion thereof) meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through
(25) above or is entitled to be Incurred or issued pursuant to Section 4.09(a), the Parent will, in its sole discretion, classify
such item of Indebtedness (including Disqualified Stock or Preferred Stock) and may divide and classify such Indebtedness (including
Disqualified Stock or Preferred Stock) in more than one of the categories of Permitted Debt described in clauses (1) through (25)
above and/or Section 4.09(a), and may later reclassify such item into any one or more of such categories or such section (provided
that at the time of reclassification it meets the criteria in such category or categories or such section). In determining the
amount of Indebtedness outstanding under one of the clauses above, the outstanding principal amount of any particular Indebtedness
of any Person shall be counted only once and any obligation of such Person or any other Person arising under any guarantee, Lien,
letter of credit or similar instrument supporting such Indebtedness shall be disregarded so long as it is permitted to be Incurred
by the Person or Persons Incurring such obligation. Notwithstanding the foregoing, Indebtedness under Credit Facilities Incurred
pursuant to clause (1) above or any refinancing thereof that, in each case, is secured by a Lien will, at all times, be deemed
to have been Incurred in reliance on the exception provided by clause (1) above. Indebtedness under clauses (i) and (iii) of the
definition of Credit Agreements outstanding on the date of this Indenture are deemed to have been Incurred pursuant to clause (1)
above.


 






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Accrual of interest
or dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest
or dividends in the form of additional Indebtedness (including Disqualified Stock or Preferred Stock) of the same class, and the
reclassification of Preferred Stock as Indebtedness due to a change in accounting principles will not be deemed to be an Incurrence
of Indebtedness or a creation or allowance of a Lien with respect thereto.


 


For purposes of determining
compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant to and in compliance with,
this Section 4.09 any other obligation of the obligor on such Indebtedness (or of any other Person who could have Incurred such
Indebtedness under this section) arising under any Note Guarantee, Lien or letter of credit, bankers’ acceptance or other
similar instrument or obligation supporting such Indebtedness shall be disregarded to the extent that such Note Guarantee, Lien
or letter of credit, bankers’ acceptance or other similar instrument or obligation secures the principal amount of such Indebtedness.


 


Notwithstanding the
foregoing, but except as expressly permitted hereunder, the Parent will not, and will not permit the Issuer or any other Guarantor
to, Incur any Indebtedness that purports to be by its terms (or by the terms of any agreement or instrument governing such Indebtedness)
subordinated in right of payment to any other Indebtedness of the Parent, the Issuer or of such other Guarantor, as the case may
be, unless such Indebtedness is also by its terms made subordinated in right of payment to the Notes or the Note Guarantee of such
Guarantor, as applicable, to at least the same extent as such Indebtedness is subordinated in right of payment to such other Indebtedness
of the Parent, the Issuer or such other Guarantor, as the case may be.


 


For purposes of determining
compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. Dollar Equivalent principal
amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect
on the date such Indebtedness was Incurred (or first committed, in the case of revolving credit debt) and at the Issuer’s
election, the date of reclassification; provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated
in a foreign currency, and such refinancing would cause the applicable U.S. dollar denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall
be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being refinanced.


 


The principal amount
of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced,
shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated
that is in effect on the date of such refinancing.


 


The maximum amount
of Indebtedness that the Parent or any Restricted Subsidiary may Incur pursuant to this Section 4.09 will not be deemed to be exceeded
solely as the result of fluctuations in the exchange rates of currencies.




 



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Section
4.10 Limitation on Asset Sales.


 


(a) The Parent will
not, and will not permit any Restricted Subsidiary to, directly or indirectly, consummate an Asset Sale unless:


 


(1) the Parent
(or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least equal to the
Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and


 


(2) at least
75% of the consideration therefor received by the Parent or such Restricted Subsidiary, as the case may be, is in the form of:


 


(A) cash or Cash Equivalents;


 


(B) Replacement Assets;


 


(C) any liabilities of the Parent
or any Restricted Subsidiary as shown on the Parent’s or such Restricted Subsidiary’s most recent balance sheet or
in the notes thereto prepared in accordance with GAAP (other than contingent liabilities, Indebtedness that is by its terms subordinated
in right of payment to the Notes or any Note Guarantee and liabilities to the extent owed to the Parent or any Restricted Subsidiary)
that are assumed by the transferee of any such assets or Equity Interests and for which the Parent and all of the Restricted Subsidiaries
have been released;


 


(D) any Designated Noncash Consideration
received by the Parent or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value, taken together with
all other Designated Noncash Consideration received pursuant to this sub-clause (D) that is at the time outstanding and held by
the Parent or any Restricted Subsidiary, not to exceed the greater of (x) $75.0 million and (y) 2.5% of Consolidated Net Tangible
Assets at the time of the receipt of such Designated Noncash Consideration (with the Fair Market Value of each item of Designated
Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value); or


 


(E) any combination of the consideration
specified in sub-clauses (A) through (D).


 


(b) Within 450 days
after the receipt of any Net Available Cash from an Asset Sale, the Parent or a Restricted Subsidiary, as the case may be, may
apply an amount equal to such Net Available Cash at its option:


 


(1) to repay
or retire Indebtedness secured by such assets, Indebtedness of a Restricted Subsidiary that is not a Guarantor (other than Indebtedness
owed to the Parent or another Restricted Subsidiary) or Indebtedness under the Credit Agreements and, if the Indebtedness repaid
is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto;


 


(2) to purchase
Replacement Assets provided, however, that a binding agreement to purchase Replacement Assets shall be treated as a permitted
application of Net Available Cash from the date of such commitment with the good faith expectation that an amount equal to Net
Available Cash will be applied to satisfy such commitment within 180 days of such commitment;


 


(3) to make
capital expenditures; or


 






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(4) to make
an Offer to Purchase as described below.


 


Pending the final application of any Net
Available Cash from Asset Sales in accordance with clauses (1) through (4) in the preceding paragraph, the Parent and the Restricted
Subsidiaries may temporarily reduce Indebtedness or otherwise apply such Net Available Cash in any manner not prohibited by this
Indenture.


 


(c) The amount of such
Net Available Cash required to be applied (or to be committed to be applied) during such 12-month period as set forth above and
not applied (or committed to be applied) as so required by the end of such period shall constitute “Excess Proceeds.”
If, as of the first day of any calendar month, the aggregate amount of Excess Proceeds totals at least $30.0 million, the Issuer
must commence, not later than the fifteenth Business Day of such month, and consummate an Offer to Purchase, from the Holders and,
at the Issuer’s option, all holders of Pari Passu Debt containing provisions similar to those set forth in this Indenture
with respect to offers to purchase with the proceeds of sales of assets, the maximum principal amount of Notes and such Pari Passu
Debt, if any, that may be purchased out of the Excess Proceeds. The offer price in any such Offer to Purchase shall be equal to
or greater than the amount of Excess Proceeds and shall be calculated as follows: 100% of the principal amount (or accreted value,
if applicable) of the Notes and such Pari Passu Debt, plus accrued and unpaid interest, if any up to, but excluding, the date of
purchase (subject to the rights of Holders of Notes on a relevant record date to receive interest on an interest payment date that
occurs prior to the purchase date) and will be payable in cash. To the extent that any Excess Proceeds remain after consummation
of an Offer to Purchase pursuant to this Section 4.10, the Parent and the Restricted Subsidiaries may use those Excess Proceeds
for any purpose not otherwise prohibited by this Indenture, and those Excess Proceeds shall no longer constitute “Excess
Proceeds.”


 


(d) The Issuer will
comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Offer to Purchase.
To the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 3.09 hereof or
this Section 4.10, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached
its obligations under Section 3.09 hereof or this Section 4.10 by virtue of such compliance.


 


Section
4.11 Limitation on Transactions with Affiliates.


 


(a) The Parent will
not, and will not permit any Restricted Subsidiary to, directly or indirectly, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into, make, amend, renew
or extend any transaction or series of related transactions, contract, agreement, understanding, loan, advance or Guarantee with,
or for the benefit of, any of their Affiliates, in each case involving aggregate payments or consideration in excess of $10.0 million
(each of the foregoing, an “Affiliate Transaction”), unless:


 


(1) such
Affiliate Transaction is on terms that, taken as a whole, are not materially less favorable to the Parent or the relevant Restricted
Subsidiary than those that would have been obtained in a comparable arm’s-length transaction by the Parent or such Restricted
Subsidiary with a Person that is not an Affiliate of the Parent or any Restricted Subsidiary (as determined by the Parent); and


 


(2) with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$50.0 million, the Parent delivers to the Trustee a Board Resolution set forth in an Officer’s Certificate certifying that
such Affiliate Transaction or series of related Affiliate Transactions complies with this Section 4.11 and that such Affiliate
Transaction or series of related Affiliate Transactions has been approved by a majority of the Disinterested Members.


 






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(b) The following items
will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 4.11(a) hereof:


 


(1) transactions
between or among the Parent and/or its Restricted Subsidiaries;


 


(2) Restricted
Payments that are permitted by the provisions of Section 4.07 and Permitted Investments;


 


(3) any issuance
or sale of Equity Interests (other than Disqualified Stock or Designated Preferred Stock) of, or capital contributions to, the
Parent;


 


(4) transactions
pursuant to agreements or arrangements in effect on the Issue Date and referenced in the Offering Memorandum, or any amendment,
modification, or supplement thereto or replacement thereof, as long as such agreement or arrangement, as so amended, modified,
supplemented or replaced, taken as a whole, is not materially more disadvantageous to the Parent and the Restricted Subsidiaries
than the agreement or arrangement in existence on the Issue Date;


 


(5) payments
by the Parent and its Subsidiaries pursuant to tax sharing agreements among the Parent and its Subsidiaries on customary terms
to the extent attributable to the ownership or operation of the Parent and its Subsidiaries; provided that in each case
the amount of such payments in any fiscal year does not exceed the amount that the Parent, its Restricted Subsidiaries and its
Unrestricted Subsidiaries (to the extent of amounts received from Unrestricted Subsidiaries) would be required to pay in respect
of foreign, federal, state and local taxes for such fiscal year were the Parent and its Subsidiaries (to the extent described above)
to pay such taxes separately from any such parent entity;


 


(6) payment
of reasonable and customary fees and reimbursement of expenses paid to, and reasonable and customary indemnification arrangements
and similar payments on behalf of, directors of the Parent or any Subsidiary thereof;


 


(7) any employment,
consulting, service or termination agreement, or reasonable and customary indemnification arrangements, entered into by the Parent
or any Restricted Subsidiary with officers, employees and consultants of the Parent or any Subsidiary thereof and the payment of
compensation, reimbursement of expenses paid or loans (or cancellation of loans) to officers, employees and consultants of the
Parent or any Subsidiary thereof (including issuances of securities and other payments, awards or grants in cash, securities or
otherwise pursuant to, or the funding of, employee benefit plans, employee stock option or similar plans), entered into in the
ordinary course of business or otherwise approved by a majority of the Disinterested Members;


 


(8) purchases
and sales of raw materials or Inventory in the ordinary course of business on market terms;


 






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(9) (a) transactions
with customers, clients, lessors, landlords, suppliers, contractors, purchasers or sellers of goods or services, or transactions
otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise
in compliance with the terms of this Indenture, which are fair to the Parent and its Restricted Subsidiaries in the reasonable
determination of the Board of Directors or the senior management of the Parent, or are on terms at least as favorable as might
reasonably have been obtained at such time from an unaffiliated party or (b) transactions with Joint Ventures or Unrestricted Subsidiaries
entered into in the ordinary course of business;


 


(10) transactions
with a Person (other than an Unrestricted Subsidiary of the Parent) that is an Affiliate of the Parent solely because the Parent
or a Restricted Subsidiary of the Parent owns an equity interest in or otherwise controls such Person;


 


(11) the
formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management purposes in the
ordinary course of business;


 


(12) transactions
entered into by a Person prior to the time such Person becomes a Restricted Subsidiary or is merged or consolidated into the Parent
or a Restricted Subsidiary (provided such transaction is not entered into in contemplation of such event);


 


(13) transactions
permitted by, and complying with, the provisions of Section 5.01;


 


(14) transactions
in which the Parent or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee an opinion issued by an
Independent Financial Advisor stating that such transaction or series of related transactions is fair to the Parent or such Restricted
Subsidiary from a financial point of view and that the terms are not materially less favorable to the Parent or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Parent or such Restricted Subsidiary with
an unrelated Person on an arm’s-length basis;


 


(15) transactions
between the Parent or any of its Restricted Subsidiaries and any Person, a director of which is also a director of the Parent;
provided, however, that such director abstains from voting as a director of the Parent on any matter involving such other
Person; and


 


(16) any
customary transaction with a Receivables Entity effected as part of a Qualified Receivables Transaction.


 


Section
4.12 Limitation on Liens.


 


The Parent will not,
and will not permit any Restricted Subsidiary to, directly or indirectly, create, assume or allow to exist any Lien that secures
Obligations under any Indebtedness (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired,
unless all payments due under this Indenture and the Notes are secured by a Lien on such property or assets on an equal and ratable
basis with the Obligations so secured (or, in the case of Indebtedness subordinated to the Notes or the Note Guarantees, senior
in priority thereto, with the same relative priority as the Notes will have with respect to such subordinated Indebtedness) until
such time as such Obligations are no longer secured by such Lien.


 





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Section
4.13 Conduct of Business and Limitation on Certain Activities.


 


The Parent will not,
and will not permit any Restricted Subsidiary to, engage in any business other than a Permitted Business, except to such extent
as would not be material to the Parent and the Restricted Subsidiaries taken as a whole. The Parent will cause the Issuer or its
successor to engage in only those business activities that are necessary, convenient or incidental to the offering, sale, issuance
and servicing of the Notes or other Indebtedness (including any Additional Notes) of the Issuer permitted under this Indenture
or lending of the proceeds of the Notes or any such other Indebtedness to the Parent or any of the Parent’s Restricted Subsidiaries,
to refrain from engaging in any trade or business in the United States, to file a “check the box” election to be treated
as a disregarded entity for United States federal income tax purposes, to be effective on or before the issuance of the Notes,
to continue to be properly classified as a disregarded entity of the Parent for United States federal income tax purposes and to
refrain from Incurring any Indebtedness other than the Notes and other Indebtedness permitted to be Incurred pursuant to Section
4.09.


