Exhibit 4.11



SECOND SUPPLEMENTAL
INDENTURE



dated as of December
9, 2015



to the



INDENTURE



dated as of May 19,
2015



among



CASCADES INC.,



THE SUBSIDIARY GUARANTORS
named therein, and



WELLS FARGO BANK, NATIONAL
ASSOCIATION,



as Trustee











SECOND SUPPLEMENTAL
INDENTURE



SECOND SUPPLEMENTAL INDENTURE (this “Second
Supplemental Indenture”), dated as of December 9, 2015, among Cascades Recovery Inc., a Canadian corporation, Cascades
Recovery U.S., Inc., a Delaware corporation, and Metro Retail Recycling Services, LLC, a Delaware limited liability company (collectively,
the “Guaranteeing Subsidiaries”), Cascades Inc., a corporation organized under the laws of the Province of Quebec,
Canada (the “Company”), and Wells Fargo Bank, National Association, as Trustee under the Indenture referred
to below.



W I T N E S S ET H:



WHEREAS, each of the Company, the Subsidiary
Guarantors named therein and the Trustee have heretofore executed and delivered an indenture dated as of May 19, 2015 (as amended,
supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of its 5.75% Senior
Notes due 2023 (the “Notes”);



WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental indenture to which
the Guaranteeing Subsidiaries shall unconditionally guarantee, on a joint and several basis with the other Subsidiary Guarantors,
all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under
the Indenture (the “Guarantee”); and



WHEREAS, pursuant to Section 9.01 of the
Indenture, the Company and the Trustee are authorized to execute and deliver this Second Supplemental Indenture to amend or supplement
the Indenture, without the consent of any Holder;



NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiaries,
the Company and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:



ARTICLE I



DEFINITIONS



SECTION 1.1. Defined Terms. As used
in this Second Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as
therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import
used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.



ARTICLE II



AGREEMENT TO BE BOUND;
GUARANTEE



SECTION 2.1. Agreement to be Bound.
The Guaranteeing Subsidiaries hereby become parties to the Indenture as Subsidiary Guarantors and as such will have all of the
rights and be subject to all of the obligations and agreements of a Subsidiary Guarantor under the Indenture.



SECTION 2.2. Subsidiary Guarantee.
The Guaranteeing Subsidiaries agree to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee
the Obligations pursuant to Article 10 of the Indenture on a senior basis and this Second Supplemental Indenture shall











constitute evidence of each Guaranteeing Subsidiary’s
Subsidiary Guarantee.



ARTICLE III



MISCELLANEOUS



SECTION 3.1. Notices.
All notices and other communications to the Guaranteeing Subsidiaries shall be given as provided in the Indenture to the Guaranteeing
Subsidiaries, with a copy to the Company as provided in the Indenture for notices to the Company.



SECTION 3.2. Parties. Nothing expressed
or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the Holders and the Trustee,
any legal or equitable right, remedy or claim under or in respect of this Second Supplemental Indenture or the Indenture or any
provision herein or therein contained.



SECTION 3.3. Governing Law. This
Second Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York.



SECTION 3.4. Severability. In case
any provision in this Second Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to
the extent of such invalidity, illegality or unenforceability.



SECTION 3.5. Benefits Acknowledged.
Each Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing
Subsidiaries acknowledge that they will receive direct and indirect benefits from the financing arrangements contemplated by the
Indenture and that the guarantee and waivers made by them pursuant to this Guarantee are knowingly made in contemplation of such
benefits.



SECTION 3.6. Ratification of Indenture;
Second Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified
and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Second Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated
and delivered shall be bound hereby.



SECTION 3.7. The
Trustee. The Trustee makes no representation or warranty as to the validity or sufficiency of this Second Supplemental Indenture
or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto.



SECTION 3.8. Counterparts. The parties
hereto may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile
or PDF transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto
and may be used in lieu of the original Second Supplemental 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.



SECTION 3.9. Execution
and Delivery. The Guaranteeing Subsidiaries agree that the Guarantee shall remain in full force and effect notwithstanding
any failure to endorse on each Note a notation of any such Guarantee.











SECTION 3.10. Headings. The headings
of the Articles and the Sections in this Second Supplemental Indenture are for convenience of reference only and shall not be deemed
to alter or affect the meaning or interpretation of any provisions hereof.



SECTION 3.11. FATCA. This Second
Supplemental Indenture has not resulted in a material modification of the issuance for purposes of the Foreign Account Tax Compliance
Act (FATCA) provisions of the Internal Revenue Code.



[The remainder of this page is intentionally
left blank.]











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



| | CASCADES INC.                       
| | ------------------------------------
| |                                     
| | By:                                 
| |                                     
| |                                     
| |                                     
| |                                     
| | CASCADES RECOVERY INC.,             
| | as a Guaranteeing Subsidiary        
| |                                     
| | By:                                 
| |                                     
| |                                     
| |                                     
| | CASCADES RECOVERY U.S., INC.,       
| | as a Guaranteeing Subsidiary        
| |                                     
| | By:                                 
| |                                     
| |                                     
| |                                     
| | METRO RETAIL RECYCLING SERVICES, LLC
| | as a Guaranteeing Subsidiary        
| |                                     
| | By:                                 
| |                                     
| |                                     











| | WELLS FARGO BANK, NATIONAL ASSOCIATION,
| | ---------------------------------------
| | as Trustee                             
| |                                        
| | By:                                    
| |                                        
| |