Document:

EXHIBIT 4.3

 

 

 

NOTE SUBORDINATION AGREEMENT 

 

THIS NOTE SUBORDINATION AGREEMENT
(this “Agreement”) is entered into as of February 14, 2017, by and among United States Enrichment
Corporation, a Delaware corporation (the “Company”), as Issuer Senior Debt Representative for the Initial
Issuer Senior Debt Claimholders (as defined below) (collectively, in such capacity and together with its successors from time to
time in such capacity, the “Initial Issuer Senior Debt Representative”), DELAWARE TRUST COMPANY, a Delaware
state chartered trust company duly organized and existing under the laws of the State of Delaware, as Trustee, for the Holders
under the Indenture (as defined below) (in such capacity and together with its successors from time to time in such capacity, the
“Trustee”), and each additional Issuer Senior Debt Representative that from time to time becomes a party hereto
pursuant to Section 3.7 hereof, and acknowledged and agreed to by Centrus Energy Corp. (the “Issuer”).
Capitalized terms used in this Agreement have the meaning assigned to them in Section 1 below and capitalized terms
used and not otherwise defined herein have the meaning set forth in the Indenture as in effect on February 14, 2017.

 

RECITALS 

 

The Company and the Issuer have entered
into the Second Amended and Restated Demand Note, dated as of January 24, 2014 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Initial Issuer Senior Debt Agreement”);

 

The Issuer, the Company, the Trustee and
Delaware Trust Company as collateral agent have previously entered into the Indenture, dated as of February 14, 2017 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Indenture”);

 

The obligations of the Issuer under the
Indenture are subordinated in right of payment to all Issuer Senior Debt on the terms set forth herein;

 

Certain holders of Issuer Senior Debt (or
their agent(s)) are or may become a party hereto as provided herein and any holder of Issuer Senior Debt that does not become a
party hereto is intended to be an express third party beneficiary hereof;

 

The Indenture provides, among other things,
that the Trustee will execute and deliver this Agreement at the request of any holder of Issuer Senior Debt or their representative;
and

 

In consideration of the foregoing, the mutual
covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which
are hereby acknowledged, each of the Initial Issuer Senior Debt Representative (for itself and on behalf of each other Initial
Issuer Senior Debt Claimholder), the Trustee (for itself and on behalf of each Holder) and each additional Issuer Senior Debt Representative
(for itself and on behalf of each other Additional Issuer Senior Debt Claimholder represented by it), intending to be legally bound,
hereby agrees as follows:

 

NOW, THEREFORE, the parties hereto
hereby agree as follows:

 

	1.	Definitions. The following terms shall have the following meaning in this Agreement: 

 

“Agreement” has the meaning given
to such term in the preamble hereto.

 

“Additional Issuer Senior Debt Claimholders”
means, with respect to each Additional Issuer Senior Debt Representative, all Persons who from time to time hold Issuer Senior
Debt with respect to which such Additional Senior Debt Representative is the agent, trustee or other representative. In the event
any Additional Issuer Senior Debt Representative is not acting in a representative capacity, then references to the Additional
Issuer Senior Debt Claimholders for such Series will refer to such Additional Issuer Senior Debt Representative.

 

     

     

    

  

“Additional Issuer Senior Debt Representative”
means each Person who becomes a party hereto as an Issuer Senior Debt Representative after the date hereof in accordance with Section 3.7
hereof.

 

“Claimholder” means the Issuer Senior
Debt Claimholders, the Trustee and the Holders.

 

“Company” has the meaning ascribed
to it in the introductory paragraph of this Agreement together with all successors thereto.

 

“Discharge” means, except to the extent
otherwise provided in Section 3.20 hereof, with respect to any Series of Issuer Senior Debt, that each of the following
has occurred:

 

(a) payment in full in cash of the principal
of and interest (including interest accruing on or after the commencement of any filing or proceeding under the Bankruptcy Code,
whether or not such interest would be allowed in such proceeding) on all Indebtedness outstanding under the applicable documents
governing or evidencing such Series of Issuer Senior Debt;

 

(b) payment in full in cash of all other
obligations under the applicable documents governing or evidencing such Series of Issuer Senior Debt that are due and payable or
otherwise accrued and owing at or prior to the time such principal and interest are paid (other than any indemnification obligations
for which no claim or demand for payment, whether oral or written, has been made at such time);

 

(c) termination or expiration of all commitments,
if any, to extend credit that would constitute Issuer Senior Debt under such Series; and

 

(d) termination or cash collateralization
(in an amount and manner reasonably satisfactory to the applicable letter of credit issuer, but in no event in an amount greater
than 105% of the aggregate undrawn face amount), or the making of other arrangements satisfactory to the applicable letter of credit
issuer of all letters of credit issued under the applicable documents governing or evidencing such Series of Issuer Senior Debt.

 

The term “Discharged” has a corresponding
meaning.

 

“Indenture” has the meaning given
to such term in the recitals hereto.

 

“Initial Issuer Senior Debt Agreement”
has the meaning given to such term in the recitals hereto.

 

“Initial Issuer Senior Debt Claimholders”
means all Persons who from time to time hold Issuer Senior Debt with respect to which the Initial Senior Debt Representative is
the agent, trustee or other representative.

 

“Initial Issuer Senior Debt Representative”
has the meaning given to such term in the preamble hereto.

 

“Issuer” has the meaning given to
such term in the preamble hereto.

 

“Issuer Senior Debt Claimholders”
means the Initial Issuer Senior Debt Claimholders and any Additional Issuer Senior Debt Claimholders.

 

“Notes Payment Blockage Notice” has
the meaning given to such term in Section 2.3(a)(ii).

 

“Recovery” has the meaning given to
such term in Section 3.22.

 

“Refinance” means, in respect of any
Issuer Senior Debt, to refinance, extend, renew, defease, amend, modify, supplement, restructure, replace, refund or repay, or
to issue other Issuer Senior Debt in exchange or replacement for, such Issuer Senior Debt in whole or in part and regardless of
whether the principal amount of such Refinancing Issuer Senior Debt is the same, greater than, or less than the principal amount
of the Refinanced Issuer Senior Debt. “Refinanced” and “Refinancing” shall have correlative
meanings.

 

     

     

    

  

“Series” means the Issuer Senior Debt
described under any of clauses (1) through (3) of the definition of Issuer Senior Debt in the Indenture, with the Issuer
Senor Debt described in each such clause constituting a separate Series of Issuer Senior Debt.

 

“Trustee” has the meaning given to
such term in the preamble hereto.

 

	2.	Subordination. 

 

2.1 Subordination of Subordinated
Debt to Senior Debt. The Issuer agrees, and the Trustee agrees on behalf of each Holder, that the Indebtedness evidenced
by the Notes is subordinated in right of payment, to the extent and in the manner provided in this Article 2, to the prior payment
in full of all Issuer Senior Debt (whether outstanding on the date hereof or hereafter created, incurred, assumed or guaranteed),
and that the subordination is for the benefit of and enforceable by holders of Issuer Senior Debt. The Indebtedness evidenced by
the Notes shall in all respects rank pari passu in right of payment with all existing and future unsubordinated Indebtedness
of the Issuer (other than Issuer Senior Debt) and will be senior in right of payment to all existing and future subordinated Indebtedness
of the Issuer; and only Indebtedness that is Issuer Senior Debt shall rank senior to the Indebtedness evidenced by the Notes in
accordance with the provisions set forth herein. All provisions of this Article 2 shall be subject to Section 2.11
hereof.

 

2.2 Liquidation, Dissolution, Bankruptcy.
Upon any payment or distribution of the assets of the Issuer to creditors upon a total or partial liquidation or a total or partial
dissolution of the Issuer or in a bankruptcy, reorganization, insolvency, receivership of or similar proceeding relating to the
Issuer or its property, in an assignment for the benefit of creditors or in any marshaling of the Issuer’s assets and liabilities:

 

(a) holders of Issuer Senior Debt
shall be entitled to receive payment in full in cash of such Issuer Senior Debt (including interest accruing after, or which would
accrue but for, the commencement of any such proceeding at the rate specified in the applicable Issuer Senior Debt, whether or
not a claim for such interest would be allowed) before the Holders of Notes shall be entitled to receive any payment with respect
to the Notes; and

 

(b) until all Obligations with respect to
the Issuer Senior Debt (as provided in clause (a) above) are paid in full in cash, any payment or distribution to which
Holders of Notes would be entitled but for this Article 2 shall be made to holders of Issuer Senior Debt as their interests
may appear.

 

2.3 Default on Issuer Senior Debt.

 

(a) The Issuer may not make any
payment or distribution to the Trustee or any Holder in respect of Obligations with respect to the Notes and may not acquire from
the Trustee or any Holder any Notes for cash or property until all principal and other Obligations with respect to the Issuer Senior
Debt have been paid in full if:

 

(i) a payment default on Issuer Senior Debt
occurs and is continuing; or

 

(ii) any other default occurs and is continuing on any Issuer
Senior Debt that permits the holders of such Issuer Senior Debt to accelerate its maturity, or otherwise demand its
payment, and the Trustee receives a notice of such default (a “Notes Payment Blockage Notice”) from the
Issuer or the holders of such Issuer Senior Debt.

 

(b) The Issuer may and will resume payments or any distributions
in respect of the Notes and may acquire them upon the earlier of:

 

(i) in the case of a payment default with respect to
any Issuer Senior Debt, the date upon which such default is cured or waived, and

 

(ii) in the case of a nonpayment
default with respect to any Issuer Senior Debt, upon the earlier of the date on which such nonpayment default is cured or waived
and 179 days after the date on which the applicable Notes Payment Blockage Notice is received, unless in the case of this clause
(ii), the maturity of any Issuer Senior Debt has been accelerated or demand for payment of such Issuer Senior Debt made, and such
acceleration or demand for payment has not been waived or cancelled, if this Article 2 otherwise permits such payment, distribution
or acquisition at the time of such payment, distribution or acquisition.

 

     

     

    

  

2.4 Demand for Payment. If
payment of the Notes is accelerated because of an Event of Default, the Issuer or the Trustee will promptly notify holders of the
Issuer Senior Debt, of the acceleration; provided that any failure to give such notice shall have no effect whatsoever on the provisions
of this Article 2. If any Issuer Senior Debt is outstanding, the Issuer may not make a payment of the Notes until ten (10) Business
Days after holders of such Issuer Senior Debt receive notice of such acceleration and, thereafter, may make a payment of any Obligations
with respect to the Notes only if this Agreement, the Indenture and federal law otherwise permits payment at that time.

 

2.5 When Distribution Must be Paid
Over. In the event that the Trustee or any Holder of the Notes receives any payment of, or any distributions with respect
to, any Obligations with respect to the Notes at a time when the payment is prohibited by Section 2.3 hereof and the
Trustee or the Holder, as applicable, has actual knowledge that the payment is prohibited by Section 2.3 hereof, such
payment will be held by the Trustee or such Holder, in trust for the benefit of, and will be paid forthwith over and delivered
upon written request to, holders of Issuer Senior Debt as their interests may appear under the agreement, indenture or other document
(if any) pursuant to which any Issuer Senior Debt may have been issued or incurred, for application to the payment of all Obligations
with respect to Issuer Senior Debt remaining unpaid to the extent necessary to pay such Obligations in full in accordance with
their terms, after giving effect to any concurrent payment or distribution to or for the holders of Issuer Senior Debt.