 


The Parent shall continue
to directly or indirectly maintain 100% ownership of the Capital Stock of the Issuer or any permitted successor of the Issuer,
provided that any permitted successor of the Parent under this Indenture may succeed to the Parent’s ownership of
such Capital Stock. For so long as any Notes are outstanding, the Parent will not commence or take any action to facilitate a winding-up,
liquidation or other analogous proceeding in respect of the Issuer.


 


Section
4.14 Corporate Existence.


 


Subject to Articles
5 and 10 hereof, the Parent shall do or cause to be done all things necessary to preserve and keep in full force and effect:


 


(1) the corporate,
limited company or limited liability company, as applicable existence of the Parent and the Issuer, and the corporate, partnership
or other existence, as applicable, of each of the Restricted Subsidiaries (other than the Issuer), in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Parent, the Issuer or any such Restricted Subsidiary;
and


 


(2) the rights
(charter and statutory), licenses and franchises of the Parent and its Restricted Subsidiaries (subject to Section 4.10 hereof);


 


provided, however,
that the Parent shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other
existence of any of its Restricted Subsidiaries (other than the Issuer), if the Parent shall determine in good faith that the preservation
thereof is no longer desirable in the conduct of the business of the Parent and its Restricted Subsidiaries, taken as a whole.


 


Section
4.15 Change of Control.


 


(a) Unless the Issuer
has previously or concurrently delivered a redemption notice with respect to all the outstanding Notes as described in Section
3.07 within ten days following any Change of Control Triggering Event, the Issuer will send a notice to each Holder (with a copy
to the Trustee) describing the transaction or transactions that constitute the Change of Control Triggering Event and offering
to repurchase all Notes then outstanding pursuant to an Offer to Purchase (a “Change of Control Offer”), at
a purchase price in cash equal to 101% of the aggregate principal amount of the Notes, plus accrued and unpaid interest, if any,
thereon, up to, but excluding, the date of repurchase (subject to the rights of Holders of Notes on a relevant record date to receive
interest due on an interest payment date that occurs prior to the repurchase date) (the “Change of Control Payment”)
on a certain date (the “Change of Control Payment Date”) specified in such notice, pursuant to the procedures
required by this Indenture and described in such notice. The Issuer must commence such Change of Control Offer within 30 days of
the occurrence of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations
conflict with the provisions of this Section 4.15, the Issuer’s compliance with such laws and regulations shall not in and
of itself cause a breach of their obligations under this Section 4.15.


 






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(b) The Issuer will
not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.15 and
purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.


 


(c) Notwithstanding
anything to the contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned
upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the
Change of Control Offer is made.


 


Section
4.16 Additional Note Guarantees.


 


(a) The Parent will
not permit any Restricted Subsidiary that is not an Excluded Entity, directly or indirectly, to Incur or Guarantee any Indebtedness
under Credit Facilities Incurred pursuant to Section 4.09(b)(1), unless such Restricted Subsidiary (a) is a Guarantor or (b) within
15 Business Days executes and delivers to the Trustee an Opinion of Counsel stating that such Guarantee is a valid, legal and binding
obligation of such Guarantor enforceable against it, and a supplemental indenture in the form of Exhibit F hereto, providing for
the Guarantee of the payment of the Notes by such Restricted Subsidiary, which Guarantee will rank senior in right of payment to
or equally in right of payment with such Restricted Subsidiary’s Guarantee of such other Indebtedness.


 


(b) Substantially simultaneous
with the consummation of the SPV Merger and the Transaction, the Parent and each of its Restricted Subsidiaries (after giving effect
to the SPV Merger and the Transaction and including the Issuer and all Restricted Subsidiaries acquired in the Transaction) shall
execute a supplemental indenture in the Form of Exhibit F hereto.


 


Section
4.17 Designation of Restricted and Unrestricted Subsidiaries.


 


The Parent may designate
any Subsidiary (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary
or any of its Subsidiaries owns any Capital Stock or Indebtedness of, or holds any Lien on any assets of, the Parent or any other
Subsidiary that is not a Subsidiary of the Subsidiary to be so designated; provided that:


 


(1) no Default
has occurred and is continuing or would occur as a consequence thereof; or


 


(2) (x) the
Parent could Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section
4.09(a) hereof or (y) the Fixed Charge Coverage Ratio of the Parent and the Restricted Subsidiaries is equal to or greater than
immediately prior to such designation; and


 


(3) either
(x) the Subsidiary to be so designated has Total Assets of $1,000 or less or (y) if such Subsidiary has assets greater than $1,000,
such designation would be permitted under Section 4.07 hereof (treating the Fair Market Value of the Parent’s proportionate
interest in the net worth of such Subsidiary on such date calculated in accordance with GAAP as the amount of the Investment).


 


The Parent may re-designate
any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that:


 


(1)
no Default has occurred and is continuing; and


 






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(2)
Indebtedness of such Unrestricted Subsidiary and all Liens on any asset of such Unrestricted Subsidiary outstanding immediately
following such re-designation would, if Incurred at such time, be permitted to be Incurred under this Indenture.


 


Any designation of
a Subsidiary as a Restricted Subsidiary or an Unrestricted Subsidiary, as the case may be, shall be approved by the Board of Directors
of the Parent.


 


Section
4.18 [RESERVED]


 


Section
4.19 Covenant Suspension.


 


(a) During any period
of time that (i) the Notes have Investment Grade Ratings from both Rating Agencies and (ii) no Default has occurred and is continuing
under this Indenture (the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant
Suspension Event”), the Parent and the Restricted Subsidiaries will not be subject to the covenants (the “Suspended
Covenants”) set forth in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.13, 4.16 and 5.01(a)(3).


 


(b) In the event that
the Parent and the Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time
as a result of the foregoing, and on any subsequent date (the “Reversion Date”) (a) one or both of the Rating
Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating
or (b) the Issuer or any of its Affiliates enters into an agreement to effect a transaction that would result in a Change of Control
and one or more of the Rating Agencies indicate that if consummated, such transaction (alone or together with any related recapitalization
or refinancing transactions) would cause such Rating Agency to withdraw its Investment Grade Rating or downgrade the ratings assigned
to the Notes below an Investment Grade Rating, then the Parent and the Restricted Subsidiaries will thereafter again be subject
to the Suspended Covenants under this Indenture with respect to future events. The period beginning on the day of a Covenant Suspension
Event and ending on a Reversion Date is called a “Suspension Period.” The ability of the Parent and the Restricted
Subsidiaries to make Restricted Payments after the time of such withdrawal, downgrade, Default or Event of Default will be calculated
as if the covenant governing Restricted Payments had been in effect throughout the Suspension Period. Accordingly, Restricted Payments
made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 4.07(a). However,
no Default or Event of Default will be deemed to have occurred on the Reversion Date as a result of any actions taken or announced
by the Parent or its Restricted Subsidiaries during the Suspension Period.


 


(c) The Trustee shall
have no duty to monitor the ratings of the Notes, shall not be deemed to have any knowledge of the ratings of the Notes and shall
have no duty to notify Holders with respect thereto.


 






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Section
4.20 Withholding Taxes


 


(a) All payments made
under or with respect to the Notes (whether or not in the form of Definitive Notes) or the Note Guarantees will be made free and
clear of and without withholding or deduction for, or on account of, any present or future Taxes unless the withholding or deduction
of such Taxes is then required by applicable law. If any deduction or withholding for, or on account of, any Taxes imposed or levied
by or on behalf of (i) any jurisdiction in which the Issuer, the Parent or any Guarantor (including any successor entity) is then
incorporated, organized, engaged in business or resident for tax purposes, or any political subdivision thereof or therein, or
(ii) any jurisdiction from or through which payment is made by or on behalf of the Issuer, the Parent or any Guarantor (including,
without limitation, the jurisdiction of any Paying Agent) or any political subdivision thereof or therein (each a “Tax
Jurisdiction”) will at any time be required to be made from any payments made by or on behalf of the Issuer or any Guarantor
under or with respect to the Notes or any Note Guarantee, including, without limitation, payments of principal, redemption price,
purchase price, interest or premium, the Issuer or the applicable Guarantor will pay such additional amounts (the “Additional
Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each Holder after
such withholding or deduction (including any such withholding or deduction from such Additional Amounts) will equal the respective
amounts that would have been received in respect of such payments in the absence of such withholding or deduction; provided,
however, that no Additional Amounts will be payable with respect to:


 


(1) any Taxes
that would not have been imposed but for the Holder of the Notes or beneficial owner of the Notes being a citizen or resident or
national of, being incorporated or organized in or carrying on a business in, maintaining a permanent establishment in, or being
physically present in, the relevant Tax Jurisdiction in which such Taxes are imposed, or due to the existence of any other present
or former connection between the relevant Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor
of a power over, the relevant Holder, if the relevant Holder is an estate, nominee, trust, partnership, limited liability company
or corporation) and the Tax Jurisdiction (but not including, in each case, any connection arising from the mere receipt, ownership,
holding or disposition of any Note or Note Guarantee, or by reason of the receipt of any payments in respect of any Note or Note
Guarantee, or the exercise or enforcement of rights under any Note or any Note Guarantee);


 


(2) any Taxes
that are imposed or withheld as a result of the failure of the Holder of the Notes or beneficial owner of any Note to comply with
any reasonable written request, made to it in writing at a time that would enable it acting reasonably to comply with such request
and, in any event, at least 60 days before any withholding or deduction of such Taxes would be required, by the Issuer or applicable
Guarantor to provide certification, information, documents or other evidence concerning the nationality, residence or identity
of the Holder or such beneficial owner or to make any declaration or similar claim or satisfy any other reporting requirement relating
to such matters which is required or imposed by a statute, treaty, regulation or administrative practice of the relevant Tax Jurisdiction
as a precondition to any exemption from, or reduction in the rate of deduction or withholding of, Taxes imposed by the Tax Jurisdiction,
but, in each case, only to the extent such Holder is legally entitled to do so;


 


(3) any Taxes
imposed or withheld as a result of the presentation of any Note for payment (where Notes are in the form of Definitive Notes and
presentation is required) more than 30 days after the relevant payment is first made available to the Holder (except to the extent
that the Holder or beneficial owner of Notes would have been entitled to Additional Amounts had the Note been presented on the
last day of such 30 day period);


 


(4) any estate,
inheritance, gift, sale, transfer, personal property or similar Taxes;


 


(5) any Taxes
withheld or deducted from a payment to an individual as required pursuant to European Council Directive 2003/48/EC or any other
directive implementing the conclusions of the ECOFIN Council meeting of 26 and 27 November 2000 on the taxation of savings income
or any law implementing or complying with, or introduced in order to conform to, such Directive;


 






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(6) any Taxes
imposed or withheld as a result of the presentation of any Note for payment by or on behalf of a Holder of Notes or beneficial
owner of Notes who would have been able to avoid such withholding or deduction by presenting the relevant Note to another Paying
Agent in a member state of the European Union;


 


(7) any Taxes
payable other than by deduction or withholding from payments under or with respect to the Note; or


 


(8) any combination
of items (1) through (7) above.


 


(b) In addition to
the foregoing, the Issuer and the Guarantors will also pay and indemnify the Holders for any present or future stamp, issue, registration,
court or documentary Taxes, or any other excise or property Taxes, charges or similar levies or Taxes, which are levied by any
Tax Jurisdiction (other than the United States or any political subdivision thereof) on the execution, delivery, issuance, registration
or enforcement of any of the Notes, this Indenture or the Note Guarantees or any other document or instrument referred to therein
or the consummation of the transactions contemplated thereby or the receipt of any payments with respect thereto (other than a
transfer of the Notes following the initial resale of the Notes by the Initial Purchasers).


 


(c) If the Issuer or
any Guarantor becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with respect
to the Notes or any Note Guarantee, the Issuer or such Guarantor will deliver to the Trustee on a date that is at least 30 days
prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that Payment
Date, in which case the Issuer or applicable Guarantor shall notify the Trustee promptly thereafter) an Officer’s Certificate
stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The Officer’s Certificate
must also set forth any other information reasonably necessary to enable the Paying Agents to pay Additional Amounts to Holders
on the relevant Payment Date. The Trustee shall be entitled to rely, without investigation, solely on such Officer’s Certificate
as conclusive proof that such payments are necessary.


 


(d) The Issuer or applicable
Guarantor will provide the Trustee with documentation evidencing the payment of Additional Amounts. The Issuer or applicable Guarantor
will make all withholdings and deductions required by law and will remit the full amount deducted or withheld to the relevant tax
authority in accordance with applicable law. The Issuer or applicable Guarantor will provide to the Trustee an official receipt
or, if official receipts are not obtainable after the use of reasonable efforts, other documentation evidencing the payment of
any Taxes so deducted or withheld. Upon request, copies of those receipts or other documentation, as the case may be, will be made
available by the Trustee to the Holders of the Notes.


 


(e) Whenever in this
Indenture there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal,
interest or of any other amount payable under, or with respect to, any of the Notes or Note Guarantees, such mention shall be deemed
to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would
be payable in respect thereof.


 


(f) The above obligations
will survive any termination, defeasance or discharge of this Indenture and any transfer by a Holder or beneficial owner of its
Notes. The above obligations will also apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer,
the Parent or any Guarantor is incorporated, organized, engaged in business or resident for tax purposes and any jurisdiction from
or through which any payment under or with respect to the Notes or Note Guarantees is made by or on behalf of such Person, including
any political subdivision thereof or therein.


 






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Section
4.21 Issuer Status Prior to the SPV Merger


 


(a) Prior to the SPV
Merger, the Issuer shall not:


 


(1) conduct,
transact or otherwise engage in, or commit to conduct, transact or otherwise engage in, any business or operations other than those
incidental to its existence or performing its obligations in respect of the Notes under this Indenture and the Escrow Agreement;


 


(2) establish
any additional Subsidiaries;


 


(3) incur,
create, assume or suffer to exist any Indebtedness or other liabilities or financial obligations (other than the Notes issued on
the Issue Date); or


 


(4) own,
lease, manage or otherwise operate any properties or assets (including cash and Cash Equivalents) other than the Escrowed Property.


 


(b) For the avoidance
of doubt, this Section 4.21 shall no longer apply once the SPV Merger is consummated.


 


ARTICLE
5

SUCCESSORS


 


Section
5.01 Merger, Consolidation or Sale of Assets.