 

2.6 Subrogation. After all
Issuer Senior Debt is Discharged and until the Notes are paid in full, Holders of Notes will be subrogated to the rights of the
holders of Issuer Senior Debt to receive distributions applicable to such Issuer Senior Debt to the extent that distributions otherwise
payable to the Holders of Notes have been applied to the payment of such Issuer Senior Debt. A distribution made under this Article
2 to the holders of Issuer Senior Debt that otherwise would have been made to Holders of Notes is not, as between the Issuer and
Holders, a payment by the Issuer on the Notes.

 

2.7 Relative Rights. This
Article 2 defines the relative rights of Holders of Notes and holders of Issuer Senior Debt. Nothing in this Agreement will:

 

(a) impair, as between the Issuer
and Holders of Notes, the obligation of the Issuer, which is absolute and unconditional, to pay principal of, premium, if any,
on, and interest, if any, on, the Notes in accordance with their terms;

 

(b) affect the relative rights
of Holders of Notes and creditors of the Issuer other than their rights in relation to holders of Issuer Senior Debt; or

 

(c) prevent the Trustee or any
Holder of Notes from exercising its available remedies upon a Default or Event of Default, subject to the rights of holders of
Issuer Senior Debt to receive distributions and payments otherwise payable to Holders of Notes and such other rights of holders
of Issuer Senior Debt as set forth herein.

 

2.8 Subordination May Not Be Impaired
by the Issuer. No right of the holders of Issuer Senior Debt to enforce the subordination of the Indebtedness evidenced
by the Notes may be impaired by any act or failure to act by the Issuer or any Holder or by the failure of the Issuer or any Holder
to comply with the Indenture or this Agreement.

 

2.9 Rights of Trustee and Paying Agent.

 

(a) Notwithstanding the provisions
of this Article 2 or any provision of the Indenture, the Trustee will not be charged with knowledge of the existence of any facts
that would prohibit the making of any payment or distribution by the Trustee, and the Trustee and the Paying Agent may continue
to make payments on the Notes, unless the Trustee has received at its Corporate Trust Office at least three (3) Business Days
prior to the date of such payment written notice of facts that would cause the payment of any Obligations with respect to the Notes
to violate this Article 2. Only the Issuer or holders of Issuer Senior Debt may give the notice. Nothing in this Article 2 will
impair the claims of, or payments to, the Trustee under or pursuant to Section 7.07 of the Indenture.

 

     

     

    

  

(b) The Trustee shall have no
responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, DTC or other Person with
respect to the accuracy of the records of DTC or its nominee or of any participant or member thereof, with respect to any ownership
interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than
DTC) of any notice (including any notice of redemption or purchase) or the payment of any amount or delivery of any Notes (or other
security or property) under or with respect to such Notes.

 

All notices and communications to be given
to the Holders and all payments to be made to Holders in respect of the Notes shall be given or made only to the registered Holders
(which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised
only through DTC subject to the applicable rules and procedures of DTC. The Trustee may rely and shall be fully protected in relying
upon information furnished by DTC with respect to its members, participants and any beneficial owners.

 

The Trustee shall have no obligation or
duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable
law with respect to any transfer of any interest in any Note (including any transfers between or among DTC participants, members
or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence
as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and to examine the same
to determine substantial compliance as to form with the express requirements hereof.

 

2.10 Article 2 Not to Prevent Events
of Default or Limit Right to Demand Payment. The failure of the Issuer to make a payment on the Notes by reason of any
provision in this Article 2 shall not be construed as preventing the occurrence of a Default by the Issuer. Nothing in this Article
2 shall have any effect on the right of the Holders or the Trustee to make a demand for payment on the Notes pursuant to Article
2 of the Indenture.

 

2.11 Trust Moneys Not Subordinated.
Notwithstanding anything contained herein to the contrary, payments from money or the proceeds of Government Securities held in
trust by the Trustee for the payment of principal of and interest on the Notes pursuant to Article 8 or Article 12 of the Indenture
shall not be subordinated to the prior payment of any Issuer Senior Debt or subject to the restrictions set forth in this Article
2, and none of the Holders shall be obligated to pay over any such amount to the Issuer or holders of Issuer Senior Debt or any
other creditor of the Issuer, provided that, the subordination provisions of this Article 2 were not violated at the time the
applicable amounts were deposited in trust pursuant to Article 8 or Article 12 of the Indenture, as the case may be.

 

2.12 Trustee Entitled to Rely.
Upon any payment or distribution of assets of the Issuer referred to in this Article 2, the Trustee and the Holders of Notes will
be entitled to rely upon any order or decree of a court of competent jurisdiction in which any proceedings of the nature referred
to in Section 2.12 hereof are pending or upon any certificate of such representative or of the liquidating trustee
or agent or other Person making any distribution to the Trustee or to the Holders of Notes for the purpose of ascertaining the
Persons entitled to participate in such payment or distribution, the holders of Issuer Senior Debt and other Indebtedness of the
Issuer, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article 2. In the event that the Trustee determines, in good faith, that evidence is required with respect to
the right of the holders of Issuer Senior Debt to participate in any payment or distribution pursuant to this Article 2, the Trustee
shall be entitled to request such Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of
such Issuer Senior Debt held by such Person, the extent to which such Person is entitled to participate in such payment or distribution
and other facts pertinent to the rights of such Person under this Article 2 and, if such evidence is not furnished, the Trustee
shall be entitled to defer any payment to such Person pending judicial determination as to the right of such Person to receive
such payment. The provisions of Section 7.01 and Section 7.02 of the Indenture shall be applicable to all
actions or omissions of actions by the Trustee pursuant to this Article 2.

 

2.13 Trustee to Effectuate Subordination.
This Agreement is intended to effectuate the subordination provided in Article 2 of the Indenture as contemplated by Section 2.27
of the Indenture.

 

     

     

    

  

2.14 Trustee Not Fiduciary for Holders
of Issuer Senior Debt. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Issuer Senior Debt and
shall not be liable to any such holder if it shall mistakenly pay over or distribute to or on behalf of Holders or any other Person,
money or assets to which holders of Issuer Senior Debt shall be entitled by virtue of this Article 2 or otherwise, except if such
payment is made as a result of the willful misconduct or gross negligence of the Trustee.

 

2.15 Reliance by Holders of Senior
Debt on Subordinated Provisions. Each Holder pursuant to the Indenture and by accepting a Note, has acknowledged and agreed
that provisions comparable to those in this Article 2 hereof are, and are intended to be, an inducement and a consideration to
holders of Issuer Senior Debt, whether such Issuer Senior Debt was created or acquired before or after the issuance of the Notes,
to acquire and continue to hold, or to continue to hold, such Issuer Senior Debt and holders of such Issuer Senior Debt shall be
deemed conclusively to have relied on such subordination provisions in acquiring and continuing to hold, or in continuing to hold,
such Issuer Senior Debt.

 

Without in any way limiting the generality
of the foregoing paragraph, holders of Issuer Senior Debt may, at any time and from time to time, without the consent of or notice
to the Trustee or the Holders, without incurring liability to the Trustee or the Holders and without impairing or releasing the
subordination provided in this Article 2 or the obligations hereunder of the Holders to holders of Issuer Senior Debt, do any
one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew
or alter, any Issuer Senior Debt, or otherwise amend or supplement in any manner any Issuer Senior Debt, or any instrument evidencing
the same or any agreement under which any Issuer Senior Debt is outstanding; (ii) sell, exchange, release or otherwise deal
with any property pledged, mortgaged or otherwise securing any Issuer Senior Debt; (iii) release any Person liable in any
manner for the payment or collection of any Issuer Senior Debt; and (iv) exercise or refrain from exercising any rights against
the Issuer and any other Person.

 

	3.	Miscellaneous

 

3.1 Integration/Conflicts. This
Agreement and the Indenture represent the entire agreement with respect to the subject matter hereof and thereof, and supersede
any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof. There are
no promises, undertakings, representations or warranties by the Trustee or the Holders relative to the subject matter hereof and
thereof not expressly set forth or referred to herein or therein. In the event of any conflict between the provisions of this Agreement
and the provisions of the Indenture, the provisions of this Agreement shall govern and control.

 

3.2 Effectiveness; Continuing Nature
of this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto.
This is a continuing agreement of payment subordination and the Issuer Senior Debt Claimholders may continue, at any time and without
notice to the Trustee or any Holder, to extend credit and other financial accommodations and lend monies to or for the benefit
of the Issuer constituting Issuer Senior Debt in reliance hereon. The terms of this Agreement shall survive, and shall continue
in full force and effect, in any filing or proceeding under the Bankruptcy Code. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. The parties hereto shall endeavor in good-faith negotiations
to replace any invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to those of the invalid, illegal or unenforceable provisions. All references to the Issuer shall include the Issuer as
debtor and debtor-in-possession and any receiver, trustee or similar person acting for the Issuer (as the case may be) in any proceeding
under the Bankruptcy Code. This Agreement shall terminate and be of no further force and effect:

 

(a) with respect to any Issuer
Senior Debt Representative and the Issuer Senior Debt Claimholders represented by it and their Issuer Senior Debt Obligations,
on the date on which the Issuer Senior Debt Obligations of such Issuer Senior Debt Claimholders are Discharged subject to the rights
of such Issuer Senior Debt Claimholders under Section 3.20 and Section 3.21; and

 

     

     

    

  

(b) with respect to the Trustee
and the Holders on the date that all Issuer Senior Debt has been Discharged subject to the rights of such Issuer Senior Debt Claimholders
under Section 3.20 and Section 3.21;

 

provided, however, that in each case, such termination
shall not relieve any such party of its obligations incurred hereunder prior to the date of such termination.

 

3.3 Amendments; Waivers

 

(a) No amendment, modification
or waiver of any of the provisions of this Agreement shall be deemed to be made unless the same shall be in writing signed on behalf
of each party hereto or its authorized agent and each waiver, if any, shall be a waiver only with respect to the specific instance
involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such
party in any other respect or at any other time. Notwithstanding the foregoing, the Issuer shall not have any right to consent
to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent its rights are directly
and adversely affected.

 

(b) Notwithstanding the foregoing,
without the consent of the Issuer or any party hereto any Person holding Issuer Senior Debt or their agent, trustee or representative
may become a party hereto by execution and delivery of a Joinder Agreement in accordance with Section 3.7 of this Agreement
and upon such execution and delivery, such Additional Issuer Senior Representative and the Additional Issuer Senior Debt Claimholders
represented thereby shall be subject to the terms hereof.

 

3.4 Information Concerning Financial
Condition of the Issuer and its Subsidiaries. The Issuer Senior Debt Representatives and the Issuer Senior Debt Claimholders,
on the one hand, and the Holders, on the other hand, shall each be responsible for keeping themselves informed of (a) the
financial condition of the Issuer, its Subsidiaries and any endorsers and guarantors of the Issuer Senior Debt Obligations or the
Notes and (b) all other circumstances bearing upon the risk of nonpayment of the Issuer Senior Debt Obligations or the Notes.
The Issuer Senior Debt Representatives and the other Issuer Senior Debt Claimholders, on the one hand, and the Holders, on the
other hand, shall have no duty to advise of information known to it or them regarding such condition or any such circumstances
or otherwise. In the event any Claimholder, in its sole discretion, undertakes at any time or from time to time to provide any
such information to any other Claimholder, it shall be under no obligation:

 

(a) to make, and such Claimholder
shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness
or validity of any such information so provided;

 

(b) to provide any additional
information or to provide any such information on any subsequent occasion;

 

(c) to undertake any investigation;
or

 

(d) to disclose any information,
which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise
required to maintain confidential.