 


(a) The Parent will
not, directly or indirectly: (1) consolidate or merge with or into another Person, or (2) sell, assign, transfer, convey or otherwise
dispose of all or substantially all of the properties and assets of the Parent and its Restricted Subsidiaries, taken as a whole,
in one or more related transactions, to another Person, unless:


 


(1) immediately
after giving effect to such transaction, no Default or Event of Default exists;


 


(2) either:


 


(A) the Parent is the surviving
Person; or


 


(B) the Person formed by or surviving
any such consolidation or merger (if other than the Parent) or to which such sale, assignment, transfer, conveyance or other disposition
will have been made (i) is a Person organized or existing under the laws of Australia, Switzerland, any Member State of the European
Union as of December 31, 2003 or the United States or, any state of the United States or the District of Columbia and (ii) assumes
all the obligations of the Parent under the Notes and this Indenture pursuant to a supplemental indenture executed and delivered
to the Trustee;


 


(3) immediately
after giving effect to such transaction on a pro forma basis, (a) the Parent or the Person formed by or surviving any such
consolidation or merger (if other than the Parent), or to which such sale, assignment, transfer, conveyance or other disposition
will have been made, will be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 4.09(a) or (b) the Fixed Charge Coverage Ratio for the Parent or surviving Person and its Restricted
Subsidiaries will be greater than or equal to such ratio for the Parent and its Restricted Subsidiaries immediately prior to such
transaction; and


 






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(4) each
Guarantor, unless such Guarantor is the Person with which the Parent has entered into a transaction under this Section 5.01, will
have confirmed to the Trustee in writing that its Note Guarantee will apply to the obligations of the Parent or the surviving Person
in accordance with the Notes and this Indenture.


 


Notwithstanding the
preceding clauses (2), (3) and (4) of Section 5.01(a) (which do not apply to transactions referred to in this sentence), (a) any
Restricted Subsidiary of the Parent may consolidate or otherwise combine with, merge or amalgamate into or transfer all or part
of its properties and assets to the Parent and (b) any Restricted Subsidiary may consolidate or otherwise combine with, merge or
amalgamate into or transfer all or part of its properties and assets to any other Restricted Subsidiary. Notwithstanding the preceding
clauses (2) and (3) of Section 5.01(a) (which do not apply to the transactions referred to in this sentence), the Parent may consolidate
or otherwise combine with or merge or amalgamate into an Affiliate incorporated or organized for the purpose of changing the legal
domicile of the Parent, reincorporating the Parent in another jurisdiction, or changing the legal form of the Parent.


 


(b) Subject to Section
4.13 and Section 4.14 hereof, the Issuer and the Guarantors (other than the Parent) will not, directly or indirectly: (1) consolidate
or merge with or into another Person (whether or not such Issuer or Guarantor is the surviving Person), or (2) sell, assign, transfer,
convey or otherwise dispose of all or substantially all of the properties and assets of the Issuer or the Guarantor, in one or
more related transactions, to another Person, other than the Parent, the Issuer or another Guarantor, unless:


 


(1) immediately
after giving effect to that transaction, no Default or Event of Default exists; and


 


(2) either:


 


(A) the Issuer or the Guarantor
is the surviving Person, or the Person formed by or surviving any such consolidation or merger (if other than the Issuer or the
Guarantor) or to which such sale, assignment, transfer, conveyance or other disposition has been made (i) in the case of the Issuer,
is organized or existing under the laws of any Member State of the European Union as of December 31, 2003 or the United States
or any state of the United States or the District of Columbia and (ii) in each case, assumes all the obligations of that Issuer
or Guarantor under this Indenture (including such Guarantor’s Note Guarantee) pursuant to a supplemental indenture executed
and delivered to the Trustee; or


 


(B) such sale, assignment, transfer,
conveyance or other disposition or consolidation or merger complies with Section 4.10 hereof.


 


In addition, neither
the Parent nor any Restricted Subsidiaries of the Parent may, directly or indirectly, lease all or substantially all of the properties
or assets of the Parent and its Restricted Subsidiaries considered as one enterprise, in one or more related transactions, to any
other Person.


 


In addition to the
documents required by Sections 9.06 and 12.04, the Trustee shall receive an Opinion of Counsel stating that any supplemental indentures
executed in furtherance of this Section 5.01 are valid, binding and enforceable obligations of the assuming party.


 






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Section
5.02 Successor Person Substituted.


 


Upon any consolidation,
merger, sale, assignment, transfer, conveyance or other disposition in accordance with Section 5.01(a) or Section 5.01(b)(2)(A),
the successor Person formed by such consolidation or into or with which the Parent, the Issuer or the Guarantor is merged or to
which such sale, assignment, transfer, conveyance or other disposition is made will succeed to, and be substituted for (so that
from and after the date of such consolidation, merger, sale, assignment, transfer, conveyance or other disposition, the provisions
of this Indenture referring to the “Parent,” the “Issuer” or the “Guarantor” will refer instead
to the successor Person and not to the Parent, the Issuer or the Guarantor), and may exercise every right and power of, the Parent,
the Issuer or the Guarantor under this Indenture with the same effect as if such successor Person had been named as the Parent,
the Issuer or the Guarantor in this Indenture.


 


ARTICLE
6

DEFAULTS AND REMEDIES


 


Section
6.01 Events of Default.


 


Each of the following
is an “Event of Default”:


 


(1) default
in the payment in respect of the principal of (or premium, if any, on) any Note when due and payable (whether at Stated Maturity
or upon repurchase, acceleration, optional redemption or otherwise);


 


(2) default
in the payment of any interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30
days thereafter;


 


(3) failure
by the Parent or any Restricted Subsidiary to comply with the provisions of Sections 4.10(c), 4.15 and 5.01 hereof;


 


(4) default
in the performance, or breach, of any covenant or agreement of the Parent or any Restricted Subsidiary in this Indenture (other
than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (1), (2) or (3)
above), and continuance of such default or breach for a period of 60 days after written notice thereof has been given to the Issuer
by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding
Notes, voting as a single class;


 


(5) a default
or defaults under any mortgage, bonds, debentures, notes or other evidences of Indebtedness (other than the Notes) by the Parent
or any Restricted Subsidiary having, individually or in the aggregate, a principal or similar amount outstanding of at least $50.0
million, whether such Indebtedness now exists or shall hereafter be created, which default or defaults either (a) shall have resulted
in the acceleration of the maturity of such Indebtedness prior to its express maturity or (b) shall constitute a failure to pay
principal of, or interest or premium on, such Indebtedness when due and payable after the expiration of any applicable grace period
with respect thereto;


 


(6) the entry
against the Parent or any Restricted Subsidiary of a final judgment(s) for the payment of money in an aggregate amount in excess
of $50.0 million (net of amounts covered by (a) insurance for which the insurer thereof has been notified of such claim and has
not challenged such coverage or (b) valid third-party indemnifications for which the indemnifying party thereof has been notified
of such claim and has not challenged such indemnification), by a court or courts of competent jurisdiction, which judgment(s) remain
undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive days;


 






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(7) the Issuer,
the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Parent that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law:


 


(A) commences a voluntary case;


 


(B) consents to the entry of an
order for relief against it in an involuntary case;


 


(C) consents to the appointment
of a custodian of it or for all or substantially all of its property;


 


(D) makes a general assignment for
the benefit of its creditors; or


 


(E) generally is not paying its
debts as they become due;


 


(8) a court
of competent jurisdiction enters an order or decree under any Bankruptcy Law that:


 


(A) is for relief against the Issuer,
the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Parent that, taken together, would constitute a Significant Subsidiary in an involuntary case;


 


(B) appoints a custodian of the
Issuer, the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Parent that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of
the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Parent that, taken together, would constitute a Significant Subsidiary; or


 


(C) orders the liquidation of the
Issuer, the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Parent that, taken together, would constitute a Significant Subsidiary;


 


and the order or decree remains
unstayed and in effect for 60 consecutive days;


 


(9) except
as permitted by this Indenture, any Note Guarantee ceases to be enforceable or ceases for any reason to be in full force and effect
as against the Guarantors, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations
under its Note Guarantee; or


 


(10) failure
by the Issuer to comply with Section 4.21.


 


In the event of a declaration
of acceleration of the Notes solely because an Event of Default described in clause (5) above has occurred and is continuing, the
declaration of acceleration of the Notes shall be automatically rescinded and annulled if the Event of Default or payment default
triggering such Event of Default pursuant to clause (5) shall be remedied or cured by the Parent or a Restricted Subsidiary or
waived by the holders of the relevant Indebtedness within 20 Business Days after the declaration of acceleration with respect thereto
and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court
of competent jurisdiction obtained by the Trustee for the payment of amounts due on the Notes.


 


If an Event of Default
specified in clause (8) above occurs with respect to the Parent or the Issuer, the principal of and any accrued interest on the
Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of
the Trustee or any Holder.


 






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The Parent and the
Issuer shall within 120 days after the end of each fiscal year of the Parent deliver to the Trustee a statement regarding compliance
with this Indenture. Each of the Parent and the Issuer shall notify the Trustee if it becomes aware of the occurrence of any Default
or Event of Default within ten days thereafter.


 


Section
6.02 Acceleration.


 


In the case of an Event
of Default specified in clause (7) or (8) of Section 6.01 hereof, with respect to the Issuer, the Parent, any Restricted Subsidiary
of the Parent that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Parent that, taken together, would
constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action or notice.
If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount
of the then outstanding Notes may declare all the Notes to be due and payable immediately.


 


Upon any such declaration,
the Notes shall become due and payable immediately.


 


The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders
of all the Notes, rescind an acceleration and its consequences hereunder, if the rescission would not conflict with any judgment
or decree and if all existing Events of Default (except nonpayment of principal of, premium on, if any, or interest, if any, on
the Notes that has become due solely because of the acceleration) have been cured or waived.


 


If an Event of Default
occurs on or after March 15, 2018 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Issuer
with the intention of avoiding payment of the premium that the Issuer would have had to pay if the Issuer then had elected to redeem
the Notes pursuant to Section 3.07 hereof, then, upon acceleration of the Notes, an equivalent premium shall also become and be
immediately due and payable, to the extent permitted by law, anything in this Indenture or in the Notes to the contrary notwithstanding.
If an Event of Default occurs prior to March 15, 2018 by reason of any willful action (or inaction) taken (or not taken) by or
on behalf of the Issuer with the intention of avoiding the prohibition on redemption of the Notes prior to such date, then, upon
acceleration of the Notes, the Applicable Premium shall also become and be immediately due and payable, to the extent permitted
by law.


 


At the request of the Holders of a majority
in principal amount of the Notes then outstanding following any declaration of the acceleration of the Notes pursuant to this Section
6.02 that has not been rescinded, the Trustee may direct the Escrow Agent to release the Escrowed Property in the Escrow Account
to redeem the Notes pursuant to Section 3.10 hereof.


 


Section
6.03 Other Remedies.


 


If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium on, if any,
or interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture.


 


The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the
right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted
by law.


 






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Section
6.04 Waiver of Past Defaults.


 


The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all
of the Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event
of Default in the payment of principal of, premium on, if any, or interest, if any, on, the Notes (including in connection with
an Offer to Purchase). The Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration
and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.


 


Section
6.05 Control by Majority.


 


Holders of a majority
in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse
to follow any direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the
rights of other Holders of Notes or that may involve the Trustee in personal liability. The Trustee will be under no obligation
to exercise any of its rights or powers under this Indenture at the request of any Holders, unless such Holder has offered to the
Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense that might be incurred by it
in compliance with such request or direction.


 


Section
6.06 Limitation on Suits.


 


No Holder of a Note
may pursue any remedy with respect to this Indenture or the Notes unless:


 


(1) such
Holder has previously given the Trustee written notice that an Event of Default is continuing;


 


(2) Holders
of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the
remedy;


 


(3) such
Holder or Holders offer and, if requested, provide to the Trustee security or indemnity reasonably satisfactory to the Trustee
against any loss, liability or expense;


 


(4) the Trustee
does not comply with such request within 60 days after receipt of the request and the offer of security or indemnity; and


 


(5) during
such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a
direction inconsistent with such request.


 


A Holder of a Note
may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another
Holder of a Note.


 


Section
6.07 Rights of Holders of Notes to Receive Payment.


 


Notwithstanding any
other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, premium on, if any, or
interest, if any, on the Note, on or after the respective due dates expressed in the Note (including in connection with an Offer
to Purchase), or to bring 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.


 






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Section
6.08 Collection Suit by Trustee.


 


If an Event of Default
specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name
and as trustee of an express trust against the Issuer for the whole amount of principal of, premium on, if any, and interest, if
any, remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.


 


Section
6.09 Trustee May File Proofs of Claim.


 


The Trustee is authorized
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 (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the
Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due to the Trustee under Section 7.07 hereof. To the extent that
the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due to the Trustee under Section 7.07 hereof out of the estate in any such proceeding, 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, money, securities
and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.


 


Section
6.10 Priorities.


 


If the Trustee collects
any money or property pursuant to this Article 6, it shall pay out the money or property in the following order:


 


First: to the
Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and
liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;


 


Second: to Holders
of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, if any, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, if
any, respectively; and


 


Third: to the
Issuer or to such party as a court of competent jurisdiction shall direct.


 


The Trustee, upon written
notice to the Issuer, may fix a record date and Payment Date for any payment to Holders of Notes pursuant to this Section 6.10.


 






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Section
6.11 Undertaking for Costs.


 


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 a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit
by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.


 


ARTICLE
7

TRUSTEE


 


Section
7.01 Duties of Trustee.


 


(a) If an Event of
Default has occurred and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture,
and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in
the conduct of such person’s own affairs.


 


(b) Except during the
continuance of an Event of Default:


 


(1) the duties
of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties
that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and


 


(2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.
However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of
this Indenture.


 


(c) The Trustee may
not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:


 


(1) this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;


 


(2) the Trustee
will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts; and


 


(3) the Trustee
will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by
it pursuant to Section 6.05 hereof.


 


(d) Whether or not
therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.


 


(e) No provision of
this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under no obligation
to exercise any of its rights or powers under this Indenture at the request of any Holders, unless such Holder has offered to the
Trustee security and indemnity reasonably satisfactory to the Trustee against any loss, liability or expense that might be incurred
by it in compliance with such request or direction.


 






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(f) The Trustee will
not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer. Money held in
trust by the Trustee need not be segregated from other funds except to the extent required by law.


 


(g) The Trustee will
not be liable for indirect, punitive, special or consequential damage or loss (including but not limited to lost profits) whatsoever,
even if the Trustee has been informed of the likelihood of such loss or damage and regardless of the form of action.


 


(h) Except for (i)
a default under Sections 6.01(1) or 6.01(2) hereof, or (ii) any other event of which a Responsible Officer of the Trustee has “actual
knowledge” and which event constitutes or, with the giving of notice or the passage of time or both, would constitute an
Event of Default under this Indenture, the Trustee shall not be deemed to have notice of any Default or Event of Default unless
specifically notified in writing of such event by the Issuer or a Holder; as used herein, the term “actual knowledge”
means the actual fact or statement of knowing, without any duty to make any investigation with regard thereto.


 


Section
7.02 Rights of Trustee.


 


(a) The Trustee may
conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in the document.


 


(b) Before the Trustee
acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will
not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion
of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete
authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and
in reliance thereon.


 


(c) The Trustee may
act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with due
care.


 


(d) The Trustee will
not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Indenture.


 


(e) Unless otherwise
specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient if signed
by an Officer of the Issuer.


 


(f) The Trustee will
be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any
of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory to the Trustee against
the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction.


 


Section
7.03 Individual Rights of Trustee.


 


The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any Affiliate
of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture
has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee and any Agent are
also subject to Sections 7.10 and 7.11 hereof.


 






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Section
7.04 Trustee’s Disclaimer.


 


The Trustee will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable
for the Issuer’s (or Parent’s, if applicable) use of the proceeds from the Notes or any money paid to the Issuer or
upon the Issuer’s (or Parent’s, if applicable) direction under any provision of this Indenture, it will not be responsible
for the use or application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for
any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or
pursuant to this Indenture other than its certificate of authentication.


 


Section
7.05 Notice of Defaults.


 


If a Default or Event
of Default occurs and is continuing and if it is known to a Responsible Officer of the Trustee, the Trustee will send to Holders
of Notes a notice of the Default or Event of Default within 90 days after the Trustee becomes aware of such Default or Event of
Default. Except in the case of a Default or Event of Default in payment of principal of, premium on, if any, or interest, if any,
on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines
that withholding the notice is in the interests of the Holders of the Notes. Notwithstanding the foregoing, if any Notes are held
in the form of a Global Note, the notice required to be provided hereunder shall be conclusively presumed to have been given if
delivered via facsimile, PDF or other electronic transmission to the Depositary or to the Persons who are registered Holders of
Notes, as the case may be, with accompanying instructions directing such Depositary or such Persons who are registered Holders
of Notes to forward such notice to the beneficial Holders of the Notes.


 


Section
7.06 Reports by Trustee to Holders of the Notes.


 


(a) Within 60 days
after each March 15 beginning with the March 15 following the date of this Indenture, and for so long as Notes remain outstanding,
the Trustee will send to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA §313(a)
(but if no event described in TIA §313(a) has occurred within the twelve months preceding the reporting date, no report need
be transmitted).


 


(b) A copy of each
report at the time of its delivery to the Holders of Notes will be sent by the Trustee to the Issuer and filed by the Trustee with
the SEC and each stock exchange on which the Notes are listed in accordance with TIA §313(d). The Issuer will promptly notify
the Trustee when the Notes are listed on any stock exchange.


 


Section
7.07 Compensation and Indemnity.


 


(a) The Issuer will
pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. The Trustee’s
compensation will not be limited by any law on compensation of a trustee of an express trust. In addition to the compensation for
its services, the Issuer will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses
incurred or made by it in accordance with any provision of this Indenture, except to the extent any such disbursement, advance
or expense is attributable to its negligence, bad faith or willful misconduct as determined by a court of competent jurisdiction
in a final non-appealable judgment. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s
agents and counsel.


 






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(b) Each of the Parent,
the Issuer and the Guarantors, jointly and severally, will indemnify the Trustee against any and all fees, losses, liabilities
or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture,
including the fees, costs and expenses of enforcing this Indenture against the Parent, the Issuer and the Guarantors (including
this Section 7.07) and defending itself against any claim (whether asserted by the Parent, the Issuer, the Guarantors, any Holder
or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except
to the extent any such loss, liability or expense is attributable to its negligence, bad faith or willful misconduct as determined
by a court of competent jurisdiction in a final non-appealable judgment. The Trustee will notify the Issuer promptly of any claim
for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Parent, the Issuer or any
of the Guarantors of their obligations hereunder. The Parent, the Issuer or such Guarantor will defend the claim and the Trustee
will cooperate in the defense. The Trustee may have separate counsel and the Parent or Issuer will pay the reasonable fees and
expenses of such counsel. None of the Parent, the Issuer or any Guarantor need pay for any settlement made without its consent,
which consent will not be unreasonably withheld.


 


(c) The obligations
of the Parent, the Issuer and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture
and any resignation or removal of the Trustee.


 


(d) To secure the Parent’s,
Issuer’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes
on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium on, if any, or
interest, if any, on, particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture and any resignation
or removal of the Trustee.


 


(e) When the Trustee
incurs expenses or renders services after an Event of Default specified in clause (7) or (8) of Section 6.01 hereof occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.


 


Section
7.08 Replacement of Trustee.


 


(a) A resignation or
removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance
of appointment as provided in this Section 7.08.


 


(b) The Trustee may
resign at any time upon 30 days’ written notice to the Issuer and be discharged from the trust hereby created by so notifying
the Issuer. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so
notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if:


 


(1) the Trustee
fails to comply with Section 7.10 hereof;


 


(2) the Trustee
is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;


 


(3) a custodian
or public officer takes charge of the Trustee or its property; or


 


(4) the Trustee
becomes incapable of acting.


 


(c) If the Trustee
resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the
then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuer.


 






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(d) If a successor
Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer,
or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent
jurisdiction for the appointment of a successor Trustee.


 


(e) If the Trustee,
after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such
Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.


 


(f) A successor Trustee
will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the resignation or removal
of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee
under this Indenture. The successor Trustee will send a notice of its succession to Holders. The retiring Trustee will promptly
transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have
been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Issuer’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee.


 


Section
7.09 Successor Trustee by Merger, etc.


 


If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another Person, the successor
Person without any further act will be the successor Trustee.


 


Section
7.10 Eligibility; Disqualification.


 


There will at all times
be a Trustee hereunder that is a corporation or national banking association organized and doing business under the laws of the
United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is
subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0
million as set forth in its most recent published annual report of condition.


 


This Indenture will
always have a Trustee who satisfies the requirements of TIA §310(a)(1), (2) and (5). The Trustee is subject to TIA §310(b).


 


Section
7.11 Preferential Collection of Claims Against Issuer.


 


The Trustee is subject
to TIA §311(a), excluding any creditor relationship listed in TIA §311(b). A Trustee who has resigned or been removed
shall be subject to TIA §311(a) to the extent indicated therein.


 


ARTICLE
8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE


 


Section
8.01 Option to Effect Legal Defeasance or Covenant Defeasance.


 


The Parent may at any
time, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, elect to have
either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this
Article 8.


 






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Section
8.02 Legal Defeasance and Discharge.


 


Upon the Parent’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer and each of the Guarantors will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations
with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantors
will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees),
which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections
of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes,
the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute such instruments
acknowledging the same as reasonably requested by the Issuer), except for the following provisions which will survive until otherwise
terminated or discharged hereunder:


 


(1) the rights
of Holders of outstanding Notes to receive payments in respect of the principal of, premium on, if any, or interest, if any, on
such Notes when such payments are due from the trust referred to in Section 8.04 hereof;


 


(2) the Issuer’s
obligations with respect to the Notes concerning issuing temporary notes, registration of notes, mutilated, destroyed, lost or
stolen notes and the maintenance of an office or agency for payment and money for security payments held in trust;


 


(3) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’ obligations in
connection therewith; and


 


(4) this
Article 8.


 


Subject to compliance
with this Article 8, the Parent may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.


 


Section
8.03 Covenant Defeasance.


 


Upon the Parent’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Parent, the Issuer and each of the Guarantors
will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations
under Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.16, 4.17 and 4.19 hereof and clause (4) of Section
5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, “Covenant Defeasance”), and the Notes will 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 will continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to the outstanding Notes and Note Guarantees, the Parent, the Issuer and the Guarantors may omit to comply with and will
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 will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be
unaffected thereby. In addition, upon the Parent’s exercise under Section 8.01 hereof of the option applicable to this Section
8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3), (4), (5), (6) and (9) hereof
will not constitute Events of Default.


 






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Section
8.04 Conditions to Legal or Covenant Defeasance.


 


In order to exercise
either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof:


 


(1) the Issuer
must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government
Securities or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment
bank, appraisal firm, or firm of independent public accountants, to pay the principal of, premium, if any, or interest, if any,
on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the
Issuer must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date;


 


(2) in the
case of an election under Section 8.02 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee stating that:


 


(A) the Issuer has received from,
or there has been published by, the Internal Revenue Service a ruling; or


 


(B) since the date of this Indenture,
there has been a change in the applicable federal income tax law,


 


in either case to the effect that,
and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain
or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to 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;


 


(3) in the
case of an election under Section 8.03 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income
tax purposes as a result of such Covenant Defeasance and will be subject to 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;


 


(4) no Default
or Event of Default shall have occurred and is 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 (and any similar concurrent deposit relating to other Indebtedness),
and the granting of Liens to secure such borrowings);


 


(5) 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 this Indenture and the agreements governing any other Indebtedness being defeased, discharged
or replaced) to which the Issuer or any of the Guarantors is a party or by which the Issuer or any of the Guarantors is bound;


 


(6) the Issuer
must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent
of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying or
defrauding any creditors of the Issuer or others; and


 






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(7) the Issuer
must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with.


 


Section
8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.


 


Subject to Section
8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04
hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions
of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying
Agent), to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest,
if any, but such money need not be segregated from other funds except to the extent required by law.


 


The Issuer will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 hereof 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 Notes.


 


Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer
any money or non-callable Government Securities held by it as provided in Section 8.04 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 8.04(1) 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.


 


Section
8.06 Repayment to Issuer.


 


Subject to abandoned
property laws, 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 on, if any, or interest, if any, on any Note and remaining unclaimed for two years after such principal,
premium, if any, or interest, if any, has become due and payable shall be paid to the Issuer on its request or (if then held by
the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to 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, will thereupon cease; provided, however, 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 will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then
remaining will be repaid to the Issuer.


 


Section
8.07 Reinstatement.


 


If the Trustee or Paying
Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 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’s and the Guarantors’ obligations under this Indenture and the Notes
and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof
until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof,
as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium on, if any, or interest,
if any, on, any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders
of such Notes to receive such payment from the money held by the Trustee or Paying Agent.


 



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ARTICLE
9

AMENDMENT, SUPPLEMENT AND WAIVER


 


Section
9.01 Without Consent of Holders of Notes.


 


Notwithstanding Section
9.02 of this Indenture, without the consent of any Holder of Notes, the Issuer, the Guarantors and the Trustee may amend or supplement
this Indenture, the Notes or the Note Guarantees:


 


(1) to cure
any ambiguity, omission, mistake, defect or inconsistency;


 


(2) to provide
for uncertificated Notes in addition to or in place of certificated Notes;


 


(3) to provide
for the assumption of the Issuer’s or a Guarantor’s obligations to the Holders of the Notes and Note Guarantees by
a successor to the Issuer or such Guarantor pursuant to Article 5 or Article 10 hereof;


 


(4) to make
any change that would provide any additional rights or benefits to the Holders of Notes or that does not materially, in the good
faith determination of the Board of Directors of the Parent, adversely affect the legal rights under this Indenture, the Note Guarantees
or the Notes of any such Holder;


 


(5) to comply
with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;


 


(6) to comply
with the provisions of Section 4.16 hereof;


 


(7) to evidence
and provide for the acceptance of appointment by a successor Trustee;


 


(8) to provide
for the issuance of Additional Notes in accordance with this Indenture; or


 


(9) to conform
this Indenture, the Note Guarantees or the Notes to any provision of the “Description of Notes” in the Offering Memorandum.


 


Upon the request of
the Issuer accompanied by a resolution of its Board of Directors authorizing the execution by the Issuer and, with respect to subparagraph
(6) above, the applicable Guarantors, of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents
described in Sections 9.06 and 12.04 hereof, the Trustee will join with the Issuer and, as applicable, the Guarantors in the execution
of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or
supplemental indenture that affects its own rights, duties, liabilities or immunities under this Indenture or otherwise.


 



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Section
9.02 With Consent of Holders of Notes.


 


Except as provided
below in this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture (including, without
limitation, Section 3.09, 4.10 and 4.15 hereof) and the Notes and the Note Guarantees with the consent of the Holders of at least
a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any)
voting as a single class (including, without limitation, consents obtained in connection with a tender offer, or purchase of, the
Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event
of Default in the payment of the principal of, premium on, if any, or interest, if any, on, the Notes, except a payment default
resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes or the
Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding
Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents
obtained in connection with a tender offer, or purchase of, the Notes).


 


Upon the request of
the Issuer accompanied by a resolution of its Board of Directors authorizing the execution by the Issuer and the Guarantors of
any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the
consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Sections 9.06 and 12.04
hereof, the Trustee will join with the Issuer and the Guarantors in the execution of such amended or supplemental indenture, but
the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties, liabilities
or immunities under this Indenture or otherwise.


 


It is not necessary
for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement
or waiver, but it is sufficient if such consent approves the substance thereof.


 


After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Issuer will send to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such notice, or any defect therein,
will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to
Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as
a single class may waive compliance in a particular instance by the Issuer with any provision of this Indenture, the Notes or the
Note Guarantees. However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02
may not (with respect to any Notes held by a non-consenting Holder):


 


(1) reduce
the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;


 


(2) change
the Stated Maturity of the principal of, or any installment of interest on, any Note;


 


(3) reduce
the principal amount of, or premium, if any, or interest on, any Note;


 


(4) reduce
the premium payable upon the redemption of any such Note or change the time at which any such Note may be redeemed, in each pursuant
to Section 3.07 or waive any such redemption payment with respect to the Notes;


 




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(5) waive
a Default or Event of Default in the payment of principal of, or interest or premium, if any, on, the Notes (except, upon a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes, a waiver of the
payment default that resulted from such acceleration) or in respect of any other covenant or provision that cannot be amended or
modified without the consent of all Holders;


 


(6) make
any Note payable in money other than U.S. dollars;


 


(7) make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or premium, if any, on, the Notes;


 


(8) make
any change in the amendment and waiver provisions of this Indenture;


 


(9) release
any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this
Indenture;


 


(10) impair
the right to institute suit to receive payment of principal of and or interest on such Holder’s Notes on or after the due
dates therefor; or


 


(11) except
as otherwise permitted under Section 5.01 and 4.16, consent to the assignment or transfer by the Issuer or any Guarantor of any
of their rights or obligations under this Indenture.