 

3.5 Subrogation. With respect
to the value of any payments or distributions in cash, property or other assets that any of the Trustee or the Holders pays over
to any of the Issuer Senior Debt Representatives or the other Issuer Senior Debt Claimholders under the terms of this Agreement,
the Trustee or such Holders shall be subrogated to the rights of such Issuer Senior Debt Representatives or the other Issuer Senior
Debt Claimholders; provided that the Trustee, on behalf of itself and each Holder, hereby agrees not to assert or enforce any such
rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of all Issuer Senior Debt has occurred.
The Company acknowledges and agrees that the value of any payments or distributions in cash, property or other assets received
by the Trustee or any Holder that are paid over to any Issuer Senior Debt Representatives or the other Issuer Senior Debt Claimholders
pursuant to this Agreement shall not reduce any of the obligations under the Indenture.

  

3.6 Application of Payments.
All payments received by any Issuer Senior Debt Representative or other Issuer Senior Debt Claimholder may be applied, reversed
and reapplied, in whole or in part, to such part of the Issuer Senior Debt Obligations provided for in the applicable Issuer Senior
Debt or the documents evidencing or governing such Issuer Senior Debt (subject to any agreement among the Issuer Senior Debt Representatives).
The Trustee, on behalf of itself and each Holder, agrees to any extension or postponement of the time of payment of the Issuer
Senior Debt Obligations or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or
release of any payment which may at any time secure any part of the Issuer Senior Debt Obligations and to the addition or release
of any other Person primarily or secondarily liable therefor.

 

     

     

    

  

3.7 Additional Issuer Senior Debt
Claims. Any Person holding Issuer Senior Debt or their agent, trustee or representative may, but is not obligated to, become
a party hereto by execution and delivery of a joinder agreement in substantially the form of Exhibit A hereto.

 

3.8 Agency Capacities. The
Company is acting in the capacity of Initial Issuer Senior Debt Representative solely for the Initial Issuer Senior Debt Claimholders.
Each other Issuer Senior Debt Representative is acting in the capacity of Issuer Senior Debt Representative solely for the Issuer
Senior Debt Claimholders for which it has been appointed agent, trustee or other representative. The Trustee is acting as Trustee
solely for the Holders.

 

3.9 Submission to Jurisdiction; Certain
Waivers. Each of the Issuer and each Issuer Senior Debt Representative and the Trustee, on behalf of itself and each other
applicable Claimholder represented by it, hereby irrevocably and unconditionally:

 

(a) submits for itself and its
property in any legal action or proceeding relating to this Agreement (whether arising in contract, tort or otherwise) to which
it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of
the courts of the State of New York sitting in the Borough of Manhattan, the courts of the United States for the Southern District
of New York sitting in the Borough of Manhattan, and appellate courts from any thereof;

 

(b) agrees that all claims in
respect of any such action or proceeding shall be heard and determined in such New York state court or, to the fullest extent permitted
by applicable law, in such federal court;

 

(c) agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law and that nothing in this Agreement shall affect any right that any Claimholder may otherwise have
to bring any action or proceeding relating to this Agreement against the Issuer or any of its assets in the courts of any jurisdiction;

 

(d) waives, to the fullest extent
permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding
arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section 3.9 (and
irrevocably waives to the fullest extent permitted by applicable law the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court);

 

(e) consents to service of process
in any such proceeding in any such court by registered or certified mail, return receipt requested, to the applicable party at
its address provided in accordance with Section 3.11 (and agrees that nothing in this Agreement will affect the right
of any party hereto to serve process in any other manner permitted by applicable law);

 

(f) agrees that service as provided
in clause (e) above is sufficient to confer personal jurisdiction over the applicable party in any such proceeding in any
such court, and otherwise constitutes effective and binding service in every respect; and

 

(g) waives, to the maximum extent
not prohibited by law, any right it may have to claim or recover any special, exemplary, punitive or consequential damages.

 

3.10 WAIVER OF JURY TRIAL.

 

EACH PARTY HERETO AND THE COMPANY HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT,
TORT, BREACH OF DUTY, COMMON LAW, STATUTE OR ANY OTHER THEORY). EACH PARTY HERETO AND THE COMPANY (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. EACH PARTY HERETO AND
THE ISSUER FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY
WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

     

     

    

 

3.11 Notices. All notices
to the Holders and the Issuer Senior Debt Claimholders permitted or required under this Agreement shall also be sent to the Trustee
and the applicable Issuer Senior Debt Representative, respectively. Unless otherwise specifically provided herein, any notice hereunder
shall be in writing and may be personally served or sent by facsimile or United States mail or courier service and shall be deemed
to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of facsimile
or three Business Days after depositing it in the United States mail with postage prepaid and properly addressed. For the purposes
hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto or
in the Joinder Agreement pursuant to which it becomes a party hereto, or, as to each party, at such other address as may be designated
by such party in a written notice to all of the other parties.

 

3.12 Further Assurances. Each
Issuer Senior Debt Representative, on behalf of itself and each other Issuer Senior Debt Claimholder represented by it, the Trustee,
on behalf of itself and each Holder, and the Issuer agrees that it shall take such further action and shall execute and deliver
such additional documents and instruments (in recordable form) as is required for any Issuer Senior Debt Representative to effectuate
the terms of and the payment priorities contemplated by this Agreement.

 

3.13 APPLICABLE LAW. THIS
AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND THE RIGHTS OF THE PARTIES DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). 

 

3.14 Binding on Successors and Assigns.
This Agreement shall be binding upon the Issuer Senior Debt Representatives, the other Issuer Senior Debt Claimholders, the Trustee,
the Holders, the Issuer and its successors and assigns from time to time. If any of the Issuer Senior Debt Representatives or the
Trustee resigns or is replaced pursuant to the applicable documents evidencing or governing the applicable Issuer Senior Debt or
the Indenture, its successor shall be deemed to be a party to this Agreement and shall have all the rights of, and be subject to
all the obligations of, this Agreement. No provision of this Agreement will inure to the benefit of a trustee, debtor-in-possession,
creditor trust or other representative of an estate or creditor of the Issuer.

 

3.15 Section Headings. The
section headings and table of contents used in this Agreement are included herein for convenience of reference only and shall not
constitute a part of this Agreement for any other purpose, be given any substantive effect, affect the construction hereof or be
taken into consideration in the interpretation hereof.

 

3.16 Counterparts. This Agreement
may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by facsimile
or other electronic imaging means), and all of said counterparts taken together shall be deemed to constitute one and the same
instrument. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission (e.g. a document
in “pdf” or “tif ” format sent by electronic mail) shall be effective as delivery of a manually executed
counterpart hereof.

 

     

     

    

  

3.17 Authorization. By its
signature, each Person executing this Agreement, on behalf of such Person but not in his or her personal capacity as a signatory,
represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement.

 

3.18 Third Party Beneficiaries/ Provisions
Solely to Define Relative Rights. This Agreement and the rights and benefits hereof shall inure to the benefit of each
of the Issuer Senior Debt Claimholders and the Holders and their respective successors and assigns from time to time. Each holder
of any Issuer Senior Debt that is not (either directly or through an agent) a party hereto shall be an express third party beneficiary
hereof. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Issuer
Senior Debt Representatives and the other Issuer Senior Debt Claimholders on the one hand and the Trustee and the Holders on the
other hand. Other than as set forth in Section 3.3 and in Section 3.6, none of the Issuer or any other
creditor thereof shall have any rights hereunder and the Issuer may not rely on the terms hereof. Nothing in this Agreement is
intended to or shall impair the obligations of the Issuer, which are absolute and unconditional, to pay the obligations under Issuer
Senior Debt and the Notes, the Indenture and the Security Documents as and when the same shall become due and payable in accordance
with their terms.

 

3.19 No Indirect Actions.
Unless otherwise expressly stated, if a party may not take an action under this Agreement, then it may not take that action indirectly,
or support any other Person in taking that action directly or indirectly. “Taking an action indirectly” means taking
an action that is not expressly prohibited for the party but is intended by the party to have substantially the same effects as
the prohibited action.

 

3.20 When Discharge of Obligations
Deemed to Not Have Occurred. If contemporaneously with the Discharge of Issuer Senior Debt, the Company enters into any
Refinancing of such Issuer Senior Debt, then such Discharge of Issuer Senior Debt shall automatically be deemed not to have occurred
for all purposes of this Agreement and the obligations under such Refinancing of the applicable Issuer Senior Debt shall automatically
be treated as Issuer Senior Debt for all purposes of this Agreement.

 

3.21 Avoidance Issues. If
any Issuer Senior Debt Claimholder is required as a result of any filing or proceeding under the Bankruptcy Code or otherwise to
turn over or otherwise pay to the estate of the Issuer any amount paid in respect of Issuer Senior Debt Obligations (a “Recovery”),
then such Issuer Senior Debt Claimholder shall be entitled to a reinstatement of its Issuer Senior Debt Obligations with respect
to all such recovered amounts on the date of such Recovery, and from and after the date of such reinstatement the Discharge of
Issuer Senior Debt Obligations shall be deemed not to have occurred for all purposes hereunder. If this Agreement shall have been
terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall
not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement.
This Section 3.21 shall survive termination of this Agreement.

 

[Remainder of this page intentionally left
blank]

 

     

     

    

 

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

 

	 	 	 	 
	 	UNITED STATES ENRICHMENT CORPORATION
	 	 
	 	as Initial Issuer Senior Debt Representative
	 	 	 
	 	By:		
 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	 	 	 	United States Enrichment Corporation
	 	 	 	6901 Rockledge Drive, Suite 800
	 	 	 	Bethesda, Maryland 20817
	 	 	 	Attention: General Counsel
	 	 	 	Facsimile No.: (301) 564-3206
	 	 
	 	
        DELAWARE TRUST COMPANY,

        

        as Trustee

        

	 	 	 
	 	By:	 	
 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 
	 	 	 	Delaware Trust Company
	 	 	 	2711 Centerville Road, Suite 220
	 	 	 	Wilmington, Delaware 19808
	 	 	 	Attention: Corporate Trust Administration
	 	 	 	Facsimile No.: 302-636-8666
	 	 	 	Email: trust@delawaretrust.com
	 	 	 
	 	 	 	With a copy to counsel:
	 	 	 
	 	 	 	
        Mark R. Somerstein, Esq.

        

        Ropes & Gray LLP

        

        1211 Avenue of the Americas

        

        New York, NY 10036-8704

        

        Email: mark.somerstein@ropesgray.com

        

	 	 	 

 

[Signature Page to Note Subordination Agreement]

 

     

     

    

  

	Acknowledged and Agreed to by:	 
	 	 
	Centrus Energy Corp.	 
	 	 	 
	By:	 	
 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	 	Centrus Energy Corp.	 
	 	 	6901 Rockledge Drive, Suite 800	 
	 	 	Bethesda, Maryland 20817	 
	 	 	Attention: General Counsel	 
	 	 	
        Facsimile No.: (301) 564-3206
	 

 

 

[Signature Page to Note Subordination Agreement]

 

     

     

    

 

[FORM OF] JOINDER AGREEMENT NO. [    ]
dated as of [        ], 20[    ] to the NOTE SUBORDINATION AGREEMENT
dated as of February 14, 2017 (the “Note Subordination Agreement”), among UNITED STATES ENRICHMENT CORPORATION,
a Delaware Corporation, as Initial Issuer Senior Debt Representative, [DELAWARE TRUST COMPANY, as Trustee], and the additional
Issuer Senior Debt Representatives from time to time a party thereto, and acknowledged and agreed to by Centrus Energy Corp., a
Delaware corporation (the “Issuer”).

 

Capitalized terms used herein but not otherwise
defined herein shall have the meaning assigned to such terms in the Note Subordination Agreement.

 

The undersigned Additional Issuer Senior
Debt Representative (the “New Representative”) is executing this Joinder Agreement in accordance with the requirements
of the Note Subordination Agreement.

 

Accordingly, the New Representative agrees
to be subject to and bound by, the Note Subordination Agreement with the same force and effect as if the New Representative had
originally been named therein as an Issuer Senior Debt Representative and the New Representative, on behalf of itself and each
other Additional Issuer Senior Debt Claimholders represented by it, hereby agrees to all the terms and provisions of the Note Subordination
Agreement applicable to it as an Issuer Senior Debt Representative. The Note Subordination Agreement is hereby incorporated herein
by reference.

 

The New Representative represents and warrants
to the other Representatives, and the other Claimholders that (i) it has full power and authority to enter into this Joinder
Agreement, in its capacity as [agent][trustee], (ii) this Joinder Agreement has been duly authorized, executed and delivered
by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms and the terms
of the Note Subordination Agreement.

 

This Joinder Agreement may be executed in
counterparts, each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed signature page to this Joinder Agreement by facsimile or other electronic transmission shall be effective
as delivery of a manually signed counterpart of this Joinder Agreement.

 

Except as expressly supplemented hereby,
the Note Subordination Agreement shall remain in full force and effect.

 

THIS JOINDER AGREEMENT SHALL BE CONSTRUED,
INTERPRETED AND THE RIGHTS OF THE PARTIES DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS
MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(b). 

 

Any provision of this Joinder Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof and in the Note Subordination Agreement, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
The parties hereto shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to those of the invalid, illegal or unenforceable provisions.

 

All communications and notices hereunder
shall be in writing and given as provided in Section 3.11 of the Note Subordination Agreement. All communications and notices
hereunder to the New Representative shall be given to it at the address set forth below its signature hereto.

 

[Remainder of this page intentionally left
blank]

 

 

     

     

    

 

 

IN WITNESS WHEREOF, the New Representative
have duly executed this Joinder Agreement to the Note Subordination Agreement as of the day and year first above written.

 

	 	 	 	 	 	 
	 	[NAME OF NEW REPRESENTATIVE],
	 	as [            ] for the holders of [                    ]
	 	 	 
	 	By:	 	
 
	 	 	 	Name:	 	 
	 	 	 	Title:	 	 
	 	 
	 	Address for notices:
	 	 	 
	 	 	 	
 
	 	 	 	
 
	 	 	 	attention of:	 	
 
	 	 	 	Telecopy:EXHIBIT
4.4

 

PARI
PASSU LIEN INTERCREDITOR AGREEMENT

 

among

 

UNITED
STATES ENRICHMENT CORPORATION, as the Grantor

 

DELAWARE
TRUST COMPANY,

 

as
Collateral Agent and Authorized Representative for the Existing Notes Secured Parties

 

and

 

DELAWARE
TRUST COMPANY,

 

as
Collateral Agent and Authorized Representative for the New Notes Secured Parties

 

dated
as of February 14, 2017

 

 

    

     

    

 

PARI
PASSU LIEN INTERCREDITOR AGREEMENT, dated as of February 14, 2017 (as amended, restated, amended and restated, extended, supplemented
or otherwise modified from time to time, this “Agreement”), among UNITED STATES ENRICHMENT CORPORATION, a Delaware
corporation (the “Grantor”), a wholly owned subsidiary of Centrus Energy Corp., a Delaware corporation (the
“Issuer”), Delaware Trust Company, a Delaware state chartered trust company duly organized and existing under
the laws of the State of Delaware (“Delaware Trust Company”), as trustee under the Existing Notes Indenture
(in such capacity and together with its successors and assigns in such capacity, the “Existing Notes Authorized Representative”)
and as collateral agent for the Existing Notes Secured Parties under the Existing Notes Secured Documents (in such capacity and
together with its successors and assigns in such capacity, the “Existing Notes Collateral Agent”), Delaware
Trust Company, as trustee under the New Notes Indenture (in such capacity and together with its successors and assigns in such
capacity, the “New Notes Authorized Representative”) and as collateral agent for the New Notes Secured Parties
under the New Notes Secured Documents (in such capacity and together with its successors and assigns in such capacity, the “New
Notes Collateral Agent”).

 

In
consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Existing Notes Collateral Agent and the Existing Notes Authorized Representative (in each
case, for itself and on behalf of the Existing Notes Secured Parties) and the New Notes Authorized Representative and the New
Notes Collateral Agent (in each case, for itself and on behalf of the New Notes Secured Parties) agree as follows:

 

ARTICLE
I

Definitions

 

SECTION
1.01             Certain
Defined Terms. Capitalized terms used but not otherwise
defined herein have the meanings set forth in the New York UCC if defined therein. As used in this Agreement, the following terms
have the meanings specified below:

 

“Agreement”
has the meaning assigned to such term in the introductory paragraph hereof.

 

“Applicable
Authorized Representative” means with respect to any Shared Collateral, (i) at any time that the New Notes Collateral
Agent is the Controlling Collateral Agent, the Authorized Representative of the New Notes Obligations and (ii) at any time that
the Existing Notes Collateral Agent is the Controlling Collateral Agent, the Authorized Representative of the Existing Notes Obligations.

 

“Authorized
Representative” means, at any time, (i) in the case of any Existing Notes Obligations or the Existing Notes Secured
Parties, the Existing Notes Authorized Representative and (ii) in the case of any New Notes Obligations or the New Notes Secured
Parties, the New Notes Authorized Representative.

 

“Bankruptcy
Case” has the meaning assigned to such term in Section 2.05(b).

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors.

 

“Bankruptcy
Law” means the Bankruptcy Code and any similar federal, state or foreign law for the relief of debtors.

 

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

 

    -2- 

     

    

  

“Collateral”
means all assets and properties subject to Liens created pursuant to any Pari Passu-Lien Security Document to secure one or more
Series of Pari Passu-Lien Obligations.

 

“Collateral
Agent” means (i) in the case of any Existing Notes Obligations, the Existing Notes Collateral Agent and (ii) in the
case of the New Notes Obligations, the New Notes Collateral Agent.

 

“Controlling
Collateral Agent” means, with respect to any Shared Collateral, (i) at any time when the Existing Notes Obligations
represent more than fifty percent (50%) of the total outstanding Pari-Passu Lien Obligations, the Existing Notes Collateral Agent
and (ii) at any other time, the New Notes Collateral Agent.

 

“Controlling
Secured Parties” means, with respect to any Shared Collateral, (i) at any time when the Existing Notes Collateral Agent
is the Controlling Collateral Agent with respect to such Shared Collateral, the Existing Notes Secured Parties and (ii) at any
other time, the New Notes Secured Parties.

 

“DIP
Financing” has the meaning assigned to such term in Section 2.05(b).

 

“DIP
Financing Liens” has the meaning assigned to such term in Section 2.05(b).

 

“DIP
Lenders” has the meaning assigned to such term in Section 2.05(b).

 

“Discharge”
means, with respect to any Shared Collateral and any Series of Pari Passu-Lien Obligations, the date on which such Series of Pari
Passu-Lien Obligations is no longer secured by such Shared Collateral. The term “Discharged” shall have a corresponding
meaning.

 

“Discharge
of Pari Passu-Lien Obligations” means, with respect to any Shared Collateral, the Discharge of the Pari Passu-Lien Obligations
with respect to such Shared Collateral; provided that the Discharge of Pari Passu-Lien Obligations shall not be deemed
to have occurred in connection with a Refinancing of such Pari Passu-Lien Obligations with additional Pari Passu-Lien Obligations
secured by such Shared Collateral under a Secured Note Document which has been designated in writing by the Authorized Representative
(under the Secured Note Documents so Refinanced) or the Issuer to the Collateral Agents and each other Authorized Representative
as a Secured Note Document with respect to a particular Series of Pari Passu-Lien Obligations for purposes of this Agreement.

 

“Event
of Default” means an “Event of Default” (or similarly defined term) as defined in any Secured Note Document.

 

“Existing
Notes Authorized Representative” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Existing
Notes Collateral Agent” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Existing
Notes Documents” means, with respect to the Existing Notes Obligations, the loan agreements, credit agreements, notes,
indentures, security documents and other operative agreements evidencing or governing such indebtedness and liens securing such
indebtedness, including the Existing Notes Indenture and the Existing Notes Security Documents and each other agreement entered
into for the purpose of securing the Existing Notes Obligations.

  

“Existing
Notes Indenture” means that certain Indenture, dated as of September 30, 2014, among the Grantor, the Issuer, the Existing
Notes Authorized Representative and the Existing Notes Collateral Agent, as amended, restated, amended and restated, extended,
supplemented or otherwise modified from time to time, and as Refinanced in whole in a manner not constituting a Discharge of Pari
Passu-Lien Obligations.

 

    -3- 

     

    

  

“Existing
Notes Obligations” means all Secured Obligations as defined in the Existing Notes Indenture.

 

“Existing
Notes Pledge and Security Agreement” means that certain Pledge and Security Agreement dated as of September 30, 2014
(as amended, modified, supplemented or restated from time to time) by the Grantor, as pledgor, in favor of the Existing Notes
Authorized Representative and Existing Notes Collateral Agent.

 

“Existing
Notes Secured Parties” means the “Secured Parties” as defined in the Existing Notes Pledge and Security
Agreement.

 

“Existing
Notes Security Documents” means the Existing Notes Pledge and Security Agreement, the other Security Documents (as defined
in the Existing Notes Indenture) and each other agreement entered into in favor of the Existing Notes Collateral Agent for the
purpose of securing any Existing Note Obligations.

 

“Impairment”
has the meaning assigned to such term in Section 1.03.

 

“Insolvency
or Liquidation Proceeding” means:

 

(1)       any
case commenced by or against the Grantor under any Bankruptcy Law, any other proceeding for the reorganization, recapitalization
or adjustment or marshalling of the assets or liabilities of the Grantor, any receivership or assignment for the benefit of creditors
relating to the Grantor or any similar case or proceeding relative to the Grantor or its creditors, as such, in each case whether
or not voluntary;

 

(2)       any
liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Grantor, in each case
whether or not voluntary and whether or not involving bankruptcy or insolvency; or

 

(3)       any
other proceeding of any type or nature in which substantially all claims of creditors of the Grantor are determined and any payment
or distribution is or may be made on account of such claims.

 

“Intervening
Creditor” has the meaning assigned to such term in Section 2.01(a).