 


Section 9.03 [RESERVED]


 


Section
9.04 Revocation and Effect of Consents.


 


Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even
if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke
the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver
becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every
Holder.


 


Section
9.05 Notation on or Exchange of Notes.


 


The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for
all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.


 


Failure to make the
appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.


 



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Section
9.06 Trustee to Sign Amendments, etc.


 


The Trustee will sign
any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. The Issuer may not sign an amended or supplemental indenture until
the Board of Directors of the Parent approves it. In executing any amended or supplemental indenture, the Trustee shall receive
and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section
12.04 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture.


 


ARTICLE
10

NOTE GUARANTEES


 


Section
10.01 Guarantee.


 


(a) Subject to this
Article 10, upon consummation of the SPV Merger, each of the Guarantors hereby, jointly and severally, shall unconditionally guarantee
to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective
of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:


 


(1) the principal
of, premium, if any, on, and interest, if any, on the Notes will be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest, if any, on, the Notes, if
lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be promptly paid in
full or performed, all in accordance with the terms hereof and thereof; and


 


(2) in case
of any extension of time of payment or renewal of any Notes or any of such other obligations, that 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.


 


Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.


 


(b) The Guarantors
hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of
the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes 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 a Guarantor. Each Guarantor
hereby waives diligence, presentment, demand of payment, 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, protest, notice and all demands whatsoever and covenant
that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this
Indenture.


 


(c) If any Holder or
the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator
or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee or
such Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.


 



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(d) Each Guarantor
agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any Obligations guaranteed
hereby until payment in full of all Obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors,
on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the Obligations guaranteed hereby may
be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or
other prohibition preventing such acceleration in respect of the Obligations guaranteed hereby, and (2) in the event of any declaration
of acceleration of such Obligations as provided in Article 6 hereof, such Obligations (whether or not due and payable) will forthwith
become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution
from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.


 


Section
10.02 Limitation on Guarantor Liability.


 


Each Guarantor, and
by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of
such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To
effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the Obligations of
such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent
and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights
to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the Obligations of such other
Guarantor under this Article 10, result in the Obligations of such Guarantor under its Note Guarantee not constituting a fraudulent
transfer or conveyance.


 


Section
10.03 Execution and Delivery of Note Guarantee.


 


To evidence its Note
Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee substantially
in the form attached as Exhibit E hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered
by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers.


 


Each Guarantor hereby
agrees that its Note Guarantee set forth in Section 10.01 hereof will remain in full force and effect notwithstanding any failure
to endorse on each Note a notation of such Note Guarantee.


 


If an Officer whose
signature is on this Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note
on which a Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless.


 


The delivery of any
Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in
this Indenture on behalf of the Guarantors.


 


Section
10.04 Guarantors May Consolidate, etc., on Certain Terms.


 


Except as otherwise
provided in Section 10.05 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Issuer or another
Guarantor (or a Person that, upon such consolidation or merger, shall become a Guarantor), unless:


 


(1) immediately
after giving effect to such transaction, no Default or Event of Default exists; and


 






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(2) either:


 


(A) subject to Section 10.05 hereof,
the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or
merger unconditionally assumes all the Obligations of that Guarantor under its Note Guarantee and this Indenture (on the terms
set forth herein or therein, pursuant to a supplemental indenture executed and delivered to the Trustee); or


 


(B) the Net Available Cash, if any,
of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without
limitation, Section 4.10 hereof.


 


In case of any such
consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed
and delivered to the Trustee, if required, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of
all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to and
be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon
may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore
shall not have been signed by the Issuer and delivered to the Trustee. All the Note Guarantees so issued will in all respects have
the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with
the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof.


 


Except as set forth
in Articles 4 and 5 hereof, and notwithstanding clauses 2(a) and (b) above, nothing contained in this Indenture or in any of the
Notes will prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor, or will prevent any
sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuer or another Guarantor.


 


Section
10.05 Releases.


 


A Note Guarantee of
a Guarantor will be automatically and unconditionally released (and thereupon shall terminate and be discharged and be of no further
force and effect):


 


(a) in connection with
any sale or other disposition (including by merger, liquidation or otherwise) of (i) Capital Stock of the Guarantor after which
such Guarantor is no longer a Subsidiary of the Parent, or (ii) of all or substantially all of the assets of such Guarantor (other
than Parent), which sale or other disposition complies with the applicable provisions of this Indenture and all the Obligations
(other than contingent Obligations) of such Guarantor (other than Parent) in respect of all other Indebtedness of the Parent or
the Guarantors terminate upon consummation of such transaction;


 


(b) if the Parent properly
designates the Guarantor as an Unrestricted Subsidiary under this Indenture;


 


(c) solely in the case
of a Note Guarantee created pursuant to Section 4.16 hereof upon the release or discharge of the Note Guarantee or Incurrence of
Indebtedness that resulted in the creation of such Note Guarantee pursuant to that covenant, except a discharge or release by or
as a result of payment under such Guarantee;


 


(d) upon Legal Defeasance
or Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article
11 hereof;


 


(e) upon payment in
full of the aggregate principal amount of all Notes then outstanding and all other obligations under this Indenture and the Notes
then due and owing;


 




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(f) pursuant to Article
9 hereof; or


 


(g) in the case of
any Guarantor (other than Parent) which is also a guarantor under the ABL Facility and the Senior Secured Term Loan Facility, upon
the release of such guarantee under such Credit Facilities (which release under such Credit Facilities may be conditioned upon
the concurrent release of the Note Guarantee hereunder).


 


Upon any occurrence
giving rise to a release of a Note Guarantee as specified in clauses (a) through (g) hereof, the Trustee will execute any documents
reasonably requested by the Issuer, at the Issuer’s cost and expense, in order to evidence or effect such release, termination
and discharge in respect of such Note Guarantee. None of the Issuer, any Guarantor or the Trustee will be required to make a notation
on the Notes to reflect any Note Guarantee or any such release, termination or discharge.


 


Any Guarantor not released
from its obligations under its Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal
of, premium on, if any, and interest, if any, on, the Notes and for the other obligations of any Guarantor under this Indenture
as provided in this Article 10.


 


ARTICLE
11

SATISFACTION AND DISCHARGE


 


Section
11.01  Satisfaction and Discharge.


 


This Indenture will
be discharged and will cease to be of further effect as to all Notes issued hereunder, when:


 


(1) either:


 


(A) all Notes that have been authenticated
(except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been
deposited in trust and thereafter repaid to the Issuer) have been delivered to the Trustee for cancellation; or


 


(B) all Notes that have not been
delivered to the Trustee for cancellation have become due and payable (by reason of the mailing of a notice of redemption or otherwise)
or will become due and payable at Stated Maturity within one year, and in each such case the Issuer or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S.
dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of
a nationally recognized firm of independent public accountants, without consideration of any reinvestment of interest, to pay and
discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium and accrued
interest, if any, to the Stated Maturity or redemption date, as the case may be;


 


(2) in respect
of clause 1(B) of this Section 11.01, no Default or Event of Default will 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 and any similar deposit
relating to other Indebtedness and, in each case, the granting of Liens to secure such borrowings) and such deposit will not result
in a breach or violation of, or constitute a Default under, any material agreement or instrument to which the Issuer or any Guarantor
is a party or by which the Issuer or any Guarantor is bound (other than with respect to the borrowing of funds to be applied concurrently
to make the deposit required to effect such satisfaction and discharge and any similar concurrent deposit relating to other Indebtedness,
and in each case the granting of Liens to secure such borrowings);


 



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(3) the Issuer
or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and


 


(4) the Issuer
has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the
Notes at Stated Maturity or the redemption date, as the case may be.


 


In addition, the Issuer
must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction
and discharge have been satisfied.


 


Notwithstanding the
satisfaction and discharge of this Indenture, if money or Government Securities have been deposited with the Trustee pursuant to
subclause (b) of clause (1) of this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition,
nothing in this Section 11.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive
the satisfaction and discharge of this Indenture.


 


Section
11.02  Application of Trust Money.


 


Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Issuer acting as its own Paying Agent), to the Persons entitled thereto, of the principal, premium, if any,
and interest, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from
other funds except to the extent required by law.


 


If the Trustee or Paying
Agent is unable to apply any money or Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Issuer has made any payment of
principal of, premium on, if any, and interest, if any, on, any Notes because of the reinstatement of its obligations, the Issuer
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.


 



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ARTICLE
12

MISCELLANEOUS


 


Section 12.01 [RESERVED]


 


Section
12.02 Notices.


 


Any notice or communication
by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by first class
mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day
delivery, to the others’ address:


 


Prior to the consummation of the SPV Merger, if
to the SPV Issuer:


 


Evolution Escrow Issuer LLC

One Stamford Plaza

263 Tresser Boulevard, Suite 1100


Stamford, CT 06901

Facsimile No.: (203) 705-3703

Attention: Steven Kaye


With a copy to:


 


Kirkland & Ellis LLP

601 Lexington Avenue


New York, NY 10022

Facsimile No.: (212) 446-4900

Attention: Richard B. Aftanas, P.C.


 


After the consummation of the SPV Merger, if to
the Issuer or any Guarantor:


 


Tronox Finance LLC

One Stamford Plaza

263 Tresser Boulevard, Suite 1100


Stamford, CT 06901

Facsimile No.: (203) 705-3703

Attention: Steven Kaye


 


With a copy to:


 


Kirkland & Ellis LLP

601 Lexington Avenue


New York, NY 10022

Facsimile No.: (212) 446-4900

Attention: Richard B. Aftanas, P.C.


 


If to the Trustee:


 


Wilmington Trust, National Association

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Facsimile No.: (612) 217-5651

Attention: Tronox Administrator


 


The Issuer, any Guarantor
or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.


 


All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day
delivery.


 



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Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar, or delivered electronically in accordance
with the Applicable Procedures.  Failure to mail a notice or communication to
a Holder or any defect in it will not affect its sufficiency with respect to other Holders.


 


If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.


 


If the Issuer sends
a notice or communication to Holders, it will send a copy to the Trustee and each Agent at the same time.


 


Notwithstanding
any other provision of this Indenture, where this Indenture provides for notice of any event (including any notice of redemption
or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the
Depositary (or its designee) pursuant to the standing instructions from the Depositary or its designee.


 


Section
12.03 [RESERVED]


 


Section
12.04  Certificate and Opinion as to Conditions Precedent.


 


Upon any request or
application by the Issuer or the Parent to the Trustee to take any action under this Indenture, the Issuer shall furnish to the
Trustee:


 


(1) an Officer’s
Certificate in form reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof)
stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating
to the proposed action have been satisfied; and


 


(2) an Opinion
of Counsel in form reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof)
stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.


 


Section
12.05  Statements Required in Certificate or Opinion.


 


Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture must include:


 


(1) a statement
that the Person making such certificate or opinion has read such covenant or condition;


 


(2) 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;


 


(3) a statement
that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her
to express an informed opinion as to whether or not such covenant or condition has been satisfied; and


 


(4) a statement
as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.


 




    	104



    	 



    


 


Section
12.06 Rules by Trustee and Agents.


 


The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.


 


Section
12.07 No Personal Liability of Directors, Officers, Employees and Stockholders.


 


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


 


Section
12.08 Governing Law.


 


THE INTERNAL LAW OF
THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.


 


Section
12.09 No Adverse Interpretation of Other Agreements.


 


This Indenture may
not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.


 


Section
12.10 Successors.


 


All agreements of the
Issuer in this Indenture and the Notes will bind its successors hereunder. All agreements of the Trustee in this Indenture will
bind its successors. All agreements of each Guarantor in this Indenture will bind its successors hereunder, except as otherwise
provided in Section 10.05 hereof.


 


Section
12.11 Severability.


 


In case any provision
in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby.


 


Section
12.12 Counterpart Originals.


 


The parties may sign
any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent one
and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original
signatures for all purposes.


 



    	105



    	 



    

 


Section
12.13 Table of Contents, Headings, etc.


 


The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.


 


Section
12.14 Waiver of Jury Trial.


 


EACH OF THE ISSUER,
THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED
HEREBY.


 


Section 12.15 USA PATRIOT Act.


 



The
parties hereto acknowledge that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information
that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to
this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy
the requirements of the U.S.A. PATRIOT Act.


 


[Signatures
on following page]


 






    	106



    	 



    

 


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





	 	 	 	 
	 	EVOLUTION ESCROW ISSUER LLC
	 	 	 
	 	By:	/s/ Steven A. Kaye	 
	 	 	Name: Steven A. Kaye
	 	 	Title: Manager


 

Signature Page to Indenture

 


    	 



    	 



    
 

	 	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	not in its individual capacity, but solely in its capacity as Trustee
	 	 	 
	 	By:	/s/ Jane Schweiger	 
	 	 	Name: Jane Schweiger
	 	 	Title: Vice President



 


Signature Page to Indenture


 





    	 



    	 



    

[Face
of Note]


	 


CUSIP/CINS
30049X AA5

ISIN US30049XAA54


 


7.50%
Senior Notes due 2022


 


	No.
    ___	$	 


 


EVOLUTION
ESCROW ISSUER LLC


 


promises
to pay to _______________ or registered assigns,


 


the
principal sum of __________________________________________________________ DOLLARS on March 15, 2022.


 


Interest
Payment Dates: March 15 and September 15


 


Record
Dates: March 1 and September 1


 


Dated:
_______________


 



    	A1-1



    	 



    

 


	 	 	 
	 	EVOLUTION ESCROW ISSUER
    LLC
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:


 


This is
one of the Notes referred to

in the within-mentioned Indenture:


	 	 	 
	WILMINGTON
    TRUST, NATIONAL ASSOCIATION 

as Trustee	 
	 	 
	By:	 	 
	 	Authorized Signatory	 



 



    	A1-2



    	 



    

 


[Back
of Note]


7.50%
Senior Notes due 2022


 


[Insert
the Global Note Legend, if applicable pursuant to the provisions of the Indenture]


 


[Insert
the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]


 


Capitalized
terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.


 


(1) Interest.
Evolution Escrow Issuer LLC, a Delaware corporation (the “Issuer”), promises to pay or cause to be paid interest
on the principal amount of this Note at 7.50% per annum from ________________, ___ until maturity. The Issuer will pay interest
semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that, if this Note
is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest
shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall
be _____________, _____. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at a rate that is 1% higher than the then applicable interest rate on the Notes to the extent lawful;
it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest, if any (without regard to any applicable grace period), at the same rate to the extent lawful.


 


Interest
will be computed on the basis of a 360-day year comprised of twelve 30-day months.


 


(2) Method
of Payment. The Issuer will pay interest on the Notes (except defaulted interest) to the Persons who are registered
Holders of Notes at the close of business on the March 1 or September 1 next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest, if any,
at the office or agency of the Paying Agent and Registrar, or, at the option of the Issuer, payment of interest may be made by
check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer
of immediately available funds will be required with respect to principal of, premium on, if any, and interest on, all Global
Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer or the Paying Agent.
Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts.


 


(3) Paying
Agent and Registrar. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, will act as
Paying Agent and Registrar. The Issuer may change the Paying Agent or Registrar without prior notice to the Holders of the Notes.
The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar.


 


(4) Indenture.
The Issuer issued the Notes under an Indenture dated as of March 19, 2015 (the “Indenture”) between the Issuer
and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders
are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations
of the Issuer limited to $600 million in aggregate principal amount. The Indenture does not limit the aggregate principal amount
of Notes that may be issued thereunder.

 



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(5) Optional
Redemption.


 


(a) At
any time prior to March 15, 2018, the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal amount
of Notes issued under the Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to
107.500% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, up to, but excluding, the date
of redemption (subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant Interest
Payment Date), with the net proceeds of one or more Equity Offerings; provided that:


 


(i) at
least 50% of the aggregate principal amount of Notes issued under the Indenture (including the Additional Notes) remains outstanding
immediately after the occurrence of such redemption (excluding Notes held by the Issuer or its Affiliates); and


 


(ii) the
redemption occurs within 180 days of the date of the closing of such Equity Offering.


 


(b) At
any time prior to March 15, 2018, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less
than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed,
plus the Applicable Premium as of, and accrued and unpaid interest, if any, up to, but excluding, the applicable date of redemption,
subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. Upon
any such redemption pursuant to this clause (b), the Issuer shall calculate or cause the Applicable Premium to be calculated.
The Trustee shall have no duty to calculate or verify the Issuer’s calculation of the Applicable Premium.


 


(c) Except
pursuant to the preceding paragraphs and Section 6 of this Note, the Notes will not be redeemable at the Issuer’s option
prior to March 15, 2018.


 


(d) On
or after March 15, 2018, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less than 30
nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below,
plus accrued and unpaid interest, if any, on the Notes redeemed, up to, but excluding, the applicable date of redemption, if redeemed
during the twelve-month period beginning on March 15 of the years indicated below, subject to the rights of Holders on the relevant
record date to receive interest on the relevant Interest Payment Date:


	 	 	 
	Year	 	Percentage
	2018	 	103.750%
	2019	 	101.875%
	2020 and thereafter	 	100.000%


 


Unless
the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable redemption date.


 


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(e) Notwithstanding
the foregoing, in connection with any tender offer for the Notes, including a Change of Control Offer or Offer to Purchase in
connection with Excess Proceeds, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly
tender and do not withdraw such Notes in such tender offer and the Issuer, or any third party making a such tender offer in lieu
of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will
have the right upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase
date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the price offered to
each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest,
if any, thereon, to, but not including, the date of such redemption.


 


(6) Optional
Tax Redemption. The Issuer may also redeem the Notes in accordance with Section 3.07(e) of the Indenture.


 


(7) Mandatory
Redemption. 


 


(a) Except
for a mandatory redemption pursuant to Section 3.10 of the Indenture, the Issuer is not required to make mandatory redemption
or sinking fund payments with respect to the Notes.


 


(b) On
the Issue Date, the SPV Issuer shall deposit into the Escrow Account the gross proceeds of the Initial Notes offering, plus an
amount (either in cash or in the form of a letter of credit) sufficient, together with the gross proceeds of the offering, to
fund a Special Mandatory Redemption of the Notes on April 10, 2015, if a Special Mandatory Redemption were to occur on such date,
plus an amount equal to five days of interest accrued on the Notes. Additionally, unless the Completion Date has occurred, on
the fifth day of each month beginning on April 5, 2015 the SPV Issuer will deposit (or cause to be deposited) to the Escrow Account
an amount of cash equal to 30 days of interest accrued on the Notes plus an amount in cash equal to the amount which would be
necessary to pay the Special Mandatory Redemption Price if a Special Mandatory Redemption were to occur on the fifth day of the
next following month. If the Escrowed Property is distributed to the Trustee pursuant to Section 5(b) of the Escrow Agreement,
the Trustee, on behalf of the SPV Issuer, shall redeem the Notes in accordance with Section 3.10 of the Indenture.


 


(8) Repurchase
at Option of Holder.


 


(a) Upon
the occurrence of a Change of Control, the Issuer will be required to make an offer (a “Change of Control Offer”)
to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid
interest, if any, on the Notes repurchased to the date of repurchase (excluding the date of repurchase), subject to the rights
of Holders of Notes on the relevant record date to receive interest due on the relevant Interest Payment Date that occurs prior
to the repurchase date (the “Change of Control Payment”). Within 30 days following any Change of Control, the Issuer
will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture.


 


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(b) If,
as of the first day of any calendar month, the aggregate amount of Excess Proceeds totals at least $30 million, the Issuer must
commence, not later than the fifteenth Business Day of such month, and consummate an Offer to Purchase, from the Holders and,
at the Issuer’s option, all holders of Pari Passu Debt containing provisions similar to those set forth in the Indenture
with respect to offers to purchase with the proceeds of sales of assets, the maximum principal amount of Notes and such Pari Passu
Debt, if any, that may be purchased out of the Excess Proceeds. The offer price in any such Offer to Purchase shall be equal to
or greater than the amount of Excess Proceeds and shall be calculated as follows: 100% of the principal amount (or accreted value,
if applicable) of the Notes and such Pari Passu Debt, plus accrued and unpaid interest, if any up to, but excluding, the date
of purchase (subject to the rights of Holders of Notes on a relevant record date to receive interest on an Interest Payment Date
that occurs prior to the purchase date) and will be payable in cash. To the extent that any Excess Proceeds remain after consummation
of an Offer to Purchase pursuant to Section 4.10 of the Indenture, the Parent and the Restricted Subsidiaries may use those Excess
Proceeds for any purpose not otherwise prohibited by the Indenture, and those Excess Proceeds shall no longer constitute “Excess
Proceeds”. Holders of Notes that are the subject of an Offer to Purchase will receive an Offer to Purchase from the Issuer
prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option
of Holder to Elect Purchase” attached to the Notes.


 


(9) Notice
of Redemption. At least 30 days but not more than 60 days before a redemption date, the Issuer will send or cause to
be sent, by first class mail or electronically in accordance with the Applicable Procedures, a notice of redemption to each Holder
whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior
to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the
Indenture pursuant to Articles 8 or 11 thereof. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples
of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding
amount of Notes held by such Holder shall be redeemed or purchased.


 


(10) Denominations,
Transfer, Exchange. The Notes are in registered form in minimum denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer
may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or
register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note
being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before
a selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date.


 


(11) Persons
Deemed Owners. The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered
Holders have rights under the Indenture.


 


(12) Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes or the Note Guarantees may be amended
or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes
including Additional Notes, if any, voting as a single class, and any existing Default or Event of Default or compliance with
any provision of the Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority
in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class. Without
the consent of any Holder of Notes, the Indenture, the Notes or the Note Guarantees may be amended or supplemented to cure any
ambiguity, omission, mistake, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated
Notes, to provide for the assumption of the Issuer’s or a Guarantor’s obligations to Holders of the Notes and Note
Guarantees by a successor to the Issuer or such Guarantor pursuant to the Indenture, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not materially, in the good faith determination of the
Board of Directors of the Parent, adversely affect the legal rights under the Indenture, the Note Guarantees or the Notes of any
Holder, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the
TIA, to comply with Section 4.16 of the Indenture, to evidence and provide for the acceptance of appointment by a successor Trustee,
to provide for the issuance of Additional Notes in accordance with the Indenture, or to conform the text of the Indenture, the
Notes, or the Note Guarantees to any provision of the “Description of Notes” section of the Issuer’s Offering
Memorandum.


 



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(13) Defaults
and Remedies. Events of Default include: (i) default in the payment in respect of the principal of (or premium, if
any, on) any Note when due and payable (whether at Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise);
(ii) default in the payment of any interest upon any Note when it becomes due and payable, and continuance of such default for
a period of 30 days thereafter; (iii) failure by the Parent or any Restricted Subsidiary to comply with the provisions of Sections
4.10(c), 4.15 and 5.01 of the Indenture; (iv) default in the performance, or breach, of any covenant or agreement of the Parent
or any Restricted Subsidiary in the Indenture (other than a covenant or agreement a default in whose performance or whose breach
is specifically dealt with in clauses (1), (2) or (3) of Section 6.01 of the Indenture), and continuance of such default or breach
for a period of 60 days after written notice thereof has been given to the Issuer by the Trustee or to the Issuer and the Trustee
by the Holders of at least 25% in aggregate principal amount of the outstanding Notes, voting as a single class; (v) a default
or defaults under any mortgage, bonds, debentures, notes or other evidences of Indebtedness (other than the Notes) by the Parent
or any Restricted Subsidiary having, individually or in the aggregate, a principal or similar amount outstanding of at least $50
million, whether such Indebtedness now exists or shall hereafter be created, which default or defaults either (a) shall have resulted
in the acceleration of the maturity of such Indebtedness prior to its express maturity or (b) shall constitute a failure to pay
principal of, or interest or premium on, such Indebtedness when due and payable after the expiration of any applicable grace period
with respect thereto; (vi) the entry against the Parent or any Restricted Subsidiary of a final judgment(s) for the payment of
money in an aggregate amount in excess of $50 million (net of amounts covered by (a) insurance for which the insurer thereof has
been notified of such claim and has not challenged such coverage or (b) valid third-party indemnifications for which the indemnifying
party thereof has been notified of such claim and has not challenged such indemnification), by a court or courts of competent
jurisdiction, which judgment(s) remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive
days; (vii) The Issuer, the Parent or any of its Restricted Subsidiaries Restricted Subsidiaries that is a Significant Subsidiary
or any group of Restricted Subsidiaries of the Parent that, taken together, would constitute a Significant Subsidiary pursuant
to or within the meaning of Bankruptcy Law (a) commences a voluntary case, (b) consents to the entry of an order for relief against
it in an involuntary case, (c) consents to the appointment of a custodian of it or for all or substantially all of its property,
(d) makes a general assignment for the benefit of its creditors, or (e) generally is not paying its debts as they become due;
(viii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (a) is for relief against the
Issuer, the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Parent that, taken together, would constitute a Significant Subsidiary in an involuntary case, (b) appoints a custodian
of the Issuer, the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Parent that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property
of the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of
the Parent that, taken together, would constitute a Significant Subsidiary, or (c) orders the liquidation of the Issuer, the Parent
or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Parent that,
taken together, would constitute a Significant Subsidiary, and the order or decree remains unstayed and in effect for 60 consecutive
days; (ix) except as permitted by the Indenture, any Note Guarantee ceases to be enforceable or ceases for any reason to be in
full force and effect as against the Guarantors, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or
disaffirms its obligations under its Note Guarantee; and (x) failure by the Issuer to comply with Section 4.21. In the case of
an Event of Default specified in clause (7) or (8) of Section 6.01 of the Indenture, with respect to the Issuer, any Restricted
Subsidiary of the Issuer that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together,
would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action
or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such declaration, the
Notes shall become due and payable immediately. The Holders of a majority in aggregate principal amount of the then outstanding
Notes by written notice to the Trustee may, on behalf of all of the Holders of all the Notes, rescind an acceleration and its
consequences hereunder, if the rescission would not conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal of, premium on, if any, or interest, if any, on the Notes that has become due solely because of
the acceleration) have been cured or waived. Holders may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the
time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust
or power conferred on it. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the
Trustee may, on behalf of all the Holders of Notes, rescind an acceleration or waive an existing Default or Event of Default and
its respective consequences under the Indenture except a continuing Default or Event of Default in the payment of principal of,
premium on, if any, or interest, if any, on, the Notes (including in connection with an Offer to Purchase). The Issuer is required
to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required, upon becoming
aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.


 


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(14) Trustee
Dealings with Issuer. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were
not the Trustee.


 


(15) No
Recourse Against Others. No director, officer, employee, incorporator, stockholder, member, manager or partner of the
Issuer or any Guarantor, as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes,
the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.


 


(16) Authentication.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.


 


(17) Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).


 


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(18) [RESERVED]


 


(19) CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuer has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.


 


(20) GOVERNING
LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE
NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.


 


The
Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:


 


Prior
to the consummation of the SPV Merger, if to the SPV Issuer:


 


Evolution
Escrow Issuer LLC

One Stamford Plaza

263 Tresser Boulevard, Suite 1100 


Stamford,
CT 06901

Facsimile No.: (203) 705-3703

Attention: Steven Kaye


 


After
the consummation of the SPV Merger, if to the Issuer or any Guarantor:


 


Tronox
Finance LLC

One Stamford Plaza

263 Tresser Boulevard, Suite 1100 


Stamford,
CT 06901

Facsimile No.: (203) 705-3703

Attention: Steven Kaye


 


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Assignment
Form


 


To
assign this Note, fill in the form below:


 


	(I) or (we) assign and
    transfer this Note to:  	 
	 	(Insert assignee’s legal name)


 


	 
	(Insert assignee’s soc. sec. or
    tax I.D. no.)
	 
	 
	 
	 
	 
	(Print or type assignee’s name,
    address and zip code)


 


	 	 
	and irrevocably appoint  	 
	to transfer this Note on
    the books of the Issuer.  The agent may substitute another to act for him.


 


Date: _______________


	 	 	 
	 	Your Signature: 	 
	 	     (Sign exactly as your name
    appears on the face of this Note)


 


Signature
Guarantee*: _________________________


 


* Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).


 



    	A1-10



    	 



    

 


Option of
Holder to Elect Purchase


If
you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate
box below:


	 	 
	☐ Section 4.10	☐ Section 4.15


 





If
you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 4.10 or Section 4.15 of the Indenture,
state the amount you elect to have purchased:


 


$_______________





 


Date: _______________


	 	 	 	 
	 	Your Signature:	 
	 	     (Sign exactly as your name
    appears on the face of this Note)
	 	 
	 	Tax Identification No.:  	 


 


Signature
Guarantee*: _________________________


 


* Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).