 

“Issuer”
has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“Legal
Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York, the city in which
the Corporate Trust Office (as defined in each of Secured Notes Documents) of any Authorized Representative is located or at a
place of payment are authorized by law, regulation or executive order to remain closed. If a payment date in a place of payment
is a Legal Holiday, payment shall be made at that place on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue for the intervening period.

 

“Liens”
means any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, regardless of whether 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).

 

    -4- 

     

    

  

“Joinder
Agreement” means a joinder to this Agreement in the form of Annex I hereto.

 

“New
Notes Authorized Representative” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“New
Notes Collateral Agent” has the meaning assigned to such term in the introductory paragraph of this Agreement.

 

“New
Notes Documents” means, with respect to the New Notes Obligations, the loan agreements, credit agreements, notes, indentures,
security documents and other operative agreements evidencing or governing such indebtedness and liens securing such indebtedness,
including the New Notes Indenture and the New Notes Security Documents and each other agreement entered into for the purpose of
securing the New Notes Obligations.

 

“New
Notes Indenture” means that certain Indenture, dated as of February 14, 2017, among the Grantor, the Issuer, the New
Notes Authorized Representative, and the New Notes Collateral Agent, as amended, restated, amended and restated, extended, supplemented
or otherwise modified from time to time, and as Refinanced in whole or in part in a manner not constituting a Discharge of Pari
Passu-Lien Obligations.

 

“New
Notes Obligations” means all Secured Obligations as defined in the New Notes Indenture.

 

“New
Notes Pledge and Security Agreement” means that certain Pledge and Security Agreement dated as of February 14, 2017
(as amended, modified, supplemented or restated from time to time) by United States Enrichment Corporation, as pledgor, in favor
of New Notes Authorized Representative and New Notes Collateral Agent.

 

“New
Notes Security Documents” means the New Notes Pledge and Security Agreement, the other Security Documents (as defined
in the New Notes Indenture) and each other agreement entered into in favor of the New Notes Collateral Agent for the purpose of
securing any New Note Obligations.

 

“New
York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York.

 

“Non-Controlling
Authorized Representative” means, at any time with respect to any Shared Collateral, any Authorized Representative that
is not the Applicable Authorized Representative at such time with respect to such Shared Collateral.

 

“Non-Controlling
Secured Parties” means, with respect to any Shared Collateral, the Pari Passu-Lien Secured Parties which are not Controlling
Secured Parties with respect to such Shared Collateral.

 

“Pari
Passu-Lien Obligations” means, collectively, (i) the Existing Notes Obligations and (ii) the New Notes Obligations.

 

“Pari
Passu-Lien Secured Parties” means (i) the Existing Notes Secured Parties and (ii) the New Notes Secured Parties.

 

“Pari
Passu-Lien Security Documents” means, collectively, (i) the Existing Notes Security Documents and (ii) the New Notes
Security Documents.

 

    -5- 

     

    

  

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

 

“Possessory
Collateral” means any Shared Collateral in the possession of a Collateral Agent (or its agents or bailees), to the extent
that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes,
without limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to
or in the possession of the Collateral Agent under the terms of the Pari Passu-Lien Security Documents.

 

“Proceeds”
has the meaning assigned to such term in Section 2.01(a).

 

“Refinance”
means, in respect of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure,
refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement
for such indebtedness (in whole or in part), including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors,
and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated
and including, in each case, through any loan agreement, credit agreement, indenture or other agreement. “Refinanced”
and “Refinancing” have correlative meanings.

 

“Secured
Note Document” means (i) the Existing Notes Documents and (ii) the New Notes Documents.

 

“Securities
or Deposit Account Control Collateral” means any Shared Collateral under the “control” of a Collateral Agent
(or its agents or bailees), to the extent that such control thereof perfects a Lien thereon under the Uniform Commercial Code
of any jurisdiction. Securities or Deposit Account Control Collateral includes, without limitation, any uncertificated securities
or deposit account under the control of a Collateral Agent under the terms of the Pari Passu-Lien Security Documents.

 

“Series”
means (a) with respect to the Pari Passu-Lien Secured Parties, each of (i) the Existing Notes Secured Parties (in their capacities
as such) and (ii) the New Notes Secured Parties (in their capacities as such) and (b) with respect to any Pari Passu-Lien Obligations,
each of (i) the Existing Notes Obligations and (ii) the New Notes Obligations.

 

“Shared
Collateral” means, at any time, Collateral in which the holders of Existing Notes Obligations and the holders of the
New Notes Obligations hold a valid and perfected security interest at such time.

 

SECTION
1.02             Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine
and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed
by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect
as the word “shall”. Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument,
other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute
or regulation as from time to time amended, supplemented or otherwise modified, (ii) any reference herein to any Person shall
be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such
Person unless express reference is made to such subsidiaries, (iii) the words “herein”, “hereof” and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision
hereof, (iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes
of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and “property” shall
be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including
cash, securities, accounts and contract rights and (vi) the term “or” is not exclusive.

 

    -6- 

     

    

  

SECTION
1.03             Impairments.
It is the intention of the Pari Passu-Lien Secured Parties of each Series that the holders
of Pari Passu-Lien Obligations of such Series (and not the Pari Passu-Lien Secured Parties of any other Series) bear the risk
of (i) any determination by a court of competent jurisdiction that (x) any of the Pari Passu-Lien Obligations of such Series are
unenforceable under applicable law or are subordinated to any other obligations (other than another Series of Pari Passu-Lien
Obligations), (y) any of the Pari Passu-Lien Obligations of such Series do not have an enforceable security interest in any of
the Collateral securing any other Series of Pari Passu-Lien Obligations and/or (z) any intervening security interest exists securing
any other obligations (other than another Series of Pari Passu-Lien Obligations) on a basis ranking prior to the security interest
of such Series of Pari Passu-Lien Obligations but junior to the security interest of any other Series of Pari Passu-Lien Obligations
or (ii) the existence of any Collateral for any other Series of Pari Passu-Lien Obligations that is not Shared Collateral for
such Series (any such condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of Pari Passu-Lien
Obligations, an “Impairment” of such Series); provided that the existence of a maximum claim with respect
to any real property subject to a mortgage that applies to all Pari Passu-Lien Obligations shall not be deemed to be an Impairment
of any Series of Pari Passu-Lien Obligations. In the event of any Impairment with respect to any Series of Pari Passu-Lien Obligations,
the results of such Impairment shall be borne solely by the holders of such Series of Pari Passu-Lien Obligations, and the rights
of the holders of such Series of Pari Passu-Lien Obligations (including, without limitation, the right to receive distributions
in respect of such Series of Pari Passu-Lien Obligations pursuant to Section 2.01) set forth herein shall be modified to
the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such Pari Passu-Lien
Obligations subject to such Impairment. Additionally, in the event the Pari Passu-Lien Obligations of any Series are modified
pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code), any reference to
such Pari Passu-Lien Obligations or the Pari Passu-Lien Security Documents governing such Pari Passu-Lien Obligations shall refer
to such obligations or such documents as so modified.

  

Section
1.04Termination of Pari Passu Treatment. Notwithstanding anything herein to the contrary, upon any termination of the
guaranty of the Existing Notes by the Grantor in connection with a Termination Event (as defined in the Existing Notes Indenture
as of the date hereof), (i) equal priority treatment of the Liens securing the Existing Notes Obligations and the New Notes Obligations
as provided herein shall cease, (ii) the Existing Notes Obligations shall no longer constitute Pari Passu-Lien Obligations, (iii)
all Possessory Collateral in the possession of any Existing Notes Secured Party shall be promptly turned over to the New Notes
Collateral Agent, (iv) the Collateral securing the guaranty of the Existing Notes by the Grantor shall no longer constitute Shared
Collateral, and (iv) the Existing Notes Secured Parties shall no longer have any rights under this Agreement.

 

 

ARTICLE
II

Priorities and Agreements with Respect to Shared Collateral

 

SECTION
2.01             Priority
of Claims.

 

(a)               
Anything contained herein or in any of the Secured Note Documents
to the contrary notwithstanding (but subject to Section 1.03), if an Event of Default has occurred and is continuing, and
the Controlling Collateral Agent or any Pari Passu-Lien Secured Party is taking action to enforce rights in respect of any Shared
Collateral, or any distribution is made in respect of any Shared Collateral in any Bankruptcy Case of the Grantor or any Pari
Passu-Lien Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect
to any Shared Collateral, the proceeds of any sale, collection or other liquidation of any such Shared Collateral by any Pari
Passu-Lien Secured Party or received by the Controlling Collateral Agent or any Pari Passu-Lien Secured Party pursuant to any
such intercreditor agreement with respect to such Shared Collateral and proceeds of any such distribution (subject, in the case
of any such distribution, to the sentence immediately following) to which the Pari Passu-Lien Obligations are entitled under any
intercreditor agreement (other than this Agreement) (all proceeds of any sale, collection or other liquidation of any Shared Collateral
and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied (i)
FIRST, to the payment of all amounts owing to each Collateral Agent (in its capacity as such) pursuant to the terms of any Secured
Note Document, (ii) SECOND, subject to Section 1.03, to the payment in full of the Pari Passu-Lien Obligations of each Series
on a ratable basis, with such Proceeds to be applied to the Pari Passu-Lien Obligations of a given Series in accordance with the
terms of the applicable Secured Note Documents and (iii) THIRD, after payment of all Pari Passu-Lien Obligations, to the Grantor
or its successors or assigns, as their interests may appear, or to whomsoever may be lawfully entitled to receive the same, or
as a court of competent jurisdiction may direct. Notwithstanding the foregoing, with respect to any Shared Collateral for which
a third party (other than a Pari Passu-Lien Secured Party) has a lien or security interest that is junior in priority to the security
interest of any Series of Pari Passu-Lien Obligations but senior (as determined by appropriate legal proceedings in the case of
any dispute) to the security interest of any other Series of Pari Passu-Lien Obligations (such third party, an “Intervening
Creditor”), the value of any Shared Collateral or Proceeds allocated to such Intervening Creditor shall be deducted
on a ratable basis solely from the Shared Collateral or Proceeds to be distributed in respect of the Series of Pari Passu-Lien
Obligations with respect to which such Impairment exists.

 

    -7- 

     

    

  

(b)              
It is acknowledged that the Pari Passu-Lien Obligations of any
Series may, subject to the limitations set forth in the then extant Secured Note Documents, be increased, extended, renewed, replaced,
restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without
affecting the priorities set forth in Section 2.01(a) or the provisions of this Agreement defining the relative rights
of the Pari Passu-Lien Secured Parties of any Series.

 

(c)               
Notwithstanding the date, time, method, manner or order of grant,
attachment or perfection of any Liens securing any Series of Pari Passu-Lien Obligations granted on the Shared Collateral and
notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the Secured Note
Documents or any defect or deficiencies in the Liens securing the Pari Passu-Lien Obligations of any Series or any other circumstance
whatsoever (but, in each case, subject to Section 1.03), each Pari Passu-Lien Secured Party hereby agrees that the Liens
securing each Series of Pari Passu-Lien Obligations on any Shared Collateral shall be of equal priority.

 

SECTION
2.02             Actions
with Respect to Shared Collateral; Prohibition on Contesting Liens.

 

(a)               
Only the Controlling Collateral Agent shall act or refrain from
acting with respect to any Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared
Collateral). No Non-Controlling Secured Party shall or shall instruct any Collateral Agent to, and no Non-Controlling Collateral
Agent shall, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator
or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with
respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available
to it in respect of, any Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral),
whether under any Pari Passu-Lien Security Document, applicable law or otherwise, it being agreed that only the Controlling Collateral
Agent, acting in accordance with the Pari Passu-Lien Security Documents, shall be entitled to take any such actions or exercise
any such remedies with respect to Shared Collateral at such time.

 

(b)              
With respect to any Shared Collateral, (i) the Controlling Collateral
Agent shall act only on the instructions of the Applicable Authorized Representative, (ii) the Controlling Collateral Agent shall
not follow any instructions with respect to such Shared Collateral (including with respect to any intercreditor agreement with
respect to any Shared Collateral) from any Non-Controlling Authorized Representative (or any other Pari Passu-Lien Secured Party
other than the Applicable Authorized Representative) and (iii) no Non-Controlling Authorized Representative or other Pari Passu-Lien
Secured Party (other than the Applicable Authorized Representative) shall or shall instruct the Controlling Collateral Agent to,
commence any judicial or non-judicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or
similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect
to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it
in respect of, any Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral),
whether under any Pari Passu-Lien Security Document, applicable law or otherwise, it being agreed that only the Controlling Collateral
Agent, acting on the instructions of the Applicable Authorized Representative and in accordance with the Pari Passu-Lien Security
Documents applicable to it, shall be entitled to take any such actions or exercise any such remedies with respect to such Shared
Collateral.

 

    -8- 

     

    

  

(c)               
Notwithstanding the equal priority of the Liens securing each
Series of Pari Passu-Lien Obligations with respect to any Shared Collateral, the Controlling Collateral Agent with respect thereto
(acting on the instructions of the Applicable Authorized Representative) may deal with such Shared Collateral as if such Controlling
Collateral Agent had a senior Lien on such Collateral. No Non-Controlling Authorized Representative or Non-Controlling Secured
Party in respect of any Shared Collateral will contest, protest or object to any foreclosure proceeding or action brought by the
Controlling Collateral Agent, the Applicable Authorized Representative or any Controlling Secured Party or any other exercise
by the Controlling Collateral Agent, the Applicable Authorized Representative or a Controlling Secured Party of any rights and
remedies relating to such Shared Collateral, or cause the Controlling Collateral Agent to do so. The foregoing shall not be construed
to limit the rights and priorities of any Pari Passu-Lien Secured Party, the Controlling Collateral Agent or any Authorized Representative
with respect to any Collateral not constituting Shared Collateral.

 

(d)              
Each of the Pari Passu-Lien Secured Parties agrees that it will
not (and hereby waives any right to) question or contest or support any other Person in contesting, in any proceeding (including
any Insolvency or Liquidation Proceeding), the perfection, priority, validity, attachment or enforceability of a Lien held by
or on behalf of any of the Pari Passu-Lien Secured Parties in all or any part of the Shared Collateral, or the provisions of this
Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Collateral
Agent or any Authorized Representative to enforce this Agreement.

 

SECTION
2.03             No
Interference; Payment Over.

 

(a)               
Each Pari Passu-Lien Secured Party agrees that (i) it will not
challenge or question or support any other Person or entity in any proceeding the validity or enforceability of any Pari Passu-Lien
Obligations of any Series or any Pari Passu-Lien Security Document or the validity, attachment, perfection or priority of any
Lien under any Pari Passu-Lien Security Document or the validity or enforceability of the priorities, rights or duties established
by or other provisions of this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which
is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer
or other disposition of any Shared Collateral by the Controlling Collateral Agent, (iii) except as provided in Section 2.02,
it shall have no right to (A) direct the Controlling Collateral Agent or any other Pari Passu-Lien Secured Party to exercise,
and shall not exercise, any right, remedy or power with respect to any Shared Collateral (including pursuant to any intercreditor
agreement) or (B) consent to the exercise by the Controlling Collateral Agent or any other Pari Passu-Lien Secured Party of any
right, remedy or power with respect to any Shared Collateral, (iv) it will not institute any suit or assert in any suit, bankruptcy,
insolvency or other proceeding any claim against the Controlling Collateral Agent or any other Pari Passu-Lien Secured Party seeking
damages from or other relief by way of specific performance, instructions or otherwise with respect to any Shared Collateral,
and none of the Controlling Collateral Agent, any Applicable Authorized Representative or any other Pari Passu-Lien Secured Party
shall be liable for any action taken or omitted to be taken by the Controlling Collateral Agent, such Applicable Authorized Representative
or other Pari Passu-Lien Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement,
(v) it will not seek, and hereby waives any right, to have any Shared Collateral or any part thereof marshaled upon any foreclosure
or other disposition of such Shared Collateral, and (vi) it will not attempt, directly or indirectly, whether by judicial proceedings
or otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement
shall be construed to prevent or impair the rights of any of the Collateral Agent or any other Pari Passu-Lien Secured Party to
enforce this Agreement.

 

    -9- 

     

    

  

(b)              
Each Pari Passu-Lien Secured Party hereby agrees that if it shall
obtain possession of any Shared Collateral or shall realize any proceeds or payment in respect of any such Shared Collateral,
pursuant to any Pari Passu-Lien Security Document by the exercise of any rights available to it under applicable law or in any
Insolvency or Liquidation Proceeding or through any other exercise of remedies (including pursuant to any intercreditor agreement),
at any time prior to the Discharge of each of the Pari Passu-Lien Obligations, then it shall hold such Shared Collateral, proceeds
or payment in trust for the other Pari Passu-Lien Secured Parties and promptly transfer such Shared Collateral, proceeds or payment,
as the case may be, to the Controlling Collateral Agent, to be distributed in accordance with the provisions of Section 2.01 hereof.

 

SECTION
2.04             Automatic
Release of Liens.

 

(a)               
If, at any time the Controlling Collateral Agent forecloses upon
or otherwise exercises remedies against any Shared Collateral resulting in a sale or disposition thereof, then (whether or not
any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of each other Collateral Agent for the benefit
of each Series of Pari Passu-Lien Secured Parties upon such Shared Collateral will automatically be released and discharged as
and when, but only to the extent, such Liens of the Controlling Collateral Agent on such Shared Collateral are released and discharged;
provided that any proceeds of any Shared Collateral realized therefrom shall be allocated and applied pursuant to Section
2.01.

 

(b)              
Each Collateral Agent and Authorized Representative agrees to
execute and deliver (at the sole cost and expense of the Grantor) all such authorizations and other instruments as shall reasonably
be requested by the Controlling Collateral Agent to evidence and confirm any release of Shared Collateral provided for in this
Section.

 

SECTION
2.05             Certain
Agreements with Respect to Bankruptcy or Insolvency Proceedings.

 

(a)               
This Agreement shall continue in full force and effect notwithstanding
the commencement of any proceeding under the Bankruptcy Code or any other Federal, state or foreign bankruptcy, insolvency, receivership
or similar law by or against either Borrower or any of their respective Subsidiaries.

 

(b)              
If the Grantor shall become subject to a case (a “Bankruptcy
Case”) under the Bankruptcy Code and shall, as debtor-in-possession, move for approval of financing (the “DIP
Financing”) to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy
Code or any equivalent provision of any other Bankruptcy Law or the use of cash collateral under Section 363 of the Bankruptcy
Code or any equivalent provision of any other Bankruptcy Law, each Pari Passu-Lien Secured Party (other than any Controlling Secured
Party or the Authorized Representative of any Controlling Secured Party) agrees that it will raise no objection to any such financing
or to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral
that constitutes Shared Collateral, unless the Controlling Collateral Agent (acting on the instructions of the Applicable Authorized
Representative) shall then oppose or object to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i)
to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling
Secured Parties, each Non-Controlling Secured Party will subordinate its Liens with respect to such Shared Collateral on the same
terms as the Liens of the Controlling Secured Parties (other than any Liens of any Pari Passu-Lien Secured Parties constituting
DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens
on any such Shared Collateral granted to secure the Pari Passu-Lien Obligations of the Controlling Secured Parties, each Non-Controlling
Secured Party will confirm the priorities with respect to such Shared Collateral as set forth herein), in each case so long as
(A) the Pari Passu-Lien Secured Parties of each Series retain the benefit of their Liens on all such Shared Collateral pledged
to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority vis-à-vis
all the other Pari Passu-Lien Secured Parties (other than any Liens of the Pari Passu-Lien Secured Parties constituting DIP Financing
Liens) as existed prior to the commencement of the Bankruptcy Case, (B) the Pari Passu-Lien Secured Parties of each Series are
granted Liens on any additional collateral pledged to any Pari Passu-Lien Secured Parties as adequate protection or otherwise
in connection with such DIP Financing or use of cash collateral (in each case, except to the extent a Lien on additional collateral
is granted to one Series in consideration of Collateral of such Series that is not Shared Collateral for a Series that does not
receive a Lien on such additional collateral), with the same priority vis-à-vis the Pari Passu-Lien Secured Parties as
set forth in this Agreement, (C) if any amount of such DIP Financing or cash collateral is applied to repay any of the Pari Passu-Lien
Obligations, such amount is applied pursuant to Section 2.01 (in each case, except to the extent a payment is made to one
Series in consideration of Collateral of such Series that is not Shared Collateral for a Series that does not receive such payment),
and (D) if any Pari Passu-Lien Secured Parties are granted adequate protection, including in the form of periodic payments, in
connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are applied pursuant to
Section 2.01 (in each case, except to the extent such adequate protection is granted to one Series in consideration of
Collateral of such Series that is not Shared Collateral for a Series that does not receive such adequate protection); provided
that the Pari Passu-Lien Secured Parties of each Series shall have a right to object to the grant of a Lien to secure the
DIP Financing over any Collateral subject to Liens in favor of the Pari Passu-Lien Secured Parties of such Series or its Authorized
Representative that shall not constitute Shared Collateral; and provided further that the Pari Passu-Lien Secured Parties
receiving adequate protection shall not object to any other Pari Passu-Lien Secured Party receiving adequate protection comparable
to any adequate protection granted to such Pari Passu-Lien Secured Parties in connection with a DIP Financing or use of cash collateral.

 

    -10- 

     

    

  

SECTION
2.06             Reinstatement In the event that any of the
Pari Passu-Lien Obligations shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason
(including an order or judgment for disgorgement of a preference under the Bankruptcy Code, or any similar law, or the settlement
of any claim in respect thereof), be required to be returned or repaid, the terms and conditions of this Article II shall be fully
applicable thereto until all such Pari Passu-Lien Obligations shall again have been paid in full in cash.

 

SECTION
2.07             Insurance As between the Pari Passu-Lien Secured
Parties, the Controlling Collateral Agent shall have the right to adjust or settle any insurance policy or claim covering or constituting
Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding
affecting the Shared Collateral.

 

SECTION
2.08             Refinancings The Pari Passu-Lien Obligations
of any Series may be Refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a
consent is otherwise required to permit the Refinancing transaction under any Secured Note Document) of any Pari Passu-Lien Secured
Party of any other Series, all without affecting the priorities provided for herein or the other provisions hereof; provided
that the Authorized Representative of the holders of any such Refinancing indebtedness shall have executed a Joinder Agreement
on behalf of the holders of such Refinancing indebtedness.

 

SECTION
2.09             Possessory Collateral Agent and Securities or
Deposit Account Control Collateral Agent as Gratuitous Bailee for Perfection

  

(a)               
Each Collateral Agent agrees to hold all Possessory Collateral
or Securities or Deposit Account Control Collateral that is in its possession or control (or in the possession or control of its
agents or bailees) as gratuitous bailee for the benefit of each other Pari Passu-Lien Secured Party for which such Possessory
Collateral or Securities or Deposit Account Control Collateral is Shared Collateral and any assignee solely for the purpose of
perfecting the security interest granted in such Possessory Collateral or Securities or Deposit Account Control Collateral, if
any, pursuant to the applicable Pari Passu-Lien Security Documents, in each case, subject to the terms and conditions of this
Section 2.09; provided that at any time a Collateral Agent ceases to be a Collateral Agent, such former Collateral
Agent shall, at the request of the Controlling Collateral Agent, promptly deliver all Possessory Collateral to the Controlling
Collateral Agent together with any necessary endorsements (or otherwise allow the Controlling Collateral Agent to obtain control
of such Possessory Collateral). The Grantor shall take such further action as is required to effectuate the transfer contemplated
hereby and shall indemnify each Collateral Agent for loss or damage suffered by such Collateral Agent as a result of such transfer
except for loss or damage suffered by such Collateral Agent as a result of its own willful misconduct, gross negligence or bad
faith.

 

(b)              
Each Collateral Agent agrees to hold any Shared Collateral constituting
Possessory Collateral or any Securities or Deposit Account Control Collateral, from time to time in its possession, as gratuitous
bailee for the benefit of each other Pari Passu-Lien Secured Party and any assignee, solely for the purpose of perfecting the
security interest granted in such Possessory Collateral or such Securities or Deposit Account Control Collateral as applicable,
if any, pursuant to the applicable Pari Passu-Lien Security Documents, in each case, subject to the terms and conditions of this
Section 2.09.

 

(c)               
The duties or responsibilities of each Collateral Agent under
this Section 2.09 shall be limited solely to holding any Shared Collateral constituting Possessory Collateral or Securities
or Deposit Account Control Collateral as gratuitous bailee for the benefit of each other Pari Passu-Lien Secured Party for purposes
of perfecting the Lien held by such Pari Passu-Lien Secured Parties thereon.

 

SECTION
2.10             Amendments
to Security Documents.

 

(a)               
Without the prior written consent of the New Notes Collateral
Agent, each Existing Notes Secured Party agrees that no Existing Notes Security Document may be amended, supplemented or otherwise
modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Existing Notes Security
Document would be prohibited by, or would require the Grantor to act or refrain from acting in a manner that would violate, any
of the terms of this Agreement.

 

    -11- 

     

    

  

(b)              
Without the prior written consent of the Existing Notes Collateral
Agent, the New Notes Collateral Agent agrees that no New Notes Security Document may be amended, supplemented or otherwise modified
or entered into to the extent such amendment, supplement or modification, or the terms of any new New Notes Security Document
would be prohibited by, or would require the Grantor to act or refrain from acting in a manner that would violate, any of the
terms of this Agreement.

 

(c)               
In making determinations required by this Section 2.10,
each Collateral Agent may conclusively rely on a certificate of an authorized officer of the Grantor.

 

ARTICLE
III

Existence and Amounts of Liens and Obligations 

 

SECTION
3.01             Determinations
with Respect to Amounts of Liens and Obligations.

 

Whenever
a Collateral Agent or any Authorized Representative shall be required, in connection with the exercise of its rights or the performance
of its obligations hereunder, to determine the existence or amount of any Pari Passu-Lien Obligations of any Series, or the Shared
Collateral subject to any Lien securing the Pari Passu-Lien Obligations of any Series, it may request that such information be
furnished to it in writing by each other Authorized Representative or Collateral Agent and shall be entitled to make such determination
or not make any determination on the basis of the information so furnished; provided, however, that if an Authorized
Representative or a Collateral Agent shall fail or refuse reasonably promptly to provide the requested information, the requesting
Collateral Agent or Authorized Representative shall be entitled to make any such determination by such method as it may, in the
exercise of its good faith judgment, determine, including by reliance upon a certificate of Issuer. Each Collateral Agent and
each Authorized Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by
it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction)
and shall have no liability to Issuer, the Grantor, any Pari Passu-Lien Secured Party or any other person as a result of such
determination.

 

ARTICLE
IV

The Controlling Collateral Agent 

 

SECTION
4.01             Authority.

 

(a)               
Notwithstanding any other provision of this Agreement, nothing
herein shall be construed to impose any fiduciary or other duty on any Controlling Collateral Agent to any Non-Controlling Secured
Party or give any Non-Controlling Secured Party the right to direct any Controlling Collateral Agent, except that each Controlling
Collateral Agent shall be obligated to distribute proceeds of any Shared Collateral in accordance with Section 2.01 hereof.

 

(b)              
In furtherance of the foregoing, each Non-Controlling Secured
Party acknowledges and agrees that the Controlling Collateral Agent shall be entitled, for the benefit of the Pari Passu-Lien
Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the Pari
Passu-Lien Security Documents, as applicable, pursuant to which the Controlling Collateral Agent is the collateral agent for such
Shared Collateral, without regard to any rights to which the Non-Controlling Secured Parties would otherwise be entitled as a
result of the Pari Passu-Lien Obligations held by such Non-Controlling Secured Parties. Without limiting the foregoing, each Non-Controlling
Secured Party agrees that none of the Controlling Collateral Agent, the Applicable Authorized Representative or any other Pari
Passu-Lien Secured Party shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or
any other Collateral securing any of the Pari Passu-Lien Obligations), or to sell, dispose of or otherwise liquidate all or any
portion of such Shared Collateral (or any other Collateral securing any Pari Passu-Lien Obligations), in any manner that would
maximize the return to the Non-Controlling Secured Parties, notwithstanding that the order and timing of any such realization,
sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Secured Parties from
such realization, sale, disposition or liquidation. Each of the Pari Passu-Lien Secured Parties waives any claim it may now or
hereafter have against any Collateral Agent or the Authorized Representative of any other Series of Pari Passu-Lien Obligations
or any other Pari Passu-Lien Secured Party of any other Series arising out of (i) any actions which any Collateral Agent, Authorized
Representative or the Pari Passu-Lien Secured Parties take or omit to take (including, actions with respect to the creation, perfection
or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or
failure to realize upon, any of the Collateral and actions with respect to the collection of any claim for all or any part of
the Pari Passu-Lien Obligations from any account debtor, guarantor or any other party) in accordance with the Pari Passu-Lien
Security Documents or any other agreement related thereto or to the collection of the Pari Passu-Lien Obligations or the valuation,
use, protection or release of any security for the Pari Passu-Lien Obligations, (ii) any election by any Applicable Authorized
Representative or any holders of Pari Passu-Lien Obligations, in any proceeding instituted under the Bankruptcy Code, of the application
of Section 1111(b) of the Bankruptcy Code or (iii) subject to Section 2.05, any borrowing by, or grant of a security interest
or administrative expense priority under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy
Law, by Issuer, the Grantor or any of their respective Subsidiaries, as debtor-in-possession. Notwithstanding any other provision
of this Agreement, the Controlling Collateral Agent shall not accept any Shared Collateral in full or partial satisfaction of
any Pari Passu-Lien Obligations pursuant to Section 9-620 of the Uniform Commercial Code of any jurisdiction, without the consent
of each Authorized Representative representing holders of Pari Passu-Lien Obligations for whom such Collateral constitutes Shared
Collateral.

 

    -12- 

     

    

  

ARTICLE
V

Miscellaneous 

 

SECTION
5.01             Notices
All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy, as follows:

 

(a)               
if to the Existing Notes Collateral Agent or the Existing Notes
Authorized Representative , to it at:

 

Delaware
Trust Company

2711 Centerville Road, Suite 220

Wilmington, Delaware 19808

Attention: Corporate Trust Administration

Facsimile No.: 302-636-8666

Email: trust@delawaretrust.com

 

With
a copy to counsel:

 

Mark
R. Somerstein, Esq

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 100 36-8704

Email: mark.somerstein@ropesgray.com

 

(b)              
if to the New Notes Collateral Agent or the New Notes Authorized
Representative, to it at:

 

Delaware
Trust Company

2711 Centerville Road, Suite 220

Wilmington, Delaware 19808

Attention: Corporate Trust Administration

Facsimile No.: 302-636-8666

Email: trust@delawaretrust.com

 

With
a copy to counsel:

 

Mark
R. Somerstein, Esq

Ropes & Gray LLP

1211 Avenue of the Americas

New York, NY 100 36-8704

Email: mark.somerstein@ropesgray.com

 

    -13- 

     

    

 

 

(c)       Any
party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other
cases) if delivered by hand or overnight courier service or sent by telecopy or on the date three Business Days after dispatch
by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided
in this Section 5.01 or in accordance with the latest unrevoked direction from such party given in accordance with this
Section 5.01. As agreed to in writing among each Collateral Agent and each Authorized Representative from time to time,
notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable Person
provided from time to time by such Person.

 

SECTION
5.02             Waivers;
Amendment; Joinder Agreements.

 

(a)               
No failure or delay on the part of any party hereto in exercising
any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to
any departure by any party therefrom shall in any event be effective unless the same shall be permitted by Section 5.02(b),
and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice
or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other
circumstances.

 

(b)              
Neither this Agreement nor any provision hereof may be terminated,
waived, amended or modified (other than pursuant to any Joinder Agreement) except pursuant to an agreement or agreements in writing
entered into by each Authorized Representative and each Collateral Agent (and with respect to any such termination, waiver, amendment
or modification which by the terms of this Agreement requires the Grantor’s consent or which increases the obligations or
reduces the rights of the Grantor, with the consent of the Grantor).

 

(c)               
Notwithstanding the foregoing, without the consent of any Pari
Passu-Lien Secured Party, any Authorized Representative may become a party hereto by execution and delivery of a Joinder Agreement
in accordance with Section 2.08 and upon such execution and delivery, such Authorized Representative and the Pari Passu-Lien
Secured Parties and Pari Passu-Lien Obligations of the Series for which such Authorized Representative is acting shall be subject
to the terms hereof and the terms of the Pari Passu-Lien Security Documents applicable thereto.

 

(d)              
Notwithstanding the foregoing, in connection with any Refinancing
of Pari Passu-Lien Obligations of any Series, the Collateral Agents and the Authorized Representatives then party hereto
shall enter (and are hereby authorized to enter without the consent of any other Pari Passu-Lien Secured Party or the Grantor),
at the request of any Collateral Agent, any Authorized Representative or the Issuer, into such amendments or modifications of
this Agreement as are reasonably necessary to reflect such Refinancing and are reasonably satisfactory to each such Collateral
Agent and each such Authorized Representative, provided that any Collateral Agent or Authorized Representative may condition
its execution and delivery of any such amendment or modification on a receipt of a certificate from an authorized officer of the
Issuer to the effect that such Refinancing is permitted by the then existing Secured Note Documents.

 

    -14- 

     

    

  

SECTION
5.03             Parties in Interest This Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other
Pari Passu-Lien Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.

 

SECTION
5.04             Survival of Agreement All covenants, agreements,
representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties
hereto and shall survive the execution and delivery of this Agreement.

 

SECTION
5.05             Counterparts This Agreement may be executed
by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together
shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile
or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

 

SECTION
5.06             Severability Any provision of this Agreement
that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. The parties shall endeavor
in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION
5.07             GOVERNING LAW THIS AGREEMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK.

 

SECTION
5.08             Submission to Jurisdiction Waivers; Consent to
Service of Process

 

Each
Collateral Agent and each Authorized Representative, on behalf of itself and the Pari Passu-Lien Secured Parties of the Series
for whom it is acting, irrevocably and unconditionally:

 

    -15- 

     

    

  

(a)               
submits for itself and its property in any legal action or proceeding
relating to this Agreement and the Pari Passu-Lien Security Documents, or for recognition and enforcement of any judgment in respect
thereof, to the exclusive jurisdiction of the courts the State of New York located in the Borough of Manhattan, the courts of
the United States for the Southern District of New York, and appellate courts from any thereof;

 

(b)              
consents that any such action or proceeding may be brought in
such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such
court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 

(c)               
agrees that service of process in any such action or proceeding
may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
prepaid, to such Person (or its Authorized Representative) at the address set forth in Section 5.01;

 

(d)              
agrees that nothing herein shall affect the right of any other
party hereto (or any Pari Passu-Lien Secured Party) to effect service of process in any other manner permitted by law or shall
limit the right of any party hereto (or any Pari Passu-Lien Secured Party) to sue in any other jurisdiction; and

 

(e)               
waives, to the maximum extent not prohibited by law, any right
it may have to claim or recover in any legal action or proceeding referred to in this Section 5.08 any special, exemplary,
punitive or consequential damages.

 

SECTION
5.09             WAIVER OF JURY TRIAL EACH PARTY HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR FOR ANY COUNTERCLAIM
THEREIN.

 

SECTION
5.10             Headings Article, Section and Annex headings
used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or
to be taken into consideration in interpreting, this Agreement.

 

SECTION
5.11             Conflicts In the event of any conflict or
inconsistency between the provisions of this Agreement and the provisions of any of the Pari Passu-Lien Security Documents or
any of the other Secured Note Documents, the provisions of this Agreement shall control.

 

SECTION
5.12             Provisions Solely to Define Relative Rights
The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Pari Passu-Lien
Secured Parties in relation to one another. None of the Issuer, the Grantor or any other creditor thereof shall have any rights
or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other
than Section 2.04, 2.05, 2.08, 2.09 or Article V) is intended to or will amend, waive or otherwise
modify the provisions of the Pari Passu-Lien Secured Documents), and none of the Issuer or the Grantor may rely on the terms hereof
(other than Sections 2.04, 2.05, 2.08, 2.09 and Article V). Nothing in this Agreement is intended
to or shall impair the obligations of the Issuer or the Grantor, which are absolute and unconditional, to pay the Pari Passu-Lien
Obligations as and when the same shall become due and payable in accordance with their terms.

 

SECTION
5.13             Agent Capacities Except as expressly provided
herein or in the Existing Notes Security Documents, Delaware Trust Company (and any successor to its initial capacities under
this Agreement), is acting in the capacities of Existing Notes Authorized Representative and Existing Notes Collateral Agent solely
for the Existing Notes Secured Parties. Except as expressly provided herein or in the New Notes Security Documents, Delaware Trust
Company (and any successor to its initial capacities under this agreement) is acting in the capacity of New Notes Authorized Representative
and New Notes Collateral Agent solely for the New Notes Secured Parties. Except as expressly set forth herein, none of the Existing
Notes Authorized Representative, the Existing Notes Collateral Agent, the New Notes Authorized Representative or the New Notes
Collateral Agent shall have any duties or obligations in respect of any of the Collateral, all of such duties and obligations,
if any, being subject to and governed by the applicable Secured Note Documents.

 

SECTION
5.14             Integration This Agreement together with the
other Secured Note Documents and the Pari Passu-Lien Security Documents represents the agreement of each of the Grantor and the
Pari Passu-Lien Secured Parties with respect to the subject matter hereof and there are no promises, undertakings, representations
or warranties by the Grantor, the Collateral Agents, the Authorized Representatives or any other Pari Passu-Lien Secured Party
relative to the subject matter hereof not expressly set forth or referred to herein or in the other Secured Note Documents or
the Pari Passu-Lien Security Documents.

 

    -16- 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as
of the day and year first above written.

 

	 	DELAWARE
    TRUST COMPANY,
	 	as
    Existing Notes Collateral Agent and Existing Notes Authorized Representative
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	DELAWARE
    TRUST COMPANY,
	 	as
    New Notes Collateral Agent and New Notes Authorized Representative
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Pari Passu Agreement]

 

     

     

    

 

	 	UNITED
    STATES ENRICHMENT CORPORATION
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

[Signature
Page to Pari Passu Agreement]

 

     

     

    

ANNEX
I

 

[FORM
OF] JOINDER NO. [      ] dated as of [________], 20[  ] to the PARI PASSU LIEN INTERCREDITOR
AGREEMENT dated as of February 14, 2017 (the “Pari Passu Intercreditor Agreement”), among United
States Enrichment Corporation, a Delaware limited corporation (the “Grantor”), DELAWARE TRUST COMPANY,
as Existing Notes Collateral Agent and Existing Notes Authorized Representative for the Existing Notes Secured Parties under the
Existing Notes Security Documents, DELAWARE TRUST COMPANY, as New Notes Collateral Agent and New Notes Authorized Representative
for the New Notes Secured Parties under the New Notes Security Documents.

 

A.       Capitalized
terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Pari Passu Intercreditor
Agreement.

 

B.       As
a condition to the ability of the Issuer to Refinance the Pari Passu-Lien Obligations (such obligations the “Refinanced
Pari Passu-Lien Obligations”), the authorized representative in respect of such Refinanced Pari Passu-Lien Obligations is
required to become an Authorized Representative (the “New Representative”), the collateral agent in respect
of such Refinanced Pari Passu-Lien Obligations is required to become a Collateral Agent (the “New Collateral Agent”),
and such Refinanced Pari Passu-Lien Obligations and the secured parties in respect thereof are required to become subject to and
bound by, the Pari Passu Intercreditor Agreement.

 

Accordingly,
each Collateral Agent, each Authorized Representative, the New Representative and the New Collateral Agent agree as follows:

 

SECTION
1.In accordance with Section 2.08 of the Pari Passu Intercreditor Agreement, the New Representative by its signature below
becomes an Authorized Representative under, the New Collateral Agent by its signature below becomes a Collateral Agent under,
and the related Refinanced Pari Passu-Lien Obligations and Pari Passu-Lien Secured Parties become subject to and bound by, the
Pari Passu Intercreditor Agreement with the same force and effect as if the New Representative had originally been named therein
as an Authorized Representative and the New Collateral Agent had originally been named therein as a Collateral Agent, and each
of the New Representative and the New Collateral Agent, on its behalf and on behalf of such Pari Passu-Lien Secured Parties, hereby
agrees to all the terms and provisions of the Pari Passu Intercreditor Agreement applicable to it as Authorized Representative
or Collateral Agent, as applicable, and to the Pari Passu-Lien Secured Parties that it represents. Each reference to an “Authorized
Representative” in the Pari Passu Intercreditor Agreement shall be deemed to include the New Representative. Each reference
to a “Collateral Agent” in the Pari Passu Intercreditor Agreement shall be deemed to include the New Collateral Agent.
The Pari Passu Intercreditor Agreement is hereby incorporated herein by reference.

 

SECTION
2.Each of the New Representative and the New Collateral Agent represents and warrants to each Collateral Agent, each Authorized
Representative and the other Pari Passu-Lien Secured Parties, individually, that (i) it has full power and authority to enter
into this Joinder, in its capacity as [trustee/administrative agent/collateral agent], (ii) this Joinder has been duly authorized,
executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with
its terms and, (iii) the Pari Passu-Lien Secured Documents relating to such Refinanced Pari Passu-Lien Obligations provide that,
upon its entry into this Agreement, the Pari Passu-Lien Secured Parties in respect of such Refinanced Pari Passu-Lien Obligations
will be subject to and bound by the provisions of the Pari Passu Intercreditor Agreement as Pari Passu-Lien Secured Parties.

 

SECTION
3.This Joinder may be executed in counterparts, each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Joinder shall become effective when each Collateral Agent shall have received a counterpart
of this Joinder that bears the signatures of the New Representative and the New Collateral Agent. Delivery of an executed signature
page to this Joinder by facsimile or other electronic transmission shall be effective as delivery of a manually signed counterpart
of this Joinder.

 

     

     

    

  

SECTION
4.Except as expressly supplemented hereby, the Pari Passu Intercreditor Agreement shall remain in full force and effect.

 

SECTION
5.THIS JOINDER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION
6.In case any one or more of the provisions contained in this Joinder should be held invalid, illegal or unenforceable in
any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid,
illegal or unenforceable, but the validity, legality and enforceability of the remaining provisions contained herein and in the
Pari Passu Intercreditor Agreement shall not in any way be affected or impaired. The parties hereto shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes
as close as possible to that of the invalid, illegal or unenforceable provisions.

 

SECTION
7.All communications and notices hereunder shall be in writing and given as provided in Section 5.01 of the Pari Passu Intercreditor
Agreement. All communications and notices hereunder to the New Representative or the New Collateral Agent shall be given to it
at its address set forth below its signature hereto.

 

SECTION
8.The Grantor and Issuer agree to reimburse each Collateral Agent and each Authorized Representative for its reasonable out-of-pocket
expenses in connection with this Joinder, including the reasonable fees, other charges and disbursements of counsel.

 

     

     

    

 

IN
WITNESS WHEREOF, the New Representative has duly executed this Joinder to the Pari Passu Intercreditor Agreement as of the day
and year first above written.

 

	 	[NAME
    OF NEW REPRESENTATIVE], as [         ] and as collateral agent for the
	 	holders
    of [          ],
	 	 	 	 
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 

 

	 	Address
    for notices:
	 	 	 
	 	 
	 	 
	 	attention
    of:	 
	 	Telecopy:	 
	 	 	 

 

	 	[NAME
    OF NEW COLLATERAL AGENT], as [            ] and as collateral
    agent for the holders of [            ],
	 	 	 	 
	 	 	 	 
	 	By:	 
	 	 	Name: 	 
	 	 	Title:	 
	 	 	 	 

 

	 	Address
    for notices:
	 	 	 
	 	 
	 	 
	 	attention
    of:	 
	 	Telecopy:	 
	 	 	 

 

     

     

    

 

	Acknowledged
    by:
	 
	[DELAWARE
    TRUST COMPANY,
	as
    the Existing Notes Collateral Agent and Existing Notes Authorized Representative,
	 
	By:
    		 
	 	Name:	 
	 	Title:]	 
	 	 	 
	[DELAWARE
    TRUST COMPANY,
	as
    the New Notes Collateral Agent and New Notes Authorized Representative,
	 
	By: 		 
	 	Name:	 
	 	Title:]	 
	 	 	 
	 [OTHER
    AUTHORIZED REPRESENTATIVES]
	 
	UNITED
    STATES ENRICHMENT CORPORATION, 
	as
    the Company
	 
	By: 		 
	 	Name:	 
	 	Title:

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