 



    	A1-11



    	 



    

 


Schedule
of Exchanges of Interests in the Global Note*


 


The
following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges
of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made:


	 	 	 	 	 	 	 	 	 
	Date
    of Exchange	 	Amount
    of

    decrease in

    Principal Amount

    of

    this Global Note	 	Amount
    of

    increase in

    Principal Amount

    of

    this Global Note	 	Principal
    Amount 

    of this Global Note 

following such 

decrease 

    (or increase)	 	Signature
    of 

    authorized officer 

    of Trustee or 

    Custodian
	 	 	 	 	 	 	 	 	 


 


*This
schedule should be included only if the Note is issued in global form.


 



    	A1-12



    	 



    

 


[Face
of Regulation S Temporary Global Note]


	 


CUSIP/CINS
U3000X AA6

ISIN USU3000XAA64


 


7.50%
Senior Notes due 2022


 


	No. ___	$	 


 


EVOLUTION
ESCROW ISSUER LLC


 


promises
to pay to _______________ or registered assigns,


 


the
principal sum of __________________________________________________________ DOLLARS on March 15, 2022.


 


Interest
Payment Dates: March 15 and September 15


 


Record
Dates: March 1 and September 1


 


Dated:
_______________


 




    	A2-1



    	 



    

 


	 	 	 
	 	EVOLUTION ESCROW ISSUER
    LLC
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:


 


This
is one of the Notes referred to

in the within-mentioned Indenture:


	 	 	 
	WILMINGTON
    TRUST, NATIONAL ASSOCIATION 

    as Trustee	 
	 	 
	By:	 	 
	 	     Authorized Signatory	 


 


 



    	A2-2



    	 



    


 




[Back
of Regulation S Temporary Global Note]

7.50% Senior Notes due 2022


 


THE
RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE
NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION
S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.


 


THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH
THE PRIOR WRITTEN CONSENT OF THE ISSUER.


 


UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO A 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. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), 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
& CO., HAS AN INTEREST HEREIN.


 


THE
NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”)
AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION
COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (4) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR
WITHIN THE MEANING OF RULE 501 OF REGULATION D UNDER THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT OR (5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH
ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.



 



    	A2-3



    	 



    


 


Capitalized
terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.


 


(1) Interest.
Evolution Escrow Issuer LLC, a Delaware limited liability company (the “Issuer”), promises to pay or cause to be paid
interest on the principal amount of this Note at 7.50% per annum from ________________, ___ until maturity. The Issuer will pay
interest, if any, semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the
most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided
that, if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment
Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment
Date shall be _____________, _____. The Issuer will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at a rate that is 1% higher than the then applicable interest rate on the Notes to the extent
lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments
of interest, if any (without regard to any applicable grace period), at the same rate to the extent lawful.


 


Interest
will be computed on the basis of a 360-day year comprised of twelve 30-day months.


 


Until
this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall
not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall
in all other respects be entitled to the same benefits as other Notes under the Indenture.


 


(2) Method
of Payment. The Issuer will pay interest on the Notes (except defaulted interest) to the Persons who are registered
Holders of Notes at the close of business on the March 1 or September 1 next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest, if any,
at the office or agency of the Paying Agent and Registrar, or, at the option of the Issuer, payment of interest may be made by
check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer
of immediately available funds will be required with respect to principal of, premium on, if any, and interest on, all Global
Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer or the Paying Agent.
Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts.


 


(3) Paying
Agent and Registrar. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, will act as
Paying Agent and Registrar. The Issuer may change the Paying Agent or Registrar without prior notice to the Holders of the Notes.
The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar.


 


(4) Indenture.
The Issuer issued the Notes under an Indenture dated as of March 19, 2015 (the “Indenture”) between the Issuer and
the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders
are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations
of the Issuer limited to $600 million in aggregate principal amount. The Indenture does not limit the aggregate principal amount
of Notes that may be issued thereunder.


 



    	A2-4



    	 



    


 


(5) Optional
Redemption.


 


(a) At
any time prior to March 15, 2018, the Issuer may on any one or more occasions redeem up to 40% of the aggregate principal amount
of Notes issued under the Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to
107.500% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any, up to, but excluding, the date
of redemption (subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant Interest
Payment Date),with the net proceeds of one or more Equity Offerings; provided that:


 


(i) at
least 50% of the aggregate principal amount of Notes issued under the Indenture (including the Additional Notes) remains outstanding
immediately after the occurrence of such redemption (excluding Notes held by the Issuer or its Affiliates); and


 


(ii) the
redemption occurs within 180 days of the date of the closing of such Equity Offering.


 


(b) At
any time prior to March 15, 2018, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less
than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed,
plus the Applicable Premium as of, and accrued and unpaid interest, if any, up to, but excluding, the applicable date of redemption,
subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. Upon
any such redemption pursuant to this clause (b), the Issuer shall calculate or cause the Applicable Premium to be calculated.
The Trustee shall have no duty to calculate or verify the Issuer’s calculation of the Applicable Premium.


 


(c) Except
pursuant to the preceding paragraphs and Section 6 of this Note, the Notes will not be redeemable at the Issuer’s option
prior to March 15, 2018.


 


(d) On
or after March 15, 2018, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less than 30
nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below,
plus accrued and unpaid interest, if any, on the Notes redeemed, up to, but excluding, the applicable date of redemption, if redeemed
during the twelve-month period beginning on March 15 of the years indicated below, subject to the rights of Holders on the relevant
record date to receive interest on the relevant Interest Payment Date:


	 	 	 
	Year	 	Percentage
	2018	 	103.750%
	2019	 	101.875%
	2020 and thereafter	 	100.000%


 



    	A2-5



    	 



    

 


(e) Notwithstanding
the foregoing, in connection with any tender offer for the Notes, including a Change of Control Offer or Offer to Purchase in
connection with Excess Proceeds, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly
tender and do not withdraw such Notes in such tender offer and the Issuer, or any third party making a such tender offer in lieu
of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will
have the right upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase
date, to redeem all Notes that remain outstanding following such purchase at a redemption price equal to the price offered to
each other Holder in such tender offer plus, to the extent not included in the tender offer payment, accrued and unpaid interest,
if any, thereon, to, but not including, the date of such redemption.


 


Unless
the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called
for redemption on the applicable redemption date.


 


(6) Optional
Tax Redemption. The Issuer may also redeem the Notes in accordance with Section 3.07(e) of the Indenture.


 


(7) Mandatory
Redemption. 


 


(a) 
Except for a mandatory redemption pursuant to Section 3.10 of the Indenture, the Issuer is not required to make mandatory redemption
or sinking fund payments with respect to the Notes.


 


(b) On
the Issue Date, the SPV Issuer shall deposit into the Escrow Account the gross proceeds of the Initial Notes offering, plus an
amount (either in cash or in the form of a letter of credit) sufficient, together with the gross proceeds of the offering, to
fund a Special Mandatory Redemption of the Notes on April 10, 2015, if a Special Mandatory Redemption were to occur on such date,
plus an amount equal to five days of interest accrued on the Notes. Additionally, unless the Completion Date has occurred, on
the fifth day of each month beginning on April 5, 2015 the SPV Issuer will deposit (or cause to be deposited) to the Escrow Account
an amount of cash equal to 30 days of interest accrued on the Notes plus an amount in cash equal to the amount which would be
necessary to pay the Special Mandatory Redemption Price if a Special Mandatory Redemption were to occur the fifth day of the next
following month. If the Escrowed Property is distributed to the Trustee pursuant to Section 5(b) of the Escrow Agreement, the
Trustee, on behalf of the SPV Issuer, shall redeem the Notes in accordance with Section 3.10 of the Indenture.


 


(8) Repurchase
at Option of Holder.


 


(a) Upon
the occurrence of a Change of Control, the Issuer will be required to make an offer (a “Change of Control Offer”)
to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid
interest, if any, on the Notes repurchased to the date of repurchase (excluding the date of repurchase), subject to the rights
of Holders of Notes on the relevant record date to receive interest due on the relevant Interest Payment Date that occurs prior
to the repurchase date (the “Change of Control Payment”). Within 30 days following any Change of Control, the Issuer
will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture.


 



    	A2-6



    	 



    


 


(b) If,
as of the first day of any calendar month, the aggregate amount of Excess Proceeds totals at least $30 million, the Issuer must
commence, not later than the fifteenth Business Day of such month, and consummate an Offer to Purchase, from the Holders and,
at the Issuer’s option, all holders of Pari Passu Debt containing provisions similar to those set forth in the Indenture
with respect to offers to purchase with the proceeds of sales of assets, the maximum principal amount of Notes and such Pari Passu
Debt, if any, that may be purchased out of the Excess Proceeds. The offer price in any such Offer to Purchase shall be equal to
or greater than the amount of Excess Proceeds and shall be calculated as follows: 100% of the principal amount (or accreted value,
if applicable) of the Notes and such Pari Passu Debt, plus accrued and unpaid interest, if any up to, but excluding, the date
of purchase (subject to the rights of Holders of Notes on a relevant record date to receive interest on an Interest Payment Date
that occurs prior to the purchase date) and will be payable in cash. To the extent that any Excess Proceeds remain after consummation
of an Offer to Purchase pursuant to Section 4.10 of the Indenture, the Parent and the Restricted Subsidiaries may use those Excess
Proceeds for any purpose not otherwise prohibited by the Indenture, and those Excess Proceeds shall no longer constitute “Excess
Proceeds”. Holders of Notes that are the subject of an Offer to Purchase will receive an Offer to Purchase from the Issuer
prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of
Holder to Elect Purchase” attached to the Notes.


 


(9) Notice
of Redemption. At least 30 days but not more than 60 days before a redemption date, the Issuer will send or cause to
be sent, by first class mail or electronically, in accordance with the Applicable Procedures, a notice of redemption to each Holder
whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior
to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the
Indenture pursuant to Articles 8 or 11 thereof. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples
of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding
amount of Notes held by such Holder shall be redeemed or purchased.


 


(10) Denominations,
Transfer, Exchange. The Notes are in registered form in minimum denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer
may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or
register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note
being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before
a selection of Notes to be redeemed or during the period between a record date and the next succeeding Interest Payment Date.


 


This
Regulation S Temporary Global Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the termination
of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied
by an Opinion of Counsel, if applicable) required by Article 2 of the Indenture. Upon exchange of this Regulation S Temporary
Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note.


 



    	A2-7



    	 



    



 


(11) Persons
Deemed Owners. The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered
Holders have rights under the Indenture.


 


(12) Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes or the Note Guarantees may be amended
or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes
including Additional Notes, if any, voting as a single class, and any existing Default or Event of Default or compliance with
any provision of the Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority
in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class. Without
the consent of any Holder of Notes, the Indenture, the Notes or the Note Guarantees may be amended or supplemented to cure any
ambiguity, omission, mistake, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated
Notes, to provide for the assumption of the Issuer’s or a Guarantor’s obligations to Holders of the Notes and Note
Guarantees by a successor to the Issuer or such Guarantor pursuant to the Indenture, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not materially, in the good faith determination of the
Board of Directors of the Parent, adversely affect the legal rights under the Indenture, the Note Guarantees or the Notes of any
Holder, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the
TIA, to comply with Section 4.16 of the Indenture, to evidence and provide for the acceptance of appointment by a successor Trustee,
to provide for the issuance of Additional Notes in accordance with the Indenture, or to conform the text of the Indenture, the
Notes, or the Note Guarantees to any provision of the “Description of Notes” section of the Issuer’s Offering
Memorandum.


 



    	A2-8



    	 



    


 


(13) Defaults
and Remedies. Events of Default include: (i) default in the payment in respect of the principal of (or premium, if
any, on) any Note when due and payable (whether at Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise);
(ii) default in the payment of any interest upon any Note when it becomes due and payable, and continuance of such default for
a period of 30 days thereafter; (iii) failure by the Parent or any Restricted Subsidiary to comply with the provisions of Sections
4.10(c), 4.15 and 5.01 of the Indenture; (iv) default in the performance, or breach, of any covenant or agreement of the Parent
or any Restricted Subsidiary in the Indenture (other than a covenant or agreement a default in whose performance or whose breach
is specifically dealt with in clauses (1), (2) or (3) of Section 6.01 of the Indenture), and continuance of such default or breach
for a period of 60 days after written notice thereof has been given to the Issuer by the Trustee or to the Issuer and the Trustee
by the Holders of at least 25% in aggregate principal amount of the outstanding Notes, voting as a single class; (v) a default
or defaults under any mortgage, bonds, debentures, notes or other evidences of Indebtedness (other than the Notes) by the Parent
or any Restricted Subsidiary having, individually or in the aggregate, a principal or similar amount outstanding of at least $50
million, whether such Indebtedness now exists or shall hereafter be created, which default or defaults either (a) shall have resulted
in the acceleration of the maturity of such Indebtedness prior to its express maturity or (b) shall constitute a failure to pay
principal of, or interest or premium on, such Indebtedness when due and payable after the expiration of any applicable grace period
with respect thereto; (vi) the entry against the Parent or any Restricted Subsidiary of a final judgment(s) for the payment of
money in an aggregate amount in excess of $50 million (net of amounts covered by (a) insurance for which the insurer thereof has
been notified of such claim and has not challenged such coverage or (b) valid third-party indemnifications for which the indemnifying
party thereof has been notified of such claim and has not challenged such indemnification), by a court or courts of competent
jurisdiction, which judgment(s) remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive
days; (vii) The Issuer, the Parent or any of its Restricted Subsidiaries Restricted Subsidiaries that is a Significant Subsidiary
or any group of Restricted Subsidiaries of the Parent that, taken together, would constitute a Significant Subsidiary pursuant
to or within the meaning of Bankruptcy Law (a) commences a voluntary case, (b) consents to the entry of an order for relief against
it in an involuntary case, (c) consents to the appointment of a custodian of it or for all or substantially all of its property,
(d) makes a general assignment for the benefit of its creditors, or (e) generally is not paying its debts as they become due;
(viii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (a) is for relief against the
Issuer, the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Parent that, taken together, would constitute a Significant Subsidiary in an involuntary case, (b) appoints a custodian
of the Issuer, the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries
of the Parent that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property
of the Parent or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of
the Parent that, taken together, would constitute a Significant Subsidiary, or (c) orders the liquidation of the Issuer, the Parent
or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Parent that,
taken together, would constitute a Significant Subsidiary, and the order or decree remains unstayed and in effect for 60 consecutive
days; (ix) except as permitted by the Indenture, any Note Guarantee ceases to be enforceable or ceases for any reason to be in
full force and effect as against the Guarantors, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or
disaffirms its obligations under its Note Guarantee; and (x) failure by the Issuer to comply with Section 4.21. In the case of
an Event of Default specified in clause (7) or (8) of Section 6.01 of the Indenture, with respect to the Issuer, any Restricted
Subsidiary of the Issuer that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Issuer that, taken together,
would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately without further action
or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such declaration, the
Notes shall become due and payable immediately. The Holders of a majority in aggregate principal amount of the then outstanding
Notes by written notice to the Trustee may, on behalf of all of the Holders of all the Notes, rescind an acceleration and its
consequences hereunder, if the rescission would not conflict with any judgment or decree and if all existing Events of Default
(except nonpayment of principal of, premium on, if any, or interest, if any, on the Notes that has become due solely because of
the acceleration) have been cured or waived. Holders may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the
time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust
or power conferred on it. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the
Trustee may, on behalf of all the Holders of Notes, rescind an acceleration or waive an existing Default or Event of Default and
its respective consequences under the Indenture except a continuing Default or Event of Default in the payment of principal of,
premium on, if any, or interest, if any, on, the Notes (including in connection with an Offer to Purchase). The Issuer is required
to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required, upon becoming
aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.


 


(14) Trustee
Dealings with Issuer. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were
not the Trustee.


 


(15) No
Recourse Against Others. No director, officer, employee, incorporator, stockholder, member, manager or partner of the
Issuer or any Guarantor, as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes,
the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.


 


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(16) Authentication.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.


 


(17) Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).


 


(18) [RESERVED]


 


(19) CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuer has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.


 


(20) GOVERNING
LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE
NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.


 


The
Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:


 


Prior
to the consummation of the SPV Merger, if to the SPV Issuer:


 


Evolution
Escrow Issuer LLC

One Stamford Plaza

263 Tresser Boulevard, Suite 1100 


Stamford,
CT 06901

Facsimile No.: (203) 705-3703

Attention: Steven Kaye


After
the consummation of the SPV Merger, if to the Issuer or any Guarantor:


 


Tronox
Finance LLC

One Stamford Plaza

263 Tresser Boulevard, Suite 1100 


Stamford,
CT 06901

Facsimile No.: (203) 705-3703

Attention: Steven Kaye


 



    	A2-10



    	 



    

 


Assignment
Form


 


To
assign this Note, fill in the form below:


	(I) or (we) assign and
    transfer this Note to:  	 
	 	(Insert assignee’s legal name)


 


	 
	(Insert assignee’s soc. sec. or
    tax I.D. no.)
	 
	 
	 
	 
	 
	(Print or type assignee’s name,
    address and zip code)



	 	 
	and irrevocably appoint  	 
	to transfer this Note on
    the books of the Issuer.  The agent may substitute another to act for him.


 


Date: _______________


 


	 	 	 
	 	Your Signature: 	 
	 	     (Sign exactly as your name
    appears on the face of this Note)


 


Signature
Guarantee*: _________________________


 


* Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).


  


    	A2-11



    	 



    

 


Option
of Holder to Elect Purchase


 


If
you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate
box below:


	 	 
	☐ Section
    4.10	☐ Section 4.15


 


If
you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 4.10 or Section 4.15 of the Indenture,
state the amount you elect to have purchased:


 


$_______________




 


Date: _______________


	 	 	 	 
	 	Your Signature: 	 
	 	     (Sign exactly as your name
    appears on the face of this Note)
	 	 
	 	Tax Identification No.:  	 


 


Signature
Guarantee*: _________________________


 


*      Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).


 


    	A2-12



    	 



    



 



Schedule
of Exchanges of Interests in the Regulation S Temporary Global Note


 


The
following exchanges of a part of this Regulation S Temporary Global Note for an interest in another Global Note, or exchanges
of a part of another other Restricted Global Note for an interest in this Regulation S Temporary Global Note, have been made:


 


 


	Date
    of Exchange	 	Amount
    of 

    decrease in 

    Principal Amount 

    of 

    this Global Note	 	Amount
    of 

    increase in 

    Principal Amount 

    of 

    this Global Note	 	Principal
    Amount 

    of this Global Note 

    following such 

    decrease 

    (or increase)	 	Signature
    of 

    authorized officer 

    of Trustee or 

    Custodian
	 	 	 	 	 	 	 	 	 



 



    	A2-13



    	 



    

 


EXHIBIT
B


 


FORM
OF CERTIFICATE OF TRANSFER


 


[Issuer]


One
Stamford Plaza


263
Tresser Boulevard, Suite 1100


Stamford,
CT 06901


Attention:
Steven Kaye


 


Wilmington
Trust, National Association


50
South Sixth Street, Suite 1290


Minneapolis,
MN 55402


Attention:
Tronox Administrator


 


Re:
7.50% Senior Notes due 2022


 


Reference
is hereby made to the Indenture, dated as of March 19, 2015 (the “Indenture”), between Evolution Escrow Issuer
LLC, as issuer (the “Issuer”) and Wilmington Trust, National Association, as trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.


 


___________________,
(the “Transferor”) owns and proposes to transfer the Notes or interest in such Notes specified in Annex A hereto,
in the principal amount of $___________ in such Notes or interests (the “Transfer”), to ___________________________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:


 


[CHECK
ALL THAT APPLY]


 


1.  ☐   Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive
Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within
the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture
and the Securities Act.


 


2.  ☐  Check if Transferee will take delivery of a beneficial interest in the Regulation S Temporary Global Note, the Regulation
S Permanent Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant
to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies
that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the
Transferee was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes
that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated
offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged
with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule
903(b) or Rule 904(b) of Regulation S under the Securities Act and/or, (iii) the transaction is not part of a plan or scheme to
evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration
of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other
than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend
printed on the Regulation S Permanent Global Note, the Regulation S Temporary Global Note and/or the Restricted Definitive Note
and in the Indenture and the Securities Act.


 



    	B-1



    	 



    


 


3.  ☐  Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted
Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is
being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and
Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws
of any state of the United States, and accordingly the Transferor hereby further certifies that (check one):


 


(a)  ☐  such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;


 


or


 


(b)  ☐  such Transfer is being effected to the Issuer or a subsidiary thereof;


 


or


 


(c)  ☐  such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance
with the prospectus delivery requirements of the Securities Act;


 


or


 


(d)  ☐  such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration
requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies
that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer
complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive
Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee
in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of
which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities
Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI
Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act.


 



    	B-2



    	 



    


 


4.  ☐  Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted
Definitive Note.


 


(a)  ☐  Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no
longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.


 


(b)  ☐  Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with
Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and
any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.


 


(c)  ☐  Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance
with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United
States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.


 


This
certificate and the statements contained herein are made for your benefit and the benefit of the Issuer.


 





	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:


 


Dated:
_______________________


 



    	B-3



    	 



    


 





ANNEX
A TO CERTIFICATE OF TRANSFER


 


1. The
Transferor owns and proposes to transfer the following:


 


[CHECK
ONE OF (a) OR (b)]


 


i)  ☐  a beneficial interest in the:


 


(i)    ☐  144A Global Note (CUSIP _________), or


 


(ii)   ☐  Regulation S Global Note (CUSIP _________), or


 


(iii)  ☐  IAI Global Note (CUSIP _________); or


 


(b)   ☐  a Restricted Definitive Note.


 


2. After
the Transfer the Transferee will hold:


 


[CHECK
ONE]


 


(a)   ☐  a beneficial interest in the:


 


(i)    ☐  144A Global Note (CUSIP _________), or


 


(ii)   ☐  Regulation S Global Note (CUSIP _________), or


 


(iii)  ☐  IAI Global Note (CUSIP _________); or


 


(iv)  ☐  Unrestricted Global Note (CUSIP _________); or


 


(b)  
☐  a Restricted Definitive Note; or


 


(c)  
☐  an Unrestricted Definitive Note,


 


in
accordance with the terms of the Indenture.


 


    	B-4



    	 



    



 


EXHIBIT
C


 


FORM
OF CERTIFICATE OF EXCHANGE


 


[Issuer] 


One
Stamford Plaza 


263
Tresser Boulevard, Suite 1100 


Stamford,
CT 06901 


Attention:
Steven Kaye





 


Wilmington
Trust, National Association 


50
South Sixth Street, Suite 1290 


Minneapolis,
MN 55402 


Attention:
Tronox Administrator


 


Re:
7.50% Senior Notes due 2022


 


CUSIP
[•]


 


Reference
is hereby made to the Indenture, dated as of March 19, 2015 (the “Indenture”), between Evolution Escrow Issuer
LLC, as issuer (the “Issuer”) and Wilmington Trust, National Association, as trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.


 


__________________________,
(the “Owner”) owns and proposes to exchange the Notes or interest in such Note[s] specified herein, in the
principal amount of $____________ in such Notes or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that:


 


1. Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note


 


(a)  ☐  Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global
Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial
interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended
(the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted
Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.


 


(b)  ☐  Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the
Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.


 



    	C-1



    	 



    


 


(c)  ☐  Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection
with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii)
such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.


 


(d)  ☐  Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the
Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.


 


2. Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes


 


(a)  ☐  Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an
equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s
own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Definitive Note and in the Indenture and the Securities Act.


 


(b)  ☐  Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection
with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ☐ 144A Global
Note, ☐ Regulation S Global Note, ☐ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation
of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act.


 



    	C-2



    	 



    

 


This
certificate and the statements contained herein are made for your benefit and the benefit of the Issuer.




	 	 	 
	 	[Insert Name of Transferor]
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:


 


Dated:
______________________


 



    	C-3



    	 



    

 


EXHIBIT
D


 


FORM
OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR


 


[Issuer]

One Stamford Plaza

263 Tresser Boulevard, Suite 1100

Stamford, CT 06901

Attention: Michael J. Foster


 


Wilmington
Trust, National Association

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

Attention: Tronox Administrator


 


Re:
7.50% Senior Notes due 2022


 


Reference
is hereby made to the Indenture, dated as of March 19, 2015 (the “Indenture”), between Evolution Escrow Issuer
LLC, as issuer (the “Issuer”) and Wilmington Trust, National Association, as trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.


 


In
connection with our proposed purchase of $____________ aggregate principal amount of:


 


(a) a beneficial interest in a Global Note, or


 


(b) a Definitive Note,


 


we
confirm that:


 


1. We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions
set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes
or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).


 


2. We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any
interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on
behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein,
we will do so only (A) to the Issuer or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a
“qualified institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as
defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to
the Issuer a signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to
the Issuer to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance
with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or
(F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing
the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through
(E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein.


 


    	D-1



    	 



    


 


3. We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and
the Issuer such certifications, legal opinions and other information as you and the Issuer may reasonably require to confirm that
the proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend
to the foregoing effect.


 


4. We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the
Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk
of our or its investment.


 


5. We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.


 


You
and the Issuer are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to
any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.


 


	 	 	 
	 	[Insert Name of Accredited
    Investor]
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:


 


Dated:
_______________________


 


 



    	D-2



    	 



    

 


EXHIBIT E


 


[FORM
OF NOTATION OF GUARANTEE]


 


For
value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of March 19, 2015
(the “Indenture”) between Evolution Escrow Issuer LLC, (the “Issuer”), the Guarantors party
thereto and Wilmington Trust, National Association, as trustee (the “Trustee”), (a) the due and punctual payment
of the principal of, premium on, if any, and interest, if any, on, the Notes, whether at maturity, by acceleration, redemption
or otherwise, the due and punctual payment of interest on overdue principal of, premium on, if any, and interest, if any, on,
the Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Issuer to the Holders or the
Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any
Notes 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. The obligations of the Guarantors
to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article
10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. Each Holder of
a Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee, on
behalf of such Holder, to take such action as may be necessary or appropriate to effectuate the subordination as provided in the
Indenture and (c) appoints the Trustee attorney-in-fact of such Holder for such purpose; provided, however, that
the Indebtedness evidenced by this Note Guarantee shall cease to be so subordinated and subject in right of payment upon any defeasance
of this Note in accordance with the provisions of the Indenture.


 


Capitalized
terms used but not defined herein have the meanings given to them in the Indenture.


	 	 	 
	 	[Name
    of Guarantor(s)]
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:




 


    	E-1



    	 



    

 


[FORM
OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]


 


Supplemental
Indenture (this “Supplemental Indenture”), dated
as of ________________, among __________________ (the “Guaranteeing Entity”), [a subsidiary or affiliate] of
Tronox Limited (or its permitted successor), a public limited company organized under the laws of Western Australia, Australia
(the “Parent”), [•], a Delaware limited liability company (the “Issuer”), the Parent,
the other Guarantors (as defined in the Indenture referred to herein) and Wilmington Trust, National Association, as trustee under
the Indenture referred to below (the “Trustee”).


 


W
I T N E S S E T H


 


WHEREAS,
the Issuer has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of
March 19, 2015 [, as subsequently amended on [_________] [__], 20[__]] providing for the issuance of 7.50% Senior Notes due 2022
(the “Notes”);


 


WHEREAS,
the Indenture provides that under certain circumstances the Guaranteeing Entity shall execute and deliver to the Trustee a supplemental
indenture pursuant to which the Guaranteeing Entity shall unconditionally guarantee all of the Issuer’s Obligations under
the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and


 


WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture, without
the consent of Holders.


 


NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Guaranteeing Entity and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:


 


1. Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.


 


2. Agreement
to Guarantee. The Guaranteeing Entity hereby agrees to provide an unconditional Guarantee on the terms and subject to the
conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.


 


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


 


4. NEW
YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.


 



    	 



    	 



    





 



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


 


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


 


7. The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by
the Guaranteeing Entity and the Issuer.


 


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


 




    	 



    	 



    

 


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


 


Dated:
_______________,


	 	 	 
	 	[NEW
    GUARANTOR]
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:
	 	 	 
	 	[ISSUER]
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:
	 	 	 
	 	[EXISTING
    GUARANTORS]
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title:
	 	 	 
	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION,

    as Trustee
	 	 	 
	 	By:	 
	 	 	Name:  
	 	 	Title: