Document:

EX-4.43

 Exhibit 4.43 

EXECUTION VERSION 

AMENDMENT NO. 7 

TO CREDIT AGREEMENT 

This AMENDMENT NO. 7 TO CREDIT AGREEMENT (this “Amendment”), dated as of February 7, 2017, by and among Wise Alloys LLC,
a Delaware limited liability company (the “Borrower”), the other Credit Parties signatory hereto, the Departing Credit Parties (as defined below), Wells Fargo Bank, National Association (“Wells Fargo”), as Agent (as
successor to General Electric Company, successor by merger to General Electric Capital Corporation) (“Agent”), the Departing Lenders (as defined below) and the Lenders signatory hereto, amends that certain Credit Agreement, dated as
of December 11, 2013 (as amended and otherwise modified prior to the date hereof, the “Credit Agreement”), by and among the Borrower, the other Credit Parties party thereto, Agent, and the Lenders from time to time party
thereto. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. 

WHEREAS, the Borrower has requested that Agent and the Lenders agree to make certain amendments to the Credit Agreement; and 

WHEREAS, the Lenders party hereto and Agent have so agreed, subject to the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to enter into this Amendment. 

1. Amendments to Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 of this
Amendment, the Credit Agreement (including certain Schedules and Exhibits thereto) is hereby amended as set forth in Exhibit A hereto. In Exhibit A hereto, deletions of text are indicated by struck-through text, and insertions of text
are indicated by bold double-underlined text. 
 2. Closing Fees. In connection with this Amendment, subject to the occurrence of the
Effective Date (as defined below), the Borrower shall pay closing fees (the “Closing Fees”) to the Agent for the ratable benefit of the Lenders in an aggregate amount equal to 0.25% of the Aggregate Revolving Loan Commitments (after
giving effect to the Assignments (as defined below), the Prepayment (as defined below) and this Amendment, including any notification pursuant to the fourth sentence of Section 5). Once paid, the Closing Fees shall be fully earned and non-refundable under all circumstances. The Closing Fees will be paid in immediately available funds and shall not be subject to reduction by way of setoff or counterclaim. 

3. Effective Date; Conditions Precedent to Amendments. The amendments set forth in Section 1 shall become effective as of the date
(the “Effective Date”) on which the following conditions precedent have been satisfied, which is expected to occur on or around February 15, 2017: 

(a) all of the outstanding Senior Notes shall have been, or substantially contemporaneously with the Effective Date shall be,
(i) delivered to the Indenture Trustee for cancellation, and/or (ii) satisfied and discharged pursuant to arrangements reasonably satisfactory to the Agent (the documents giving effect to such delivery for cancellation and/or such
satisfaction and discharge, collectively, the “Wise Secured Note Redemption Documents”); 

 (b) the Trustee under and as defined in that certain Indenture, dated as of March 30, 2016,
among Parent, the guarantors party thereto, and Deutsche Bank Trust Company Americas, as Trustee, pursuant to which the $425 million aggregate principal amount of Parent’s 7.875% Senior Secured Notes due 2021 (the “Constellium
Secured Notes”) were issued, shall have become, or substantially contemporaneously with the Effective Date shall become, party to, and to bind the holders of such Notes to, the Intercreditor Agreement pursuant to the Lien Sharing and
Priority Confirmation Joinder (the “Joinder”) to the Intercreditor Agreement executed and delivered by the Trustee on behalf of the holders of the Constellium Secured Notes and acknowledged and agreed by the Agent; 

(c) substantially contemporaneously with the Effective Date, Parent shall have issued at least $500 million of senior notes on
substantially the terms set forth in the preliminary offering memorandum dated February 1, 2017; 
 (d) the Prepayment (if any) shall
have been funded pursuant to Section 5 of this Amendment; 
 (e) the Borrower shall have paid all fees, expenses and other amounts due
and payable by the Borrower on or prior to the Effective Date, including without limitation, the Closing Fees and those fees described in the Fee Letter (as defined in the Credit Agreement as amended hereby); 

(f) the Agent shall have received, in form and substance satisfactory to the Agent: 

(i) counterparts of (A) this Amendment executed and delivered by duly authorized officers of the Borrower, each other
Credit Party, the Lenders (including the Departing Lenders) and Agent, (B) the consent and reaffirmation agreement, substantially in the form of Exhibit B attached hereto, executed and delivered by Constellium Holdco II, B.V., and (C) the
Joinder executed and delivered by the Trustee and acknowledged and agreed by Wells Fargo; 
 (ii) executed copies of the
Departing Credit Party Release Documents (as defined below); 
 (iii) a certificate of a Responsible Officer of the Borrower,
certifying as to the satisfaction of the conditions in Section 3(a)-(f) hereof, identifying the Effective Date, and attaching copies of the Wise Secured Note Redemption Documents; 

(iv) a certificate from a secretary or assistant secretary of the Borrower certifying as to and attaching (a) its
certificate of formation and all amendments thereto, certified by the Secretary of State of the State of Delaware as of a recent date, (b) its operating agreement and all amendments thereto, (c) resolutions and (d) the incumbency and
signatures of the officers or representatives executing this Amendment and the other Loan Documents; 
 (v) a certificate of
good standing of the Borrower from the Secretary of State of the State of Delaware, dated as of a recent date; 
 (vi) a
favorable written opinion of Wachtell, Lipton, Rosen & Katz, as counsel for the Borrower and the other Credit Parties; and 

(vii) the results of a search of the UCC filings (or equivalent filings) made with respect to the Borrower and Holdings, each
in the state of Delaware, together with copies of the financing statements (or similar documents) disclosed by such search. 

  
 2 

 4. Authorization of Agent; Release of Departing Credit Parties. Subject to the
satisfaction of the conditions precedent set forth in Section 3 of this Amendment, the Lenders hereby irrevocably authorize the Agent to, and the Agent hereby agrees to (i) upon the Effective Date, release each of Listerhill Total
Maintenance Center LLC, Alabama Electric Motor Services, LLC, and Wise Alloys Finance Corporation (collectively, the “Departing Credit Parties”) from its guaranty of the Obligations and from its Liens held by the Agent,
(ii) execute and deliver or file such agreements, documents and instruments and terminate any Control Agreements and such other Loan Documents (collectively, the “Departing Credit Party Release Documents”) executed by the
Departing Credit Parties as may be reasonably requested by the Borrower or the Agent to evidence the Lien and guaranty releases described in this Section 4, and to perform other actions reasonably necessary to release the Liens and
guaranties and (iii) execute and deliver the Joinder and such other agreements, documents and instruments necessary to cause the Trustee, on behalf of the holders of the Constellium Secured Notes, to become party to, and to bind such holders
to, the Intercreditor Agreement, in the case of each of the foregoing clauses (i)-(iii), in form and substance reasonably acceptable to the Administrative Agent. 

5. Departing Lenders. As set forth in Schedule 1.1(a) of Exhibit A hereto, certain Lenders have agreed that they shall no longer
constitute Lenders under the Credit Agreement as of the Effective Date (each, a “Departing Lender”) after giving effect to the Assignments, pursuant to this Amendment and the Assignments and the Prepayment described in this
paragraph. Notwithstanding anything to the contrary in the Credit Agreement, on the Effective Date the Borrower shall prepay (the “Prepayment”), on a non-pro rata basis, all of the outstanding
Loans of such Departing Lender, together with accrued and unpaid interest and fees, which have not been assigned to other Lenders pursuant to an Assignment and Assumption (an “Assignment”) executed and delivered by the applicable
Departing Lender, another Lender (or Lenders) and Agent, effecting, as of and subject to the Effective Date, an assignment by such Departing Lender, and purchase and assumption by such Lender or Lenders, of all or a portion of such Departing
Lender’s rights, interests and commitments under the Credit Agreement. Upon the occurrence of the Effective Date and the effectiveness of the Assignments and the Prepayment, each Departing Lender shall cease to be a Lender under the Credit
Agreement, no Departing Lender shall have a Revolving Loan Commitment (and the Aggregate Revolving Commitments shall be reduced by the amount of such Departing Lender’s Revolving Loan Commitments that have not been assigned pursuant to the
Assignments), and no Departing Lender shall have any further rights, duties or obligations under the Credit Agreement, except for such rights which expressly survive such Departing Lenders’ assignment or prepayment in full, including without
limitation, their rights to be indemnified and receive other protections as provided in Section 8.20(c) of the Credit Agreement. Prior to the Effective Date, any Departing Lender may, in its sole discretion, notify the Agent and the Borrower in
writing that it no longer desires to be a Departing Lender, at which time it shall no longer thereupon be a Departing Lender for purposes of this Amendment. The Agent shall distribute to the Borrower and the Lenders a revised Schedule 1.1(a) on the
Effective Date, giving effect to any Assignments, the Prepayment, and any such notification by Departing Lenders. 
 6.
Miscellaneous. 
 (a) Headings. The various headings of this Amendment are inserted for convenience of reference only and
shall not affect the meaning or interpretation of this Amendment or any provisions hereof. 

  
 3 

 (b) Counterparts. This Amendment may be executed by the parties hereto in several
counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. Delivery of an executed counterpart of a signature page to this Amendment by facsimile or other electronic
transmission shall be effective as delivery of a manually executed counterpart thereof. 
 (c) Interpretation. No provision of this
Amendment shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party’s having or being deemed to have structured, drafted or dictated such
provision. 
 (d) Representations and Warranties. Each Credit Party hereby represents and warrants that, as of the date hereof and as
of the Effective Date: 
 (i) this Amendment and the Credit Agreement, as amended hereby, constitute the legal, valid and
binding obligation of such Credit Party, enforceable against it in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s
rights generally or by equitable principles relating to enforceability; 
 (ii) its execution, delivery and performance of
this Amendment and its performance of the Credit Agreement, as amended hereby, have been duly authorized by all necessary action, and do not and will not: (1) contravene the terms of its Organizational Documents, (2) conflict with or
result in any material breach or contravention of, or result in the creation of any Lien (other than Permitted Liens) under, any document evidencing any material Contractual Obligation to which it is a party or any order, injunction, writ or decree
of any Governmental Authority to which it or its Property is subject, or (3) violate any Requirement of Law in any material respect; and 

(iii) after giving effect to this Amendment, (1) no Default or Event of Default has occurred and is continuing and
(2) each representation and warranty of such Credit Party contained in the Credit Agreement and in each other Loan Document to which it is a party is true and correct in all material respects (without duplication of any materiality qualifier
contained therein), except to the extent that such representation or warranty expressly relates to an earlier date (in which event such representation or warranty is true and correct in all material respects (without duplication of any materiality
qualifier contained therein) as of such earlier date). 
 (e) Ratification. Each Credit Party hereby (i) ratifies and reaffirms
all of its payment and performance obligations, contingent or otherwise, under each of the Credit Agreement and each other Loan Document to which it is a party, (ii) ratifies and reaffirms the grant of liens or security interests over its
property pursuant to the Loan Documents and confirms that such liens and security interests continue to secure the Obligations, (iii) agrees that such ratification and reaffirmation is not a condition to the continued effectiveness of the Loan
Documents, and (iv) agrees that neither such ratification and reaffirmation, nor Agent’s nor any Lender’s solicitation of such ratification and reaffirmation, constitutes a course of dealing giving rise to any obligation or condition
requiring a similar or any other ratification or reaffirmation from each party to the Credit Agreement with respect to any amendment, consent or waiver with respect to the Credit Agreement or other Loan Documents. 

(f) Governing Law. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN ALL MATTERS ARISING OUT OF, IN CONNECTION WITH, OR RELATING TO,
THIS AMENDMENT. 

  
 4 

 (g) Effect. Upon the occurrence of the Effective Date, each reference in the Credit
Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import shall mean and be a reference to the Credit Agreement, as amended hereby, and each reference in the other Loan Documents to the Credit
Agreement, “thereunder,” “thereof,” or words of like import shall mean and be a reference to the Credit Agreement, as amended hereby. Except as expressly provided in this Amendment, all of the terms, conditions and provisions of
the Credit Agreement and the other Loan Documents shall remain the same. This Amendment shall constitute a Loan Document for purposes of the Credit Agreement. 

(h) No Other Waiver. Except as specifically set forth in this Amendment, the execution, delivery and effectiveness of this Amendment
shall not (a) limit, impair, constitute a waiver by, or otherwise affect any right, power or remedy of, Agent or any Lender under the Credit Agreement or any other Loan Document, (b) constitute a waiver of any provision in the Credit
Agreement or any other Loan Document or of any Default or Event of Default that may have occurred and be continuing or (c) alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in
the Credit Agreement or in any of the other Loan Documents, all of which are ratified and affirmed in all respects and shall continue in full force and effect. 

(i) Agent’s Expenses. The Borrower hereby agrees to promptly reimburse Agent for all of the reasonable out-of-pocket costs and expenses, including, without limitation, attorneys’ and paralegals’ fees, it has heretofore or hereafter incurred or incurs in connection
with the preparation, negotiation and execution of this Amendment. 
 [SIGNATURE PAGES FOLLOW] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first
above written. 
  

			
	WISE ALLOYS LLC, as the Borrower
		
	By:	 	 /s/ RINA E. TERAN

	Name:	 	RINA E. TERAN
	Title:	 	VP & Secretary
	
	WISE METALS GROUP LLC, as a Credit
	Party
		
	By:	 	 /s/ YVES MONETTE

	Name:	 	YVES MONETTE
	Title:	 	CFO
	
	WISE ALLOYS FINANCE CORPORATION, as a Departing Credit Party
		
	By:	 	 /s/ YVES MONETTE

	Name:	 	YVES MONETTE
	Title:	 	CFO
	
	LISTERHILL TOTAL MAINTENANCE CENTER LLC, as a Departing Credit Party
		
	By:	 	 /s/ RINA E. TERAN

	Name:	 	RINA E. TERAN
	Title:	 	VP & SECRETARY
	
	ALABAMA ELECTRIC MOTOR SERVICES, LLC, as a Departing Credit Party
		
	By:	 	 /s/ RINA E. TERAN

	Name:	 	RINA E. TERAN
	Title:	 	VP & SECRETARY

  
 Signature Page to
Amendment No.7 
 (Wise Alloys LLC) 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Agent, Swingline Lender

and a Lender

		
	By:	 	 /s/ HERBERT C. KORN

	Name:	 	HERBERT C. KORN
	Title:	 	Duly Authorized Signatory

  
 Signature Page to
Amendment No.7 
 (Wise Alloys LLC) 

 
			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Kenneth B. Butler

	Name:	 	Kenneth B. Butler
	Title:	 	Senior Vice President

  
 Signature Page to
Amendment No.7 
 (Wise Alloys LLC) 

 
			
	EVERBANK, as a Departing Lender
		
	By:	 	 /s/ Christopher J. Norrito

	Name:	 	Christopher J. Norrito
	Title:	 	Credit Lender

  
 Signature Page to
Amendment No.7 
 (Wise Alloys LLC) 

 
			
	REGIONS BANK, as a Departing Lender
		
	By:	 	 /s/ Elizabeth L. Waller

	Name:	 	Elizabeth L. Waller
	Title:	 	SVP

  
 Signature Page to
Amendment No.7 
 (Wise Alloys LLC) 

 EXHIBIT A 

Amended Credit Agreement 

Attached. 

 CONFORMED COPY 

Amendment No. 1, dated as of March 4, 2014 

Amendment No. 2, dated as of June 30, 2014 

Amendment No. 3, dated as of November 26, 2014 

Amendment No. 4, dated as of December 23, 2014 

Amendment No. 5, dated as of March 23, 2015 

Amendment No. 6, dated as of November 4, 2015 

Resignation and Agency Substitution Agreement, dated as of March 1, 2016 

Amendment No. 7, dated as of February 7, 2017 

FINAL VERSION 

CREDIT AGREEMENT 
 Dated
as of December 11, 2013 
 by and among 

WISE ALLOYS LLC, 
 as the
Borrower, 
 THE OTHER PERSONS PARTY HERETO THAT ARE 

DESIGNATED AS CREDIT PARTIES, 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 

(as successor to GENERAL ELECTRIC COMPANY, successor by merger to 

GENERAL ELECTRIC CAPITAL CORPORATION), 

for itself, as a Lender and Swingline Lender and as Administrative Agent for all Lenders, 

THE OTHER FINANCIAL INSTITUTIONS PARTY HERETO, 

as Lenders 

and 

BANK OF AMERICA, N.A., as Syndication Agent 

and 

REGIONS BANK, as Documentation Agent 

**************************************** 

WELLS FARGO SECURITIES, LLC, 

as Sole Lead Arranger 

and 
 WELLS FARGO
SECURITIES, LLC and 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

as Joint Bookrunners 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I. THE CREDITS
	  	 	1	 
			
	 1.1
	 	Amounts and Terms of Commitments	  	 	1	 
	 1.2
	 	Evidence of Loans; Notes	  	 	8	 
	 1.3
	 	Interest	  	 	8	 
	 1.4
	 	Loan Accounts	  	 	9	 
	 1.5
	 	Procedure for Revolving Credit Borrowing	  	 	10	 
	 1.6
	 	Conversion and Continuation Elections	  	 	11	 
	 1.7
	 	Prepayments and Reductions in Revolving Loan Commitments.	  	 	12	 
	 1.8
	 	Fees	  	 	13	 
	 1.9
	 	Payments by the Borrower	  	 	14	 
	 1.10
	 	Payments by the Lenders to Agent; Settlement	  	 	1415	 
	 1.11
	 	Eligible Accounts	  	 	1718	 
	 1.12
	 	Eligible Inventory	  	 	21	 
		
	 ARTICLE II. CONDITIONS PRECEDENT
	  	 	23	 
			
	 2.1
	 	Conditions of Initial Loans	  	 	23	 
	 2.2
	 	Conditions to All Borrowings	  	 	24	 
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
	  	 	2325	 
			
	 3.1
	 	Corporate Existence and Power	  	 	2325	 
	 3.2
	 	Corporate Authorization; No Contravention	  	 	2425	 
	 3.3
	 	Governmental Authorization	  	 	2425	 
	 3.4
	 	Binding Effect	  	 	2426	 
	 3.5
	 	Litigation	  	 	2426	 
	 3.6
	 	No Default	  	 	2526	 
	 3.7
	 	ERISA Compliance	  	 	2526	 
	 3.8
	 	Use of Proceeds; Margin Regulations	  	 	2527	 
	 3.9
	 	Ownership of Property; Liens	  	 	2527	 
	 3.10
	 	Taxes	  	 	27	 
	 3.11
	 	Financial Condition	  	 	2627	 
	 3.12
	 	Environmental Matters	  	 	2728	 
	 3.13
	 	Regulated Entities	  	 	2729	 
	 3.14
	 	Labor Relations	  	 	29	 
	 3.15
	 	Intellectual Property	  	 	2829	 
	 3.16
	 	Brokers’ Fees; Transaction Fees	  	 	2830	 
	 3.17
	 	Insurance	  	 	2830	 
	 3.18
	 	Ventures, Subsidiaries and Affiliates; Outstanding Stock	  	 	30	 
	 3.19
	 	Jurisdiction of Organization; Chief Executive Office	  	 	2930	 
	 3.20
	 	Locations of Inventory, Equipment and Books and Records	  	 	2930	 
	 3.21
	 	Deposit Accounts and Other Accounts	  	 	2931	 
	 3.22
	 	Government Contracts	  	 	2931	 
	 3.23
	 	Customer and Trade Relations	  	 	2931	 
	 3.24
	 	Bonding	  	 	31	 
	 3.25
	 	Other Debt Documents	  	 	31	 
	 3.26
	 	Full Disclosure	  	 	3031	 

							
	 3.27
	 	 Foreign Assets Control Regulations and Anti-Money Laundering
	  	 	3031	 
	 3.28
	 	 Patriot Act
	  	 	3032	 
	 3.29
	 	 Related Transactions
	  	 	3032	 
	 3.30
	 	 Solvency
	  	 	32	 
		
	 ARTICLE IV. AFFIRMATIVE COVENANTS
	  	 	3132	 
			
	 4.1
	 	 Financial Statements
	  	 	3132	 
	 4.2
	 	 Certificates; Other Information
	  	 	3233	 
	 4.3
	 	 Notices
	  	 	3436	 
	 4.4
	 	 Preservation of Corporate Existence, Etc.
	  	 	3537	 
	 4.5
	 	 Maintenance of Property
	  	 	3638	 
	 4.6
	 	 Insurance
	  	 	3638	 
	 4.7
	 	 Payment of Obligations
	  	 	3739	 
	 4.8
	 	 Compliance with Laws
	  	 	3739	 
	 4.9
	 	 Inspection of Property and Books and Records; Appraisals
	  	 	3739	 
	 4.10
	 	 Use of Proceeds
	  	 	3840	 
	 4.11
	 	 Cash Management Systems
	  	 	3840	 
	 4.12
	 	 Access Agreements
	  	 	3841	 
	 4.13
	 	 Further Assurances
	  	 	3941	 
	 4.14
	 	 Environmental Matters
	  	 	4144	 
		
	 ARTICLE V. NEGATIVE COVENANTS
	  	 	4245	 
			
	 5.1
	 	 Limitation on Liens
	  	 	4245	 
	 5.2
	 	 Disposition of Assets
	  	 	4347	 
	 5.3
	 	 Consolidations and Mergers
	  	 	4447	 
	 5.4
	 	 Acquisitions; Loans and Investments
	  	 	4448	 
	 5.5
	 	 Limitation on Indebtedness
	  	 	4649	 
	 5.6
	 	 Transactions with Affiliates
	  	 	4650	 
	 5.7
	 	 Margin Stock; Use of Proceeds
	  	 	4752	 
	 5.8
	 	 Contingent Obligations
	  	 	4752	 
	 5.9
	 	 Compliance with ERISA
	  	 	4853	 
	 5.10
	 	 Restricted Payments
	  	 	4853	 
	 5.11
	 	 Change in Business
	  	 	5055	 
	 5.12
	 	 Change in Structure
	  	 	5055	 
	 5.13
	 	 Changes in Accounting, Name or Jurisdiction of Organization
	  	 	5056	 
	 5.14
	 	 Amendments to Material Contracts and Other Debt Documents
	  	 	5056	 
	 5.15
	 	 No Negative Pledges
	  	 	5156	 
	 5.16
	 	 OFAC; Patriot Act
	  	 	5157	 
	 5.17
	 	 Sale-Leasebacks
	  	 	5157	 
	 5.18
	 	 Hazardous Materials
	  	 	5157	 
	 5.19
	 	 Prepayments of Other Indebtedness
	  	 	5157	 
	 5.20
	 	 Fixed Charge Coverage Ratio
	  	 	5257	 
		
	 ARTICLE VI. EVENTS OF DEFAULT
	  	 	5258	 
			
	 6.1
	 	 Events of Default
	  	 	5258	 
	 6.2
	 	 Remedies
	  	 	5461	 
	 6.3
	 	 Rights Not Exclusive
	  	 	5561	 
	 6.4
	 	 Cash Collateral for Letters of Credit
	  	 	5561	 

  
 ii 

							
	 ARTICLE VII. THE AGENT
	  	 	5561	 
			
	 7.1
	 	Appointment and Duties	  	 	5561	 
	 7.2
	 	Binding Effect	  	 	5662	 
	 7.3
	 	Use of Discretion	  	 	5663	 
	 7.4
	 	Delegation of Rights and Duties	  	 	5763	 
	 7.5
	 	Reliance and Liability	  	 	5763	 
	 7.6
	 	Agent Individually	  	 	5965	 
	 7.7
	 	Lender Credit Decision	  	 	5965	 
	 7.8
	 	Expenses; Indemnities; Withholding	  	 	6066	 
	 7.9
	 	Resignation of Agent or L/C Issuer	  	 	6167	 
	 7.10
	 	Release of Collateral or Guarantors	  	 	6168	 
	 7.11
	 	Additional Secured Parties	  	 	6268	 
	 7.12
	 	Documentation Agent and Syndication Agent	  	 	6268	 
		
	 ARTICLE VIII. MISCELLANEOUS
	  	 	6369	 
			
	 8.1
	 	Amendments and Waivers	  	 	6369	 
	 8.2
	 	Notices	  	 	6571	 
	 8.3
	 	Electronic Transmissions	  	 	6672	 
	 8.4
	 	No Waiver; Cumulative Remedies	  	 	6773	 
	 8.5
	 	Costs and Expenses	  	 	6773	 
	 8.6
	 	Indemnity	  	 	6774	 
	 8.7
	 	Marshaling; Payments Set Aside	  	 	6875	 
	 8.8
	 	Successors and Assigns	  	 	6975	 
	 8.9
	 	Assignments and Participations; Binding Effect	  	 	6975	 
	 8.10
	 	Non-Public Information; Confidentiality	  	 	7279	 
	 8.11
	 	Set-off; Sharing of Payments	  	 	7481	 
	 8.12
	 	Counterparts; Facsimile Signature	  	 	7581	 
	 8.13
	 	Severability	  	 	7581	 
	 8.14
	 	Captions	  	 	7582	 
	 8.15
	 	Independence of Provisions	  	 	7582	 
	 8.16
	 	Interpretation	  	 	7582	 
	 8.17
	 	No Third Parties Benefited	  	 	7582	 
	 8.18
	 	Governing Law and Jurisdiction	  	 	7682	 
	 8.19
	 	Waiver of Jury Trial	  	 	7683	 
	 8.20
	 	Entire Agreement; Release; Survival	  	 	7683	 
	 8.21
	 	Patriot Act	  	 	7784	 
	 8.22
	 	Replacement of Lender	  	 	7784	 
	 8.23
	 	Joint and Several	  	 	7884	 
	 8.24
	 	Creditor-Debtor Relationship	  	 	7884	 
	 8.25
	 	Actions in Concert	  	 	7885	 
	 8.26
	 	Keepwell	  	 	7885	 
		
	 ARTICLE IX. TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	7985	 
			
	 9.1
	 	Taxes	  	 	7985	 
	 9.2
	 	Illegality	  	 	8188	 
	 9.3
	 	Increased Costs and Reduction of Return	  	 	8288	 
	 9.4
	 	Funding Losses	  	 	8390	 

  
 iii 

							
	 9.5
	 	Inability to Determine Rates	  	 	8490	 
	 9.6
	 	Reserves on LIBOR Rate Loans	  	 	8491	 
	 9.7
	 	Certificates of Lenders	  	 	8491	 
		
	 ARTICLE X. DEFINITIONS
	  	 	8491	 
			
	 10.1
	 	Defined Terms	  	 	8491	 
	 10.2
	 	Other Interpretive Provisions	  	 	111122	 
	 10.3
	 	Accounting Terms and Principles	  	 	112123	 
	 10.4
	 	Payments	  	 	112124	 

  
 iv 

 SCHEDULES 
  

			
	Schedule 1.1(a)	    	Revolving Loan Commitments
	Schedule 1.1(b)	    	Existing Letters of Credit
	Schedule 3.5	    	Litigation
	Schedule 3.7	    	ERISA
	Schedule 3.8	    	Closing Date Sources and Uses; Funds Flow Memorandum
	Schedule 3.9	    	Ownership of Property; Liens
	Schedule 3.11(a)	    	Historical Financial Statements
	Schedule 3.11(b)	    	Pro Forma Capitalization
	Schedule 3.11(e)	    	Projections
	Schedule 3.12	    	Environmental
	Schedule 3.14	    	Labor Relations
	Schedule 3.15	    	Intellectual Property
	Schedule 3.18	    	Ventures, Subsidiaries and Affiliates; Outstanding Stock
	Schedule 3.19	    	Jurisdiction of Organization; Chief Executive Office
	Schedule 3.20	    	Locations of Inventory, Equipment and Books and Records
	Schedule 3.21	    	Deposit Accounts and Other Accounts
	Schedule 3.22	    	Government Contracts
	Schedule 3.24	    	Bonding
	Schedule 5.1	    	Liens
	Schedule 5.4	    	Investments
	Schedule 5.5	    	Indebtedness
	Schedule 5.8	    	Contingent Obligations

 EXHIBITS 

 

			
	Exhibit 1.1(b)	    	Form of L/C Request
	Exhibit 1.1(c)	    	Form of Swing Loan Request
	Exhibit 1.2(a)	    	Form of Revolving Note
	Exhibit 1.2(b)	    	Form of Swingline Note
	Exhibit 1.5	    	Form of Notice of Borrowing
	Exhibit 1.6	    	Form of Notice of Conversion/Continuation
	Exhibit 2.1	    	Closing Checklist
	Exhibit 4.2(b)	    	Form of Compliance Certificate
	Exhibit 4.2(c)	    	Form of Borrowing Base Certificate
	Exhibit 8.9(c)	    	Form of Assignment

  
 v 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT (including all exhibits and schedules hereto, as the same may be amended, modified and/or restated from time to time,
this “Agreement”) is entered into as of December 11, 2013 by and among Wise Alloys LLC, a Delaware limited liability company (the “Borrower”), the other Persons party hereto that are designated as a
“Credit Party”, Wells Fargo Bank, National Association (in its individual capacity, “Wells Fargo”), as successor to General Electric Company, successor by merger to General Electric Capital Corporation, a Delaware
corporation, as Agent for the several financial institutions from time to time party to this Agreement (collectively, the “Lenders” and individually each a “Lender”) and for itself as a Lender (including as
Swingline Lender), and such Lenders. 
 W I T N E S S E T H: 

WHEREAS, the Borrower has requested, and the Lenders have agreed to make available to the Borrower, a revolving credit facility (including a
letter of credit subfacility) upon and subject to the terms and conditions set forth in this Agreement to (a) refinance a portion of the Indebtedness of the Borrower under the Existing Revolving Credit Agreement, (b) provide for working
capital, capital expenditures and other general corporate purposes of the Borrower and (c) fund certain fees and expenses associated with the funding of the Loans and the other Related Transactions; 

WHEREAS, the Borrower desires to secure all of its Obligations under the Loan Documents by granting to Agent, for the benefit of the Secured
Parties, a security interest in and lien upon substantially all of its Property; and 

WHEREAS, Wise Metals Group LLC, a Delaware limited liability company that directly owns all of the Stock and Stock Equivalents of the Borrower
(“Holdings”), is willing to guaranty all of the Obligations and to pledge to Agent, for the benefit of the Secured Parties, all of the Stock and Stock Equivalents of the Borrower and substantially all of its other Property to secure
the Obligations; and. 
 WHEREAS, subject to the terms
hereof, each Restricted Subsidiary of Holdings (other than the Borrower) is willing to guarantee all of the Obligations of the Borrower and to grant to Agent, for the benefit of the Secured Parties, a security interest in and lien upon substantially
all of its Property. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained herein, the
parties hereto agree as follows: 
 ARTICLE I. 

THE CREDITS 
 1.1
Amounts and Terms of Commitments. 
 (a) The Revolving Credit. 

(i) Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Credit Parties
contained herein, each Lender, severally and not jointly, agrees to make Loans to the Borrower (each such Loan and 

  
 1 

 
each Incremental Revolving Loan, a “Revolving Loan”) from time to time on any Business Day during the period from the Closing Date through the Final Availability Date, in an
aggregate amount not to exceed at any time outstanding the amount set forth opposite such Lender’s name in Schedule 1.1(a) (such amount as the same may be reduced or increased from time to time in accordance with this Agreement, being
referred to herein as such Lender’s “Revolving Loan Commitment”); provided, however, that, after giving effect to any Borrowing of Revolving Loans, the aggregate principal amount of all outstanding Revolving Loans
shall not exceed the Maximum Revolving Loan Balance. Subject to the other terms and conditions hereof, amounts borrowed under this Section 1.1(a) may be repaid and reborrowed from time to time. The “Maximum Revolving Loan
Balance” from time to time will be the lesser of: 
 (x) the Borrowing Base in effect from time to time, and 

(y) the Aggregate Revolving Loan Commitment then in effect, less those Reserves imposed by Agent in its Permitted Discretion; 

less, in either case, the sum of (1) the aggregate amount of Letter of Credit Obligations plus (2) the aggregate principal amount of
outstanding Swing Loans. 
 (ii) If at any time the then outstanding principal balance of Revolving Loans exceeds the Maximum Revolving
Loan Balance, then the Borrower shall immediately prepay outstanding Revolving Loans and Swing Loans and then cash collateralize outstanding Letters of Credit in an amount sufficient to eliminate such excess in accordance herewith and in a manner
satisfactory to the L/C Issuers. 
 (iii) If the Borrower requests that Lenders make, or permit to remain outstanding, Revolving Loans in
excess of the Borrowing Base (less the sum of (x) the aggregate amount of Letter of Credit Obligations plus (y) the aggregate principal amount of outstanding Swing Loans) (any such excess Revolving Loan is herein referred to as an
“Overadvance”), Agent may, in its sole discretion, elect to make, or permit to remain outstanding such Overadvance; provided, however, that Agent may not cause Lenders to make, or grant the Borrower permission to have
remain outstanding, (A) aggregate Revolving Loans in excess of the Aggregate Revolving Loan Commitment less the sum of outstanding Swing Loans plus the aggregate amount of Letter of Credit Obligations or (B) an Overadvance in an aggregate
amount in excess of 10% of the Aggregate Revolving Loan Commitment. The Borrower shall not permit, and shall prepay the outstanding Revolving Loans and Swing Loans and then cash collateralize Letters of Credit so as to prevent, any Overadvance from
remaining outstanding for more than ninety (90) consecutive days during any one hundred eighty (180) consecutive day period. If an Overadvance is made, or permitted to remain outstanding, pursuant to the preceding sentence, then all
Lenders shall be bound to make, or permit to remain outstanding, such Overadvance based upon their Commitment Percentage of the Aggregate Revolving Loan Commitment in accordance with the terms of this Agreement, regardless of whether the conditions
to lending set forth in Section 2.2 have been met. Furthermore, Required Lenders may prospectively revoke Agent’s ability to make or permit Overadvances by written notice to Agent. All Overadvances shall constitute Base Rate Loans
and shall bear interest at the Base Rate plus the Applicable Margin for Revolving Loans and the default rate under Section 1.3(c). 

(iv) The Borrower shall repay to the Lenders in full on the date specified in clause (a) of the definition of “Revolving
Termination Date” the aggregate principal amount of the Revolving Loans and Swing Loans outstanding on the Revolving Termination Date. 

  
 2 

 (b) Letters of Credit. 

(i) Conditions. On the terms and subject to the conditions contained herein, the Borrower may request that one or more L/C Issuers
Issue, in accordance with such L/C Issuers’ usual and customary business practices and for the account of the Borrower, Letters of Credit (denominated in Dollars) from time to time on any Business Day during the period from the Closing Date
through the earlier of (x) the Final Availability Date and (y) seven (7) days prior to the date specified in clause (a) of the definition of Revolving Termination Date; provided, however, that no L/C Issuer shall
Issue any Letter of Credit upon the occurrence of any of the following or, if after giving effect to such Issuance: 

(A) (i) Availability would be less than zero or (ii) the Letter of Credit Obligations for all Letters of Credit would
exceed $25,000,000 (the “L/C Sublimit”); 
 (B) the expiration date of such Letter of Credit
(i) is not a Business Day, (ii) is more than one year after the date of Issuance thereof or (iii) is later than seven (7) days prior to the date specified in clause (a) of the definition of Revolving Termination Date;
provided, however, that any Letter of Credit with a term not exceeding one year may provide for its renewal for additional periods not exceeding one year as long as (x) each of the Borrower and such L/C Issuer have the option to
prevent such renewal before the expiration of such term or any such period and (y) neither such L/C Issuer nor the Borrower shall permit any such renewal to extend such expiration date beyond the date set forth in clause
(iii) above; or 
 (C) (i) any fee due in connection with, and on or prior to, such Issuance has not been paid,
(ii) such Letter of Credit is requested to be Issued in a form that is not acceptable to such L/C Issuer or (iii) such L/C Issuer shall not have received, each in form and substance reasonably acceptable to it and duly executed by the
Borrower, the documents that such L/C Issuer generally uses in the Ordinary Course of Business for the Issuance of letters of credit of the type of such Letter of Credit (collectively, the “L/C Reimbursement Agreement”). 

For each Issuance, the applicable L/C Issuer may, but shall not be required to, determine that, or take notice whether, the conditions precedent set forth in
Section 2.2 have been satisfied or waived in connection with the Issuance of any Letter of Credit; provided, however, that no Letter of Credit shall be Issued during the period starting on the first Business Day after the
receipt by such L/C Issuer of notice from Agent or the Required Lenders that any condition precedent contained in Section 2.2 is not satisfied and ending on the date all such conditions are satisfied or duly waived. 

Notwithstanding anything else to the contrary herein, if any Lender is a Non-Funding Lender or Impacted Lender, no L/C
Issuer shall be obligated to Issue any Letter of Credit unless (w) the Non-Funding Lender or Impacted Lender has been replaced in accordance with Section 8.9 or 8.22, (x) the Letter of
Credit Obligations of such Non-Funding Lender or Impacted Lender have been cash collateralized, (y) the Revolving Loan Commitments of the other Lenders have been increased by an amount sufficient to
satisfy Agent that all future Letter of Credit Obligations will be covered by all Lenders that are not Non-Funding Lenders or Impacted Lenders, or (z) the Letter of Credit Obligations of such Non-Funding Lender or Impacted Lender have been reallocated to other Lenders in a manner consistent with Section 1.10(e)(ii). 

  
 3 

 (ii) Notice of Issuance. The Borrower shall give the relevant L/C Issuer and Agent a
notice of any requested Issuance of any Letter of Credit, which shall be effective only if received by such L/C Issuer and Agent not later than 2:00 p.m. on the third Business Day prior to the date of such requested Issuance. Such notice shall be
made in a writing or Electronic Transmission substantially in the form of Exhibit 1.1(b) duly completed or in any other written form acceptable to such L/C Issuer (each, an “L/C Request”). 

(iii) Reporting Obligations of L/C Issuers. Each L/C Issuer agrees to provide Agent, in form and substance satisfactory to Agent, each
of the following on the following dates: (A) (i) on or prior to any Issuance of any Letter of Credit by such L/C Issuer, (ii) immediately after any drawing under any such Letter of Credit or (iii) immediately after any payment (or
failure to pay when due) by the Borrower of any related L/C Reimbursement Obligation, notice thereof, which shall contain a reasonably detailed description of such Issuance, drawing or payment, and Agent shall provide copies of such notices to each
Lender reasonably promptly after receipt thereof; (B) upon the request of Agent (or any Lender through Agent), copies of any Letter of Credit Issued by such L/C Issuer and any related L/C Reimbursement Agreement and such other documents and
information as may reasonably be requested by Agent; and (C) on the first Business Day of each calendar week, a schedule of the Letters of Credit Issued by such L/C Issuer, in form and substance reasonably satisfactory to Agent, setting forth
the Letter of Credit Obligations for such Letters of Credit outstanding on the last Business Day of the previous calendar week. 
 (iv)
Acquisition of Participations. Upon any Issuance of a Letter of Credit in accordance with the terms of this Agreement resulting in any increase in the Letter of Credit Obligations, each Lender shall be deemed to have acquired, without
recourse or warranty, an undivided interest and participation in such Letter of Credit and the related Letter of Credit Obligations in an amount equal to its Commitment Percentage of such Letter of Credit Obligations. 

(v) Reimbursement Obligations of the Borrower. The Borrower agrees to pay to the L/C Issuer of any Letter of Credit, or to Agent for
the benefit of such L/C Issuer, each L/C Reimbursement Obligation owing with respect to such Letter of Credit no later than the first Business Day after the Borrower receives notice from such L/C Issuer or from Agent that payment has been made under
such Letter of Credit or that such L/C Reimbursement Obligation is otherwise due (the “L/C Reimbursement Date”) with interest thereon computed as set forth in clause (A) below. In the event that any L/C Reimbursement
Obligation is not repaid by the Borrower as provided in this clause (v) (or any such payment by the Borrower is rescinded or set aside for any reason), such L/C Issuer shall promptly notify Agent of such failure (and, upon receipt of such
notice, Agent shall notify each Lender) and, irrespective of whether such notice is given, such L/C Reimbursement Obligation shall be payable on demand by the Borrower with interest thereon computed (A) from the date on which such L/C
Reimbursement Obligation arose to the L/C Reimbursement Date, at the interest rate applicable during such period to Revolving Loans that are Base Rate Loans and (B) thereafter, until payment in full, at the interest rate applicable during such
period to past due Revolving Loans that are Base Rate Loans. 

  
 4 

 (vi) Reimbursement Obligations of the Revolving Credit Lenders. 

(1) Upon receipt of the notice described in clause (v) above from Agent, each Lender shall pay to Agent for the account of such L/C
Issuer its Commitment Percentage of such Letter of Credit Obligations (as such amount may be increased pursuant to Section 1.10(e)(ii)). 

(2) By making any payment described in clause (1) above (other than during the continuation of an Event of Default under
Section 6.1(f) or 6.1(g)), such Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt thereof by Agent for the benefit of such L/C Issuer, the Borrower shall be deemed to have used in whole to repay
such L/C Reimbursement Obligation. Any such payment that is not deemed a Revolving Loan shall be deemed a funding by such Lender of its participation in the applicable Letter of Credit and the Letter of Credit Obligation in respect of the related
L/C Reimbursement Obligations. Such participation shall not otherwise be required to be funded. Following receipt by any L/C Issuer of any payment from any Lender pursuant to this clause (vi) with respect to any portion of any L/C
Reimbursement Obligation, such L/C Issuer shall promptly pay to Agent, for the benefit of such Lender, all amounts received by such L/C Issuer (or to the extent such amounts shall have been received by Agent for the benefit of such L/C Issuer, Agent
shall promptly pay to such Lender all amounts received by Agent for the benefit of such L/C Issuer) with respect to such portion. 
 (vii)
Obligations Absolute. The obligations of the Borrower and the Lenders pursuant to clauses (iv), (v) and (vi) above shall be absolute, unconditional and irrevocable and performed strictly in accordance with the terms
of this Agreement irrespective of (A) (i) the invalidity or unenforceability of any term or provision in any Letter of Credit, any document transferring or purporting to transfer a Letter of Credit, any Loan Document (including the sufficiency
of any such instrument), or any modification to any provision of any of the foregoing, (ii) any document presented under a Letter of Credit being forged, fraudulent, invalid, insufficient or inaccurate in any respect or failing to comply with
the terms of such Letter of Credit or (iii) any loss or delay, including in the transmission of any document, (B) the existence of any setoff, claim, abatement, recoupment, defense or other right that any Person (including any Credit
Party) may have against the beneficiary of any Letter of Credit or any other Person, whether in connection with any Loan Document or any other Contractual Obligation or transaction, or the existence of any other withholding, abatement or reduction,
(C) in the case of the obligations of any Lender, (i) the failure of any condition precedent set forth in Section 2.2 to be satisfied (each of which conditions precedent the Lenders hereby irrevocably waive) or (ii) any
adverse change in the condition (financial or otherwise) of any Credit Party and (D) any other act or omission to act or delay of any kind of Agent, any Lender or any other Person or any other event or circumstance whatsoever, whether or not
similar to any of the foregoing, that might, but for the provisions of this clause (vii), constitute a legal or equitable discharge of any obligation of the Borrower or any Lender hereunder. No provision hereof shall be deemed to waive or
limit the Borrower’s right to seek repayment of any payment of any L/C Reimbursement Obligations from the L/C Issuer under the terms of the applicable L/C Reimbursement Agreement or applicable law. Nothing herein shall excuse any L/C
Issuer for liability to the extent such liability has resulted primarily from the gross negligence or willful misconduct of such L/C Issuer under the terms of the applicable L/C Reimbursement Agreement, as determined by a court of competent
jurisdiction in a final non-appealable judgment or order. 
 (c) Swing Loans. 

(i) Availability. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the
Credit Parties 

  
 5 

 
contained herein, the Swingline Lender may, in its sole discretion, make Loans (each a “Swing Loan”) available to the Borrower under the Aggregate Revolving Loan Commitment from
time to time on any Business Day during the period from the Closing Date through the Final Availability Date in an aggregate principal amount at any time outstanding not to exceed its Swingline Commitment; provided, however, that the
Swingline Lender may not make any Swing Loan (x) to the extent that after giving effect to such Swing Loan, the aggregate principal amount of all Revolving Loans would exceed the Maximum Revolving Loan Balance and (y) during the period
commencing on the first Business Day after it receives notice from Agent or the Required Lenders that one or more of the conditions precedent contained in Section 2.2 are not satisfied and ending when such conditions are satisfied or
duly waived. In connection with the making of any Swing Loan, the Swingline Lender may but shall not be required to determine that, or take notice whether, the conditions precedent set forth in Section 2.2 have been satisfied or waived.
Each Swing Loan shall be a Base Rate Loan and must be repaid as provided herein, but in any event must be repaid in full on the Revolving Termination Date. Within the limits set forth in the first sentence of this clause (i), amounts of Swing
Loans repaid may be reborrowed under this clause (i). 
 (ii) Borrowing Procedures. In order to request a Swing Loan, the
Borrower shall give to Agent a notice to be received not later than 2:00 p.m. on the day of the proposed Borrowing, which shall be made in a writing or in an Electronic Transmission substantially in the form of Exhibit 1.1(c) or in a writing
in any other form acceptable to Agent duly completed (a “Swingline Request”). In addition, if any Notice of Borrowing of Revolving Loans requests a Borrowing of Base Rate Loans, the Swingline Lender may, notwithstanding anything
else to the contrary herein, make a Swing Loan to the Borrower in an aggregate amount not to exceed such proposed Borrowing, and the aggregate amount of the corresponding proposed Borrowing shall be reduced accordingly by the principal amount of
such Swing Loan. Agent shall promptly notify the Swingline Lender of the details of the requested Swing Loan. Upon receipt of such notice and subject to the terms of this Agreement, the Swingline Lender may make a Swing Loan available to the
Borrower by making the proceeds thereof available to Agent and, in turn, Agent shall make such proceeds available to the Borrower on the date set forth in the relevant Swingline Request or Notice of Borrowing. 

(iii) Refinancing Swing Loans. 

(1) The Swingline Lender may at any time (and shall, no less frequently than once each week) forward a demand to Agent (which Agent shall,
upon receipt, forward to each Lender) that each Lender pay to Agent, for the account of the Swingline Lender, such Lender’s Commitment Percentage of the outstanding Swing Loans (as such amount may be increased pursuant to Section
1.10(e)(ii)). 
 (2) Each Lender shall pay the amount owing by it to Agent for the account of the Swingline Lender on the Business Day
following receipt of the notice or demand therefor. Payments received by Agent after 1:00 p.m. may, in Agent’s discretion, be deemed to be received on the next Business Day. Upon receipt by Agent of such payment (other than during the
continuation of any Event of Default under Section 6.1(f) or 6.1(g)), such Lender shall be deemed to have made a Revolving Loan to the Borrower, which, upon receipt of such payment by the Swingline Lender from Agent, the Borrower shall
be deemed to have used in whole to refinance such Swing Loan. In addition, regardless of whether any such demand is made, upon the occurrence of any Event of Default under Section 6.1(f) or 6.1(g), each Lender shall be deemed to have
acquired, without recourse or warranty, an undivided interest and participation in each Swing Loan in an amount equal to such Lender’s Commitment Percentage 

  
 6 

 
of such Swing Loan. If any payment made by any Lender as a result of any such demand is not deemed a Revolving Loan, such payment shall be deemed a funding by such Lender of such participation.
Such participation shall not be otherwise required to be funded. Upon receipt by the Swingline Lender of any payment from any Lender pursuant to this clause (iii) with respect to any portion of any Swing Loan, the Swingline Lender shall
promptly pay over to such Lender all payments of principal (to the extent received after such payment by such Lender) and interest (to the extent accrued with respect to periods after such payment) on account of such Swing Loan received by the
Swingline Lender with respect to such portion. 
 (iv) Obligation to Fund Absolute. Each Lender’s obligations pursuant to
clause (iii) above shall be absolute, unconditional and irrevocable and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever, including (A) the existence of any
setoff, claim, abatement, recoupment, defense or other right that such Lender, any Affiliate thereof or any other Person may have against the Swingline Lender, Agent, any other Lender or L/C Issuer or any other Person, (B) the failure of any
condition precedent set forth in Section 2.2 to be satisfied or the failure of the Borrower to deliver a Notice of Borrowing (each of which requirements the Lenders hereby irrevocably waive) and (C) any adverse change in the
condition (financial or otherwise) of any Credit Party. 
 (d) Incremental Revolving Loan Commitments. 

(i) Requests. The Borrower may, by written notice to Agent, request increases in the Revolving Loan Commitments (each, an
“Incremental Revolving Loan Commitment” and the loans thereunder, “Incremental Revolving Loans”) in Dollars in an aggregate amount not to exceed $100,000,000 for all such Incremental Revolving Loan Commitments;
provided that no commitment of any Lender shall be increased without the consent of such Lender. Such notice shall set forth (A) the amount of the Incremental Revolving Loan Commitment being requested (which shall be in a minimum amount
of $10,000,000 and multiples of $1,000,000 in excess thereof) and (B) the date (an “Incremental Effective Date”) on which such Incremental Revolving Loan Commitment is requested to become effective (which, unless otherwise
agreed by Agent, shall not be less than ten (10) Business Days nor more than sixty (60) days after the date of such notice). The Borrower will first seek Incremental Revolving Credit Commitments from existing Lenders as set forth below
(each of which shall be entitled to agree or decline to participate in its sole discretion). Upon delivery of the applicable Incremental Revolving Credit Commitment request, the requested Incremental Revolving Credit Commitment shall be offered to
all Lenders pro rata according to the Commitment Percentage held by each Lender. If any Lender does not accept the offered Incremental Revolving Credit Commitment in its entirety on a pro rata basis within five (5) Business Days of such offer,
that portion of the Incremental Revolving Credit Commitment not accepted by the any such Lender shall be offered to the other Lenders on a non-pro rata basis. If such other Lenders do not accept the offered
Incremental Revolving Credit Commitment in its entirety on a non-pro rata basis within two (2) Business Days after such offer, such remaining portion of the Incremental Revolving Credit Commitment may be
offered by the Borrower to any other banks, financial institutions and other institutional lenders reasonably acceptable to Agent and each L/C Issuer that is a Lender. 

(ii) Conditions. No Incremental Revolving Loan Commitment shall become effective under this Section 1.1(d) unless,
(x) if any Real Estate constitutes Collateral for the Obligations, Credit Parties shall have delivered all flood information, due diligence, documentation and evidence of coverage as any
Lender shall have reasonably requested and shall 

  
 7 

 
comply with the Flood Disaster Protection Act of 1973, as amended, in a manner reasonably satisfactory to each Lender, and
(y) after giving effect to such Incremental Revolving Loan Commitment, the Incremental Revolving Loans to be made thereunder (assuming that the entire amount of such Incremental Revolving Loan Commitment is funded), and the application of
the proceeds therefrom, (A) no Default or Event of Default shall exist, (B) if a Trigger Event has occurred and is continuing, the Fixed Charge Coverage Ratio, on a pro forma basis for the twelve-month period ending as of the last day of
the most recent month for which financial statements have been or were required to be delivered under Section 4.1, is not less than the Minimum Fixed Charge Coverage Ratio required under Section 5.20 and (C) Agent shall
have received a certificate of a Responsible Officer of the Borrower certifying as to the foregoing. 
 (iii) Terms. Any Incremental
Revolving Loans shall be on the same terms (as amended from time to time) (including all-in pricing (other than closing fees) and maturity date) as, and pursuant to documentation applicable to, the initial
Revolving Loans. 
 (iv) Required Amendments. Each of the parties hereto hereby agrees that, upon the effectiveness of any
Incremental Revolving Loan Commitment, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence of such Incremental Revolving Loan Commitment and the Incremental Revolving Loans evidenced thereby, and
any joinder agreement or amendment may without the consent of the other Lenders effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of Agent and the Borrower, to
effectuate the provisions of this Section 1.1(d), and, for the avoidance of doubt, this Section 1.1(d) shall supersede any provisions in Section 8.1. From and after each Incremental Effective Date, the Incremental Revolving
Loans and Revolving Loan Commitment established pursuant to this Section 1.1(d) shall constitute Loans and Revolving Loan Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents,
and shall, without limiting the foregoing, benefit equally and ratably from the guarantees and security interests created by the applicable Collateral Documents. The Credit Parties shall take any actions reasonably required by Agent to ensure and/or
demonstrate that the Liens and security interests granted by the applicable Collateral Documents continue to be perfected under the UCC or otherwise after giving effect to the establishment of any such new Incremental Revolving Loans and Incremental
Revolving Credit Commitment, including, without limitation, compliance with Section 4.13(c). 
 1.2 Evidence of Loans; Notes.

 (a) The Revolving Loans made by each Lender are evidenced by this Agreement and, if requested by such Lender, a Revolving Note payable to
such Lender in an amount equal to such Lender’s Revolving Loan Commitment. 
 (b) Swing Loans made by the Swingline Lender are
evidenced by this Agreement and, if requested by the Swingline Lender, a Swingline Note in an amount equal to the Swingline Commitment. 

1.3 Interest. 
 (a)
Subject to Sections 1.3(c) and 1.3(d), each Loan shall bear interest on the outstanding principal amount thereof from the date when made at a rate per annum equal to LIBOR or the Base Rate, as the case may be, plus the
Applicable Margin; provided that Swing Loans may not be LIBOR Rate Loans. Each determination of an interest rate by Agent shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. All

  
 8 

 
computations of fees and interest (other than interest accruing on Base Rate Loans) payable under this Agreement shall be made on the basis of a 360-day
year and actual days elapsed. All computations of interest accruing on Base Rate Loans payable under this Agreement shall be made on the basis of a 365-day year (366 days in the case of a leap year) and actual
days elapsed. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof. 

(b) Interest on each Loan shall be paid in arrears on each Interest Payment Date. Interest shall also be paid on the date of any payment or
prepayment of Revolving Loans on the Revolving Termination Date. 
 (c) At the election of Agent or the Required Lenders while any Event of
Default exists (or automatically while any Event of Default under Section 6.1(a), 6.1(f) or 6.1(g) exists), the Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on
the Loans from and after the date of occurrence of such Event of Default, at a rate per annum which is determined by adding two percent (2.0%) per annum to the Applicable Margin then in effect for such Loans (plus LIBOR or the Base Rate, as the case
may be). All such interest shall be payable on demand of Agent or the Required Lenders. 
 (d) Anything herein to the contrary
notwithstanding, the obligations of the Borrower hereunder shall be subject to the limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that
contracting for or receiving such payment by the respective Lender would be contrary to the provisions of any law applicable to such Lender limiting the highest rate of interest which may be lawfully contracted for, charged or received by such
Lender, and in such event the Borrower shall pay such Lender interest at the highest rate permitted by applicable law (“Maximum Lawful Rate”); provided, however, that if at any time thereafter the rate of interest
payable hereunder is less than the Maximum Lawful Rate, the Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by Agent, on behalf of Lenders, is equal to the total interest
that would have been received had the interest payable hereunder been (but for the operation of this paragraph) the interest rate payable since the Closing Date as otherwise provided in this Agreement. 

1.4 Loan Accounts. 
 (a)
Agent, on behalf of the Lenders, shall record on its books and records the amount of each Loan made, the interest rate applicable, all payments of principal and interest thereon and the principal balance thereof from time to time outstanding. Agent
shall deliver to the Borrower on a monthly basis a loan statement setting forth such record for the immediately preceding calendar month. Such record shall, absent manifest error, be conclusive evidence of the amount of the Loans made by the Lenders
to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so, or any failure to deliver such loan statement shall not, however, limit or otherwise affect the obligation of the Borrower hereunder (and under
any Note) to pay any amount owing with respect to the Loans or provide the basis for any claim against Agent. 
 (b) Agent, acting as a non-fiduciary agent of the Borrower solely for tax purposes and solely with respect to the actions described in this Section 1.4(b), shall establish and maintain at its address referred to in
Section 8.2 (or at such other address as Agent may notify the Borrower) (A) a record of ownership (the “Register”) in which Agent agrees to register by book entry the interests (including any rights to receive
payment hereunder) of Agent, 

  
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each Lender and each L/C Issuer in the Revolving Loans, Swing Loans, L/C Reimbursement Obligations, and Letter of Credit Obligations, each of their obligations under this Agreement to participate
in each Loan, Letter of Credit, Letter of Credit Obligations, and L/C Reimbursement Obligations, and any assignment of any such interest, obligation or right and (B) accounts in the Register in accordance with its usual practice in which it
shall record (1) the names and addresses of the Lenders and the L/C Issuers (and each change thereto pursuant to Sections 8.9 and 8.22), (2) the Revolving Loan Commitment of each Lender, (3) the amount of each Loan and each
funding of any participation described in clause (A) above, and for LIBOR Rate Loans, the Interest Period applicable thereto, (4) the amount of any principal or interest due and payable or paid, (5) the amount of the L/C
Reimbursement Obligations due and payable or paid in respect of Letters of Credit and (6) any other payment received by Agent from the Borrower or other Credit Party and its application to the Obligations. 

(c) Notwithstanding anything to the contrary contained in this Agreement, the Loans (including any Notes evidencing such Loans and the
corresponding obligations to participate in Letter of Credit Obligations and Swing Loans) and the L/C Reimbursement Obligations are registered obligations, the right, title and interest of the Lenders and the L/C Issuers and their assignees in and
to such Loans or L/C Reimbursement Obligations, as the case may be, shall be transferable only upon notation of such transfer in the Register and no assignment thereof shall be effective until recorded therein. This Section 1.4 and
Section 8.9 shall be construed so that the Loans and L/C Reimbursement Obligations are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. 

(d) The Credit Parties, Agent, the Lenders and the L/C Issuers shall treat each Person whose name is recorded in the Register as a Lender or
L/C Issuer, as applicable, for all purposes of this Agreement. Information contained in the Register with respect to any Lender or any L/C Issuer shall be available for access by the Borrower, Agent, such Lender or such L/C Issuer during normal
business hours and from time to time upon at least one Business Day’s prior notice. No Lender or L/C Issuer shall, in such capacity, have access to or be otherwise permitted to review any information in the Register other than information with
respect to such Lender or L/C Issuer unless otherwise agreed by Agent. 
 1.5 Procedure for Revolving Credit Borrowing. 

(a) Each Borrowing of a Revolving Loan shall be made upon the Borrower’s irrevocable (subject to Section 9.5) written notice
delivered to Agent substantially in the form of a Notice of Borrowing or in a writing in any other form acceptable to Agent, which notice must be received by Agent prior to 2:00 p.m. (i) on the date which is three (3) Business Days prior
to the requested Borrowing date in the case of each LIBOR Rate Loan and (ii) on the same Business Day as the requested Borrowing date of each Base Rate Loan. Such Notice of Borrowing shall specify: 

(i) the amount of the Borrowing (which shall be in an aggregate minimum principal amount of $100,000); 

(ii) the requested Borrowing date, which shall be a Business Day; 

(iii) whether the Borrowing is to be comprised of LIBOR Rate Loans or Base Rate Loans; and 

(iv) if the Borrowing is to be comprised of LIBOR Rate Loans, the Interest Period applicable to such Loans. 

  
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 (b) Upon receipt of a Notice of Borrowing, Agent will promptly notify each Lender of such Notice
of Borrowing and of the amount of such Lender’s Commitment Percentage of the Borrowing. 
 (c) Unless Agent is otherwise directed in
writing by the Borrower, the proceeds of each requested Borrowing after the Closing Date will be made available to the Borrower by Agent by wire transfer of such amount to the Borrower pursuant to the wire transfer instructions specified on the
signature page hereto. 
 1.6 Conversion and Continuation Elections. 

(a) The Borrower shall have the option to (i) request that any Revolving Loan be made as a LIBOR Rate Loan, (ii) convert at any time
all or any part of outstanding Loans (other than Swing Loans) from Base Rate Loans to LIBOR Rate Loans, (iii) convert any LIBOR Rate Loan to a Base Rate Loan, subject to Section 9.4 if such conversion is made prior to the expiration
of the Interest Period applicable thereto, or (iv) continue all or any portion of any Loan as a LIBOR Rate Loan upon the expiration of the applicable Interest Period. Any Loan or group of Loans having the same proposed Interest Period to be
made or continued as, or converted into, a LIBOR Rate Loan must be in a minimum amount of $1,000,000. Any such election must be made by Borrower by 2:00 p.m. on the third Business Day prior to (1) the date of any proposed Revolving Loan which
is to bear interest at LIBOR, (2) the end of each Interest Period with respect to any LIBOR Rate Loans to be continued as such, or (3) the date on which the Borrower wishes to convert any Base Rate Loan to a LIBOR Rate Loan for an Interest
Period designated by the Borrower in such election. If no election is received with respect to a LIBOR Rate Loan by 2:00 p.m. on the third Business Day prior to the end of the Interest Period with respect thereto, that LIBOR Rate Loan shall be
converted to a Base Rate Loan at the end of its Interest Period. The Borrower must make such election by notice to Agent in writing, including, at Borrower’s option, by Electronic Transmission. In the case of any conversion or continuation,
such election must be made pursuant to a written notice (a “Notice of Conversion/Continuation”) substantially in the form of Exhibit 1.6 or in a writing in any other form acceptable to Agent. No Loan shall be made, converted
into or continued as a LIBOR Rate Loan, if the conditions to Loans and Letters of Credit in Section 2.2 are not met at the time of such proposed conversion or continuation and Agent or Required Lenders have determined not to make or
continue any Loan as a LIBOR Rate Loan as a result thereof. 
 (b) Upon receipt of a Notice of Conversion/Continuation, Agent will promptly
notify each Lender thereof. In addition, Agent will, with reasonable promptness, notify the Borrower and the Lenders of each determination of LIBOR; provided that any failure to do so shall not relieve the Borrower of any liability hereunder or
provide the basis for any claim against Agent. All conversions and continuations shall be made pro rata according to the respective outstanding principal amounts of the Loans held by each Lender with respect to which the notice was given. 

(c) Notwithstanding any other provision contained in this Agreement, after giving effect to any Borrowing, or to any continuation or
conversion of any Loans, there shall not be more than nine (9) different Interest Periods in effect. 

  
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 1.7 Prepayments and Reductions in Revolving Loan Commitments. 

(a) Prepayments Generally. The Borrower may, at any time, prepay the Loans in whole or in part, in each instance, without penalty or
premium except as provided in Section 9.4. Subject to Section 1.9(c), any prepayments shall be applied first to prepay outstanding Swing Loans, second to prepay outstanding Revolving Loans without
permanent reduction of the Aggregate Revolving Loan Commitment and third to cash collateralize Letters of Credit in an amount determined in accordance with Section 6.4. To the extent permitted by the foregoing sentence, amounts
prepaid shall be applied first to any Base Rate Loans then outstanding and then to outstanding LIBOR Rate Loans with the shortest Interest Periods remaining. 

(b) Reductions in Revolving Loan Commitments. The Borrower may at any time upon at least two (2) Business Days’ (or such
shorter period as is acceptable to Agent) prior written notice by the Borrower to Agent permanently reduce the Aggregate Revolving Loan Commitment; provided that such reductions shall be in an amount greater than or equal to $5,000,000. All
reductions of the Aggregate Revolving Loan Commitment shall be allocated pro rata among all Lenders with a Revolving Loan Commitment. A permanent reduction of the Aggregate Revolving Loan Commitment shall not require a corresponding pro rata
reduction in the L/C Sublimit or the Swingline Commitment; provided that the L/C Sublimit and/or the Swingline Commitment, as applicable, shall be permanently reduced by the amount thereof in excess of the Aggregate Revolving Loan Commitment. 

(c) Notices. Notice of prepayment or commitment reduction pursuant to clauses (a) and (b) above shall not
thereafter be revocable by the Borrower and Agent will promptly notify each Lender thereof and of such Lender’s Commitment Percentage of such prepayment or reduction. The payment amount specified in a notice of prepayment or reduction shall be
due and payable on the date specified therein. Together with each prepayment under this Section 1.7, the Borrower shall pay any amounts required pursuant to Section 9.4. 

(d) Application of Funds during a Dominion Period. During the continuance of a Dominion Period prior to the occurrence of an Event of
Default, all funds on deposit in accounts required to be subject to “springing” Control Agreements pursuant to Section 4.11 and transferred to or at the direction of Agent following delivery of an “Access Termination
Notice” (or similar notice) thereunder, shall be applied to the Loans in the same manner as proceeds of prepayments described in clause (a) of this Section 1.7. 

(e) Reallocation of Obligations. On the effective date of any reduction in Revolving Loan Commitments contemplated in the definition of
“Aggregate Revolving Loan Commitment”, (i) each Lender not reducing its Revolving Loan Commitment shall make available to Agent such amounts in immediately available funds as Agent shall determine, for the benefit of the other
Lenders, as being required in order to cause, after giving effect to such reduction and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans of all the Lenders to equal its
revised Commitment Percentage of such outstanding Revolving Loans, and Agent shall make such other adjustments among the Lenders with respect to the Revolving Loans then outstanding and amounts of principal, interest, Unused Commitment Fees and
other amounts paid or payable with respect thereto as shall be necessary, as determined by Agent, in order to effect such reallocation and (ii) the Borrower shall be deemed to have repaid and reborrowed all outstanding Revolving Loans as of the
date of any such reduction in Revolving Loan Commitments (with such reborrowing to consist of Base Rate Loans or LIBOR Rate Loans, with related Interest Periods (if applicable), 

  
 12 

 
specified in a notice delivered by the Borrower, in accordance with the requirements of Section 1.5(a)). The deemed payments made pursuant to clause (ii) of the immediately
preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect of each LIBOR Rate Loan, shall be subject to reimbursement by the Borrower pursuant to the provisions of Section 9.4 if the
deemed payment occurs other than on the last day of the related Interest Periods. 
 1.8 Fees. 

(a) Fees. The Borrower shall pay to Agent, for Agent’s own account, fees in the amounts and at the times set forth
(i) in a letter agreement between the Borrower and Agent dated of even date herewith (as amended from time to time, the
“2013 Fee Letter”) and (ii) in a letter agreement between the Borrower and Agent dated on or around the Amendment No. 7 Effective Date (as amended from time to time, and
together with the 2013 Fee Letter, collectively, the “Fee Letter”). 
 (b) Unused Commitment Fee. The Borrower
shall pay to Agent a fee (the “Unused Commitment Fee”) for the account of each Lender in an amount equal to: 
 (i) the
average daily amount of the Revolving Loan Commitment of such Lender during the preceding calendar month, less 
 (ii) the sum of
(x) the average daily balance of all Revolving Loans held by such Lender plus (y) the average daily amount of Letter of Credit Obligations held by such Lender, plus (z) in the case of the Swingline Lender, the average daily
balance of all outstanding Swing Loans, in each case, during the preceding calendar month; provided that in no event shall the amount computed pursuant to clauses (i) and (ii) be less than zero, multiplied
by 
 (iii) 0.375% per annum. 
 The
Unused Commitment Fee paid by the Borrower will be equal to the sum of all of the fees due to the Lenders, subject to Section 1.10(e)(vi). The Unused Commitment Fee shall be payable monthly in arrears on the first day of each calendar
month following the date hereof. The Unused Commitment Fee provided in this Section 1.8(b) shall accrue at all times from and after the execution and delivery of this Agreement. For purposes of this Section 1.8(b), the Revolving Loan
Commitment of any Non-Funding Lender shall be deemed to be zero. 
 (c) Letter of Credit Fee.
The Borrower agrees to pay to Agent for the ratable benefit of the Lenders, as compensation to such Lenders for Letter of Credit Obligations incurred hereunder, (i) without duplication of costs and expenses otherwise payable to Agent or Lenders
hereunder or fees otherwise paid by the Borrower, all reasonable costs and expenses incurred by Agent or any Lender on account of such Letter of Credit Obligations, and (ii) for each calendar month during which any Letter of Credit Obligation
shall remain outstanding, a fee (the “Letter of Credit Fee”) in an amount equal to the product of the daily undrawn face amount of all Letters of Credit Issued, guaranteed or supported by risk participation agreements multiplied by
a per annum rate equal to the Applicable Margin with respect to Revolving Loans which are LIBOR Rate Loans; provided, however, at Agent’s or Required Lenders’ option, while an Event of Default exists (or automatically while
an Event of Default under Section 6.1(a), 6.1(f) or 6.1(g) exists), such rate shall be increased by two percent (2.00%) per annum. Such fee shall be paid to Agent for the benefit of the Lenders in arrears, on the first day of
each calendar month and on the date on which all L/C Reimbursement Obligations have been 

  
 13 

 
discharged. In addition, the Borrower shall pay to Agent, any L/C Issuer or any prospective L/C Issuer, as appropriate, on demand, such L/C Issuer’s or prospective L/C Issuer’s
customary fees at then prevailing rates, without duplication of fees otherwise payable hereunder (including all per annum fees), charges and expenses of such L/C Issuer or prospective L/C Issuer in respect of the application for, and the Issuance,
negotiation, acceptance, amendment, transfer and payment of, each Letter of Credit or otherwise payable pursuant to the application and related documentation under which such Letter of Credit is Issued. 

1.9 Payments by the Borrower. 

(a) All payments (including prepayments) to be made by each Credit Party on account of principal, interest, fees and other amounts required
hereunder shall be made without setoff, recoupment, counterclaim or deduction of any kind, shall, except as otherwise expressly provided herein, be made to Agent (for the ratable account of the Persons entitled thereto) at the address for payment
specified in the signature page hereof in relation to Agent (or such other address as Agent may from time to time specify in accordance with Section 8.2), including payments utilizing the ACH system, and shall be made in Dollars and by
wire transfer or ACH transfer in immediately available funds (which shall be the exclusive means of payment hereunder), no later than 1:00 p.m. on the date due. Any payment which is received by Agent later than 1:00 p.m. may, in Agent’s
discretion, be deemed to have been received on the immediately succeeding Business Day and any applicable interest or fee shall continue to accrue. The Borrower and each other Credit Party hereby irrevocably waives the right to direct the
application during the continuance of an Event of Default of any and all payments in respect of any Obligation and any proceeds of Collateral. The Borrower hereby authorizes Agent and each Lender to make a Revolving Loan (which shall be a Base Rate
Loan and which may be a Swing Loan) to pay (i) interest, principal (including Swing Loans), L/C Reimbursement Obligations, agent fees, Unused Commitment Fees and Letter of Credit Fees, in each instance, on the date due, or (ii) after five
(5) days’ prior notice to the Borrower, other fees, costs or expenses payable by the Borrower or any other Credit Parties hereunder or under the other Loan Documents. 

(b) Subject to the provisions set forth in the definition of “Interest Period” herein, if any payment hereunder shall be stated to
be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of interest or fees, as the case may be. 

(c) Subject to the terms of the Intercreditor Agreement, during the continuance of an Event of Default, Agent may, and upon the direction of
Required Lenders, shall, apply any and all payments received by Agent in respect of any Obligation in accordance with clauses first through sixth below. Notwithstanding any provision herein to the contrary, all payments made by
Credit Parties to Agent after any or all of the Obligations have been accelerated (so long as such acceleration has not been rescinded), including proceeds of Collateral, shall be applied as follows: 

first, to payment of costs, expenses and indemnification, including Attorney Costs, of Agent payable or reimbursable by
the Credit Parties under the Loan Documents; 
 second, to payment of costs, expenses and indemnification, including
Attorney Costs, of Lenders payable or reimbursable by the Borrower under this Agreement; 

  
 14 

 third, to payment of all accrued unpaid interest on the Obligations and
fees owed to Agent, Lenders and L/C Issuers; 
 fourth, to (i) payment of principal of the Obligations,
including, without limitation, L/C Reimbursement Obligations then due and payable; provided, however, that, this clause (i) shall not include any Bank Product Obligations or Obligations under any Secured Rate Contract,
(ii) payment of any Obligations under any Secured Rate Contract (solely to the extent of any Reserve with respect to such Secured Rate Contract) and (iii) cash collateralization of unmatured L/C Reimbursement Obligations to the
extent not then due and payable); 
 fifth, to payment of any other amounts owing constituting Obligations; and 

sixth, any remainder shall be for the account of and paid to whoever may be lawfully entitled thereto. 

In carrying out the foregoing, (i) amounts received shall be applied in the numerical order provided until exhausted prior to the
application to the next succeeding category, (ii) each of the Lenders or other Persons entitled to payment shall receive an amount equal to its pro rata share of amounts available to be applied pursuant to clauses third, fourth and fifth above
and (iii) no payments by a Guarantor and no proceeds of Collateral of a Guarantor shall be applied to Excluded Rate Contract Obligations of such Guarantor. 

1.10 Payments by the Lenders to Agent; Settlement. 

(a) Agent may, on behalf of Lenders, disburse funds to the Borrower for Loans requested. Each Lender shall reimburse Agent on demand for all
funds disbursed on its behalf by Agent, or if Agent so requests, each Lender will remit to Agent its Commitment Percentage of any Loan before Agent disburses same to the Borrower. If Agent elects to require that each Lender make funds available to
Agent prior to disbursement by Agent to the Borrower, Agent shall advise each Lender by telephone or fax of the amount of such Lender’s Commitment Percentage of the Loan requested by the Borrower no later than the Business Day prior to (or, in
the case of same-day Borrowings, on) the scheduled Borrowing date applicable thereto, and each such Lender shall pay Agent such Lender’s Commitment Percentage of such requested Loan, in same day funds, by
wire transfer to Agent’s account, as set forth on Agent’s signature page hereto, no later than 1:00 p.m. on such scheduled Borrowing date. Nothing in this Section 1.10(a) or elsewhere in this Agreement or the other Loan Documents,
including the remaining provisions of Section 1.10, shall be deemed to require Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its Revolving Loan Commitment hereunder or to prejudice
any rights that Agent, any Lender or the Borrower may have against any Lender as a result of any default by such Lender hereunder. 
 (b) At
least once each calendar week or more frequently at Agent’s election (each, a “Settlement Date”), Agent shall advise each Lender by telephone or fax of the amount of such Lender’s Commitment Percentage of principal,
interest and fees paid for the benefit of Lenders with respect to each applicable Loan. Agent shall pay to each Lender such Lender’s Commitment Percentage (except as otherwise provided in Section 1.1(b)(vi), Section 1.10(e) and
Section 8.9(g)) of principal, interest and fees paid by the Borrower since the previous Settlement Date for the benefit of such Lender on the Loans held by it. Such payments shall be made by wire transfer to such Lender not later than 2:00
p.m. on the next Business Day following each Settlement Date. 

  
 15 

 (c) Availability of Lender’s Commitment Percentage. Agent may assume that each Lender
will make its Commitment Percentage of each Revolving Loan available to Agent on each Borrowing date. If such Commitment Percentage is not, in fact, paid to Agent by such Lender when due, Agent will be entitled to recover such amount on demand from
such Lender without setoff, counterclaim or deduction of any kind. If any Lender fails to pay the amount of its Commitment Percentage forthwith upon Agent’s demand, Agent shall promptly notify the Borrower and the Borrower shall immediately
repay such amount to Agent. Nothing in this Section 1.10(c) shall be deemed to require Agent to advance funds on behalf of any Lender or to relieve any Lender from its obligation to fulfill its Revolving Loan Commitment hereunder or to
prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder. Without limiting the provisions of Section 1.10(b), to the extent that Agent advances funds to the Borrower on behalf of
any Lender and is not reimbursed therefor on the same Business Day as such advance is made, Agent shall be entitled to retain for its account all interest accrued on such advance from the date such advance was made until reimbursed by the applicable
Lender. 
 (d) Return of Payments. 

(i) If Agent pays an amount to a Lender under this Agreement in the belief or expectation that a related payment has been or will be received
by Agent from the Borrower and such related payment is not received by Agent, then Agent will be entitled to recover such amount from such Lender on demand without setoff, counterclaim or deduction of any kind. 

(ii) If Agent reasonably determines at any time that any amount received by Agent under this Agreement or any other Loan Document must be
returned to any Credit Party or paid to any other Person pursuant to any insolvency law or otherwise, then, notwithstanding any other term or condition of this Agreement or any other Loan Document, Agent will not be required to distribute any
portion thereof to any Lender. In addition, each Lender will repay to Agent on demand any portion of such amount that Agent has distributed to such Lender, together with interest at such rate, if any, as Agent is required to pay to the Borrower or
such other Person, without setoff, counterclaim or deduction of any kind, and Agent will be entitled to set-off against future distributions to such Lender any such amounts (with interest) that are not repaid
on demand. 
 (e) Non-Funding Lenders; Procedures. 

(i) Responsibility. The failure of any Non-Funding Lender to make any Revolving Loan, Letter
of Credit Obligation or any payment required by it, or to make any payment required by it under any Loan Document, or to fund any purchase of any participation to be made or funded by it (including, without limitation, with respect to any Swing
Loan) on the date specified therefor shall not relieve any other Lender of its obligations to make such loan, fund the purchase of any such participation, or make any other such required payment on such date, and neither Agent nor, other than as
expressly set forth herein, any other Lender shall be responsible for the failure of any Non-Funding Lender to make a loan, fund the purchase of a participation or make any other required payment under any
Loan Document. 

  
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 (ii) Reallocation. If any Lender is a Non-Funding
Lender, all or a portion of such Non-Funding Lender’s Letter of Credit Obligations (unless such Lender is the L/C Issuer that Issued such Letter of Credit) and reimbursement obligations with respect to
Swing Loans shall, at Agent’s election at any time or upon any L/C Issuer’s or Swingline Lender’s, as applicable, written request delivered to Agent (whether before or after the occurrence of any Default or Event of Default), be
reallocated to and assumed by the Lenders that are not Non-Funding Lenders or Impacted Lenders pro rata in accordance with their Commitment Percentages of the Aggregate Revolving Loan Commitment (calculated as
if the Non-Funding Lender’s Commitment Percentage was reduced to zero and each other Lender’s (other than any other Non-Funding Lender’s or Impacted
Lender’s) Commitment Percentage had been increased proportionately); provided that no Lender shall be reallocated any such amounts or be required to fund any amounts that would cause the sum of its outstanding Revolving Loans,
outstanding Letter of Credit Obligations, amounts of its participations in Swing Loans and its pro rata share of unparticipated amounts in Swing Loans to exceed its Revolving Loan Commitment. 

(iii) Voting Rights. Notwithstanding anything set forth herein to the contrary, including Section 8.1, a Non-Funding Lender shall not have any voting or consent rights under or with respect to any Loan Document or constitute a “Lender” (or be, or have its Loans and Revolving Loan Commitment, included in the
determination of “Required Lenders”, “Supermajority Lenders” or “Lenders directly affected” pursuant to Section 8.1) for any voting or consent rights under or with respect to any Loan Document, provided that
(A) the Revolving Loan Commitment of a Non-Funding Lender may not be increased, extended or reinstated, (B) the principal of a Non-Funding Lender’s Loans
may not be reduced or forgiven, and (C) the interest rate applicable to Obligations owing to a Non-Funding Lender may not be reduced in such a manner that by its terms affects such Non-Funding Lender more adversely than other Lenders, in each case without the consent of such Non-Funding Lender. Moreover, for the purposes of determining Required Lenders,
Supermajority Lenders, the Loans, Letter of Credit Obligations, and Revolving Loan Commitments held by Non-Funding Lenders shall be excluded from the total Loans and Revolving Loan Commitments outstanding.

 (iv) Borrower Payments to a Non-Funding Lender. Agent shall be authorized to use all
payments received by Agent for the benefit of any Non-Funding Lender pursuant to this Agreement to pay in full the Aggregate Excess Funding Amount to the appropriate Secured Parties. Following such payment in
full of the Aggregate Excess Funding Amount, Agent shall be entitled to hold such funds as cash collateral in a non-interest bearing account up to an amount equal to such
Non-Funding Lender’s unfunded Revolving Loan Commitment and to use such amount to pay such Non-Funding Lender’s funding obligations hereunder until the
occurrence of the Facility Termination Date. Upon any such unfunded obligations owing by a Non-Funding Lender becoming due and payable, Agent shall be authorized to use such cash collateral to make such
payment on behalf of such Non-Funding Lender. With respect to such Non-Funding Lender’s failure to fund Revolving Loans or purchase participations in Letters of
Credit or Letter of Credit Obligations, any amounts applied by Agent to satisfy such funding shortfalls shall be deemed to constitute a Revolving Loan or amount of the participation required to be funded and, if necessary to effectuate the
foregoing, the other Lenders shall be deemed to have sold, and such Non-Funding Lender shall be deemed to have purchased, Revolving Loans or Letter of Credit participation interests from the other Lenders
until such time as the aggregate amount of the Revolving Loans and participations in Letters of Credit and Letter of Credit Obligations are held by the Lenders in accordance with their Commitment Percentages of the Aggregate Revolving Loan
Commitment. Any amounts owing by a Non-Funding Lender to Agent which are not paid when due shall accrue interest at 

  
 17 

 
the interest rate applicable during such period to Revolving Loans that are Base Rate Loans. In the event that Agent is holding cash collateral of a
Non-Funding Lender that cures pursuant to clause (v) below or ceases to be a Non-Funding Lender pursuant to the definition of
Non-Funding Lender, Agent shall return the unused portion of such cash collateral to such Lender. The “Aggregate Excess Funding Amount” of a Non-Funding
Lender shall be the aggregate amount of (A) all unpaid obligations owing by such Lender to Agent, L/C Issuers, Swingline Lender, and other Lenders under the Loan Documents, including such Lender’s pro rata share of all Revolving Loans,
Letter of Credit Obligations and Swing Loans, plus, without duplication, (B) all amounts of such Non-Funding Lender’s Letter of Credit Obligations and reimbursement obligations with respect to
Swing Loans reallocated to other Lenders pursuant to Section 1.10(e)(ii). 
 (v) Cure. A Lender may cure its status as a Non-Funding Lender under clause (a) of the definition of Non-Funding Lender if such Lender (A) fully pays to Agent, on behalf of the applicable Secured
Parties, the Aggregate Excess Funding Amount, plus all interest due thereon and (B) timely funds the next Revolving Loan required to be funded by such Lender or makes the next reimbursement required to be made by such Lender. Any such cure
shall not relieve any Lender from liability for breaching its contractual obligations hereunder. 
 (vi) Fees. A Lender that is a Non-Funding Lender pursuant to clause (a) of the definition of Non-Funding Lender shall not earn and shall not be entitled to receive, and the Borrower shall not be
required to pay, such Lender’s portion of the Unused Commitment Fee during the time such Lender is a Non-Funding Lender pursuant to clause (a) of the definition thereof. In the event that any
reallocation of Letter of Credit Obligations occurs pursuant to Section 1.10(e)(ii), during the period of time that such reallocation remains in effect, the Letter of Credit Fee payable with respect to such reallocated portion shall be
payable to (A) all Lenders based on their pro rata share of such reallocation or (B) to the L/C Issuer for any remaining portion not reallocated to any other Lenders. 

(f) Procedures. Agent is hereby authorized by each Credit Party and each other Secured Party to establish procedures (and to amend such
procedures from time to time) to facilitate administration and servicing of the Loans and other matters incidental thereto. Without limiting the generality of the foregoing, Agent is hereby authorized to establish procedures to make available or
deliver, or to accept, notices, documents and similar items on, by posting to or submitting and/or completion on, E-Systems. 

1.11 Eligible Accounts. All of the Accounts owned by the Borrower, Listerhill and AEMS and properly reflected as
“Eligible Accounts” in the most recent Borrowing Base Certificate delivered by the Borrower to Agent shall be “Eligible Accounts” for purposes of this Agreement, except any Account to which any of the exclusionary criteria set
forth below applies. Agent shall have the right to establish, modify or eliminate Reserves against Eligible Accounts from time to time in its Permitted Discretion upon three (3) days prior notice to the Borrower; provided,
however, that for purposes of determining the Maximum Revolving Loan Amount (other than for purposes of Section 1.1(a)(iv), with which the Borrower shall be afforded three (3) days to comply in such circumstances) the
establishment, modification or elimination of any Reserve shall be deemed effective immediately upon such notice. In addition, Agent reserves the right, at any time and from time to time after the Closing Date, to adjust any of the applicable
criteria and to establish new criteria with respect to Eligible Accounts, in its Permitted Discretion, subject to the approval of Supermajority Lenders in the case of adjustments or new criteria which have the effect of making more credit available;
provided that any adjustments or establishment of new criteria that has the effect of making less credit available shall be based on 

  
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either (i) an event, condition or other circumstance arising after the Closing Date or (ii) an event, condition or other circumstance existing on the Closing Date to the extent Agent
was not given written notice thereof by the Borrower prior to the Closing Date. Eligible Accounts shall not include the following Accounts of the Borrower, Listerhill and AEMS: 

(a) Accounts – Past Due. Accounts that are not paid within the earlier of sixty (60) days following its due date or
ninety (90) days following its original invoice date; 
 (b) Cross Aged Accounts. Accounts that are the obligations of an
Account Debtor if fifty percent (50%) or more of the Dollar amount of all Accounts owing by that Account Debtor are ineligible under the other criteria set forth in this Section 1.11; 

(c) Foreign Accounts. Accounts that are the obligations of an Account Debtor located in a foreign country other than Canada unless
(i) payment thereof is assured by a letter of credit assigned and delivered to Agent, satisfactory to Agent as to form, amount and Issuer or (ii) such Account is an Eligible Foreign Account; 

(d) Government Accounts. Accounts that are the obligation of an Account Debtor that is the United States government or a political
subdivision thereof, or any state, county or municipality or department, agency or instrumentality thereof unless Agent, in its sole discretion, has agreed to the contrary in writing, or the applicable Credit Party has complied with respect
to such obligation with the Federal Assignment of Claims Act of 1940, or any applicable state, county or municipal law restricting the assignment thereof with respect to such obligation; 

(e) Contra Accounts. Accounts to the extent the Borrower or any Subsidiary of Holdings is liable for goods sold or services rendered
by, or other amounts owing to, the applicable Account Debtor to the Borrower or any Subsidiary of Holdings, but only to the extent of the potential offset; provided that, if the related Account Debtor with respect to any such Account has
entered into a no-offset agreement that Agent has approved in writing in its sole discretion, such Account shall not be included as an Eligible Account pursuant to this clause solely to the extent such Account
Debtor has any right of setoff after giving effect to such no off-set agreement; 
 (f)
Chargebacks/Partial Payments/Disputed. Any Account to the extent that any defense, counterclaim, setoff or dispute is asserted as to such Account; 

(g) Inter-Company/Affiliate Accounts. Accounts that arise from a sale to any employee or Affiliate of any Credit
Party (other than Accounts as to which the related Account Debtor is Constellium-UACJ ABS LLC); 

(h) Credit Risk. Accounts that are otherwise determined to be unacceptable by Agent based on credit or collateral considerations in its
Permitted Discretion, upon the delivery of prior written notice of such determination to the Borrower; 
 (i) Unbilled.
Accounts with respect to which an invoice, reasonably acceptable to Agent in form and substance, has not been sent to the applicable Account Debtor; 

  
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 (j) Defaulted Accounts; Bankruptcy. Accounts where: 

(i) the Account Debtor obligated upon such Account suspends business, makes a general assignment for the benefit of creditors or fails to pay
its debts generally as they come due; or 
 (ii) a petition is filed by or against any Account Debtor obligated upon such Account under any
bankruptcy law or any other federal, state or foreign (including any provincial) receivership, insolvency relief or other law or laws for the relief of debtors; 

(k) Progress Billing. Accounts (i) as to which the Borrower, Listerhill or AEMS, as applicable, is not
able to bring suit or otherwise enforce its remedies against the Account Debtor through judicial process, or (ii) if the Account represents a progress billing consisting of an invoice for goods sold or used or services rendered pursuant to a
contract under which the Account Debtor’s obligation to pay that invoice is subject to completion of further performance by any Subsidiary of Holdings under such contract or is subject to the equitable lien of a surety bond issuer; 

(l) Bill and Hold. Accounts that arise with respect to goods that are sold on a bill-and-hold basis; 
 (m) C.O.D.. Accounts that arise with respect to goods that
are sold on a cash-on-delivery basis; 
 (n) Credit
Limit. Accounts to the extent such Account exceeds any credit limit established by Agent, in its Permitted Discretion, following prior notice of such limit by Agent to the Borrower; 

(o) Non-Acceptable Alternative Currency. Accounts that are payable in any currency other
than United States Dollars; 
 (p) Other Liens Against Receivables. Accounts that are subject to any right, claim, Lien or
other interest of any other Person, other than Liens in favor of Agent securing the Obligations and Liens permitted by Sections 5.1(c), (f) and,
(p), and (s); 
 (q) Conditional Sale. Accounts that arise
with respect to goods that are placed on consignment, guaranteed sale or other terms by reason of which the payment by the Account Debtor is conditional; 

(r) Judgments, Notes or Chattel Paper. Accounts that are evidenced by a judgment, Instrument or Chattel Paper; 

(s) Not Bona Fide. Accounts that are not true and correct statements of bona fide indebtedness incurred in the amount of such Account
for merchandise sold to or services rendered and accepted by the applicable Account Debtor; 
 (t) Ordinary Course; Sales of Equipment or
Bulk Sales. Accounts that do not arise from the sale of goods or the performance of services by the Borrower, Listerhill or AEMS, as applicable, in the Ordinary Course of Business, including, without limitation, sales of
Equipment and bulk sales; 

  
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 (u) Not Perfected. Accounts as to which Agent’s Lien thereon, on behalf of itself and
the other Secured Parties, is not a first priority perfected Lien; 
 (v) AB Receivables. On and after the AB Receivables Financing
Effective Date, AB Receivables; or 
 (w) Material Contracts Event. So long as a Material Contracts Event has occurred and is
continuing with respect to any Material Contract, all Accounts associated with such Material Contract. 
 1.12 Eligible Inventory.
All of the Inventory owned by the Borrower located in the United States consisting of finished goods (including coil sheet inventory) held for resale in the Ordinary Course of Business of the Borrower (including scrap metal, ingot, rich dross and
reclaimed scrap ingot) for such finished goods and work-in-process for such finished goods and properly reflected as “Eligible Inventory” in the most recent
Borrowing Base Certificate delivered by the Borrower to Agent shall be “Eligible Inventory” for purposes of this Agreement, except any Inventory to which any of the exclusionary criteria set forth below or in the component definitions
herein applies. Agent shall have the right to establish, modify, or eliminate Reserves against Eligible Inventory from time to time in its Permitted Discretion upon three (3) days prior notice to the Borrower; provided, however,
that for purposes of determining the Maximum Revolving Loan Amount (other than for purposes of Section 1.1(a)(iv), with which the Borrower shall be afforded three (3) days to comply in such circumstances) the establishment, modification
or elimination of any Reserve shall be deemed effective immediately upon such notice. In addition, Agent reserves the right, at any time and from time to time after the Closing Date, to adjust any of the applicable criteria and to establish new
criteria with respect to Eligible Inventory in its Permitted Discretion, subject to the approval of Supermajority Lenders in the case of adjustments or new criteria which have the effect of making more credit available; provided that any
adjustments or establishment of new criteria that has the effect of making less credit available shall be based on either (i) an event, condition or other circumstance arising after the Closing Date or (ii) an event, condition or other
circumstance existing on the Closing Date to the extent Agent was not given written notice thereof by the Borrower prior to the Closing Date. Eligible Inventory shall not include the following Inventory of the Borrower: 

(a) Excess/Obsolete. Inventory that is unsalable, but solely to the extent the book value of such Inventory exceeds its scrap value;

 (b) Locations < $100K. Inventory is located at any site if the aggregate book value of Inventory at any such location is less
than $100,000; 
 (c) Consignment. Inventory that is placed on consignment; 

(d) Off-Site. Inventory that (i) is not located on premises owned, leased or rented by a
Credit Party and set forth in Schedule 3.21, (ii) is stored at a leased location unless (x) a reasonably satisfactory landlord waiver has been delivered to Agent, or (y) Reserves reasonably satisfactory to Agent have been
established with respect thereto, (iii) is stored with a bailee or warehouseman unless (x) a reasonably satisfactory, acknowledged bailee letter has been received by Agent with respect thereto or (y) Reserves reasonably satisfactory
to Agent have been established with respect thereto, or (iv) is located at an owned location subject to a mortgage in favor of a lender other than Agent, the Senior
Noteholdersholders of the Constellium Secured Notes (or their representative), or Rexam, unless a reasonably satisfactory mortgagee waiver has been delivered to Agent;
provided that, until the date that is thirty (30) days after the Closing Date, Inventory shall not be excluded from Eligible Inventory pursuant to (ii), (iii) or (iv) of this clause; 

  
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 (e) In-Transit. Inventory that is in transit,
except for Eligible In-Transit Inventory and Inventory in transit between domestic locations of Credit Parties as to which Agent’s Liens have been perfected at origin and destination; 

(f) Customized. Inventory subject to any licensing, trademark, trade name or copyright agreements with any third parties which would
require any consent of any third party for the sale or disposition of that Inventory (which consent has not been obtained) or the payment of any monies to any third party upon such sale or other disposition (to the extent of such monies); 

(g) Packing/Shipping Materials. Inventory that consists of packing or shipping materials, or manufacturing supplies; 

(h) Tooling. Inventory that consists of tooling or replacement parts; 

(i) Display. Inventory that consists of display items; 

(j) Returns. Inventory that consists of goods which have been returned by the buyer; provided that, Inventory shall not be
excluded from Eligible Inventory pursuant to this clause if such Inventory has been inspected and re-valued by the Borrower upon return and is able to be resold or reused in the Ordinary Course of Business;

 (k) Hazardous Materials. Inventory that consists of Hazardous Materials or goods that can be transported or sold only with
licenses that are not readily available; 
 (l) Un-insured. Inventory that is not covered by
casualty insurance reasonably acceptable to Agent; 
 (m) Other Liens. Inventory that is subject to Liens other than Permitted Liens
described in Sections 5.1(b), (c), (d) (f) and, (p), and
(s) or rights of any other Person (including the rights of a purchaser that has made progress payments and the rights of a surety that has issued a bond to assure a the Borrower’s performance with respect to that Inventory);

 (n) Unperfected. Inventory that is not subject to a first priority Lien in favor of Agent on behalf of itself and the Secured
Parties, except for Liens described in Section 5.1(d) (subject to Reserves); 
 (o) Negotiable Bill of Sale. Inventory that is
covered by a negotiable document of title, unless such document has been delivered to Agent with all necessary endorsements, free and clear of all Liens except Liens in favor of Agent, on behalf of itself and the Secured Parties; 

(p) Not Ordinary Course. Inventory (other than raw materials) that is not of a type held for sale in the Ordinary Course of Business of
the Borrower; 

  
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 (q) Material Contracts Event. So long as a Material Contracts Event has occurred and is
continuing with respect to any Material Contract, all Inventory associated with such Material Contract; or 
 (r) Other Inventory.
Inventory Agent otherwise deems to be ineligible in its Permitted Discretion. 
 ARTICLE II. 

CONDITIONS PRECEDENT 
 2.1
Conditions of Initial Loans. The obligation of each Lender to make its initial Loans and of each L/C Issuer to Issue, or cause to be Issued, the initial Letters of Credit hereunder is subject to satisfaction of the following conditions in a
manner satisfactory to Agent: 
 (a) Loan Documents. Agent shall have received on or before the Closing Date all of the agreements,
documents, instruments and other items set forth on the closing checklist attached hereto as Exhibit 2.1, each in form and substance reasonably satisfactory to Agent; 

(b) Availability. After giving effect to the consummation of the Related Transactions, including the payment of all costs and expenses
in connection therewith (or creation of a reserve therefor) and the funding of the initial Loans and any Issuance of the initial Letters of Credit on the Closing Date, Availability shall be not less than $65,000,000; 

(c) Issuance of Senior Notes. Holdings and Wise Alloys Finance Corporation, collectively, shall have received not less than
$650,000,000 in gross cash proceeds from the issuance of the Senior Notes on terms and conditions reasonably acceptable to Agent; 
 (d)
Repayment of Prior Lender Obligations; Existing Letters of Credit. (i) Agent shall have received a fully executed pay-off letter reasonably satisfactory to Agent confirming that all obligations
owing by any Credit Party to each Prior Lender will be repaid in full (A) from the proceeds of the initial Loans in the case of the lenders under the Existing Revolving Credit Agreement, together with the proceeds of the issuance of the Senior
Notes and (B) from the proceeds of the issuance of the Senior Notes, in the case of the Existing Term Loan Credit Agreement, and all Liens upon any of the Property of the Credit Parties or any of their Subsidiaries in favor of the Prior Lenders
shall be terminated by the Prior Lenders immediately upon such payments; and (ii) all letters of credit issued or guaranteed by any Prior Lender shall be continued and constitute Existing Letters of Credit hereunder; 

(e) Redemption of Preferred Equity. Agent shall have received evidence satisfactory to it that the outstanding 10% paid-in-kind preferred, non-convertible membership interests of Holdings was redeemed with the proceeds of the issuance of the Senior
Notes; 
 (f) Approvals. Agent shall have received (i) satisfactory evidence that the Credit Parties have obtained all required
consents and approvals of all Persons including all requisite Governmental Authorities, to the execution, delivery and performance of this Agreement and the other Loan Documents and the consummation of the other Related Transactions or (ii) an
officer’s certificate in form and substance reasonably satisfactory to Agent affirming that no such consents or approvals are required; 

  
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 (g) Payment of Fees. The Borrower shall have paid the fees required to be paid on the
Closing Date in the respective amounts specified in Section 1.8 (including the fees specified in the 2013 Fee Letter), and shall have reimbursed Agent for all fees, costs and
expenses of closing presented as of the Closing Date; 
 (h) Absence of Litigation. There shall not exist any action, suit,
investigation, litigation or proceeding pending in or before any Governmental Authority that challenges the Related Transactions or the credit facilities to be provided hereunder; 

(i) Material Adverse Effect. Since December 31, 2012, there shall not have occurred any Material Adverse Effect; and 

(j) Patriot Act. Agent and each Lender shall have received, at least five (5) Business Days prior to the Closing Date (or
such later date as Agent or such Lender may agree in its reasonable discretion), all documentation and other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and
regulations, including the Patriot Act. 
 2.2 Conditions to All Borrowings. Except as otherwise expressly provided herein, no Lender
or L/C Issuer shall be obligated to fund any Loan or incur any Letter of Credit Obligation, if, as of the date thereof: 
 (a) any
representation or warranty by any Credit Party or Holdco II contained herein or in any other Loan Document is untrue or incorrect in any material respect (without duplication of any materiality qualifier contained therein) as of such date, except to
the extent that such representation or warranty expressly relates to an earlier date (in which event such representation and warranty was untrue or incorrect in any material respect (without duplication of any materiality qualifier contained
therein) as of such earlier date) and the Required Lenders have determined not to make such Loan or incur such Letter of Credit Obligation as a result of the fact that such warranty or representation is untrue or incorrect; 

(b) any Default or Event of Default has occurred and is continuing or would result after giving effect to any Loan (or the incurrence of any
Letter of Credit Obligation), and Agent or Required Lenders shall have determined not to make any Loan or incur any Letter of Credit Obligation as a result thereof; or 

(c) after giving effect to any Loan (or the incurrence of any Letter of Credit Obligations), the aggregate outstanding amount of the Revolving
Loans would exceed the Maximum Revolving Loan Balance (except as provided in Section 1.1(a)). 
 The request by the Borrower and acceptance by the
Borrower of the proceeds of any Loan or the incurrence of any Letter of Credit Obligations shall be deemed to constitute, as of the date thereof, (i) a representation and warranty by the Borrower that the conditions in this
Section 2.2 have been satisfied and (ii) a reaffirmation by each Credit Party of the granting and continuance of Agent’s Liens, on behalf of itself and the Secured Parties, pursuant to the Collateral Documents. 

  
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 ARTICLE III. 

REPRESENTATIONS AND WARRANTIES 

The Credit Parties, jointly and severally, represent and warrant to Agent and each Lender that the following are, and after giving effect to
the Related Transactions will be, true, correct and complete: 
 3.1 Corporate Existence and Power. Each Credit Party and each of its
Restricted Subsidiaries: 
 (a) is a corporation, limited liability company or limited partnership, as applicable, duly organized, validly
existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, as applicable; 
 (b) has
the power and authority and all governmental licenses, authorizations, Permits, consents and approvals (i) to own its assets and to carry on its business, except for any failure to have any such governmental licenses, authorizations, Permits,
consents or approvals which could not reasonably be expected to have a Material Adverse Effect and (ii) to execute, deliver, and perform its obligations under, the Loan Documents and the Other Debt Documents to which it is a party; 

(c) is duly qualified as a foreign corporation, limited liability company or limited partnership, as applicable, and licensed and in good
standing, under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires such qualification or license; and 

(d) is in compliance with all Requirements of Law; 

except, in each case referred to in clause (c) or clause (d), to the extent that the failure to do so would not reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect. 
 3.2 Corporate Authorization; No Contravention. The
execution, delivery and performance by each of the Credit Parties of this Agreement, and by each Credit Party and each of its Restricted Subsidiaries of any other Loan Document and Other Debt Document to which such Person is party, have been duly
authorized by all necessary action, and do not and will not: 
 (a) contravene the terms of any of that Person’s Organization
Documents; 
 (b) conflict with or result in any material breach or contravention of, or result in the creation of any Lien under, any
document evidencing any material Contractual Obligation to which such Person is a party or any order, injunction, writ or decree of any Governmental Authority to which such Person or its Property is subject; or 

(c) violate any Requirement of Law in any material respect. 

3.3 Governmental Authorization. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any
Governmental Authority is necessary or required in connection with the execution, delivery or performance by, or enforcement against, any Credit Party or any Restricted Subsidiary of any Credit Party of this Agreement, any other Loan Document or
Other Debt Document except (a) for recordings and filings in connection with the 

  
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Liens granted to Agent under the Collateral Documents, (b) those obtained or made on or prior to the Closing Date and (c) in the case of any Other Debt Document, those which, if not
obtained or made, would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 
 3.4
Binding Effect. This Agreement and each other Loan Document and Other Debt Document to which any Credit Party or any Restricted Subsidiary of any Credit Party is a party constitute the legal, valid and binding obligations of each such Person
which is a party thereto, enforceable against such Person in accordance with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights
generally or by equitable principles relating to enforceability. 
 3.5 Litigation. Except as specifically disclosed in Schedule
3.5, there are no actions, suits, proceedings, claims or disputes pending, or to the knowledge of the Credit Parties, threatened or contemplated, at law, in equity, in arbitration or before any Governmental Authority, against any Credit Party,
any Subsidiary of any Credit Party or any of their respective Properties which: 
 (a) purport to affect or pertain to this Agreement, any
other Loan Document, any Other Debt Document, or any of the transactions contemplated hereby or thereby; or 
 (b) would reasonably be
expected to result in monetary judgment(s) or relief, or seek an injunction or other equitable relief, in each case, which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

No injunction, writ, temporary restraining order or any order of any nature has been issued by any court or other Governmental Authority purporting to enjoin
or restrain the execution, delivery or performance of this Agreement, any other Loan Document or any Other Debt Document, or directing that the transactions provided for herein or therein not be consummated as herein or therein provided. As of the
Closing Date, no Credit Party or any Subsidiary of any Credit Party is the subject of an audit or, to the knowledge of the Credit Parties, any review or investigation by any Governmental Authority (excluding the IRS and other taxing authorities)
concerning the violation or possible violation of any Requirement of Law. 
 3.6 No Default. No Default or Event of Default exists or
would result from the incurring of any Obligations by any Credit Party or the grant or perfection of Agent’s Liens on the Collateral or the consummation of the Related Transactions. No Credit Party and no Restricted Subsidiary of any Credit
Party is in default under or with respect to any Contractual Obligation in any respect which, individually or together with all such defaults, would reasonably be expected to have a Material Adverse Effect. 

3.7 ERISA Compliance. Schedule 3.7 sets forth, as of the Closing Date, a complete and correct list of, and that separately
identifies, (a) all Title IV Plans, (b) all Multiemployer Plans and (c) all material Benefit Plans. Each Benefit Plan, and each trust thereunder, intended to qualify for tax exempt status under Section 401 or 501 of the Code or
other Requirements of Law so qualifies. Except for those that would not, in the aggregate, reasonably be expected to have a Material Adverse Effect, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other
Requirements of Law, (y) there are no existing or pending (or to the knowledge of the Credit Parties, threatened) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or

  
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investigation involving any Benefit Plan to which any Credit Party incurs or otherwise has or could have an obligation or any Liability and (z) no ERISA Event is reasonably expected to
occur. On the Closing Date, no ERISA Event has occurred in connection with which obligations and liabilities (contingent or otherwise) remain outstanding. 

3.8 Use of Proceeds; Margin Regulations. No Credit Party and no Restricted Subsidiary of any Credit Party is engaged in the business of
purchasing or selling Margin Stock or extending credit for the purpose of purchasing or carrying Margin Stock. Schedule 3.8 contains a description of the Credit Parties’ sources and uses of funds on the Closing Date, including Loans
and Letters of Credit made or Issued on the Closing Date and a funds flow memorandum detailing how funds from each source are to be transferred to particular uses. 

3.9 Ownership of Property; Liens. As of the Closing Date, the Real Estate listed in Schedule 3.9 constitutes all of the Real
Estate of each Credit Party and Restricted Subsidiaries. Each of the Credit Parties and Restricted Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all Real Estate, and good and valid title to all
owned personal property and valid leasehold interests in all leased personal property, in each instance, necessary or used in the ordinary conduct of their respective businesses. As of the Closing Date, none of the Real Estate of any Credit Party or
any Restricted Subsidiary of any Credit Party is subject to any Liens other than Permitted Liens. As of the Closing Date, Schedule 3.9 also describes any purchase options, rights of first refusal or other similar contractual rights pertaining
to any Real Estate. As of the Closing Date, all material permits required to have been issued or appropriate to enable the Real Estate to be lawfully occupied and used for all of the purposes for which it is currently occupied and used have been
lawfully issued and are in full force and effect. 
 3.10 Taxes. All federal, state, local and foreign income and franchise and other
material Tax returns, reports and statements (collectively, the “Tax Returns”) required to be filed by any Tax Affiliate have been filed with the appropriate Governmental Authorities, all such Tax Returns are true and correct in all
material respects, and all Taxes reflected therein or otherwise due and payable have been paid prior to the date on which any Liability may be added thereto for non-payment thereof except for those contested
in good faith by appropriate proceedings diligently conducted and for which adequate reserves are maintained on the books of the appropriate Tax Affiliate in accordance with
GAAPthe Applicable Accounting Standards. As of the Closing Date, no Tax Return is under audit or examination by any Governmental Authority, and no notice of any audit or
examination or any assertion of any claim for Taxes has been given or made by any Governmental Authority. Proper and accurate amounts have been withheld by each Tax Affiliate from their respective employees for all periods in full and complete
compliance with the Tax, social security and unemployment withholding provisions of applicable Requirements of Law and such withholdings have been timely paid to the respective Governmental Authorities. No Tax Affiliate has participated in a
“reportable transaction” within the meaning of Treasury Regulation Section 1.6011-4(b) or has been a member of an affiliated, combined or unitary group other than the group of which a Tax Affiliate
is the common parent. 
 3.11 Financial Condition. 

(a) Each of (i) the audited consolidated balance sheet of Holdings and its Subsidiaries, dated December 31, 2012 and the
related audited consolidated statements of income or operations, shareholders’ equity and cash flows for the Fiscal Year ended on that date and (ii) the unaudited interim consolidated balance sheet of Holdings and its
Subsidiaries, dated September 30, 2013 and the related unaudited consolidated statements of income, shareholders’ equity and cash flows for the nine (9) fiscal months then ended, in each case, as attached hereto as Schedule
3.11(a): 
 (x) were prepared in accordance with
GAAPthe Applicable Accounting Standards consistently applied throughout the respective periods covered thereby, except as otherwise expressly noted therein, subject to, in
the case of the unaudited interim financial statements, normal year-end adjustments and the lack of footnote disclosures; and 

(y) present fairly in all material respects the consolidated financial condition of Holdings and its Subsidiaries as of
the dates thereof and results of operations for the periods covered thereby. 

  
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 (b) The pro forma capitalization of Holdings and its Subsidiaries as of September 30,
2013, delivered on the Closing Date and attached hereto as Schedule 3.11(b) was prepared by Holdings giving pro forma effect to the funding of the initial Loans hereunder and the other Related Transactions, was based on the unaudited
consolidated and consolidating balance sheets of Holdings and its Subsidiaries dated September 30, 2013, and was prepared in accordance with GAAPthe Applicable Accounting
Standards, with only such adjustments thereto as would be required in a manner consistent with GAAPthe Applicable Accounting Standards. 

(c) Since December 31, 2012, there has been no Material Adverse Effect. 

(d) The Credit Parties and their Restricted Subsidiaries have no Indebtedness other than Indebtedness permitted pursuant to
Section 5.5 and have no Contingent Obligations other than Contingent Obligations permitted pursuant to Section 5.8. 

(e) All financial performance projections delivered to Agent, including the financial performance projections delivered on the Closing Date
and attached hereto as Schedule 3.11(e), represent the Borrower’s best good faith estimate of future financial performance and are based on assumptions believed by the Borrower to be fair and reasonable in light of current market
conditions, it being acknowledged and agreed by Agent and Lenders that projections as to future events are not to be viewed as facts and that the actual results during the period or periods covered by such projections may differ from the projected
results. 
 3.12 Environmental Matters. Except as set forth in Schedule 3.12, and except where any failures to comply would
not reasonably be expected to result in, either individually or in the aggregate, a Material Adverse Effect, (a) the operations of each Credit Party and each Subsidiary of each Credit Party are and have been in compliance with all applicable
Environmental Laws, including obtaining, maintaining and complying with all Permits required by any applicable Environmental Law, (b) no Credit Party and no Subsidiary of any Credit Party is party to, and no Credit Party and no Subsidiary of
any Credit Party and no Real Estate currently (or to the knowledge of the Credit Parties previously) owned, leased, subleased, operated or otherwise occupied by or for any such Person is subject to or the subject of, any Contractual Obligation or
any pending (or, to the knowledge of the Credit Parties, threatened) order, action, investigation, suit, proceeding, audit, claim, demand, dispute or notice of violation or of potential liability or similar notice relating in any manner to any
Environmental Laws, (c) no Lien in favor of any Governmental Authority securing, in whole or in part, Environmental Liabilities has attached to any Property of any Credit Party or any Subsidiary of any Credit Party and, to the knowledge of the
Credit Parties, no facts, circumstances or conditions exist that could reasonably be expected to result in any such Lien attaching to any such Property, (d) no 

  
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Credit Party and no Subsidiary of any Credit Party has caused or suffered to occur a Release of Hazardous Materials at, to or from any Real Estate, (e) all Real Estate currently (or to the
knowledge of the Credit Parties previously) owned, leased, subleased, operated or otherwise occupied by or for any such Credit Party and each Subsidiary of each Credit Party is free of contamination by any Hazardous Materials, and (f) no Credit
Party and no Subsidiary of any Credit Party (i) is or has been engaged in, or has permitted any current or former tenant to engage in, operations in violation of any Environmental Law or (ii) knows of any facts, circumstances or conditions
reasonably constituting notice of a violation of any Environmental Law, including receipt of any information request or notice of potential responsibility under the Comprehensive Environmental Response, Compensation and Liability Act or similar
Environmental Laws. Each Credit Party has made available to Agent copies of all existing environmental reports, reviews and audits and all documents pertaining to actual or potential Environmental Liabilities, in each case to the extent such
reports, reviews, audits and documents are in their possession, custody, control or otherwise available to the Credit Parties. 
 3.13
Regulated Entities. No Credit Party, no Person controlling any Credit Party, nor any Restricted Subsidiary of any Credit Party, is (a) an “investment company” within the meaning of the Investment Company Act of 1940 or
(b) subject to regulation under the Federal Power Act, the Interstate Commerce Act, any state public utilities code, or any other federal or state statute, rule or regulation limiting its ability to incur Indebtedness, pledge its assets or
perform its Obligations under the Loan Documents. 
 3.14 Labor Relations. There are no strikes, work stoppages, slowdowns or
lockouts existing, pending (or, to the knowledge of any Credit Party, threatened) against or involving any Credit Party or any Subsidiary of any Credit Party, except for those that would not, in the aggregate, reasonably be expected to have a
Material Adverse Effect. Except as set forth in Schedule 3.14, as of the Closing Date, (a) there is no collective bargaining or similar agreement with any union, labor organization, works council or similar representative covering any
employee of any Credit Party or any Subsidiary of any Credit Party, (b) no petition for certification or election of any such representative is existing or pending with respect to any employee of any Credit Party or any Subsidiary of any Credit
Party and (c) no such representative has sought certification or recognition with respect to any employee of any Credit Party or any Subsidiary of any Credit Party. 

3.15 Intellectual Property. As of the most recent delivery date of financial statements pursuant to Section 4.1(a),
4.1(b) or 4.1(c), Schedule 3.15 (together with any items separately identified from time to time pursuant to clause (ii) of Section 4.2(b)) sets forth a true and complete list of the following Intellectual
Property each Credit Party owns, licenses or otherwise has the right to use: (i) Intellectual Property that is registered or subject to applications for registration, (ii) Internet Domain Names and (iii) material Intellectual Property
and material Software, separately identifying that owned and licensed to such Credit Party and including for each of the foregoing items (1) the owner, (2) the title, (3) the jurisdiction in which such item has been registered or
otherwise arises or in which an application for registration has been filed, (4) as applicable, the registration or application number and registration or application date and (5) any IP Licenses or other rights (including franchises)
granted by such Credit Party with respect thereto. Each Credit Party and each Restricted Subsidiary of each Credit Party owns, or is licensed to use, all Intellectual Property necessary to conduct its business as currently conducted except for such
Intellectual Property the failure of which to own or license would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. To the knowledge of the Credit Parties, (a) the conduct and operations of
the businesses of each Credit Party and each Restricted Subsidiary of each Credit Party does not infringe, 

  
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misappropriate, dilute, violate or otherwise impair any Intellectual Property owned by any other Person and (b) no other Person has contested any right, title or interest of any Credit Party
or any Restricted Subsidiary of any Credit Party in, or relating to, any Intellectual Property, other than, in each case, as cannot reasonably be expected to affect the Loan Documents and the transactions contemplated therein and would not, in the
aggregate, reasonably be expected to have a Material Adverse Effect. 
 3.16 Brokers’ Fees; Transaction Fees. Except for fees
payable to Agent and Lenders and fees payable in connection with the issuance of the Senior Notes, none of the Credit Parties or any of their respective Subsidiaries has any obligation to any Person in respect of any finder’s, broker’s or
investment banker’s fee in connection with the transactions contemplated hereby. 
 3.17 Insurance. Each of the Credit Parties
and Restricted Subsidiaries and their respective Properties are insured with financially sound and reputable insurance companies which are not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are
customarily carried by companies engaged in similar businesses of the same size and character as the business of the Credit Parties and, to the extent relevant, owning similar Properties in localities where such Person operates. A true and complete
listing of such insurance policies maintained as of the Closing Date, including issuers, coverages and deductibles has been provided to Agent. 

3.18 Ventures, Subsidiaries and Affiliates; Outstanding Stock. Except as set forth in Schedule 3.18, as of the Closing Date, no
Credit Party and no Subsidiary of any Credit Party (a) has any Subsidiaries, or (b) is engaged in any joint venture or partnership with any other Person, or is an Affiliate of any other Person. All issued and outstanding Stock and Stock
Equivalents of each of the Credit Parties and their Restricted Subsidiaries are duly authorized and validly issued, fully paid, non-assessable, and free and clear of all Liens other than, with respect to the
Stock and Stock Equivalents of the Borrower and Restricted Subsidiaries of the Borrower, those in favor of Agent, for the benefit of the Secured Parties, and the Indenture Trustee and Rexam. All such securities were issued in compliance with all
applicable state and federal laws concerning the issuance of securities. All of the issued and outstanding Stock of each Credit Party (other than Holdings), each Subsidiary of each Credit Party and, as of the Closing Date, Holdings is owned by each
of the Persons and in the amounts set forth in Schedule 3.18. Except as set forth in Schedule 3.18, there are no pre-emptive or other outstanding rights to purchase, options, warrants or similar
rights or agreements pursuant to which any Credit Party may be required to issue, sell, repurchase or redeem any of its Stock or Stock Equivalents or any Stock or Stock Equivalents of its Subsidiaries. Set forth in Schedule 3.18 is a true and
complete organizational chart of Holdings and all of its Subsidiaries, which the Credit Parties shall update upon notice to Agent promptly following the incorporation, organization or formation of any Subsidiary and promptly following the completion
of any Permitted Acquisition. 
 3.19 Jurisdiction of Organization; Chief Executive Office. Schedule 3.19 lists each Credit
Party’s jurisdiction of organization, legal name and organizational identification number, if any, and the location of such Credit Party’s chief executive office or sole place of business, in each case as of the date hereof, and such
Schedule 3.19 also lists all jurisdictions of organization and legal names of such Credit Party for the five (5) years preceding the Closing Date. 

3.20 Locations of Inventory, Equipment and Books and Records. Each Credit Party’s inventory and equipment (other than inventory or
equipment in transit) and books and records 

  
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concerning the Collateral are kept at the locations listed in Schedule 3.20 (which Schedule 3.20 shall be promptly updated by the Credit Parties upon notice to Agent as permanent
Collateral locations change). 
 3.21 Deposit Accounts and Other Accounts. Schedule 3.21 lists all banks and other financial
institutions at which any Credit Party maintains deposit or other accounts as of the Closing Date, and such Schedule correctly identifies the name, address and any other relevant contact information reasonably requested by Agent with respect to each
depository, the name in which the account is held, a description of the purpose of the account, and the complete account number therefor. 

3.22 Government Contracts. Except as set forth in Schedule 3.22, as of the Closing Date, no Credit Party is a party to any
contract or agreement with any Governmental Authority and no Credit Party’s Accounts are subject to the Federal Assignment of Claims Act (31 U.S.C. Section 3727) or any similar state or local law. 

3.23 Customer and Trade Relations. As of the Closing Date, there exists no actual or, to the knowledge of the Credit Parties,
threatened termination or cancellation of, or any material adverse modification or change in (a) the business relationship of any Credit Party with any customer or group of customers whose purchases during the preceding twelve
(12) calendar months caused them to be ranked among the ten (10) largest customers of such Credit Party or (b) the business relationship of any Credit Party with any supplier essential to its operations. 

3.24 Bonding. Except as set forth in Schedule 3.24, as of the Closing Date, no Credit Party is a party to or bound by any surety
bond agreement, indemnification agreement therefor or bonding requirement with respect to products or services sold by it. 
 3.25 Other
Debt Documents. As of the Closing Date, the Borrower has delivered to Agent a complete and correct copy of the Senior Notes Documents and the Rexam Documents (including, in each case, all schedules, exhibits, amendments, supplements,
modifications, assignments and all other documents delivered pursuant thereto or in connection therewith). All Obligations, including the L/C Reimbursement Obligations, (x) constitute “Permitted Indebtedness” under and as defined in
the Senior Notes Documents and (y) constitute Indebtedness entitled to the benefits of the Intercreditor Agreement. 
 3.26 Full
Disclosure. None of the representations or warranties made by any Credit Party or any of their Subsidiaries in the Loan Documents as of the date such representations and warranties are made or deemed made, and none of the statements contained in
each exhibit, report, statement or certificate furnished by or on behalf of any Credit Party or any of their Subsidiaries in connection with the Loan Documents (including the offering and disclosure materials, if any, delivered by or on behalf of
any Credit Party to Agent or the Lenders prior to the Closing Date), contains any untrue statement of a material fact or omits any material fact required to be stated therein or necessary to make the statements made therein, in light of the
circumstances under which they are made, not misleading as of the time when made or delivered. 
 3.27 Foreign Assets Control Regulations
and Anti-Money Laundering. Each Credit Party and each Restricted Subsidiary of each Credit Party is in compliance in all material respects with all U.S. economic sanctions laws, executive orders and implementing regulations as promulgated by the
U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”), and all applicable anti-money laundering and counter-terrorism financing provisions of the Bank Secrecy Act and all regulations issued pursuant to it. No
Credit Party and no Restricted 

  
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Subsidiary or Affiliate of a Credit Party (i) is a Person designated by the U.S. government on the list of the Specially Designated Nationals and Blocked Persons (the “SDN
List”) with which a U.S. Person cannot deal with or otherwise engage in business transactions, (ii) is a Person who is otherwise the target of U.S. economic sanctions laws such that a U.S. Person cannot deal or otherwise engage in
business transactions with such Person or (iii) is controlled by (including without limitation by virtue of such person being a director or owning voting shares or interests), or acts, directly or indirectly, for or on behalf of, any person or
entity on the SDN List or a foreign government that is the target of U.S. economic sanctions prohibitions such that the entry into, or performance under, this Agreement or any other Loan Document would be prohibited under U.S. law. 

3.28 Patriot Act. The Credit Parties, each of their Restricted Subsidiaries and each of their Affiliates are in compliance with
(a) the Trading with the Enemy Act, and each of the foreign assets control regulations of the United States Treasury Department and any other enabling legislation or executive order relating thereto, (b) the Patriot Act and (c) other
federal or state laws relating to “know your customer” and anti-money laundering rules and regulations. No part of the proceeds of any Loan will be used directly or indirectly for any payments to any government official or employee,
political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign
Corrupt Practices Act of 1977. 
 3.29 Related Transactions. As of the Closing Date, all of the Related Transactions have been or,
simultaneously with the funding of the initial Loans hereunder and the application of the proceeds thereof, will have been consummated. 

3.30 Solvency. Both before and after giving effect to (a) the Loans made and Letters of Credit Issued on or prior to the date this
representation and warranty is made or remade, (b) the disbursement of the proceeds of such Loans to or as directed by the Borrower, (c) the consummation of the Related Transactions and (d) the payment and accrual of all transaction
costs in connection with the foregoing, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent. 
 ARTICLE IV. 

AFFIRMATIVE COVENANTS 

Each Credit Party covenants and agrees that, until the Facility Termination Date: 

4.1 Financial Statements. Each Credit Party shall maintain, and shall cause each of its Subsidiaries to maintain, a system of
accounting established and administered in accordance with sound business practices to permit the preparation of financial statements in conformity with GAAPthe Applicable
Accounting Standards (provided that monthlyno financial statements shall not be required to
haveinclude any “management’s discussion and analysis” or guarantor/non-guarantor footnote disclosures
anddisclosure, and monthly and quarterly financial statements are subject to normal year-end adjustments). The Borrower shall deliver to
Agent and each Lender by Electronic Transmission and in detail reasonably satisfactory to Agent and the Required Lenders: 
 (a) as soon as
available, but not later than ninety (90)120 days after the end of each Fiscal Year, a copy of the audited consolidated and consolidating balance sheets of Holdings and
each of its Restricted Subsidiaries as at the end of such Fiscal Year and the related 

  
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consolidated and consolidating statements of income or operations, shareholders’ equity and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for
the previous Fiscal Year (provided that such financial statements shall not be required to include any “management’s discussion and analysis”) or
guarantor/non-guarantor footnote disclosure, and accompanied by the report of any “Big Four” or other nationally-recognized independent certified public accounting firm reasonably acceptable to
Agent which report shall (i) contain an unqualified opinion, stating that such consolidated financial statements present fairly in all material respects the financial position for the periods indicated in conformity with
GAAPthe Applicable Accounting Standards applied on a basis consistent with prior years and (ii) not include any explanatory paragraph expressing substantial doubt as
to going concern status; 
 (b) as soon as available, but not later than
forty-fivesixty-five (4565) days after the end of each Fiscal Quarter (including
the last of the first three Fiscal Quarter of each Fiscal Year), a copy of the unaudited consolidated and consolidating balance sheets of Holdings and each of its Restricted
Subsidiaries, and the related consolidated and consolidating statements of income, shareholders’ equity and cash flows as of the end of such Fiscal Quarter and for the portion of the Fiscal Year then
ended (provided that such financial statements shall not be required to include any “management’s discussion and analysis” or footnote disclosure), each of which shall be
complete and correct and fairly present, in all material respects, in accordance with GAAPthe Applicable Accounting Standards, the financial position and the results of
operations of Holdings and its Subsidiaries, subject to normal year-end adjustments and absence of footnote disclosures; and 

(c) as soon as available, but not later than thirty (30) days after the end of each fiscal month of each year (other than the last
fiscal month of each Fiscal Quarter) during which a Monthly Reporting Period, or any part thereof, had been continuing, a copy of the unaudited consolidated and consolidating balance sheets
of Holdings and each of its Restricted Subsidiaries, and the related consolidated and consolidating statements of income, shareholders’ equity and cash flows as of the end of such fiscal month and for the portion of the Fiscal Year then
ended (provided that such financial statements shall not be required to include any “management’s discussion and analysis” or footnote disclosure), each of which shall be
complete and correct and fairly present, in all material respects, in accordance with GAAPthe Applicable Accounting Standards, the financial position and the results of
operations of Holdings and its Restricted Subsidiaries, subject to normal year-end adjustments and absence of footnote disclosures. 

4.2 Certificates; Other Information. The Borrower shall furnish to Agent and each Lender by Electronic Transmission: 

(a) together with each delivery of financial statements pursuant to Sections 4.1(a) and 4.1(b), a report setting forth in
comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year and the corresponding figures from the most recent projections for the current Fiscal Year delivered pursuant to Section 4.2(lk) and discussing the
reasons for any significant variations (provided that such report shall not be required to include any “management’s discussion and analysis” or footnote disclosure); 

(b) concurrently with the delivery of the financial statements referred to in Sections 4.1(a), 4.1(b) and 4.1(c), (i) a
fully and properly completed certificate in the form of Exhibit 4.2(b) (a “Compliance Certificate”), certified on behalf of the Borrower by a Responsible Officer of Holdings and (ii) a list of any items described in
clause (i), (ii) or (iii) of the first sentence of Section 3.15 that are neither listed on Schedule 3.15 nor previously identified pursuant to this clause (b)(ii); 

  
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 (c) promptly after the same are sent, copies of all financial statements and reports which any
Credit Party sends to its shareholders or other equity holders, as applicable, generally and promptly after the same are filed, copies of all financial statements and regular, periodic or special reports which such Person may make to, or file with,
the Securities and Exchange Commission or any successor or similar Governmental Authority; 
 (d) (i) as soon as available and in any
event within twenty (20) days after the end of each calendar month (or, during any Weekly Reporting Period, within three (3) Business Days after the end of each calendar week), a Borrowing Base Certificate, certified on behalf of the
Borrower by a Responsible Officer of the Borrower, setting forth the Borrowing Base of the Borrower as at the end of the most-recently ended calendar month or week, as applicable; and (ii) prior to the AB Receivables Financing Effective Date,
during any AB No-Offset Period, to the extent not already provided under the preceding clause (i), as soon as available and in any event within three (3) Business Days after the end of each calendar week,
a Borrowing Base Certificate, certified on behalf of the Borrower by a Responsible Officer of the Borrower, solely setting forth the Eligible Accounts as to which the related Account Debtor is Anheuser-Busch and that are included in the Borrowing
Base as at the end of the most-recently ended calendar week; 
 (e) within twenty (20) days after the end of each calendar month, a
summary of Inventory by location and type with a supporting perpetual Inventory report, in each case accompanied by such supporting detail and documentation as shall be requested by Agent in its reasonable discretion; 

(f) within twenty (20) days after the end of each calendar month, a detailed aging of Accounts, accompanied by such supporting detail and
documentation as shall be requested by Agent in its reasonable discretion; 
 (g) within twenty (20) days after the end of each
calendar month, a detailed aging of accounts payable accompanied by such supporting detail and documentation as shall be requested by Agent in its reasonable discretion; 

(h) concurrently with the delivery of the Borrowing Base Certificate (together with a copy of all or any part of such delivery requested by
any Lender in writing after the Closing Date), collateral reports, including all additions and reductions (cash and non-cash) with respect to Accounts of the Credit Parties in each case accompanied by such
supporting detail and documentation as shall be requested by Agent in its Permitted Discretion each of which shall be prepared by the Borrower as of the last day of the immediately preceding week or calendar month, as applicable; 

(i) at the time of delivery of each of the monthly financial statements delivered pursuant to Section 4.1(c), a reconciliation of the
following, in each case, accompanied by such supporting detail and documentation as shall be requested by Agent in its reasonable discretion; 

(i) the most recent Borrowing Base Certificate, general ledger and month-end accounts receivable
aging of the Borrower to the Borrower’s general ledger and monthly financial statements delivered pursuant to Section 4.1(c); 

  
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 (ii) the perpetual inventory by location to the Borrower’s most recent Borrowing Base
Certificate, general ledger and monthly financial statements delivered pursuant to Section 4.1(c); 
 (iii) the accounts payable
aging to the Borrower’s general ledger and monthly financial statements delivered pursuant to Section 4.1(c); and 
 (iv) the
outstanding Loans as set forth in the monthly loan account statement provided by Agent to the Borrower’s general ledger and monthly financial statements delivered pursuant to Section 4.1(c); 

(j) at the time of delivery of each of the monthly, quarterly or annual financial statements delivered pursuant to Section 4.1,
(i) a listing of government contracts of the Borrower subject to the Federal Assignment of Claims Act of 1940 or any similar state or municipal law; and (ii) a list of any applications for the registration of any Patent, Trademark or Copyright
filed by any Credit Party with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in each case entered into or filed in the prior Fiscal Quarter; 

(k) as soon as available and in any event no later than thirty (30) days prior to the last day of the Fiscal Year of the Borrower,
projections of the Credit Parties and their Restricted Subsidiaries’ consolidated and consolidating financial performance for the next Fiscal Year on a
month-by-month basis and for each Fiscal Year thereafter through the 20182020 Fiscal Year on
a year-by-year basis; 
 (l) promptly upon receipt thereof,
copies of any reports submitted by Holdings’ certified public accountants in connection with each annual, interim or special audit or review of any type of the financial statements or internal control systems of any Credit Party made by such
accountants; 
 (m) promptly after the same are delivered, copies of any reports, notices or other information required to be
delivered to the Senior Noteholders pursuant to the Senior Notes Indenture; 

(m) (n) commencing with the calendar week ending
December 13, 2014 and ending with (and including) the calendar week ending March 7, 2015, by no later than the second (2nd) Business Day of each calendar week, cash flow projections of
the Credit Parties for the 13-week period commencing on the first day of such calendar week, in form reasonably satisfactory to Agent; and 

(n) (o) promptly, such additional business, financial,
collateral, corporate affairs, perfection certificates and other information as Agent may from time to time reasonably request.; and 

(o) not later than
sixty-five (65) days after the end of each Fiscal Quarter (excluding the last Fiscal Quarter of each Fiscal Year), and not
later than one hundred twenty (120) days after the end of each Fiscal Year, in the Agent’s discretion, written notice of a teleconference with the Lenders, which teleconference shall be held during such period. 

  
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 4.3 Notices. The Borrower shall notify promptly Agent and each Lender of each of the
following (and in no event later than three (3) Business Days after a Responsible Officer of any Credit Party becomes aware thereof): 

(a) the occurrence or existence of any Default or Event of Default; 

(b) any breach or non-performance of, or any default under, any Contractual Obligation of any Credit
Party or any Subsidiary of any Credit Party, or any violation of, or non-compliance with, any Requirement of Law, which would reasonably be expected to result, either individually or in the aggregate, in a
Material Adverse Effect, including a description of such breach, non-performance, default, violation or non-compliance and the steps, if any, such Person has taken, is
taking or proposes to take in respect thereof; 
 (c) any dispute, litigation, investigation, proceeding or suspension which may exist at
any time between any Credit Party or any Restricted Subsidiary of any Credit Party and any Governmental Authority which would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect; 

(d) the commencement of, or any material development in, any litigation or proceeding affecting any Credit Party or any Subsidiary of any
Credit Party or its respective property, (i) in which the amount of damages claimed is $2,500,000 or more, (ii) in which injunctive or similar relief is sought and which, if adversely determined, would reasonably be expected to have a
Material Adverse Effect, or (iii) in which the relief sought is an injunction or other stay of the performance of this Agreement, any other Loan Document or any Other Debt Document; 

(e) (i) the receipt by any Credit Party of any notice of violation of or potential liability or similar notice under Environmental Law,
(ii)(A) unpermitted Releases, (B) the existence of any condition that could reasonably be expected to result in violations of or Liabilities under, any Environmental Law or (C) the commencement of, or any material change to, any action,
investigation, suit, proceeding, audit, claim, demand, dispute alleging a violation of or Liability under any Environmental Law which in the case of clauses (A), (B) and (C) above, in the aggregate for all such clauses, would reasonably be
expected to result in Material Environmental Liabilities, (iii) the receipt by any Credit Party of notification that any Property of any Credit Party is subject to any Lien in favor of any Governmental Authority securing, in whole or in part,
Environmental Liabilities and (iv) any proposed acquisition or lease of Real Estate, if such acquisition or lease would have a reasonable likelihood of resulting in Material Environmental Liabilities; 

(f) (i) on or prior to any filing by any ERISA Affiliate of any notice of any reportable event under Section 4043 of ERISA, or
intent to terminate any Title IV Plan, a copy of such notice (ii) promptly, and in any event within ten (10) days, after any officer of any ERISA Affiliate knows or has reason to know that a request for a minimum funding waiver under
Section 412 of the Code has been filed with respect to any Title IV Plan or Multiemployer Plan, a notice describing such waiver request and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any
notice filed with the PBGC or the IRS pertaining thereto, and (iii) promptly, and in any event within ten (10) days after any officer of any ERISA Affiliate knows or has reason to know that an ERISA Event will or has occurred, a notice
describing such ERISA Event, and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notices received from or filed with the PBGC, IRS, Multiemployer Plan or other Benefit Plan pertaining thereto;

  
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 (g) any Material Adverse Effect subsequent to the date of the most recent audited financial
statements delivered to Agent and Lenders pursuant to this Agreement; 
 (h) any material change in accounting policies or financial
reporting practices by any Credit Party or any Subsidiary of any Credit Party; 
 (i) any labor controversy resulting in or threatening to
result in any strike, work stoppage, boycott, shutdown or other labor disruption against or involving any Credit Party or any Subsidiary of any Credit Party if the same would reasonably be expected to have, either individually or in the aggregate, a
Material Adverse Effect; 
 (j) the creation, establishment or acquisition of any Subsidiary; 

(k) if any Credit Party acquires any Margin Stock; and 

(l) the termination of, amendment to, or any default or alleged breach under, any Other Debt Document or Material Contract. 

Each notice pursuant to this Section 4.3 shall be in electronic form accompanied by a statement by a Responsible Officer of the Borrower setting
forth details of the occurrence referred to therein, and stating what action the Borrower or other Person proposes to take with respect thereto and at what time. Each notice under Section 4.3(a) shall describe with particularity any and all
clauses or provisions of this Agreement or other Loan Document that have been breached or violated. Each notice under Section 4.3(l) shall include a copy of the related amendment, termination agreement, termination notice, notice of breach,
or other related documentation. 
 4.4 Preservation of Corporate Existence, Etc. Each Credit Party shall, and shall cause each of its
Restricted Subsidiaries to: 
 (a) preserve and maintain in full force and effect its organizational existence and good standing under the
laws of its jurisdiction of incorporation, organization or formation, as applicable, except as permitted by Section 5.3; 
 (b)
preserve and maintain in full force and effect all rights, privileges, qualifications, permits, licenses and franchises necessary in the normal conduct of its business except as permitted by Sections 5.2 and 5.3 and except as would not
reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; 
 (c) preserve or renew all of its
registered Trademarks, the non-preservation of which would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect; 

(d) conduct its business and affairs without infringement of or interference with any Intellectual Property of any other Person in any respect
and shall comply in all respects with the terms of its IP Licenses except, in each case, as would not be expected to have, either individually or in the aggregate, a Material Adverse Effect; and 

(e) transact business only in the name of itself or, with respect to each Credit Party other than Holdings, another Restricted Subsidiary
(and, in any event, not in the name of any Unrestricted Subsidiary). 

  
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 4.5 Maintenance of Property. Each Credit Party shall maintain, and shall cause each of its
Restricted Subsidiaries to maintain, and preserve all its Property which is used or useful in its business in good working order and condition, ordinary wear and tear excepted and shall make all necessary repairs thereto and renewals and
replacements thereof except where the failure to do so would not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. 

4.6 Insurance. 
 (a) Each
Credit Party shall, and shall cause each of its Restricted Subsidiaries to, (i) maintain or cause to be maintained in full force and effect all policies of insurance of any kind with respect to the Property and businesses of the Credit Parties
and such Restricted Subsidiaries (including policies of life, fire, theft, product liability, public liability, Flood Insurance, property damage, other casualty, employee fidelity, workers’ compensation, business interruption and employee
health and welfare insurance) with financially sound and reputable insurance companies or associations (in each case that are not Affiliates of Holdings) of a nature and providing such coverage as is sufficient and as is customarily carried by
businesses of the size and character of the business of the Credit Parties and (ii) cause all such insurance relating to any Property or business of any Credit Party to name Agent as additional insured or lenders loss payee, as agent for the
Lenders, as appropriate. All policies of insurance on real and personal Property of the Credit Parties will contain an endorsement, in form and substance acceptable to Agent, showing loss payable to Agent (Form CP 1218 or equivalent and naming Agent
as lenders loss payee as agent for the Lenders) and extra expense and business interruption endorsements. Such endorsement, or an independent instrument furnished to Agent, will provide that the insurance companies will give Agent at least 30
days’ prior written notice before any such policy or policies of insurance shall be altered or canceled and that no act or default of the Credit Parties or any other Person shall affect the right of Agent to recover under such policy or
policies of insurance in case of loss or damage. Each Credit Party shall direct all present and future insurers under its “All Risk” policies of property insurance to pay all proceeds payable thereunder directly to Agent. Subject to the
terms of the Intercreditor Agreement, if any insurance proceeds are paid by check, draft or other instrument payable to any Credit Party and Agent jointly, Agent may endorse such Credit Party’s name thereon and do such other things as Agent may
deem advisable to reduce the same to cash. Agent reserves the right at any time, upon review of each Credit Party’s risk profile, to reasonably require additional forms and limits of insurance. Notwithstanding the requirement in clause
(i) above,All Flood Insurance shall not be required for (x)on Real Estate not located in a
Special Flood Hazard Area, or (y) Real Estate located in a Special Flood Hazard Area in a community that does not participate in the National Flood Insurance Program.(including
all related diligence, documentation and coverage) shall comply with the Flood Disaster Protection Act of 1973, as amended, or otherwise shall be reasonably satisfactory to all Lenders. 

(b) Unless the Credit Parties provide Agent with evidence of the insurance coverage required by this Agreement (including, without limitation,
Flood Insurance), Agent may purchase insurance (including, without limitation, Flood Insurance) at the Credit Parties’ expense to protect Agent’s and Lenders’ interests in the Credit Parties’ and their Restricted
Subsidiaries’ properties with ten (10) days’ prior notice to the Credit Parties; provided that, at any time within the 30 days prior to the date on which any of the Credit Parties’ existing insurance coverage is scheduled
to lapse, Agent may purchase such insurance to replace the applicable existing 

  
 38 

 
insurance so scheduled to lapse so long as it informs the Credit Parties of such purchase promptly thereafter. This insurance may, but need not, protect the Credit Parties’ and their
Restricted Subsidiaries’ interests. The coverage that Agent purchases may not pay any claim that any Credit Party or any Restricted Subsidiary of any Credit Party makes or any claim that is made against such Credit Party or any Restricted
Subsidiary in connection with said Property. The Credit Parties may later cancel any insurance purchased by Agent, but only after providing Agent with evidence that there has been obtained insurance as required by this Agreement. If Agent purchases
insurance, the Credit Parties will be responsible for the costs of that insurance, including interest and any other charges Agent may impose in connection with the placement of insurance, until the effective date of the cancellation or expiration of
the insurance. The costs of the insurance shall be added to the Obligations. The costs of the insurance may be more than the cost of insurance the Credit Parties may be able to obtain on their own. 

4.7 Payment of Obligations. Each Credit Party shall, and shall cause each of its Restricted Subsidiaries to, pay, discharge and perform
as the same shall become due and payable or required to be performed: 
 (a) all Tax liabilities, assessments and governmental charges or
levies upon it or its Property, unless the same are being contested in good faith by appropriate proceedings diligently prosecuted which stay the filing or enforcement of any Lien and for which adequate reserves in accordance with
GAAPthe Applicable Accounting Standards are being maintained by such Person; 

(b) all lawful claims which, if unpaid, would by law become a Lien upon its Property unless the same are being contested in good faith by
appropriate proceedings diligently prosecuted which stay the imposition or enforcement of any Lien and for which adequate reserves in accordance with GAAPthe Applicable
Accounting Standards are being maintained by such Person; 
 (c) the performance of all obligations under any Contractual Obligation to
such Credit Party or any of its Restricted Subsidiaries is bound, or to which it or any of its Property is subject, including the Other Debt Documents, except where the failure to perform would not reasonably be expected to have, either individually
or in the aggregate, a Material Adverse Effect; and 
 (d) payments to the extent necessary to avoid the imposition of a Lien with respect
to, or the involuntary termination of any underfunded Benefit Plan. 
 4.8 Compliance with Laws. Each Credit Party shall, and shall
cause each of its Restricted Subsidiaries to, comply with all Requirements of Law of any Governmental Authority having jurisdiction over it or its business, except where the failure to comply would not reasonably be expected to have, either
individually or in the aggregate, a Material Adverse Effect. 
 4.9 Inspection of Property and Books and Records; Appraisals. 

(a) Each Credit Party shall, and shall cause each of its Restricted Subsidiaries to, with respect to each owned, leased, or controlled
property, during normal business hours and upon reasonable advance notice (unless an Event of Default shall have occurred and be continuing, in which event no notice shall be required and Agent shall have access at any and all times): (a) provide
access to such property to Agent and any of its Related 

  
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Persons, as frequently as Agent determines to be appropriate; and (b) permit Agent and any of its Related Persons to conduct field examinations, audit, inspect and make extracts and copies
(or take originals if reasonably necessary) from all of such Credit Party’s books and records, and evaluate and make physical verifications of the Inventory and other Collateral in any manner and through any medium that Agent considers
advisable, in each instance, at the Credit Parties’ expense; provided that, (i) during and prior to the 2015 Fiscal Year, the Credit Parties shall only be obligated to reimburse Agent for the expenses of two (2) such field
examinations, audits and inspections per Fiscal Year, unless (x) Availability is or has been less than the greater of $25,000,000 and 12.5% of the Aggregate Revolving Loan Commitment during such Fiscal Year or (y) an Event of Default has
occurred and is continuing and (ii) after the 2015 Fiscal Year, unless an Event of Default has occurred and is continuing, the Credit Parties shall only be obligated to reimburse Agent for the expenses of one (1) such field examination,
audit and inspection per Fiscal Year (or, if Availability is less than the greater of $50,000,000 and 25% of the Aggregate Revolving Loan Commitment in any Fiscal Year, for two (2) such field examinations, audits and inspections for such Fiscal
Year). Any Lender may accompany Agent or its Related Persons in connection with any inspection at such Lender’s expense. 
 (b) Upon
Agent’s request from time to time, the Credit Parties shall permit and enable Agent to obtain appraisals in form and substance and from appraisers reasonably satisfactory to Agent stating (i) the then Net Orderly Liquidation Value, or such
other value as determined by Agent, of all or any portion of the Inventory of the Borrower and (ii) the fair market value, or such other value as determined by Agent (for example, replacement cost for purposes of Flood Insurance), of any Real
Estate of any Credit Party or any Subsidiary of any Credit Party, including any appraisal required to comply with FIRREA; provided that, notwithstanding any provision herein to the contrary, (i) during and prior to the 2015 Fiscal Year,
the Credit Parties shall only be obligated to reimburse Agent for the expenses of such appraisals occurring two (2) times per Fiscal Year, unless (x) Availability is or has been less than the greater of $25,000,000 and 12.5% of the
Aggregate Revolving Loan Commitment or (y) an Event of Default has occurred and is continuing and (ii) after the 2015 Fiscal Year, unless an Event of Default has occurred and is continuing, the Credit Parties shall only be obligated to
reimburse Agent for the expenses of one (1) such appraisal per Fiscal Year (or, if Availability is less than the greater of $50,000,000 and 25% of the Aggregate Revolving Loan Commitment in any Fiscal Year, for two (2) such appraisals for
such Fiscal Year). 
 4.10 Use of Proceeds. The Borrower shall use the proceeds of the Loans solely as follows: (a) on
the Closing Date, to refinance a portion of the Indebtedness of the Borrower under the Existing Revolving Credit Agreement, (b) to pay costs and expenses of the Related Transactions and costs and expenses required to be paid pursuant to
Section 2.1 and (c) for working capital, capital expenditures and general corporate purposes not in contravention of any Requirement of Law and not in violation of this Agreement or the other Loan Documents. 

4.11 Cash Management Systems. Within three (3) Business Days following the Closing Date (or such later date as Agent may agree to
in its sole discretion), each Credit Party shall enter into, and cause each depository, securities intermediary or commodities intermediary to enter into, Control Agreements providing for “springing” cash dominion with respect to each
deposit, securities, commodity or similar account maintained by such Person (other than (a) any payroll account so long as such payroll account is a zero balance account, (b) petty cash accounts, amounts on deposit in which do not exceed
$250,000 in the aggregate at any one time, (c) zero balance disbursement accounts, (d) withholding tax and fiduciary accounts and (e) any Credit Party’s primary concentration account) as of and after the Closing Date. In
addition, at Agent’s request, Credit Parties will enter into Control Agreements providing for springing cash 

  
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dominion over disbursement accounts as of and after the Closing Date, except as set forth in the preceding sentence. With respect to accounts subject to “springing” Control Agreements,
Agent shall not deliver to the relevant depository, securities intermediary or commodities intermediary a notice or other instruction which provides for exclusive control over such account by Agent unless a Dominion Period is continuing. The Credit
Parties shall cause all payments received by them each day to be deposited into deposit accounts within one (1) Business Day following receipt. The Credit Parties shall not maintain cash on deposit in disbursement accounts in excess of
outstanding checks and wire transfers payable from such accounts and amounts necessary to meet minimum balance requirements. 
 4.12
Access Agreements. Each Credit Party shall use commercially reasonable efforts to obtain a landlord agreement or bailee or mortgagee waivers, as applicable, from the lessor of each leased property, bailee in possession of any Collateral or
mortgagee of any owned property with respect to each location where any Collateral having a fair market value in excess of $250,000 is stored or located, which agreement shall be reasonably satisfactory in form and substance to Agent. 

4.13 Further Assurances. 

(a) Each Credit Party shall ensure that all written information, exhibits and reports furnished to Agent or the Lenders do not and will not
contain any untrue statement of a material fact and do not and will not omit to state any material fact or any fact necessary to make the statements contained therein not misleading in light of the circumstances in which made, and will promptly
disclose to Agent and the Lenders and correct any defect or error that may be discovered therein or in any Loan Document or in the execution, acknowledgement or recordation thereof; provided that, with respect to projected financial
information, each Credit Party covenants only to ensure that such information will be prepared in good faith based on assumptions believed to be reasonable at the time prepared. 

(b) Promptly upon request by Agent, the Credit Parties shall (and, subject to the limitations set forth herein and in the Collateral
Documents, shall cause each of their Restricted Subsidiaries to) take such additional actions and execute such documents as Agent may reasonably require from time to time in order (i) to carry out more effectively the purposes of this Agreement
or any other Loan Document, (ii) to subject to the Liens created by any of the Collateral Documents any of the Properties, rights or interests covered by any of the Collateral Documents, (iii) to perfect and maintain the validity,
effectiveness and priority of any of the Collateral Documents and the Liens intended to be created thereby, and (iv) to better assure, convey, grant, assign, transfer, preserve, protect and confirm to the Secured Parties the rights granted or
now or hereafter intended to be granted to the Secured Parties under any Loan Document. Without limiting the generality of the foregoing and except as otherwise approved in writing by Required Lenders, the Credit Parties shall cause (i) each of
their Restricted Subsidiaries (other than Excluded Subsidiaries and AB Receivables Subsidiaries), promptly after formation or acquisition thereof, that incur Contingent
Obligations to support any Indebtedness of any Constellium Entity, promptly after incurring such Contingent Obligations, to guaranty the Obligations, (ii) each such Restricted Subsidiary (other than Excluded Subsidiaries and AB
Receivables Subsidiariesthat grants Liens to support any Indebtedness of any Constellium Entity (including, without limitation, to secure Contingent Obligations of such Restricted
Subsidiary that support such Indebtedness) to grant to Agent, for the benefit of the Secured Parties, a security interest in, subject to the limitations set forth herein and in the Collateral Documents, all of such Subsidiary’s Property to
secure such guarantythe Obligations promptly after granting such Liens and (iii) Holdco II to guaranty the Obligations. Furthermore and except as otherwise

  
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approved in writing by Required Lenders, each Credit Party shall pledge, and shall cause each of its Restricted Subsidiaries (other than Excluded Subsidiaries and AB Receivables
Subsidiaries)that incurs Contingent Obligations or grants Liens to support any Indebtedness of any Constellium Entity to pledge, all of the Stock and Stock Equivalents of each of
its Restricted Subsidiaries (other than Excluded Subsidiaries and AB Receivables Subsidiaries) and sixty-six percent (66%) of the outstanding voting Stock and Stock Equivalents and one hundred percent (100%)
of outstanding non-voting Stock and Stock Equivalents of each Excluded Subsidiary directly owned by a Credit Party, in each instance, to Agent, for the benefit of the Secured Parties, to secure the
Obligations, promptly after formation or acquisition of such Subsidiary. The Credit Parties shall deliver, or cause to be delivered, to Agent, appropriate resolutions, secretary certificates, certified Organizational Documents and, if requested by
Agent, legal opinions relating to the matters described in this Section 4.13 (which opinions shall be in form and substance reasonably acceptable to Agent and, to the extent applicable, substantially similar to the opinions delivered on
the Closing Date), in each instance with respect to each Credit Party formed or acquired after the Closing Date. In connection with each pledge of Stock and Stock Equivalents, the Credit Parties shall deliver, or cause to be delivered, to Agent,
irrevocable proxies and stock powers and/or assignments, as applicable, duly executed in blank. 
 (c) In furtherance of the foregoing, the
Credit Parties shall, (i) within 120 days following the Closing Date (or such later date as Agent may agree to in its sole discretion) with respect to any Specified Real Estate owned by the Credit Parties as of the Closing Date and
(ii) upon the acquisition of any Specified Real Estate (and in any event within thirty (30) days following such acquisition) following the Closing Date, notify Agent in writing of the acquisition of such Specified Real Estate and, within
120 days after the acquisition of such Specified Real Estate (or such later date as Agent may agree to in its sole discretion), in the case of each of clauses (i) and (ii), grant to Agent, for the benefit of the Secured Parties, a
Mortgage on any such Specified Real Estate (each, a “Mortgage Property”) and shall deliver such other documentation and opinions, in form and substance reasonably satisfactory to Agent, in connection with the grant of such Mortgage
as Agent shall determine are reasonably necessary to protect Agent’s Lien therein (collectively, the “Mortgage Supporting Documentation”), including the following: 

(i) Mortgages. Fully executed counterparts of the Mortgage with respect to such Mortgage Property, together with evidence that
counterparts of such Mortgage have been delivered to any title insurance company as shall be retained by the Credit Parties (the “Title Company”) for recording in all places to the extent necessary, or in the determination of Agent,
reasonably desirable, to effectively create a valid and enforceable Lien on such Mortgage in favor of Agent for its benefit and the benefit of the other Secured Parties (provided that in jurisdictions that impose mortgage recording taxes, such
Mortgage shall not secure indebtedness in an amount exceeding 100% of the fair market value of such Mortgaged Property, as reasonably determined, in good faith, by the Credit Parties); 

(ii) Insurance. Policies or certificates of insurance covering such Mortgaged Property, for the benefit of Agent and the other Secured
Parties, as additional insured and loss payee and mortgagee, and shall otherwise bear endorsements of the character determined by Agent to be reasonably necessary in the applicable circumstances and, within forty-five (45) days after
written notice from Agent to the Credit Parties that any Mortgaged Property is located in a Special Flood Hazard Areaprior to the placement of any Mortgage on any Specified Real
Estate, the Credit Parties shall satisfy the Flood Insurance requirements of Section 4.6(a);, including by delivering all flood information, due diligence,
documentation and evidence of coverage as any Lender shall have reasonably requested, and shall comply with the Flood Disaster Protection Act of 1973, as amended, in each case in a manner reasonably satisfactory to all Lenders; 

  
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 (iii) Opinions of Counsel. Customary and favorable opinions addressed to Agent and the
Lenders, of (x) local counsel in the jurisdiction where such Mortgaged Property is located regarding the enforceability and perfection of the Mortgage and, in cases where the applicable Grantor is organized in the jurisdiction where such
Mortgaged Property is located, regarding the valid existence, due authorization, execution and delivery the related Mortgage, and (y) except in instances where such items are addressed in the opinion from local counsel, counsel for the Grantors
regarding valid existence, due authorization, execution and delivery of such Mortgage, in each case, in form and substance reasonably acceptable to Agent; 

(iv) Title Insurance. With respect to the related Mortgage, a fully paid American Land Title Association Lender’s Extended
Coverage policy of title insurance (or commitment to issue such a policy having the effect of a policy of title insurance) insuring (or committing to insure) the Lien of such Mortgage as a valid and enforceable first priority Lien on such Mortgaged
Property, in an amount not less than 100% of the fair market value of such Mortgaged Property as reasonably determined, in good faith, by the Credit Parties (such policies collectively, the “Mortgage Policy”) issued by such Title
Company, which reasonably assures Agent that such Mortgage is a valid and enforceable Lien on such Mortgaged Property, free and clear of all defects and encumbrances subject only to the Liens permitted under Section
5.1(p) or Section 5.1(s); 

(v) Survey. An American Land Title Association/American Congress on Surveying and Mapping form survey of such Mortgaged Property (and
all improvements thereon) (A) which has been prepared by a surveyor or engineer duly registered and licensed to perform surveys in the jurisdiction where such Mortgaged Property is located, (B) which is dated (or redated) to a date not
earlier than 120 days prior to the delivery thereof, (C) which is certified by the surveyor (in a manner determined by Agent to be reasonably acceptable) to Agent, the Secured Parties and the Title Company, (D) which is in compliance, in
all respects, with the minimum detail requirements of the American Land Title Association as such requirements are in effect on the date of preparation of such survey, (E) which is sufficient for the title company to remove all standard survey
exceptions from the title insurance policy (or commitment) relating to such Mortgaged Property and issue the endorsements of the type required by clause (D) above, and (F) for which necessary fees (if applicable) have been paid;

 (vi) Appraisals. If requested by Agent, a FIRREA-compliant appraisal with respect to such Mortgaged Property; 

(vii) Fixture Filings. Proper fixture filings under the applicable UCC on Form UCC-1 for
filing under the applicable UCC in the appropriate jurisdiction in which such Mortgaged Property located, desirable to perfect the security interests in fixtures purported to be created by the related Mortgage in favor of Agent for its benefit and
the benefit of the Secured Parties; 
 (viii) Mortgaged Properties Indemnification. With respect to such Mortgaged Property, such
affidavits, certificates, instruments of indemnification and other items (including a so-called “gap” indemnification) as shall be reasonably required to induce the Title Company to issue the
Mortgage Policies and endorsements contemplated above; and 
 (ix) Collateral Fees and Expenses. Evidence of payment by the Credit
Parties of all Mortgage Policy premiums, search and examination charges, mortgage filing and recording taxes, fees, charges, costs and expenses required for the recording of the applicable Mortgage, fixture filings and issuance of the Mortgage
Policies referred to above. 

  
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 (d) To the extent reasonably necessary to maintain the continuing priority of the Lien of any
existing Mortgages as security for the Obligations in connection with the incurrence of an Incremental Revolving Loan Commitment, as determined by Agent in its reasonable discretion, the Credit Parties shall, within thirty (30) days of such
funding or incurrence (or such later date as agreed by Agent in its sole discretion), (i) enter into and deliver to Agent, at the direction and in the reasonable discretion of Agent, a mortgage modification or new Mortgage in proper form for
recording in the relevant jurisdiction and in a form reasonably satisfactory to Agent, (ii) cause to be delivered to Agent for the benefit of the Secured Parties an endorsement to the Mortgage Policy, date down(s) or other evidence reasonably
satisfactory to Agent insuring that the priority of the Lien of the Mortgages as security for the Obligations has not changed and confirming and/or insuring that since the issuance of the Mortgage Policy there has been no change in the condition of
title and there are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of the Mortgages other than as permitted under Section 5.1(p) or Section
5.1(s) and (iii) deliver, at the request of Agent, to Agent and/or all other relevant third parties, all other items reasonably necessary to maintain the continuing priority of the Lien of the Mortgages as security for the Obligations. 

(e) Notwithstanding anything to the contrary herein, no AB Receivables Subsidiary shall be required to (i) guaranty the Obligations or
(ii) grant to Agent, for the benefit of the Secured Parties, a security interest in, any of such AB Receivables Subsidiary’s Property. Furthermore, no Restricted Subsidiary shall be required to pledge to Agent, for the benefit of the
Secured Parties, any Stock or Stock Equivalents of any AB Receivables Subsidiary. Agent and the Secured Parties agree to release all Liens over any AB Receivables in connection with their transfer to an AB Receivables Subsidiary or their sale,
transfer or pledge under any AB Qualified Receivables Financing permitted to be entered into pursuant to the Loan Documents, and will execute any documents and prepare and make any filings reasonably requested by the Borrower (at the sole cost and
expense of the Borrower), and in form and substance approved by Agent in its reasonable discretion, as may be necessary to evidence such release. 

4.14 Environmental Matters. Each Credit Party shall, and shall cause each of its Restricted Subsidiaries to, comply with, and maintain
its Real Estate, whether owned, leased, subleased or otherwise operated or occupied, in compliance with, all applicable Environmental Laws (including by implementing any Remedial Action necessary to achieve such compliance) or that is required by
orders and directives of any Governmental Authority except where the failure to comply would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse Effect. Without limiting the foregoing, if an Event of Default
is continuing or if Agent at any time has a reasonable basis to believe that there exist violations of Environmental Laws by any Credit Party or any Restricted
SubsidiarySubsidiaries of any Credit Party or that there exist any Environmental Liabilities, then each Credit Party shall, promptly upon receipt of request from Agent,
cause the performance of, and allow Agent and its Related Persons access to such Real Estate for the purpose of conducting, such environmental audits and assessments, including subsurface sampling of soil and groundwater, and cause the preparation
of such reports, in each case as Agent may from time to time reasonably request. Such audits, assessments and reports, to the extent not conducted by Agent or any of its Related Persons, shall be conducted and prepared by reputable environmental
consulting firms reasonably acceptable to Agent and shall be in form and substance reasonably acceptable to Agent. 

  
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 4.15 OFAC; Patriot Act. Each Credit Party shall comply, and each Credit Party shall cause
each of its Restricted Subsidiaries to comply, in all material respects, with all laws, regulations and executive orders referred to in Sections 3.27 and 3.28. 

ARTICLE V. 
 NEGATIVE
COVENANTS 
 Each Credit Party covenants and agrees that, until the Facility Termination Date: 

5.1 Limitation on Liens. No Credit Party shall, and no Credit Party shall suffer or permit any of its Restricted Subsidiaries to,
directly or indirectly, make, create, incur, assume or suffer to exist any Lien upon or with respect to any part of its Property, whether now owned or hereafter acquired, other than the following (“Permitted Liens”): 

(a) any Lien existing on the Property of a Credit Party or a Restricted Subsidiary of a Credit Party on the Closing Date and set forth in
Schedule 5.1 securing Indebtedness outstanding on such date and permitted by Section 5.5(c), including replacement Liens on the Property currently subject to such Liens securing Indebtedness permitted by Section 5.5(c); 

(b) any Lien created under any Loan Document; 

(c) Liens for Taxes (i) which are not past due or remain payable without penalty, or (ii) the
non-payment of which is permitted by Section 4.7; 
 (d) carriers’,
warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other similar Liens arising in the Ordinary Course of Business which are not delinquent for more than ninety (90) days or remain payable without
penalty or which are being contested in good faith and by appropriate proceedings diligently prosecuted, which proceedings have the effect of preventing the forfeiture or sale of the Property subject thereto and for which adequate reserves in
accordance with GAAPthe Applicable Accounting Standards are being maintained; 

(e) Liens (other than any Lien imposed by ERISA) consisting of pledges or deposits required in the Ordinary Course of Business in connection
with workers’ compensation, unemployment insurance and other social security legislation or to secure the performance of tenders, statutory obligations, surety, stay, customs and appeals bonds, bids, leases, governmental contract, trade
contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money) or to secure liability to insurance carriers; 

(f) Liens consisting of judgment or judicial attachment liens with respect to judgments the existence of which do not constitute an Event of
Default; 
 (g) easements, rights-of-way, zoning and other
restrictions, minor defects or other irregularities in title, and other similar encumbrances incurred in the Ordinary Course of Business which, either individually or in the aggregate, are not substantial in amount, and which do not in any case
materially detract from the value of the Property subject thereto or interfere in any material respect with the ordinary conduct of the businesses of any Credit Party or any Restricted Subsidiary of any Credit Party; 

  
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 (h) Liens on any Property acquired or held by any Credit Party or any Restricted Subsidiary of
any Credit Party securing Indebtedness incurred or assumed for the purpose of financing (or refinancing) all or any part of the cost of acquiring or installing such Property and permitted under Section 5.5(d); provided that (i) any such
Lien attaches to such Property concurrently with or within twenty (20) days after the acquisition thereof, (ii) such Lien attaches solely to the Property so acquired in such transaction and the proceeds thereof, and (iii) the
principal amount of the debt secured thereby does not exceed 100% of the cost of such Property; 
 (i) Liens securing Capital Lease
Obligations permitted under Section 5.5(d); 
 (j) any interest or title of a lessor or sublessor under any lease permitted by this
Agreement; 
 (k) Liens arising from the filing of precautionary uniform commercial code financing statements with respect to any lease
permitted by this Agreement; 
 (l) non-exclusive licenses and sublicenses granted by a Credit Party
and leases or subleases (by a Credit Party as lessor or sublessor) to third parties in the Ordinary Course of Business not interfering with the business of the Credit Parties or any of their Restricted Subsidiaries; 

(m) Liens in favor of collecting banks arising by operation of law under Section 4-210 of the UCC
or, with respect to collecting banks located in the State of New York, under Section 4-208 of the UCC; 

(n) Liens (including the right of setoff) in favor of a bank or other depository institution arising as a matter of law encumbering deposits;

 (o) Liens in favor of customs and revenue authorities arising as a matter of law which secure payment of customs duties in connection
with the importation of goods in the Ordinary Course of Business; 
 (p) Liens securing Indebtedness under the Senior Notes Documents to the
extent such Indebtedness is permitted hereunder and under the Intercreditor Agreement; 
 (q) Liens on the Specified Mill Assets securing
Indebtedness under the Rexam Financing Documents to the extent such Indebtedness is permitted hereunder and under the Intercreditor Agreement; and 

(r) Liens on AB Receivables in connection with AB Qualified Receivables Financings permitted
hereunder.; 

(s) Liens securing
Contingent Obligations permitted pursuant to Section 5.8(k); provided, that to the extent such Liens encumber any ABL Priority Collateral, such Liens shall be subordinated to the Liens securing the
Obligations and created under the Loan Documents pursuant to the Intercreditor Agreement or another intercreditor agreement having
substantially the same subordination terms as the Intercreditor Agreement and otherwise in a customary form reasonably acceptable to the Agent; and 

  
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 (t)
Liens on assets of the Borrower (other than ABL Priority Collateral) not otherwise permitted above so long as the aggregate principal
amount of the Indebtedness and other obligations subject to such Liens does not at any time exceed $20,000,000. 
 5.2 Disposition of
Assets. No Credit Party shall, and no Credit Party shall suffer or permit any of its Restricted Subsidiaries to, directly or indirectly, sell, assign, lease, convey, transfer or otherwise dispose of (whether in one or a series of transactions)
any Property (including the Stock of any Restricted Subsidiary of any Credit Party, whether in a public or a private offering or otherwise, and accounts and notes receivable, with or without recourse) or enter into any agreement to do any of the
foregoing, except: 
 (a) dispositions in the Ordinary Course of Business of Inventory or worn-out
or surplus Equipment; 
 (b) dispositions (other than of (x) the Stock of any Restricted Subsidiary of any Credit Party or (y) any
Accounts or Inventory of any Credit Party) not otherwise permitted hereunder which are made for fair market value and either (A) satisfy each of the following criteria: (i) at the time of any such disposition, no Event of Default shall
exist or shall result therefrom, (ii) the sales price from any such disposition shall be paid in cash (and/or, solely with respect to the dispositions of the Stock (or all, or substantially all, of the assets) of any Unrestricted Subsidiary,
Stock of the related purchaser) and (iii) subject to the Intercreditor Agreement and except with respect to dispositions of the Stock (or all, or substantially all, of the assets) of any Unrestricted Subsidiary to the extent of any
consideration received consisting of Stock of the related purchaser, the Net Proceeds of any such disposition shall be applied to the Loans or (B) constitute dispositions for which the aggregate book value of the Property subject to such
dispositions does not collectively exceed $5,000,000 during the term of this Agreement; 
 (c) (i) dispositions of Cash Equivalents in
the Ordinary Course of Business made to a Person that is not an Affiliate of any Credit Party and (ii) conversions of Cash Equivalents into cash or other Cash Equivalents; 

(d) transactions permitted under Section 5.1(l); 

(e) leases of Equipment or Real Estate to joint ventures (which may be partially owned by a Credit Party) that enter into purchase agreements
with a Credit Party to purchase such Credit Party’s products, in each case, in the Ordinary Course of Business, on arm’s length terms and in compliance with Section 5.6(a); and 

(f) dispositions of AB Receivables pursuant to an AB Qualified Receivables
Financing.; and 

(g) any merger,
consolidation, conveyance, transfer, lease or other disposition of the Stock of, or undertaken by, Alabama Electric Motor Services, LLC, Listerhill Total Maintenance Center, LLC, or Wise
Alloys Finance Corporation, so long as the assets attributable to such entities do not have a book value or fair market value in an aggregate amount in excess of $4 million measured at the time of each such disposition. 

5.3 Consolidations and Mergers. No Credit Party shall, and no Credit Party shall suffer or permit any of its Restricted Subsidiaries to
merge, consolidate with or into, or convey, 

  
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transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor
of any Person, except, upon not less than five (5) Business Days prior written notice to Agent, (i) to consummate a Permitted Acquisition, (ii) to merge with, or dissolve or liquidate into, into any Credit Party, (iii) with
respect to any Excluded Subsidiary of any Credit Party, to merge with, or dissolve or liquidate into, any other Excluded Subsidiary of any Credit Party and, (iv) with respect to any AB Receivables Subsidiary, the sale of all or substantially
all of the AB Receivables of such AB Receivables Subsidiary in one or more transactions pursuant to any AB Qualified Receivables Financing, and (v) any merger, consolidation, conveyance,
transfer, lease or other disposition of the Stock of, or undertaken by, Alabama Electric Motor Services, LLC, Listerhill Total Maintenance Center, LLC, or Wise Alloys Finance Corporation, so long as the assets attributable to such entities do not
have a book value or fair market value in an aggregate amount in excess of $4 million measured at the time of each such disposition; provided, however, that (x) in the case of any merger, consolidation, conveyance,
dissolution or liquidation involving the Borrower, the Borrower shall be the surviving Person, (y) in the case of any merger, consolidation, conveyance, dissolution or liquidation involving any other Credit Party, a Credit Party shall be the
surviving Person and (z) no prior written notice to Agent shall be required pursuant to this Section 5.3 for the sale described in clause (iv) above or any transaction
described in clause (v) above. 
 5.4 Acquisitions; Loans and Investments. No Credit Party shall and no Credit Party shall suffer
or permit any of its Restricted Subsidiaries to (i) purchase or acquire, or make any commitment to purchase or acquire any Stock or Stock Equivalents, or any obligations or other securities of, or any interest in, any Person, including the
establishment or creation of a Subsidiary, (ii) make or commit to make any Acquisitions, or any other acquisition of all or substantially all of the assets of another Person, or of any business or division of any Person, including without
limitation, by way of merger, consolidation or other combination or (iii) make or purchase, or commit to make or purchase, any advance, loan, extension of credit or capital contribution to or any other investment in, any Person including the
Borrower, any Affiliate of the Borrower or any Subsidiary of Holdings (the items described in clauses (i), (ii) and (iii) are referred to as “Investments”), except for: 

(a) Investments in cash and Cash Equivalents; 

(b) Investments consisting of (i) extensions of credit or capital contributions by Holdings to or in any Credit
Party or to or in any Constellium Entity, (ii) extensions of credit or capital contributions by any Credit Party (other than Holdings) to or in any other then existing Credit Party
(other than Holdings) or to or in any Constellium Entity; provided, that (A) if any Credit Party or Constellium Entity
executes and delivers to any other Credit Party a note (collectively, the “Intercompany Notes”) to evidence any Investments described in the foregoing clauses (i) and (ii) that Intercompany Note shall be pledged and delivered
to Agent pursuant to the Guaranty and Security Agreement as additional collateral security for the Obligations; (B) each Credit Party shall accurately record all intercompany transactions on its books and records; and (C) at the time any
such intercompany loan or advance is made by the Borrower to any other Credit Party and after giving effect thereto, the Borrower and its Subsidiaries, on a consolidated basis, shall be Solvent, and (iii) extensions of credit or capital
contributions by an Excluded Subsidiary of any Credit Party to or in another Excluded Subsidiary of any Credit Party; 

  
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 (c) Investments received as the non-cash portion of
consideration received in connection with transactions permitted pursuant to Section 5.2(b); 
 (d) Investments acquired in
connection with the settlement of delinquent Accounts in the Ordinary Course of Business or in connection with the bankruptcy or reorganization of suppliers or customers; 

(e) Investments existing on the Closing Date and set forth in Schedule 5.4; 

(f) loans or advances to employees of Credit Parties for travel, entertainment and relocation expenses and other ordinary business purposes in
the Ordinary Course of Business not to exceed $3,000,000 in the aggregate outstanding at any time; 
 (g)
non-cash loans or advances made by any Credit Party to employees of Credit Parties that are simultaneously used by such Persons to purchase Stock or Stock Equivalents of the direct or indirect parent of such
Credit Party; 
 (h) Investments in Wise Recycling LLC and any of its Subsidiaries in an amount not to exceed $2,000,000 in the aggregate
outstanding at any time; 
 (i) Investments comprised of Contingent Obligations permitted by Section 5.8; 

(j) Permitted Acquisitions; 

(k) reasonable and customary Investments (including, to the extent reasonable and customary, capital contributions, intercompany debt or other
extensions of credit) in any AB Receivables Subsidiary in connection with any AB Qualified Receivables Financing; and 
 (l) other
Investments in an amount not to exceed $25,000,000 in aggregate during the term of this Agreement, so long as, after giving effect to any such Investment, either (x) Availability is not less than the greater of (i) $70,000,000 and (ii) 20% of the
Aggregate Revolving Loan Commitment at such time or (y) Availability is not less than the greater of (i) $50,000,000 and (ii) 15% of the Aggregate Revolving Loan Commitment at such time and, in the case of this clause
(y), the Fixed Charge Coverage Ratio, calculated on a pro forma basis for the twelve month period ending as of the last day of the most recently ended fiscal month for which financial statements have been or were required to be
delivered under Section 4.1, is not less than 1.00 to 1.00. 

(l) other Investments,
provided that, both before and after giving effect to such Investment, no Event of Default has occurred and is continuing and, after giving effect to any such Investment, the Payment Conditions shall have been satisfied. 

5.5 Limitation on Indebtedness. No Credit Party shall, and no Credit Party shall suffer or permit any of its Restricted Subsidiaries
to, create, incur, assume, permit to exist, or otherwise become or remain directly or indirectly liable with respect to, any Indebtedness, except: 

(a) the Obligations; 

  
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 (b) Indebtedness consisting of Contingent Obligations permitted pursuant to
Section 5.8; 
 (c) Indebtedness existing on the Closing Date and set forth in Schedule 5.5 including Permitted
Refinancings thereof; 
 (d) Indebtedness not to exceed
$75,000,000100,000,000 in the aggregate at any time outstanding, consisting of Capital Lease Obligations or secured by Liens permitted by Section 5.1(h) and
Permitted Refinancings thereof; 
 (e) unsecured intercompany Indebtedness permitted pursuant to Section
5.4(b) and unsecured intercompany Indebtedness owed by any Credit Party or Restricted Subsidiary thereof to any Constellium Entity; 

(f) unsecured Subordinated Indebtedness; 

(g) Indebtedness of the Borrower to Rexam evidenced by or arising under the Rexam Financing Documents; provided that the aggregate
principal amount of such Indebtedness shall not exceed $25,000,000, less the aggregate amount of all repayments, repurchases, redemptions, rebates or credits, whether option or mandatory, in respect thereof, plus interest thereon (whether or not
capitalized) at the rate provided in the Rexam Financing Documents and any Permitted Refinancing thereof; 
 (h) Indebtedness of Holdings
and Wise Alloys Finance Corporation to the Senior Noteholders evidenced by or arising under the Senior Notes Documents and any Permitted Refinancing thereof; provided that the aggregate principal amount of such Indebtedness shall not at any
time exceed $650,000,000; 
 (i) other unsecured Indebtedness owing to Persons that are not Affiliates of the Credit Parties not exceeding
$100,000,000 in the aggregate at any time outstanding; and 
 (j) Indebtedness incurred under any AB Qualified Receivables Financing;
provided that, the aggregate principal amount at any time outstanding pursuant to this clause (j) shall not exceed $400,000,000. 

5.6 Transactions with Affiliates. No Credit Party shall, and no Credit Party shall suffer or permit any of its Restricted Subsidiaries
to, enter into any transaction with any Affiliate of Holdings or of any such Restricted Subsidiary unless the following conditions are met: 

(a) the transaction or series of transactions must be on terms which are not materially less favorable to Holdings or the Restricted
Subsidiary, taken as a whole, as would be available in a comparable transaction with an unrelated third party; and 
 (b) if the transaction
or series of transactions involves: 
 (i) aggregate payments of $10,000,000 or more, then the transaction or series of transactions must be
approved by Holdings’ board of directors, including the approval of a majority of directors who are disinterested in the transaction or transactions being approved, or 

(ii) aggregate payments of $20,000,000 or more, then Holdings or the Restricted Subsidiary must receive an opinion issued by an independent
accounting, appraisal or investment banking firm of national standing stating that such transaction or series of transactions is fair to Holdings or such Restricted Subsidiary from a financial point of view; 

  
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 provided that, this Section 5.6 shall not apply to: 

(1) any employment, compensation or severance arrangement or transactions relating to benefit plans or similar arrangements, in each case,
entered into in the Ordinary Course of Business, with any employee, contractor, consultant, director or officer of Holdings or any Restricted Subsidiary approved by Holdings’ board of directors; 

(2) payment of reasonable and customary fees, benefits and reimbursements of expenses (pursuant to indemnity arrangements or otherwise) of
officers, directors, employees, contractors or consultants of Holdings or any Restricted Subsidiary; 
 (3) loans and advances (or
cancellations of loans or advances) to employees, consultants, directors and officers of Holdings or any Subsidiary in the Ordinary Course of Business for bona fide business purposes of Holdings and its Restricted Subsidiaries otherwise permitted
pursuant to the terms of this Agreement and applicable law; 
 (4) (x) Investments that are permitted by Section 5.4, (y)
Subordinated Indebtedness that is permitted by Section 5.5(f) and (z) Restricted Payments that are permitted by Section 5.10; 

(5) issuances of Stock or Stock Equivalents (other than Disqualified Stock) of Holdings; 

(6) any transaction between or among (x)one or more Credit
Parties or (y), Restricted Subsidiaries that are not Credit Parties, Constellium Entities, or joint
ventures of any of the foregoing; 
 (7) transactions with customers, clients, suppliers, joint ventures, joint venture partners,
partnerships, partners or purchasers or sellers of goods or services so long as the terms of any such transactions meet the requirements of clause (a) of the first paragraph of this covenant; 

(8) transactions in which Holdings or any of its Restricted Subsidiaries, as the case may be, (x) obtains a letter from an accounting,
appraisal or investment banking firm of national standing stating that such transaction is fair to Holdings or the relevant Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable to Holdings
or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by Holdings or such Restricted Subsidiary with an unrelated Person and (y) such letter is delivered to Agent prior to the consummation of
any such transactions; or 
 (9) any transactions in connection with any AB Qualified Receivables Financing permitted hereunder. 

  
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 Notwithstanding anything to the contrary herein, if any Credit Party or any of its Restricted
Subsidiaries enters into any transaction with any Affiliate of any Credit Party or any Restricted Subsidiary that involves payments or receipts in excess of $20,000,000 in the aggregate, the terms of such transaction must be disclosed in writing in
advance to Agent; provided that, no such disclosure to Agent shall be required if such transaction satisfies the condition set forth in clause (6) or (8) of the
proviso to this Section 5.6. 
 5.7 Margin Stock; Use of Proceeds. No Credit Party shall, and no Credit Party shall
suffer or permit any of its Restricted Subsidiaries to, use any portion of the Loan proceeds, directly or indirectly, to purchase or carry Margin Stock or repay or otherwise refinance Indebtedness of any Credit Party or others incurred to purchase
or carry Margin Stock, or otherwise in any manner which is in contravention of any Requirement of Law or in violation of this Agreement. 

5.8 Contingent Obligations. No Credit Party shall, and no Credit Party shall suffer or permit any of its Restricted Subsidiaries to,
create, incur, assume or suffer to exist any Contingent Obligations except in respect of the Obligations and except: 
 (a) endorsements for
collection or deposit in the Ordinary Course of Business; 
 (b) Rate Contracts entered into in the Ordinary Course of Business for bona
fide hedging purposes and not for speculation; 
 (c) Contingent Obligations of the Credit Parties and their Restricted Subsidiaries
existing as of the Closing Date and listed in Schedule 5.8, including extension and renewals thereof which do not increase the amount of such Contingent Obligations or impose materially more restrictive or adverse terms on the Credit Parties
or their Subsidiaries as compared to the terms of the Contingent Obligation being renewed or extended; 
 (d) Contingent Obligations arising
under indemnity agreements to title insurers to cause such title insurers to issue to Agent title insurance policies; 
 (e) Contingent
Obligations arising with respect to (i) customary indemnification obligations and obligations in respect of purchase price adjustments and earnouts in favor of sellers in connection with Permitted Acquisitions and (ii) customary
indemnification obligations in favor of purchasers in connection with dispositions permitted under Section 5.2(b); 
 (f) Contingent
Obligations arising under Letters of Credit; 
 (g) Contingent Obligations arising under guaranties made in the Ordinary Course of Business
of obligations of any Credit Party, which obligations are otherwise permitted hereunder; provided that if such obligation is subordinated to the Obligations, such guaranty shall be subordinated to the same extent; 

  
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 (h) Contingent Obligations arising under surety and appeal bonds, performance bonds and other
obligations of like nature, in each case, in the Ordinary Course of Business; 
 (i) Contingent Obligations of any Credit Party arising
under any guaranties of Indebtedness permitted pursuant to Section 5.5(h); 
 (j) Contingent Obligations in respect of any AB
Qualified Receivables Financing; and 
 (k)
Contingent Obligations arising under guaranties of Indebtedness of any Constellium Entity; provided that at the time any such guaranty is given, no Event of Default has occurred and is
continuing; and 
 (l) (k) other Contingent
Obligations not exceeding $1,000,000 in the aggregate at any time outstanding. 
 5.9 Compliance with ERISA. No ERISA Affiliate shall
cause or suffer to exist (a) any event that could reasonably be expected to result in the imposition of a Lien on any asset of a Credit Party or a Restricted Subsidiary of a Credit Party with respect to any Title IV Plan or Multiemployer Plan
or (b) any other ERISA Event, that would, in the aggregate, have a Material Adverse Effect. No Credit Party shall cause or suffer to exist any event that could reasonably be expected to result in the imposition of a Lien with respect to any
Benefit Plan. 
 5.10 Restricted Payments. 

No Credit Party shall, and no Credit Party shall suffer or permit any of its Restricted Subsidiaries to, (i) declare or make any dividend
payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any Stock or Stock Equivalent, (ii) purchase, redeem or otherwise acquire for value any Stock or Stock Equivalent now or hereafter
outstanding, (iii) make any payment (whether by dividend, distribution, loan or otherwise) of management, consulting or other fees or expenses for management or similar services, including payments to officers and directors, or (iv) make
any payment or prepayment of principal of, premium, if any, interest, fees, redemption, exchange, purchase, retirement, defeasance, sinking fund or similar payment with respect to, Subordinated Indebtedness (the items described in clauses
(i), (ii), (iii) and (iv) above are referred to as “Restricted Payments”); except that any Wholly-Owned Subsidiary of the Borrower may declare and pay dividends to the Borrower or any Wholly-Owned Subsidiary
of the Borrower, and except that: 
 (a) (i) Wise Alloys Finance Corporation may make distributions to the Borrower of the proceeds of
the issuance of the Senior Notes on the Closing Date received by it and the Borrower may subsequently distribute such proceeds to Holdings and (ii) Holdings may redeem its outstanding 10% paid-in-kind preferred, non-convertible membership interests with the proceeds of the issuance of the Senior Notes on the Closing Date received by it and distributed to
it by the Wise Alloys Finance Corporation or the Borrower pursuant to clause (i); 
 (b) Holdings may declare and make dividend
payments or other distributions payable solely in its Stock or Stock Equivalents; 
 (c) so long as no Default or Event of Default exists or
would arise as a result of such Restricted Payment, the Borrower or any other Credit Party may make 

  
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distributions to Holdings which are immediately used by Holdings to redeem from officers, directors and employees Stock and Stock Equivalents in an aggregate amount not to exceed $2,000,000 in
any Fiscal Year or $5,000,000 during the term of this Agreement; 
 (d) in the event the Credit Parties file a consolidated, combined,
unitary or similar type income Tax return with Holdings, the Credit Parties may make distributions to Holdings to permit Holdings to pay federal and state income Taxes then due and payable, franchise Taxes and other similar licensing expenses
incurred in the Ordinary Course of Business provided, that the amount of such distribution shall not be greater than the amount of such Taxes or expenses that would have been due and payable by the Credit Parties had the Credit Parties not filed a
consolidated, combined, unitary or similar type return with Holdings; 
 (e) the Credit Parties may pay, as and when due and payable, (i) non-accelerated mandatory payments in respect of Subordinated Indebtedness and (ii) regularly scheduled interest payments in respect of intercompany Subordinated Indebtedness permitted pursuant to
Section 5.5, in each case, solely to the extent permitted under the subordination terms with respect thereto; 
 (f) so long as
Holdings is treated as a pass-through or disregarded entity for federal and state income tax purposes, each Credit Party that is treated as a pass-through or disregarded entity for federal and state income tax purposes may make distributions to
Holdings, and Holdings may make tax distributions to its members (collectively, “Tax Distributions”), provided and only to the extent each of the following shall have been satisfied: 

(i) Tax Distributions may be made quarterly provided: 

(1) such Tax Distributions are made to the members of Holdings on a pro rata basis in proportion to their respective percentage interests in
Holdings’ (except as otherwise required below); 
 (2) the aggregate amount of such Tax Distributions does not exceed, quarterly, an
amount equal to, Holdings’ good faith estimate of the Applicable Tax (as hereinafter defined) with respect to such taxable year, less the amount paid, if any, with respect to prior quarters of such taxable year; and 

(ii) additional Tax Distributions may be made annually after the end of Holdings’ taxable year, to the extent necessary so that the sum
of the amounts so distributed pursuant to this clause (ii) and the amounts distributed pursuant to clause (i) equals the minimum aggregate amount (the “Applicable Tax”) that must be distributed to provide
each member with an amount that equals the product of: (1) the sum of all items of taxable income or gain allocated to such member and attributable to such Credit Party for such taxable year less all items of deduction, loss and the loss
equivalent of tax credits allocated to such member (or, to the extent applicable, its predecessors in interest) for such taxable year and all prior taxable years to the extent not previously offset by taxable income or gain allocated to such member
(or, to the extent applicable, its predecessors in interest) and (2) a percentage equal to [(100%-B) x A] + B, where “A” is the highest marginal federal income tax rate applicable to a
corporation or individual (as appropriate) for such preceding taxable year and “B,” with respect to each member, is the highest marginal state income tax rate applicable to members for such preceding taxable year; 

  
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 provided, however: 

(1) if the amount distributed to members pursuant to clause (i) for the taxable year exceeds the Applicable Tax for
such taxable year (including where the amounts included in taxable income of Holdings for such taxable year are decreased as result of an audit, amended return or otherwise), then, if the amount of such excess exceeds $100,000, it shall be an Event
of Default if Holdings and such Credit Party do not promptly receive a refund of (or a capital contribution in the amount of) such excess; provided if the amount of such excess is equal to or is less than $100,000, such excess shall be credited
against the next Tax Distributions permitted to be made with respect to subsequent taxable years; 
 (2) Tax Distributions
may only be made for the taxable period commencing on the Closing Date and ending on December 31, 2013 and each taxable year thereafter; and 

(3) no later than five (5) Business Days prior to making any Tax Distribution, such Credit Party shall have delivered to
Agent a certificate duly executed and completed by a financial officer of such Credit Party stating the amount of the Tax Distribution and containing a schedule, in reasonable detail, setting forth the calculation thereof; 

(g) if, both before and after giving effect thereto, no Event of Default has occurred and is continuing, the Credit Parties and their
Restricted Subsidiaries may make (i) other Restricted Payments in an amount not to exceed $7,500,000 in any Fiscal Year and (ii) additional Restricted Payments in excess of $7,500,000 if, both before and after giving effect to such
additional Restricted Payments under this clause (ii), (x) Availability is not less than the greater of $50,000,000 and 25% of the Aggregate Revolving Commitment at such time and (y) the Fixed Charge Coverage Ratio, calculated on
a pro forma basis (including after giving effect to any such additional Restricted Payments) for the twelve month period ending as of the last day of the most recently ended fiscal month for which financial statements have been or were required to
be delivered under Section 4.1, is not less than 1.10 to 1.00; andthe Payment Conditions shall have been satisfied; and 

(h) the Credit Parties and their Restricted Subsidiaries may make other Restricted Payments of the type described in clause (iv)
of the definition thereof using solely the direct proceeds of any cash contribution or loan to any Credit Party, directly or indirectly, from Parent or any of its Subsidiaries (other than Holdings and its Subsidiaries). 

5.11 Change in Business. No Credit Party shall, and no Credit Party shall permit any of its Restricted Subsidiaries to, engage in any
line of business other than (x) lines of business substantially similar to those lines of business carried on by it on the Closing Date, (y) the
“body-in-white” business and (z) other businesses reasonably complementary to the foregoing or reasonable extensions, developments or expansions thereof.

 5.12 Change in Structure. Except as expressly permitted under Section 5.3, no Credit Party shall, and no Credit Party
shall permit any of its Restricted Subsidiaries to, make any material changes in its equity capital structure, issue any Stock or Stock Equivalents or amend any of its Organization Documents in any material respect and, in each case, in any respect
adverse to Agent or Lenders. 

  
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 5.13 Changes in Accounting, Name or Jurisdiction of Organization. No Credit Party shall,
and no Credit Party shall suffer or permit any of its Subsidiaries to, (i) make any significant change in accounting treatment or reporting practices, except as required by
GAAPthe Applicable Accounting Standards, (ii) change the Fiscal Year or method for determining Fiscal Quarters of such Credit Party or of any consolidated Subsidiary
of such Credit Party, (iii) to the extent such Subsidiary is a Restricted Subsidiary, change its name as it appears in official filings in its jurisdiction of organization or (iv) to the extent such Subsidiary is a Restricted Subsidiary,
change its jurisdiction of organization, in the case of clauses (iii) and (iv), without at least twenty (20) days’ prior written notice to Agent and the acknowledgement of Agent that all actions required by Agent,
including those to continue the perfection of its Liens, have been completed or will be completed. 
 5.14 Amendments to Material
Contracts and Other Debt Documents. 
 (a) [Intentionally Omitted] 

(b) No Credit Party shall, and no Credit Party shall permit any of its Restricted Subsidiaries directly or indirectly to, change or amend the
terms of any (i) Other Debt Document, except to the extent permitted by the Intercreditor Agreement or (ii) any other Subordinated Indebtedness, if, in the case of this clause (ii), the effect of such change or amendment is to:
(A) increase the interest rate on such Subordinated Indebtedness; (B) shorten the dates upon which payments of principal or interest are due on such Subordinated Indebtedness; (C) add or change in a manner adverse to the Credit
Parties any event of default or add or make more restrictive any covenant with respect to such Subordinated Indebtedness; (D) change in a manner adverse to the Credit Parties the prepayment provisions of such Subordinated Indebtedness;
(E) change the subordination provisions thereof (or the subordination terms of any guaranty thereof); or (F) change or amend any other term if such change or amendment would materially increase the obligations of the Credit Parties or
confer additional material rights on the holder of such Indebtedness in a manner adverse to the Credit Parties, Agent or Lenders. 
 5.15
No Negative Pledges. 
 No Credit Party shall, and no Credit Party shall permit any of its Restricted Subsidiaries to, directly or
indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance of any kind on the ability of any Credit Party or Restricted Subsidiary to pay dividends or make any other distribution on any of such Credit
Party’s or Subsidiary’s Stock or Stock Equivalents to any Credit Party or to pay fees, including management fees, to any Credit Party or make other payments and distributions to any Credit Party, other than pursuant to (i) the Senior
Notes Documents or (ii) any AB Receivables Financing. No Credit Party shall, and no Credit Party shall permit any of its Restricted Subsidiaries to, directly or indirectly, enter into, assume or become subject to any Contractual Obligation
prohibiting or otherwise restricting the existence of any Lien upon any of its assets in favor of Agent, whether now owned or hereafter acquired except in connection with any document or instrument governing (i) Liens permitted pursuant to
Section 5.1(h), 5.1(i), 5.1(p) or, 5.1(r) or 5.1(s) provided that any such
restriction contained therein relates only to the asset or assets subject to such permitted Liens, the Constellium Secured Notes Documents, or the Other Debt Documents or
(ii) intercompany Subordinated Indebtedness permitted pursuant to Section 5.5. 

  
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 5.16 OFAC; Patriot Act. No Credit Party shall, and no Credit Party shall permit any of its
Restricted Subsidiaries to use any part of the proceeds of any Loan or Letter of Credit for any purpose which would cause any party hereto to be in violation of any laws, regulations or executive orders referred to in Section 3.27 or
3.28. 
 5.17 Sale-Leasebacks. No Credit Party shall, and no Credit Party shall permit any of its Restricted Subsidiaries to,
engage in a sale leaseback, synthetic lease or similar transaction involving any of its assets, except for any such transactions for which the aggregate book value of all assets subject to such transactions, when combined with the book value of all
assets financed with Indebtedness permitted under Section 5.5(d), does not exceed $75,000,000100,000,000 in the aggregate. 

5.18 Hazardous Materials. No Credit Party shall, and no Credit Party shall permit any of its Restricted Subsidiaries to, cause or
suffer to exist any Release of any Hazardous Material at, to or from any Real Estate that would violate any Environmental Law, form the basis for any Environmental Liabilities or otherwise adversely affect the value or marketability of any Real
Estate (whether or not owned by any Credit Party or any Restricted Subsidiary of any Credit Party), except as would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect. 

5.19 Prepayments of Other Indebtedness. No Credit Party shall, directly or indirectly, voluntarily purchase, redeem, defease or prepay
any principal of, premium, if any, interest or other amount payable in respect of any Indebtedness (other than Subordinated Indebtedness) prior to its scheduled maturity, other than (a) the Obligations, (b) Indebtedness secured by a
Permitted Lien if the asset securing such Indebtedness has been sold or otherwise disposed of in a transaction permitted hereunder, (c) a Permitted Refinancing of Indebtedness permitted under Section 5.5(c), (d), (g) or
(h), (d) prepayments of other Indebtedness (excluding Subordinated Indebtedness) so long as the amounts prepaid do not exceed $1,000,000 in the aggregate, (f) prepayment of intercompany Indebtedness to Credit Parties,
and (f) prepayment of Indebtedness permitted under Section 5.5(h) using solely the direct proceeds of any cash contribution or loan to any Credit Party, directly or indirectly,
from Parent or any of its Subsidiaries (other than Holdings and its Subsidiaries), so long as, both before and after giving effect to such prepayment, no Event of Default shall have occurred and be continuing, and (g) any other prepayments of
Indebtedness (other than Subordinated Indebtedness), so long as, both before and after giving effect to such prepayment, (i) no Event of Default shall have occurred and be continuing,
and (ii) Availability is not less than the greater of $50,000,000 and 25% of the Aggregate Revolving Commitment and (iii) the Fixed Charge Coverage Ratio, calculated on a
pro forma basis (including after giving effect to any such additional prepayment) for the twelve month period ending as of the last day of the most recently ended fiscal month for which financial statements have been or were required to be delivered
under Section 4.1, is not less than 1.10 to 1.00.the Payment Conditions shall have been satisfied. 

5.20 Fixed Charge Coverage Ratio. If a Trigger Event has occurred and is continuing, such Credit Party shall not permit the Fixed
Charge Coverage Ratio for the twelve month period ending as of the last day of the most recently ended fiscal month for which financial statements have been or were required to be delivered pursuant to Section 4.1 to be less than 1.00 to
1.00. 

  
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 ARTICLE VI. 

EVENTS OF DEFAULT 
 6.1
Events of Default. Any of the following shall constitute an “Event of Default”: 
 (a)
Non-Payment. Holdco II or any Credit Party fails (i) to pay when and as required to be paid herein, any amount of principal of, or interest on, any Loan, including after maturity of the Loans, or
to pay any L/C Reimbursement Obligation or (ii) to pay within three (3) Business Days after the same shall become due, any fee or any other amount payable hereunder or pursuant to any other Loan Document; 

(b) Representation or Warranty. (i) Any representation, warranty or certification by or on behalf of Holdco II, any Credit Party
or any of its Restricted Subsidiaries made or deemed made herein, in any other Loan Document, or which is contained in any certificate, document or financial or other statement by any such Person, or their respective Responsible Officers, furnished
at any time under this Agreement, or in or under any other Loan Document, shall prove to have been incorrect in any material respect (without duplication of other materiality qualifiers contained therein) on or as of the date made or deemed made or
(ii) any information contained in any Borrowing Base Certificate is untrue or incorrect in any respect (other than (A) inadvertent, immaterial errors not exceeding $500,000 in the aggregate in any Borrowing Base Certificate,
(B) errors understating the Borrowing Base and (C) errors occurring when Availability continues to exceed $40,000,000 after giving effect to the correction of such errors); 

(c) Specific Defaults. Any Credit Party fails to perform or observe any term, covenant or agreement contained in (i) any of
Section 4.2(a), 4.2(b), 4.2(d), 4.3(a), 4.9, 4.10, 4.11 or 8.10(b) or Article V, (ii) Section 4.1 or (iii) Section 4.6 and, in the case of
clauses (ii) and (iii), such default shall continue unremedied for a period of five (5) days (in the case of clause (ii)) or fifteen (15) days (in the case of clause (iii)) after the earlier to occur of
(x) the date upon which a Responsible Officer of any Credit Party becomes aware of such failure and (y) the date upon which written notice thereof is given to the Borrower by Agent or the Required Lenders; 

(d) Other Defaults. Holdco II or any Credit Party or Restricted Subsidiary of any Credit Party fails to perform or observe any other
term, covenant or agreement contained in this Agreement or any other Loan Document, and such default shall continue unremedied for a period of thirty (30) days after the earlier to occur of (i) the date upon which a Responsible Officer of
any Credit Party becomes aware of such default and (ii) the date upon which written notice thereof is given to the Borrower by Agent or the Required Lenders; 

(e) Cross-Default. Any Credit Party or, any Restricted
Subsidiary of any Credit Party or any Constellium Entity obligated on Indebtedness that is both guaranteed by, and secured by any assets or property of, any Credit Party or
Restricted Subsidiary of a Credit Party (i) fails to make any payment in respect of any (x) any Indebtedness or Contingent Obligation under any Other Debt Document or (y) any
Indebtedness (other than the Obligations and Indebtedness under any Other Debt Documents) or Contingent Obligation (other than the Obligations or Contingent Obligations under any Other Debt Document) having an aggregate principal amount (including
undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than $25,000,00050,000,000
when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) and such failure continues after the applicable grace or 

  
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notice period, if any, specified in the document relating thereto on the date of such failure; or (ii) fails to perform or observe any other condition or covenant, or any other event shall
occur or condition exist, under any agreement or instrument relating to any such Indebtedness or Contingent Obligation (other than Contingent Obligations owing by one Credit Party with respect to the obligations of another Credit Party permitted
hereunder or earnouts permitted hereunder) described in clause (i) above, if the effect of such failure, event or condition is to cause, or to permit the holder or holders of such Indebtedness or beneficiary or beneficiaries of such
Indebtedness (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause such Indebtedness to be declared to be due and payable prior to its stated maturity (without regard to any subordination terms with
respect thereto), or such Contingent Obligation to become payable or cash collateral in respect thereof to be demanded; 
 (f)
Insolvency; Voluntary Proceedings. The Borrower and its Subsidiaries, on a consolidated basis, cease or fail, to be Solvent, or any Credit Party or any Subsidiary of any Credit Party: (i) generally fails to pay, or admits in writing its
inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (ii) except as expressly permitted under Section 5.3, voluntarily ceases to conduct its business
in the ordinary course; (iii) commences any Insolvency Proceeding with respect to itself; or (iv) takes any action to effectuate or authorize any of the foregoing; 

(g) Involuntary Proceedings. (i) Any involuntary Insolvency Proceeding is commenced or filed against any Credit Party or any
Subsidiary of any Credit Party, or any writ, judgment, warrant of attachment, execution or similar process, is issued or levied against any such Person’s Properties with a value in excess of $5,000,000 individually or in the aggregate
and any such proceeding or petition shall not be dismissed, or such writ, judgment, warrant of attachment, execution or similar process shall not be released, vacated or fully bonded within sixty (60) days after commencement, filing or levy;
(ii) any Credit Party or Subsidiary of any Credit Party admits the material allegations of a petition against it in any Insolvency Proceeding, or an order for relief (or similar order under non-U.S. law)
is ordered in any Insolvency Proceeding; or (iii) any Credit Party or any Subsidiary of any Credit Party acquiesces in the appointment of a receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or
other similar Person for itself or a substantial portion of its Property or business; 
 (h) Monetary Judgments. One or more
judgments, non-interlocutory orders, decrees or arbitration awards shall be entered against any one or more of the Credit Parties or any of their respective Restricted Subsidiaries involving in the aggregate a
liability of $25,000,000 or more (excluding amounts covered by insurance to the extent the relevant independent third party insurer has not denied coverage therefor), and the same shall remain unsatisfied, unvacated and unstayed pending appeal for a
period of thirty (30) days after the entry thereof; 
 (i) Non-Monetary Judgments. One
or more non-monetary judgments, orders or decrees shall be rendered against any one or more of the Credit Parties or any of their respective Restricted Subsidiaries which has or would reasonably be expected to
have, either individually or in the aggregate, a Material Adverse Effect, and there shall be any period of ten (10) consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall
not be in effect; 
 (j) Collateral. Any material provision of any Loan Document shall for any reason cease to be valid and binding
on or enforceable against Holdco II, any Credit Party or 

  
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any Restricted Subsidiary of any Credit Party party thereto or Holdco II, any Credit Party or any Restricted Subsidiary of any Credit Party shall so state in writing or bring an action to limit
its obligations or liabilities thereunder; or any Collateral Document shall for any reason (other than pursuant to the terms thereof) cease to create a valid security interest in the Collateral purported to be covered thereby or such security
interest shall for any reason (other than the failure of Agent to take any action within its control where Agent had received express written notice in a timely manner of the facts and circumstances necessitating such action) cease to be a
perfected and first priority security interest subject only to Permitted Liens; 
 (k) Ownership. (i) Parent becomes aware (by
way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act,
or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Securities Exchange Act of 1934), in a
single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange
Act, or any successor provision), of more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Stock and Stock Equivalents of Parent; provided, however, that any entity that conducts no material
activities other than holding Stock and Stock Equivalents of Parent or any direct or indirect parent of Parent and has no other material assets or liabilities other than such Stock and Stock Equivalents will not be considered a “Person or
group” for purposes of this clause (i), (ii) Parent ceases to own, directly or indirectly, one hundred percent (100%) of the issued and outstanding Stock and Stock Equivalents of Holdco II; (iii) Holdco II ceases to own, directly or
indirectly, one hundred percent (100%) of the issued and outstanding Stock and Stock Equivalents of Holdings; (iv) Holdings ceases to own one hundred percent (100%) of the issued and outstanding Stock and Stock Equivalents of the Borrower, in
the case of clause (iv) only, free and clear of all Liens, rights, options, warrants or other similar agreements or understandings, other than Liens in favor of Agent, for the benefit of the Secured Parties and Liens permitted under
Section 5.1(p); or (v) “Change of Control” (as defined in any Other Debt Document) shall occur after the consummation of the Constellium Acquisition; 

(l) Invalidity of Subordination Provisions. The provisions of the Intercreditor Agreement or any agreement or instrument governing any
Subordinated Indebtedness shall for any reason be revoked or invalidated, or otherwise cease to be in full force and effect, or any Person shall contest in any manner the validity or enforceability thereof or deny that it has any further liability
or obligation thereunder, or the Obligations, for any reason shall not have the priority contemplated by this Agreement, the Intercreditor Agreement or such agreement or instrument governing any Subordinated Indebtedness; 

(m) AB Receivables Facility. The AB Receivables Financing Effective Date shall not have occurred by March 31, 2015; or 

(n) Availability after Material Contract Event. A Material Contracts Event occurs and, at all times during the seven (7) consecutive
Business Day period following such occurrence, (i) such Material Contracts Event is continuing and (ii) Availability (calculated after giving effect to any reduction in the Borrowing Base pursuant to Sections 1.11(w) and
1.12(q)) shall be less than the greater of $50,000,000 and 25% of the Aggregate Revolving Loan Commitment. 

  
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 6.2 Remedies. Upon the occurrence and during the continuance of any Event of Default,
Agent may, and shall at the request of the Required Lenders: 
 (a) declare all or any portion of the Revolving Loan Commitment of each
Lender to make Loans or of the L/C Issuer to Issue Letters of Credit to be suspended or terminated, whereupon all or such portion of such Revolving Loan Commitment shall forthwith be suspended or terminated; 

(b) declare all or any portion of the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other
amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable; without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Credit Party; and/or 

(c) exercise on behalf of itself and the Lenders all rights and remedies available to it and the Lenders under the Loan Documents or
applicable law; 
 provided, however, that upon the occurrence of any event specified in Section 6.1(f) or 6.1(g) above (in the case of
clause (i) of Section 6.1(g) upon the expiration of the sixty (60) day period mentioned therein), the obligation of each Lender to make Loans and the obligation of the L/C Issuer to Issue Letters of Credit shall automatically
terminate and the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable without further act of Agent, any Lender or the L/C Issuer. 

6.3 Rights Not Exclusive. The rights provided for in this Agreement and the other Loan Documents are cumulative and are not exclusive
of any other rights, powers, privileges or remedies provided by law or in equity, or under any other instrument, document or agreement now existing or hereafter arising. 

6.4 Cash Collateral for Letters of Credit. If an Event of Default has occurred and is continuing, this Agreement (or the Revolving Loan
Commitment) shall be terminated for any reason or if otherwise required by the terms hereof, Agent may, and upon request of Required Lenders, shall, demand (which demand shall be deemed to have been delivered automatically upon any acceleration of
the Loans and other obligations hereunder pursuant to Section 6.2), and the Borrower shall thereupon deliver to Agent, to be held for the benefit of the L/C Issuer, Agent and the Lenders entitled thereto, an amount of cash equal to 105%
of the amount of L/C Reimbursement Obligations as additional collateral security for Obligations. Agent may at any time apply any or all of such cash and cash collateral to the payment of any or all of the Credit Parties’ Obligations. The
remaining balance of the cash collateral will be returned to the Borrower when all Letters of Credit have been terminated or discharged, all Revolving Loan Commitments have been terminated and all Obligations have been paid in full in cash. 

ARTICLE VII. 
 THE AGENT

 7.1 Appointment and Duties. 

(a) Appointment of Agent. Each Lender and each L/C Issuer hereby appoints Wells Fargo (together with any successor Agent pursuant to
Section 7.9) as Agent hereunder and authorizes Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Credit Party, (ii) take such action on its behalf and to exercise all rights,
powers and remedies and perform the duties as are expressly delegated to 

  
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Agent under such Loan Documents and (iii) exercise such powers as are incidental thereto. Without limiting the generality of the foregoing, each Lender acknowledges that it has received a
copy of the Intercreditor Agreement, consents to and authorizes Agent’s execution and delivery thereof on behalf of such Lender and agrees to be bound by the terms and provisions thereof. 

(b) Duties as Collateral and Disbursing Agent. Without limiting the generality of clause (a) above, Agent shall have the
sole and exclusive right and authority (to the exclusion of the Lenders and L/C Issuers), and is hereby authorized, to (i) act as the disbursing and collecting agent for the Lenders and the L/C Issuers with respect to all payments and
collections arising in connection with the Loan Documents (including in any proceeding described in Section 6.1(f) or (g) or any other bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection
with any Loan Document to any Secured Party is hereby authorized to make such payment to Agent, (ii) file and prove claims and file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any Obligation
in any proceeding described in Section 6.1(f) or (g) or any other bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Person), (iii) act as collateral agent for each Secured
Party for purposes of the perfection of all Liens created by such agreements and all other purposes stated therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take such other action as is necessary or desirable to
maintain the perfection and priority of the Liens created or purported to be created by the Loan Documents, (vi) except as may be otherwise specified in any Loan Document, exercise all remedies given to Agent and the other Secured Parties with
respect to the Collateral, whether under the Loan Documents, applicable Requirements of Law or otherwise and (vii) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such
amendment, consent or waiver; provided, however, that Agent hereby appoints, authorizes and directs each Lender and L/C Issuer to act as collateral sub-agent for Agent, the Lenders and the L/C Issuers for
purposes of the perfection of Liens with respect to any deposit account maintained by a Credit Party with, and cash and Cash Equivalents held by, such Lender or L/C Issuer, and may further authorize and direct the Lenders and the L/C Issuers to take
further actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to Agent, and each Lender and L/C Issuer hereby agrees to take such further
actions to the extent, and only to the extent, so authorized and directed. 
 (c) Limited Duties. Under the Loan Documents, Agent
(i) is acting solely on behalf of the Secured Parties (except to the limited extent provided in Section 1.4(b) with respect to the Register), with duties that are entirely administrative in nature, notwithstanding the use of the defined
term “Agent”, the terms “agent”, “Agent” and “collateral agent” and similar terms in any Loan Document to refer to Agent, which terms are used for title purposes only, (ii) is not assuming any obligation
under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Lender, L/C Issuer or any other Person and (iii) shall have no implied functions, responsibilities, duties, obligations
or other liabilities under any Loan Document, and each Secured Party, by accepting the benefits of the Loan Documents, hereby waives and agrees not to assert any claim against Agent based on the roles, duties and legal relationships expressly
disclaimed in clauses (i) through (iii) above. 
 7.2 Binding Effect. Each Secured Party, by accepting the
benefits of the Loan Documents, agrees that (i) any action taken by Agent or the Required Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (ii) any
action taken by Agent in reliance upon the instructions of Required Lenders (or, where so required, such greater proportion) and (iii) the exercise by Agent or the 

  
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Required Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are incidental thereto, shall be authorized and
binding upon all of the Secured Parties. 
 7.3 Use of Discretion. 

(a) Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and
powers expressly contemplated hereby or by the other Loan Documents that Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in
the other Loan Documents); provided, that Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Agent to liability or that is contrary to any Loan Document or applicable Requirement of Law.

 (b) Agent shall not, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be
liable for the failure to disclose, any information relating to any Credit Party or its Affiliates that is communicated to or obtained by Agent or any of its Affiliates in any capacity. 

(c) Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Credit Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by,
Agent in accordance with the Loan Documents for the benefit of all the Lenders and the L/C Issuer; provided that the foregoing shall not prohibit (i) Agent from exercising on its own behalf the rights and remedies that inure to its benefit
(solely in its capacity as Agent) hereunder and under the other Loan Documents, (ii) each of the L/C Issuer and the Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as L/C Issuer or
Swingline Lender, as the case may be) hereunder and under the other Loan Documents, (iii) any Lender from exercising setoff rights in accordance with Section 8.11 or (iv) any Lender from filing proofs of claim or appearing and
filing pleadings on its own behalf during the pendency of a proceeding relative to any Credit Party under any bankruptcy or other debtor relief law; and provided further that if at any time there is no Person acting as Agent hereunder and under the
other Loan Documents, then (A) the Required Lenders shall have the rights otherwise ascribed to Agent pursuant to Section 6.2 and (B) in addition to the matters set forth in clauses (ii), (iii) and (iv) of
the preceding proviso and subject to Section 8.11, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

7.4 Delegation of Rights and Duties. Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers
and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through any trustee, co-agent, employee, attorney-in-fact and any other Person (including any Secured Party). Any such Person shall benefit from this Article VII to the extent provided by Agent. 

7.5 Reliance and Liability. 

(a) Agent may, without incurring any liability hereunder, (i) treat the payee of any Note as its holder until such Note has been assigned
in accordance with Section 8.9, (ii) rely on the Register to the extent set forth in Section 1.4, (iii) consult with any of its Related Persons and, whether or not selected by it, any other advisors, accountants and other
experts 

  
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(including advisors to, and accountants and experts engaged by, any Credit Party) and (iv) rely and act upon any document and information (including those transmitted by Electronic
Transmission) and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties. 

(b) None of Agent and its Related Persons shall be liable for any action taken or omitted to be taken by any of them under or in connection
with any Loan Document, and each Secured Party, Holdings, the Borrower and each other Credit Party hereby waive and shall not assert (and each of Holdings and the Borrower shall cause each other Credit Party to waive and agree not to assert) any
right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the gross negligence or willful misconduct of Agent or, as the case may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein. Without limiting the foregoing, Agent: 

(i) shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the instructions of the Required
Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of Agent, when acting on behalf of Agent); 

(ii) shall not be responsible to any Lender, L/C Issuer or other Person for the due execution, legality, validity, enforceability,
effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document; 

(iii) makes no warranty or representation, and shall not be responsible, to any Lender, L/C Issuer or other Person for any statement,
document, information, representation or warranty made or furnished by or on behalf of any Credit Party or any Related Person of any Credit Party in connection with any Loan Document or any transaction contemplated therein or any other document or
information with respect to any Credit Party, whether or not transmitted or (except for documents expressly required under any Loan Document to be transmitted to the Lenders) omitted to be transmitted by Agent, including as to completeness,
accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by Agent in connection with the Loan Documents; and 

(iv) shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document, whether
any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Credit Party or as to the existence or continuation or possible occurrence or continuation of any Default or Event of Default and shall not be
deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from the Borrower, any Lender or L/C Issuer describing such Default or Event of Default clearly labeled “notice of default” (in which
case Agent shall promptly give notice of such receipt to all Lenders); 
 and, for each of the items set forth in clauses (i) through
(iv) above, each Lender, L/C Issuer, Holdings, the Borrower and each other Credit Party hereby waives and agrees not to assert any right, claim or cause of action it might have against Agent based thereon. 

(c) Each Lender and L/C Issuer (i) acknowledges that it has performed and will continue to perform its own diligence and has made and
will continue to make its own independent investigation of the operations, financial conditions and affairs of the Credit Parties 

  
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and (ii) agrees that is shall not rely on any audit or other report provided by Agent or its Related Persons (each, an “Agent Report”). Each Lender and L/C Issuer further
acknowledges that any Agent Report (i) is provided to the Lenders and L/C Issuers solely as a courtesy, without consideration, and based upon the understanding that such Lender or L/C Issuer will not rely on such Agent Report, (ii) was
prepared by Agent or its Related Persons based upon information provided by the Credit Parties solely for Agent’s own internal use, (iii) may not be complete and may not reflect all information and findings obtained by Agent or its Related
Persons regarding the operations and condition of the Credit Parties. Neither Agent nor any of its Related Persons makes any representations or warranties of any kind with respect to (i) any existing or proposed financing, (ii) the
accuracy or completeness of the information contained in any Agent Report or in any related documentation, (iii) the scope or adequacy of Agent’s and its Related Persons’ due diligence, or the presence or absence of any errors or
omissions contained in any Agent Report or in any related documentation, and (iv) any work performed by Agent or Agent’s Related Persons in connection with or using any Agent Report or any related documentation. 

(d) Neither Agent nor any of its Related Persons shall have any duties or obligations in connection with or as a result of any Lender or L/C
Issuer receiving a copy of any Agent Report. Without limiting the generality of the forgoing, neither Agent nor any of its Related Persons shall have any responsibility for the accuracy or completeness of any Agent Report, or the appropriateness of
any Agent Report for any Lender’s or L/C Issuer’s purposes, and shall have no duty or responsibility to correct or update any Agent Report or disclose to any Lender or L/C Issuer any other information not embodied in any Agent Report,
including any supplemental information obtained after the date of any Agent Report. Each Lender and L/C Issuer releases, and agrees that it will not assert, any claim against Agent or its Related Persons that in any way relates to any Agent Report
or arises out of any Lender or L/C Issuer having access to any Agent Report or any discussion of its contents, and agrees to indemnify and hold harmless Agent and its Related Persons from all claims, liabilities and expenses relating to a breach by
any Lender or L/C Issuer arising out of such Lender’s or L/C Issuer’s access to any Agent Report or any discussion of its contents. 

7.6 Agent Individually. Agent and its Affiliates may make loans and other extensions of credit to, acquire Stock and Stock Equivalents
of, engage in any kind of business with, any Credit Party or Affiliate thereof as though it were not acting as Agent and may receive separate fees and other payments therefor. To the extent Agent or any of its Affiliates makes any Loan or otherwise
becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms “Lender”, “Required Lender”,
“Supermajority Lenders” and any similar terms shall, except where otherwise expressly provided in any Loan Document, include, without limitation, Agent or such Affiliate, as the case may be, in its individual capacity as Lender, as one of
the Required Lenders or as one of the Supermajority Lenders, respectively. 
 7.7 Lender Credit Decision. 

(a) Each Lender and each L/C Issuer acknowledges that it shall, independently and without reliance upon Agent, any Lender or L/C Issuer or any
of their Related Persons or upon any document (including any offering and disclosure materials in connection with the syndication of the Loans) solely or in part because such document was transmitted by Agent or any of its Related Persons, conduct
its own independent investigation of the financial condition and affairs of each Credit Party and make and continue to make its own credit decisions in connection with entering into, and taking or not taking any action under, any Loan Document or
with respect to any transaction contemplated in any Loan Document, in each case 

  
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based on such documents and information as it shall deem appropriate. Except for documents expressly required by any Loan Document to be transmitted by Agent to the Lenders or L/C Issuers, Agent
shall not have any duty or responsibility to provide any Lender or L/C Issuer with any credit or other information concerning the business, prospects, operations, Property, financial and other condition or creditworthiness of any Credit Party or any
Affiliate of any Credit Party that may come in to the possession of Agent or any of its Related Persons. 
 (b) If any Lender or L/C Issuer
has elected to abstain from receiving MNPI concerning the Credit Parties or their Affiliates, such Lender or L/C Issuer acknowledges that, notwithstanding such election, Agent and/or the Credit Parties will, from time to time, make available
syndicate-information (which may contain MNPI) as required by the terms of, or in the course of administering the Loans to the credit contact(s) identified for receipt of such information on the Lender’s administrative questionnaire who are
able to receive and use all syndicate-level information (which may contain MNPI) in accordance with such Lender’s compliance policies and contractual obligations and applicable law, including federal and state securities laws; provided, that if
such contact is not so identified in such questionnaire, the relevant Lender or L/C Issuer hereby agrees to promptly (and in any event within one (1) Business Day) provide such a contact to Agent and the Credit Parties upon request therefor by
Agent or the Credit Parties. Notwithstanding such Lender’s or L/C Issuer’s election to abstain from receiving MNPI, such Lender or L/C Issuer acknowledges that if such Lender or L/C Issuer chooses to communicate with Agent, it assumes the
risk of receiving MNPI concerning the Credit Parties or their Affiliates. 
 7.8 Expenses; Indemnities; Withholding. 

(a) Each Lender agrees to reimburse Agent and each of its Related Persons (to the extent not reimbursed by any Credit Party) promptly upon
demand, severally and ratably, for any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and Other Taxes paid in the name of, or on behalf of, any Credit Party) that may be incurred by Agent or any
of its Related Persons in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement of, or the taking of any other action (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding (including, without limitation, preparation for and/or response to any subpoena or request for document production relating thereto) or
otherwise) in respect of, or legal advice with respect to its rights or responsibilities under, any Loan Document. 
 (b) Each Lender
further agrees to indemnify Agent, each L/C Issuer and Related Persons (to the extent not reimbursed by any Credit Party), severally and ratably, from and against Liabilities (including, to the extent not indemnified pursuant to
Section 7.8(c), Taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to or for the account of any Lender) that may be imposed on, incurred by or asserted against Agent, any L/C Issuer
or any of their respective Related Persons in any matter relating to or arising out of, in connection with or as a result of any Loan Document, any Other Debt Document or any other act, event or transaction related, contemplated in or attendant to
any such document, or, in each case, any action taken or omitted to be taken by Agent, any L/C Issuer or any of their respective Related Persons under or with respect to any of the foregoing; provided, however, that Lenders shall be
liable and indemnify Agent and its Related Persons only for Liabilities incurred by the Agent while acting as or for Agent in its capacity as such; provided further, that no Lender shall be liable to Agent, any L/C Issuer or any of
their respective Related Persons to the extent such liability has resulted primarily from the gross negligence or willful misconduct of such Person, as determined by a court of competent jurisdiction in a final
non-appealable judgment or order. 

  
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 (c) To the extent required by any Requirement of Law, Agent may withhold from any payment to any
Lender under a Loan Document an amount equal to any applicable withholding Tax (including withholding Taxes imposed under Chapters 3 and 4 of Subtitle A of the Code). If the IRS or any other Governmental Authority asserts a claim that Agent did not
properly withhold Tax from amounts paid to or for the account of any Lender (because the appropriate certification form was not delivered, was not properly executed, or fails to establish an exemption from, or reduction of, withholding Tax with
respect to a particular type of payment, or because such Lender failed to notify Agent or any other Person of a change in circumstances which rendered the exemption from, or reduction of, withholding Tax ineffective, failed to maintain a Participant
Register or for any other reason), or Agent reasonably determines that it was required to withhold Taxes from a prior payment but failed to do so, such Lender shall promptly indemnify Agent fully for all amounts paid, directly or indirectly, by
Agent as Tax or otherwise, including penalties and interest, and together with all expenses incurred by Agent, including legal expenses, allocated internal costs and
out-of-pocket expenses. Agent may offset against any payment to any Lender under a Loan Document, any applicable withholding Tax that was required to be withheld from
any prior payment to such Lender but which was not so withheld, as well as any other amounts for which Agent is entitled to indemnification from such Lender under this Section 7.8(c). 

7.9 Resignation of Agent or L/C Issuer. 

(a) Agent may resign at any time by delivering notice of such resignation to the Lenders and the Borrower, effective on the date set forth in
such notice or, if no such date is set forth therein, upon the date such notice shall be effective in accordance with the terms of this Section 7.9. If Agent delivers any such notice, the Required Lenders shall have the right to appoint
a successor Agent. If, after 30 days after the date of retiring Agent’s notice of resignation, no successor Agent has been appointed by the Required Lenders that has accepted such appointment, then the retiring Agent may, on behalf of the
Lenders, appoint a successor Agent from among the Lenders. Each appointment under this clause (a) shall be subject to the prior consent of the Borrower, which may not be unreasonably withheld but shall not be required during the
continuance of an Event of Default. 
 (b) Effective immediately upon its resignation, (i) the retiring Agent shall be discharged from
its duties and obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of Agent until a successor Agent shall have accepted a valid appointment hereunder, (iii) the retiring Agent and its Related
Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while such retiring Agent was, or because such Agent had been, validly acting as Agent under the Loan
Documents and (iv) subject to its rights under Section 7.3, the retiring Agent shall take such action as may be reasonably necessary to assign to the successor Agent its rights as Agent under the Loan Documents. Effective
immediately upon its acceptance of a valid appointment as Agent, a successor Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Agent under the Loan Documents. 

(c) Any L/C Issuer may refuse to Issue a Letter of Credit in its sole discretion. 

  
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 7.10 Release of Collateral or Guarantors. Each Lender and L/C Issuer hereby consents to
the release and hereby directs Agent to release (or, in the case of clause (b)(ii) below, release or subordinate) the following: 

(a) any Subsidiary of the Borrower from its guaranty of any Obligation if all of the Stock and Stock Equivalents of such Subsidiary owned by
any Credit Party are sold or transferred in a transaction permitted under the Loan Documents (including pursuant to a waiver or consent); and 

(b) any Lien held by Agent for the benefit of the Secured Parties against (i) any Collateral that is sold, transferred, conveyed or
otherwise disposed of by a Credit Party in a transaction permitted by the Loan Documents (including pursuant to a waiver or consent), (ii) any Property subject to a Lien permitted hereunder in reliance upon Section 5.1(h) or 5.1(i) and
(iii) all of the Collateral and all Credit Parties, upon the occurrence of the Facility Termination Date. 
 Each Lender and L/C Issuer hereby directs
Agent, and Agent hereby agrees, upon receipt of at least five (5) Business Days’ advance notice from the Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guaranties
and Liens when and as directed in this Section 7.10. 
 7.11 Additional Secured Parties. The benefit of the provisions of
the Loan Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Lender or L/C Issuer party hereto as long as, by accepting such benefits, such Secured Party
agrees, as among Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by Agent, shall confirm such agreement in a writing in form and substance acceptable to Agent) this Article VII and Sections
8.3, 8.9, 8.10, 8.11, 8.17, 8.24 and 9.1 (and, solely with respect to L/C Issuers, Section 1.1(b)) and the decisions and actions of Agent and the Required Lenders (or, where expressly required by
the terms of this Agreement, a greater proportion of the Lenders or other parties hereto as required herein) to the same extent a Lender is bound; provided, however, that, notwithstanding the foregoing, (a) such Secured Party shall be bound by
Section 7.8 only to the extent of Liabilities, costs and expenses with respect to or otherwise relating to the Collateral held for the benefit of such Secured Party, in which case the obligations of such Secured Party thereunder shall
not be limited by any concept of pro rata share or similar concept, (b) each of Agent, the Lenders and the L/C Issuers party hereto shall be entitled to act at its sole discretion, without regard to the interest of such Secured Party,
regardless of whether any Obligation to such Secured Party thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any duty or liability to such
Secured Party or any such Obligation and (c) except as otherwise set forth herein, such Secured Party shall not have any right to be notified of, consent to, direct, require or be heard with respect to, any action taken or omitted in respect of
the Collateral or under any Loan Document. 
 7.12 Documentation Agent and Syndication Agent. Notwithstanding any provision to the
contrary contained elsewhere in this Agreement or in any other Loan Document, the Documentation Agent and Syndication Agent shall not have any duties or responsibilities, nor shall the Documentation Agent and Syndication Agent have or be deemed to
have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Documentation
Agent and Syndication Agent. At any time that any Lender serving (or whose Affiliate is serving) as Documentation Agent and/or Syndication Agent 

  
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shall have transferred to any other Person (other than any Affiliates) all of its interests in the Loans and the Revolving Loan Commitment, such Lender (or an Affiliate of such Lender acting as
Documentation Agent or Syndication Agent) shall be deemed to have concurrently resigned as such Documentation Agent and/or Syndication Agent. 

ARTICLE VIII. 

MISCELLANEOUS 
 8.1
Amendments and Waivers. 
 (a) Subject to the provisions of Section 8.1(f), no amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent with respect to any departure by any Credit Party therefrom, shall be effective unless the same shall be in writing and signed by Agent, the Required Lenders (or by Agent with the consent of the
Required Lenders), and the Borrower, and then such waiver shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall, unless in writing and
signed by all the Lenders directly affected thereby (or by Agent with the consent of all the Lenders directly affected thereby), in addition to Agent and the Required Lenders (or by Agent with the consent of the Required Lenders) and the Borrower,
do any of the following: 
 (i) increase or extend the Revolving Loan Commitment of any Lender (or reinstate any Revolving Loan Commitment
terminated pursuant to Section 6.2(a)); 
 (ii) postpone or delay any date fixed for, or reduce or waive, any scheduled installment
of principal or any payment of interest, fees or other amounts (other than principal) due to the Lenders (or any of them) or L/C Issuer hereunder or under any other Loan Document; 

(iii) reduce the principal of, or the rate of interest specified herein or the amount of interest payable in cash specified herein on any
Loan, or of any fees or other amounts payable hereunder or under any other Loan Document, including L/C Reimbursement Obligations; 
 (iv)
amend or modify Section 1.9(c); 
 (v) change the percentage of the Revolving Loan Commitment or of the aggregate unpaid principal
amount of the Loans which shall be required for the Lenders or any of them to take any action hereunder; 
 (vi) amend this
Section 8.1 (other than Section 8.1(c)) or, subject to the terms of this Agreement, the definition of Required Lenders, the definition of Supermajority Lenders or any provision providing for consent or other action by all Lenders;

 (vii) discharge any Credit Party from its respective payment Obligations under the Loan Documents (other than in connection with a
Permitted Disposition), or release all or substantially all of the Collateral, except as otherwise may be provided in this Agreement or the other Loan Documents; or 

(viii) add any new tranche of commitments hereunder; 

it being agreed that all Lenders shall be deemed to be directly affected by an amendment or waiver of the type described in the preceding clauses (v),
(vi), (vii) and (viii). 

  
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 (b) No amendment, waiver or consent shall, unless in writing and signed by Agent, the Swingline
Lender or the L/C Issuer, as the case may be, in addition to the Required Lenders, Supermajority Lenders or all Lenders directly affected thereby, as the case may be (or by Agent with the consent of the Required Lenders, Supermajority Lenders or all
the Lenders directly affected thereby, as the case may be), affect the rights or duties of Agent, the Swingline Lender or the L/C Issuer, as applicable, under this Agreement or any other Loan Document. No amendment, modification or waiver of this
Agreement or any Loan Document altering the ratable treatment of Obligations arising under Secured Rate Contracts resulting in such Obligations being junior in right of payment to principal on the Loans or resulting in Obligations owing to any
Secured Swap Provider becoming unsecured (other than releases of Liens permitted in accordance with the terms hereof), in each case in a manner adverse to any Secured Swap Provider, shall be effective without the written consent of such Secured Swap
Provider or, in the case of a Secured Rate Contract provided or arranged by Wells Fargo or an Affiliate of Wells Fargo, Wells Fargo. No amendment, modification or waiver of this Agreement or any Loan Document resulting in Bank Product Obligations
owing to any Lender or its Affiliate becoming unsecured (other than releases of Liens permitted in accordance with the terms hereof) shall be effective without the written consent of such Lender or Affiliate or, in the case of a Secured Bank Product
provided or arranged by Wells Fargo or an Affiliate of Wells Fargo, Wells Fargo. 
 (c) No amendment or waiver shall, unless signed by Agent
and all Lenders (or by Agent with the consent of all Lenders): (i) amend or waive compliance with the conditions precedent to the obligations of Lenders to make any Revolving Loan (or of L/C Issuer to Issue any Letter of Credit) in
Section 2.2; (ii) amend or waive non-compliance with any provision of Section 1.1(a)(iii); or (iii) waive any Default or Event of Default for the purpose of satisfying the conditions
precedent to the obligations of Lenders to make any Revolving Loan (or of any L/C Issuer to Issue any Letter of Credit) in Section 2.2. No amendment or waiver shall, unless signed by Agent and all Lenders (or by Agent with the consent of
all Lenders), (x) amend or waive this Section 8.1(c) or the definitions of the terms used in this Section 8.1(c) insofar as the definitions affect the substance of this Section 8.1(c); or (y) change the definition of
(i) the term Required Lenders or Supermajority Lenders, (ii) the percentage of Lenders which shall be required for Lenders to take any action hereunder or (iii) change any specific right of Required Lenders or Supermajority Lenders to
grant or withhold consent or take or omit to take any action hereunder. No amendment or waiver shall, unless signed by Agent and the Supermajority Lenders (or by Agent with the consent of the Supermajority Lenders), amend or modify the definitions
of Eligible Accounts, Eligible Inventory or Borrowing Base, including any increase in the percentage advance rates in the definition of Borrowing Base, in a manner which would increase the availability of credit under the Revolving Loan. 

(d) Notwithstanding anything set forth herein to the contrary, a Non-Funding Lender shall not have any
voting or consent rights under or with respect to any Loan Document or constitute a “Lender” (or be, or have its Loans and Revolving Loan Commitment, included in the determination of “Required Lenders”, “Supermajority
Lenders” or “Lenders directly affected” pursuant to this Section 8.1) for any voting or consent rights under or with respect to any Loan Document, except that a Non-Funding Lender
shall be treated as an “affected Lender” for purposes of Section 8.1(a)(i) and 8.1(a)(iii) solely with respect to an increase in such Non-Funding Lender’s Revolving Loan
Commitment, a reduction of the principal amount owed to such Non-Funding Lender or, unless such Non-Funding Lender is treated the same as the other Lenders holding Loans
of the same type, a 

  
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reduction in the interest rates applicable to the Loans held by such Non-Funding Lender. Moreover, for the purposes of determining Required Lenders,
Supermajority Lenders, the Loans and Revolving Loan Commitment held by Non-Funding Lenders shall be excluded from the total Loans and Revolving Loan Commitment outstanding. 

(e) Notwithstanding anything to the contrary contained in this Section 9.1, (i) the Borrower may amend Schedules 3.18 and
3.20 upon notice to Agent, (ii) Agent may amend Schedule 1.1 to reflect Incremental Revolving Loan Commitments and Sales entered into pursuant to Section 8.9, and (iii) Agent and the Borrower may amend or modify
this Agreement and any other Loan Document to (1) cure any ambiguity, omission, defect or inconsistency therein, (2) grant a new Lien for the benefit of the Secured Parties, extend an existing Lien over additional Property for the benefit
of the Secured Parties or join additional Persons as Credit Parties, and (3) extend Incremental Revolving Loan Commitments to this Agreement pursuant to Section 1.1(c) and to permit the extensions of credit from time to time outstanding
thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Loans and the accrued interest and fees in respect thereof and to include
appropriately the Lenders holding such credit facilities in any determination of the Required Lenders or Supermajority Lenders; provided that no Accounts or Inventory of such Person shall be included as Eligible Accounts or Eligible Inventory
until a field examination (and, if required by Agent, an Inventory appraisal) with respect thereto has been completed to the satisfaction of Agent, including the establishment of Reserves required in Agent’s Permitted Discretion. 

(f) Notwithstanding
anything herein to the contrary, if any Real Estate constitutes Collateral for the Obligations, no modification of a Loan Document shall add, increase (including pursuant to Section 1.1(d)
hereof), renew or extend any loan, commitment or line of credit hereunder unless the Credit Parties shall have delivered all flood information, due diligence, documentation and evidence of coverage as any Lender shall have reasonably requested and
shall comply with the Flood Disaster Protection Act of 1973, as amended, in each case in a manner reasonably satisfactory to all Lenders. 

8.2 Notices. 
 (a)
Addresses. All notices and other communications required or expressly authorized to be made by this Agreement shall be given in writing, unless otherwise expressly specified herein, and (i) addressed to the address set forth on the
applicable signature page hereto, (ii) posted to SyndTrak® (to the extent such system is available and set up by or at the direction of Agent prior to posting) in an appropriate location by uploading such notice, demand, request, direction
or other communication to www.syndtrak.com or using such other means of posting to SyndTrak® as may be available and reasonably acceptable to Agent prior to such posting, (iii) posted to any other
E-System approved by or set up by or at the direction of Agent or (iv) addressed to such other address as shall be notified in writing (A) in the case of the Borrower, Agent and the Swingline Lender,
to the other parties hereto and (B) in the case of all other parties, to the Borrower and Agent. Transmissions made by electronic mail or E-Fax to Agent shall be effective only (x) for notices where
such transmission is specifically authorized by this Agreement, (y) if such transmission is delivered in compliance with procedures of Agent applicable at the time and previously communicated to the Borrower, and (z) if receipt of such
transmission is acknowledged by Agent. 
 (b) Effectiveness. (i) All communications described in clause (a) above
and all other notices, demands, requests and other communications made in connection with this 

  
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Agreement shall be effective and be deemed to have been received (i) if delivered by hand, upon personal delivery, (ii) if delivered by overnight courier service, one (1) Business
Day after delivery to such courier service, (iii) if delivered by mail, three (3) Business Days after deposit in the mail, (iv) if delivered by facsimile (other than to post to an
E-System pursuant to clause (a)(ii) or (a)(iii) above), upon sender’s receipt of confirmation of proper transmission, and (v) if delivered by posting to any E-System, on the later of the Business Day of such posting and the Business Day access to such posting is given to the recipient thereof in accordance with the standard procedures applicable to such E-System; provided, however, that no communications to Agent pursuant to Article I shall be effective until received by Agent. 

(ii) The posting, completion and/or submission by any Credit Party of any communication pursuant to an
E-System shall constitute a representation and warranty by the Credit Parties that any representation, warranty, certification or other similar statement required by the Loan Documents to be provided, given or
made by a Credit Party in connection with any such communication is true, correct and complete except as expressly noted in such communication or E-System. 

(c) Each Lender shall notify Agent in writing of any changes in the address to which notices to such Lender should be directed, of addresses
of its Lending Office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as Agent shall reasonably request. 

8.3 Electronic Transmissions. 

(a) Authorization. Subject to the provisions of Section 8.2(a), each of Agent, Lenders, each Credit Party and each of their
Related Persons, is authorized (but not required) to transmit, post or otherwise make or communicate, in its sole discretion, Electronic Transmissions in connection with any Loan Document and the transactions contemplated therein. Each Credit Party
and each Secured Party hereto acknowledges and agrees that the use of Electronic Transmissions is not necessarily secure and that there are risks associated with such use, including risks of interception, disclosure and abuse and each indicates it
assumes and accepts such risks by hereby authorizing the transmission of Electronic Transmissions. 
 (b) Signatures. Subject to the
provisions of Section 8.2(a), (i)(A) no posting to any E-System shall be denied legal effect merely because it is made electronically, (B) each E-Signature
on any such posting shall be deemed sufficient to satisfy any requirement for a “signature” and (C) each such posting shall be deemed sufficient to satisfy any requirement for a “writing”, in each case including pursuant to
any Loan Document, any applicable provision of any UCC, the federal Uniform Electronic Transactions Act, the Electronic Signatures in Global and National Commerce Act and any substantive or procedural Requirement of Law governing such subject
matter, (ii) each such posting that is not readily capable of bearing either a signature or a reproduction of a signature may be signed, and shall be deemed signed, by attaching to, or logically associating with such posting, an E-Signature, upon which Agent, each Secured Party and each Credit Party may rely and assume the authenticity thereof, (iii) each such posting containing a signature, a reproduction of a signature or an E-Signature shall, for all intents and purposes, have the same effect and weight as a signed paper original and (iv) each party hereto or beneficiary hereto agrees not to contest the validity or enforceability
of any posting on any E-System or E-Signature on any such posting under the provisions of any applicable Requirement of Law requiring certain documents to be in writing
or signed; provided, however, that nothing herein shall limit such party’s or beneficiary’s right to contest whether any posting to any E-System or E-Signature
has been altered after transmission. 

  
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 (c) Separate Agreements. All uses of an E-System
shall be governed by and subject to, in addition to Section 8.2 and this Section 8.3, the separate terms, conditions and privacy policy posted or referenced in such E-System (or such
terms, conditions and privacy policy as may be updated from time to time, including on such E-System) and related Contractual Obligations executed by Agent and Credit Parties in connection with the use of such
E-System. 
 (d) LIMITATION OF LIABILITY. ALL
E-SYSTEMS AND ELECTRONIC TRANSMISSIONS SHALL BE PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS WARRANTS THE ACCURACY, ADEQUACY OR
COMPLETENESS OF ANY E-SYSTEMS OR ELECTRONIC TRANSMISSION AND DISCLAIMS ALL LIABILITY FOR ERRORS OR OMISSIONS THEREIN. NO WARRANTY OF ANY KIND IS MADE BY AGENT, ANY LENDER OR ANY OF THEIR RELATED PERSONS IN
CONNECTION WITH ANY E-SYSTEMS OR ELECTRONIC COMMUNICATION, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD-PARTY
RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS. Each of the Borrower, each other Credit Party executing this Agreement and each Secured Party agrees that Agent has no responsibility for maintaining or providing any equipment, software,
services or any testing required in connection with any Electronic Transmission or otherwise required for any E-System. 

8.4 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of Agent or any Lender, any right,
remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right,
remedy, power or privilege. No course of dealing between any Credit Party, any Affiliate of any Credit Party, Agent or any Lender shall be effective to amend, modify or discharge any provision of this Agreement or any of the other Loan Documents.

 8.5 Costs and Expenses. Any action taken by any Credit Party under or with respect to any Loan Document, even if required under
any Loan Document or at the request of Agent or Required Lenders, shall be at the expense of such Credit Party, and neither Agent nor any other Secured Party shall be required under any Loan Document to reimburse any Credit Party or any Subsidiary
of any Credit Party therefor except as expressly provided therein. In addition, the Borrower agrees to pay or reimburse upon demand (a) Agent for all reasonable
out-of-pocket costs and expenses incurred by it or any of its Related Persons, in connection with the investigation, development, preparation, negotiation, syndication,
execution, interpretation or administration of, any modification of any term of or termination of, any Loan Document, any commitment or proposal letter therefor, any other document prepared in connection therewith or the consummation and
administration of any transaction contemplated therein, in each case including Attorney Costs of Agent, the cost of environmental audits, insurance reviews, Collateral audits and appraisals, background checks and similar expenses, (b) Agent for
all reasonable costs and expenses incurred by it or any of its Related Persons in connection with internal audit reviews, field examinations and Collateral examinations (which shall be reimbursed, in addition to the out-of-pocket costs and expenses of such examiners, at the per diem rate per individual charged by Agent for its examiners), (c) each of Agent, its Related Persons, Lenders and L/C Issuer for all reasonable
costs and expenses incurred in connection 

  
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with (i) any refinancing or restructuring of the credit arrangements provided hereunder, (ii) the enforcement or preservation of any right or remedy under any Loan Document, any
Obligation, with respect to the Collateral or any other related right or remedy or (iii) the commencement, defense, conduct of, intervention in, or the taking of any other action (including, without limitation, preparation for and/or response
to any subpoena or request for document production relating thereto) with respect to, any proceeding (including any bankruptcy or insolvency proceeding) related to any Credit Party, any Subsidiary of any Credit Party, Loan Document, Obligation or
Related Transaction, including Attorney Costs and (d) reasonable fees and disbursements of Attorney Costs of one law firm on behalf of all Lenders (other than Agent) incurred in connection with any of the matters referred to in clause
(c) above. 
 8.6 Indemnity. 

(a) Each Credit Party agrees to indemnify, hold harmless and defend Agent, each Lender, each L/C Issuer and Related Persons (each such Person
being an “Indemnitee”) from and against all Liabilities (including brokerage commissions, fees and other compensation) that may be imposed on, incurred by or asserted against any such Indemnitee in any matter relating to or arising
out of, in connection with or as a result of (i) any Loan Document, any Obligation (or the repayment thereof), any Letter of Credit, the use or intended use of the proceeds of any Loan or the use of any Letter of Credit or any securities filing
of, or with respect to, any Credit Party, (ii) any commitment letter, proposal letter or term sheet with any Person or any Contractual Obligation, arrangement or understanding with any broker, finder or consultant, in each case entered into by
or on behalf of any Credit Party or any Affiliate of any of them in connection with any of the foregoing and any Contractual Obligation entered into in connection with any E-Systems or other Electronic
Transmissions, (iii) any actual or prospective investigation, litigation or other proceeding, whether or not brought by any such Indemnitee or any of its Related Persons, any holders of securities or creditors (and including attorneys’
fees in any case), whether or not any such Indemnitee, Related Person, holder or creditor is a party thereto, and whether or not based on any securities or commercial law or regulation or any other Requirement of Law or theory thereof, including
common law, equity, contract, tort or otherwise, (iv) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any L/C Issuer to honor a demand for payment under a Letter of Credit if the
documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), or (v) any other act, event or transaction related, contemplated in or attendant to any of the foregoing (collectively, the
“Indemnified Matters”); provided, however, that no Credit Party shall have any liability under this Section 8.6 to any Indemnitee with respect to any Indemnified Matter, and no Indemnitee shall have any liability with
respect to any Indemnified Matter other than (to the extent otherwise liable), to the extent such liability has resulted primarily from the gross negligence or willful misconduct of such Indemnitee, as determined by a court of competent jurisdiction
in a final non-appealable judgment or order. Furthermore, each of the Borrower and each other Credit Party executing this Agreement waives and agrees not to assert against any Indemnitee, and shall cause each
other Credit Party to waive and not assert against any Indemnitee, any right of contribution with respect to any Liabilities that may be imposed on, incurred by or asserted against any Related Person. This Section 8.6(a) shall not apply with
respect to Taxes other than any Taxes that represent Liabilities arising from any non-Tax claim. 

(b) Without limiting the foregoing, “Indemnified Matters” includes all Environmental Liabilities, including those arising from, or
otherwise involving, any Property of any Credit Party or any Related Person of any Credit Party or any actual, alleged or prospective damage to Property or natural resources or harm or injury alleged to have resulted from any

  
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Release of Hazardous Materials on, upon or into such Property or natural resource or any Property on or contiguous to any Real Estate of any Credit Party or any Related Person of any Credit
Party, whether or not, with respect to any such Environmental Liabilities, any Indemnitee is a mortgagee pursuant to any leasehold mortgage, a mortgagee in possession, the
successor-in-interest to any Credit Party or any Related Person of any Credit Party or the owner, lessee or operator of any Property of any Related Person through any
foreclosure action, in each case except to the extent such Environmental Liabilities (i) are incurred solely following foreclosure by Agent or following Agent or any Lender having become the successor-in-interest to any Credit Party or any Related Person of any Credit Party and (ii) are attributable solely to acts of such Indemnitee. 

8.7 Marshaling; Payments Set Aside. No Secured Party shall be under any obligation to marshal any Property in favor of any Credit Party
or any other Person or against or in payment of any Obligation. To the extent that any Secured Party receives a payment from the Borrower, from any other Credit Party, from the proceeds of the Collateral, from the exercise of its rights of setoff,
any enforcement action or otherwise, and such payment is subsequently, in whole or in part, invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party, then to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor, shall be revived and continued in full force and effect as if such payment had not occurred. 

8.8 Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns; provided that any assignment by any Lender shall be subject to the provisions of Section 8.9, and provided further that the Borrower or other Credit Party may not assign or transfer any of its
rights or obligations under this Agreement or any other Loan Document without the prior written consent of Agent and each Lender. 
 8.9
Assignments and Participations; Binding Effect. 
 (a) Binding Effect. This Agreement shall become effective when it shall
have been executed by Holdings, the Borrower, the other Credit Parties signatory hereto and Agent and when Agent shall have been notified by each Lender that such Lender has executed it. Thereafter, it shall be binding upon and inure to the benefit
of, but only to the benefit of, Holdings, the Borrower, the other Credit Parties hereto (in each case except for Article VII), Agent, each Lender and each L/C Issuer receiving the benefits of the Loan Documents and, to the extent provided in
Section 7.11, each other Secured Party and, in each case, their respective successors and permitted assigns. Except as expressly provided in any Loan Document (including in Section 7.9), none of Holdings, the Borrower, any
other Credit Party, any L/C Issuer or Agent shall have the right to assign any rights or obligations hereunder or any interest herein. 

(b) Right to Assign. Each Lender may sell, transfer, negotiate or assign (a “Sale”) all or a portion of its rights and
obligations hereunder (including all or a portion of its Revolving Loan Commitment and its rights and obligations with respect to Loans and Letters of Credit) to any of the following, unless the designated assignee constitutes a direct or indirect
business competitor of the Borrower engaged in the production or manufacturing of rolled flat-rolled aluminumaluminium products for sale to the beverage can or automotive
industry: (i) any existing Lender (other than a Non-Funding Lender or Impacted Lender); (ii) any Affiliate or Approved Fund of any existing Lender (other than a
Non-Funding Lender or Impacted Lender); or (iii) any other Person acceptable (which acceptance shall not be unreasonably withheld or 

  
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delayed) to Agent and, with respect to Sales of Revolving Loan Commitments, each L/C Issuer that is a Lender and, as long as no Event of Default is continuing, the Borrower (which acceptances
shall be deemed to have been given unless an objection is delivered to Agent within five (5) Business Days after notice of a proposed sale is delivered to the Borrower) (each an “Eligible Assignee”); provided, however, that:

 (A) such Sales must be ratable among the obligations owing to and owed by such Lender with respect to the Revolving Loans; 

(B) for each Loan, the aggregate outstanding principal amount (determined as of the effective date of the applicable Assignment) of the Loans,
Revolving Loan Commitment and Letter of Credit Obligations subject to any such Sale shall be in a minimum amount of $5,000,000, unless such Sale is made to an existing Lender or an Affiliate or Approved Fund of any existing Lender, is of the
assignor’s (together with its Affiliates and Approved Funds) entire interest in such facility or is made with the prior consent of the Borrower (to the extent required) and Agent; 

(C) such Sales shall be effective only upon the acknowledgement in writing of such Sale by Agent; 

(D) interest accrued, prior to and through the date of any such Sale may not be assigned; and 

(E) such Sales by Lenders who are Non-Funding Lenders due to clause (a) of the definition
of Non-Funding Lender shall be subject to Agent’s prior written consent in all instances, unless in connection with such Sale, such Non-Funding Lender cures, or
causes the cure of, its Non-Funding Lender status as contemplated in Section 1.10(e)(v). 
 Agent’s
refusal to accept a Sale to a Credit Party, a Senior Noteholder, Rexam, a holder of Subordinated Debt or an Affiliate of any of the foregoing, or to any Person that would be a Non-Funding Lender or an Impacted
Lender, or the imposition of conditions or limitations (including limitations on voting) upon Sales to such Persons, shall not be deemed to be unreasonable. 

(c) Procedure. The parties to each Sale made in reliance on clause (b) above (and excluding those described in clause
(e), (f) or (g) below) shall execute and deliver to Agent an assignment agreement (an “Assignment”) entered into by a Lender, as assignor, and any Person, as assignee, pursuant to the terms and provisions of
this Section 8.9 (with the consent of any party whose consent is required by this Section 8.9), accepted by Agent, substantially in the form of Exhibit 8.9(c) or any other form approved by Agent via an electronic
settlement system designated by Agent (or, if previously agreed with Agent, via a manual execution and delivery of the Assignment) evidencing such Sale, together with any existing Note subject to such Sale (or any affidavit of loss therefor
acceptable to Agent), any Tax forms required to be delivered pursuant to Section 9.1 and payment of an assignment fee in the amount of $3,500 to Agent, unless waived or reduced by Agent; provided, that (i) if a Sale by a Lender is
made to an Affiliate or an Approved Fund of such assigning Lender, then no assignment fee shall be due in connection with such Sale, and (ii) if a Sale by a Lender is made to an assignee that is not an Affiliate or Approved Fund of such
assignor Lender, and concurrently to one or more Affiliates or Approved Funds of such Assignee, then only one assignment fee of $3,500 shall be due in connection with such Sale (unless waived or reduced by Agent). Upon receipt of all the foregoing,
and conditioned upon such receipt and, if such Assignment is made in 

  
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accordance with clause (iii) of Section 8.9(b), upon Agent (and the Borrower, if applicable) consenting to such Assignment, from and after the effective date specified in such
Assignment, Agent shall record or cause to be recorded in the Register the information contained in such Assignment. 
 (d)
Effectiveness. Subject to the recording of an Assignment by Agent in the Register pursuant to Section 1.4(b), (i) the assignee thereunder shall become a party hereto and, to the extent that rights and obligations under the Loan
Documents have been assigned to such assignee pursuant to such Assignment, shall have the rights and obligations of a Lender, (ii) any applicable Note shall be transferred to such assignee through such entry and (iii) the assignor
thereunder shall, to the extent that rights and obligations under this Agreement have been assigned by it pursuant to such Assignment, relinquish its rights (except for the occurrence of the Facility Termination Date) and be released from its
obligations under the Loan Documents, other than those relating to events or circumstances occurring prior to such assignment (and, in the case of an Assignment covering all or the remaining portion of an assigning Lender’s rights and
obligations under the Loan Documents, such Lender shall cease to be a party hereto). 
 (e) Grant of Security Interests. In addition
to the other rights provided in this Section 8.9, each Lender may grant a security interest in, or otherwise assign as collateral, any of its rights under this Agreement, whether now owned or hereafter acquired (including rights to
payments of principal or interest on the Loans), to (A) any federal reserve bank (pursuant to Regulation A of the Federal Reserve Board), without notice to Agent or (B) any holder of, or trustee for the benefit of the holders of, such
Lender’s Indebtedness or equity securities, by notice to Agent; provided, however, that no such holder or trustee, whether because of such grant or assignment or any foreclosure thereon (unless such foreclosure is made through an assignment in
accordance with clause (b) above), shall be entitled to any rights of such Lender hereunder and no such Lender shall be relieved of any of its obligations hereunder. 

(f) Participants and Grant of Option to Fund to SPVs. In addition to the other rights provided in this Section 8.9, each
Lender may, (x) with notice to Agent, grant to an SPV the option to make all or any part of any Loan that such Lender would otherwise be required to make hereunder (and the exercise of such option by such SPV and the making of Loans pursuant
thereto shall satisfy the obligation of such Lender to make such Loans hereunder) and such SPV may assign to such Lender the right to receive payment with respect to any Obligation and (y) without notice to or consent from Agent or the
Borrower, sell participations to one or more Persons in or to all or a portion of its rights and obligations under the Loan Documents (including all its rights and obligations with respect to the Revolving Loans and Letters of Credit); provided,
however, that, whether as a result of any term of any Loan Document or of such grant or participation, (i) no such SPV or participant shall have a commitment, or be deemed to have made an offer to commit, to make Loans hereunder, and, except as
provided in the applicable option agreement, none shall be liable for any obligation of such Lender hereunder, (ii) such Lender’s rights and obligations, and the rights and obligations of the Credit Parties and the Secured Parties towards
such Lender, under any Loan Document shall remain unchanged and each other party hereto shall continue to deal solely with such Lender, which shall remain the holder of the Obligations in the Register, except that (A) each such participant and
SPV shall be entitled to the benefit of Article X, but, with respect to Section 9.1, only to the extent such participant or SPV delivers the Tax forms such Lender is required to collect pursuant to Section 9.1(g) and then
only to the extent of any amount to which such Lender would be entitled in the absence of any such grant or participation except to the extent such entitlement to receive a greater amount results from any change in, or in the

  
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interpretation of, any Requirement of Law that occurs after the date such grant or participation is made and (B) each such SPV may receive other payments that would otherwise be made to such
Lender with respect to Loans funded by such SPV to the extent provided in the applicable option agreement and set forth in a notice provided to Agent by such SPV and such Lender, provided, however, that in no case (including pursuant to clause
(A) or (B) above) shall an SPV granted an option pursuant to this clause (f) or participant have the right to enforce any of the terms of any Loan Document, and (iii) the consent of such SPV or participant shall not
be required (either directly, as a restraint on such Lender’s ability to consent hereunder or otherwise) for any amendments, waivers or consents with respect to any Loan Document or to exercise or refrain from exercising any powers or rights
such Lender may have under or in respect of the Loan Documents (including the right to enforce or direct enforcement of the Obligations), except for those described in clauses (ii) and (iii) of Section 8.1(a) with respect
to amounts, or dates fixed for payment of amounts, to which such participant or SPV would otherwise be entitled and, in the case of participants, except for those described in clause (vi) of Section 8.1(a). 

(g) Assignments to Affiliate SPVs. In addition to the other rights provided elsewhere in this Section 8.9, each Lender that
is an Affiliate of the Agent may, with notice to Agent in such form as shall be acceptable to the Agent (but without the consent of any Person and without compliance with any limitation or procedure specified in subsection 8.9(b) or
8.9(c)), sell, transfer, negotiate or assign all or any portion of its rights, title or interests hereunder with respect to any Revolving Loans (including any interest accrued or to accrue thereon) to an SPV that is an Affiliate of such
Lender, and such SPV may thereafter, with notice to Agent, assign such Loan to any other SPV that is an Affiliate of such Lender or re-assign all or a portion of its interests in any Revolving Loans to the
Lender holding the related Revolving Loan Commitment; provided, however, that, whether as a result of any term of any Loan Document or of such Sale, no such SPV shall have a commitment, or be deemed to have made an offer to commit, to
make Revolving Loans hereunder, and none shall be liable for any obligation of such Lender hereunder. In the case of any Sale pursuant to this clause (g), any assignee SPV shall have all the rights of a Lender hereunder, including the rights
described in Section 7.3(c) and the right to receive all payments with respect to the assigned Obligations. Each such SPV shall be entitled to the benefit of Section 9.1 only to the extent such SPV delivers the tax forms the
assigning Lender is required to collect pursuant to Section 9.1(f). 
 (h) No party hereto shall institute (and the Borrower and
Holdings shall cause each other Credit Party not to institute) against any SPV that funds or purchases any Obligation pursuant to clauses (f) or (g) any bankruptcy, reorganization, insolvency, liquidation or similar proceeding,
prior to the date that is one year and one day after the payment in full of all outstanding commercial paper of such SPV; provided, however, that each Lender having designated an SPV as such agrees to indemnify each Indemnitee against any Liability
that may be incurred by, or asserted against, such Indemnitee as a result of failing to institute such proceeding (including a failure to be reimbursed by such SPV for any such Liability). The agreement in the preceding sentence shall survive the
occurrence of the Facility Termination Date. In addition, notwithstanding anything to the contrary contained in this Section 8.9, any SPV may disclose on a confidential basis any non-public
information relating to its Loans to any rating agency rating the obligations of such SPV. For the avoidance of doubt, an SPV that is a trust formed by or at the direction of a Lender or an Affiliate of a Lender, as depositor, shall be deemed to be
an Affiliate of such Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address
of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents (the 

  
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“Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant
or any information relating to a participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person other than Agent except to the extent that such disclosure is necessary to
establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.
For the avoidance of doubt, Agent shall have no responsibility for maintaining a Participant Register. 
 8.10 Non-Public Information; Confidentiality. 
 (a) Non-Public
Information. Each of Agent, each Lender and L/C Issuer acknowledges and agrees that it may receive material non-public information (“MNPI”) hereunder concerning the Credit Parties and
their Affiliates and agrees to use such information in compliance with all relevant policies, procedures and applicable Requirements of Laws (including United States federal and state security laws and regulations). 

(b) Confidential Information. Each Lender, each L/C Issuer and Agent agree to use all reasonable efforts to maintain, in accordance
with its customary practices, the confidentiality of information obtained by it pursuant to any Loan Document and designated in writing by any Credit Party as confidential, except that such information may be disclosed (i) with the
Borrower’s consent, (ii) to Related Persons of such Lender, L/C Issuer or Agent, as the case may be, or to any Person that any L/C Issuer causes to Issue Letters of Credit hereunder, that are advised of the confidential nature of such
information and are instructed to keep such information confidential in accordance with the terms hereof, (iii) to the extent such information presently is or hereafter becomes (A) publicly available other than as a result of a breach of
this Section 8.10 or (B) available to such Lender, L/C Issuer or Agent or any of their Related Persons, as the case may be, from a source (other than any Credit Party) not known by them to be subject to disclosure restrictions,
(iv) to the extent disclosure is required by applicable Requirements of Law or other legal process or requested or demanded by any Governmental Authority, (v) to the extent necessary or customary for inclusion in league table measurements,
(vi) (A) to the National Association of Insurance Commissioners or any similar organization, any examiner or any nationally recognized rating agency or (B) otherwise to the extent consisting of general portfolio information that does not
identify Credit Parties, (vii) to current or prospective assignees, SPVs (including the investors or prospective investors therein) or participants, direct or contractual counterparties to any Secured Rate Contracts and to their respective
Related Persons, in each case to the extent such assignees, investors, participants, counterparties or Related Persons agree to be bound by provisions substantially similar to the provisions of this Section 8.10 (and such Person may
disclose information to their respective Related Persons in accordance with clause (ii) above), (viii) to any other party hereto, and (ix) in connection with the exercise or enforcement of any right or remedy under any Loan
Document, in connection with any litigation or other proceeding to which such Lender, L/C Issuer or Agent or any of their Related Persons is a party or bound, or to the extent necessary to respond to public statements or disclosures by Credit
Parties or their Related Persons referring to a Lender, L/C Issuer or Agent or any of their Related Persons. In the event of any conflict between the terms of this Section 8.10 and those of any other Contractual Obligation entered into
with any Credit Party (whether or not a Loan Document), the terms of this Section 8.10 shall govern. 

  
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 (c) Tombstones; League Tables. Each Credit Party consents to the publication by Agent or
any Lender of any press releases, tombstones, advertising or other promotional materials (including, without limitation, via any Electronic Transmission) relating to the financing transactions contemplated by this Agreement using such Credit
Party’s name, product photographs, logo or trademark. Agent or such Lender shall provide a draft of any such press release, advertising or other material to the Borrower for review and comment prior to the publication thereof; provided further
publication of such information shall not require additional review. Each Lender hereby consents to the disclosure by Agent, Lead Arranger and Bookrunners of information necessary or customary for inclusion in league table measurements. 

(d) Press Release and Related Matters. No Credit Party shall, and no Credit Party shall permit any of its Affiliates to, issue any
press release or other public disclosure (other than any document filed with any Governmental Authority relating to a public offering of securities of any Credit Party) using the name, logo or otherwise referring to Wells Fargo or of any of its
Affiliates, the Loan Documents or any transaction contemplated herein or therein to which Wells Fargo or any of its affiliates is party without the prior written consent of Wells Fargo or such Affiliate except to the extent required to do so under
applicable Requirements of Law and then, only after consulting with Wells Fargo. 
 (e) Distribution of Materials to Lenders and L/C
Issuers. The Credit Parties acknowledge and agree that the Loan Documents and all reports, notices, communications and other information or materials provided or delivered by, or on behalf of, the Credit Parties hereunder (collectively, the
“Borrower Materials”) may be disseminated by, or on behalf of, Agent, and made available, to the Lenders and the L/C Issuers by posting such Borrower Materials on an E-System. The Credit
Parties authorize Agent to download copies of their logos from its website and post copies thereof on an E-System. 

(f) Material Non-Public Information. The Credit Parties hereby agree that if either they, any
parent company or any Subsidiary of the Credit Parties has publicly traded equity or debt securities in the U.S., they shall (and shall cause such parent company or Subsidiary, as the case may be, to) (i) identify in writing, and (ii) to
the extent reasonably practicable, clearly and conspicuously mark such Borrower Materials that contain only information that is publicly available or that is not material for purposes of U.S. federal and state securities laws as “PUBLIC”.
The Credit Parties agree that by identifying such Borrower Materials as “PUBLIC” or publicly filing such Borrower Materials with the Securities and Exchange Commission, then Agent, the Lenders and the L/C Issuers shall be entitled to treat
such Borrower Materials as not containing any MNPI for purposes of U.S. federal and state securities laws. The Credit Parties further represent, warrant, acknowledge and agree that the following documents and materials shall be deemed to be PUBLIC,
whether or not so marked, and do not contain any MNPI: (A) the Loan Documents, including the schedules and exhibits attached thereto, and (B) administrative materials of a customary nature prepared by the Credit Parties or Agent
(including, Notices of Borrowing, Notices of Conversion/Continuation, L/C Requests, Swingline requests and any similar requests or notices posted on or through an E-System). Before distribution of any Borrower
Materials, the Credit Parties agree to execute and deliver to Agent a letter authorizing distribution of the evaluation materials to prospective Lenders and their employees willing to receive MNPI, and a separate letter authorizing distribution of
evaluation materials that do not contain MNPI and represent that no MNPI is contained therein. 

  
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 8.11 Set-off; Sharing of Payments. 

(a) Right of Setoff. Each of Agent, each Lender, each L/C Issuer and each Affiliate (including each branch office thereof) of any of
them is hereby authorized, without notice or demand (each of which is hereby waived by each Credit Party), at any time and from time to time during the continuance of any Event of Default and to the fullest extent permitted by applicable
Requirements of Law, to set off and apply any and all deposits (whether general or special, time or demand, provisional or final) at any time held and other Indebtedness, claims or other obligations at any time owing by Agent, such Lender, such L/C
Issuer or any of their respective Affiliates to or for the credit or the account of the Borrower or any other Credit Party against any Obligation of any Credit Party now or hereafter existing, whether or not any demand was made under any Loan
Document with respect to such Obligation and even though such Obligation may be unmatured. No Lender or L/C Issuer shall exercise any such right of setoff without the prior consent of Agent or Required Lenders. Each of Agent, each Lender and each
L/C Issuer agrees promptly to notify the Borrower and Agent after any such setoff and application made by such Lender or its Affiliates; provided, however, that the failure to give such notice shall not affect the validity of such setoff and
application. The rights under this Section 8.11 are in addition to any other rights and remedies (including other rights of setoff) that Agent, the Lenders, the L/C Issuer, their Affiliates and the other Secured Parties, may have. 

(b) Sharing of Payments, Etc. If any Lender, directly or through an Affiliate or branch office thereof, obtains any payment of any
Obligation of any Credit Party (whether voluntary, involuntary or through the exercise of any right of setoff or the receipt of any Collateral or “proceeds” (as defined under the applicable UCC) of Collateral) other than pursuant to
Section 8.9 or Article IX and such payment exceeds the amount such Lender would have been entitled to receive if all payments had gone to, and been distributed by, Agent in accordance with the provisions of the Loan Documents,
such Lender shall purchase for cash from other Lenders such participations in their Obligations as necessary for such Lender to share such excess payment with such Lenders to ensure such payment is applied as though it had been received by Agent and
applied in accordance with this Agreement (or, if such application would then be at the discretion of the Borrower, applied to repay the Obligations in accordance herewith); provided, however, that (i) if such payment is rescinded or otherwise
recovered from such Lender or L/C Issuer in whole or in part, such purchase shall be rescinded and the purchase price therefor shall be returned to such Lender or L/C Issuer without interest and (ii) such Lender shall, to the fullest extent
permitted by applicable Requirements of Law, be able to exercise all its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of the applicable Credit Party in the
amount of such participation. If a Non-Funding Lender receives any such payment as described in the previous sentence, such Lender shall turn over such payments to Agent in an amount that would satisfy the
cash collateral requirements set forth in Section 1.10(e). 
 8.12 Counterparts; Facsimile Signature. This Agreement may be
executed in any number of counterparts and by different parties in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Signature pages
may be detached from multiple separate counterparts and attached to a single counterpart. Delivery of an executed signature page of this Agreement by facsimile transmission or Electronic Transmission shall be as effective as delivery of a manually
executed counterpart hereof. 
 8.13 Severability. The illegality or unenforceability of any provision of this Agreement or any
instrument or agreement required hereunder shall not in any way affect or impair the legality or enforceability of the remaining provisions of this Agreement or any instrument or agreement required hereunder. 

  
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 8.14 Captions. The captions and headings of this Agreement are for convenience of
reference only and shall not affect the interpretation of this Agreement. 
 8.15 Independence of Provisions. The parties hereto
acknowledge that this Agreement and the other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters, and that such limitations, tests and measurements are cumulative and must each be
performed, except as expressly stated to the contrary in this Agreement. 
 8.16 Interpretation. This Agreement is the result of
negotiations among and has been reviewed by counsel to Credit Parties, Agent, each Lender and other parties hereto, and is the product of all parties hereto. Accordingly, this Agreement and the other Loan Documents shall not be construed against the
Lenders or Agent merely because of Agent’s or Lenders’ involvement in the preparation of such documents and agreements. Without limiting the generality of the foregoing, each of the parties hereto has had the advice of counsel with respect
to Sections 8.18 and 8.19. 
 8.17 No Third Parties Benefited. This Agreement is made and entered into for the sole
protection and legal benefit of the Borrower, the Lenders, the L/C Issuers party hereto, Agent and, subject to the provisions of Section 7.11, each other Secured Party, and their permitted successors and assigns, and no other Person
shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. Neither Agent nor any Lender shall have any obligation to any Person
not a party to this Agreement or the other Loan Documents. 
 8.18 Governing Law and Jurisdiction. 

(a) Governing Law. The laws of the State of New York shall govern all matters arising out of, in connection with or relating to
this Agreement, including, without limitation, its validity, interpretation, construction, performance and enforcement (including, without limitation, any claims sounding in contract or tort law arising out of the subject matter hereof and any
determinations with respect to post-judgment interest). 
 (b) Submission to Jurisdiction. Any legal action or proceeding with
respect to any Loan Document shall be brought exclusively in the courts of the State of New York located in the City of New York, Borough of Manhattan, or of the United States of America for the Southern District of New York and, by
execution and delivery of this Agreement, the Borrower and each other Credit Party executing this Agreement hereby accepts for itself and in respect of its Property, generally and unconditionally, the jurisdiction of the aforesaid courts. Each party
hereto (and, to the extent set forth in any other Loan Document, each other Credit Party) hereby irrevocably waives any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, that such party may
now or hereafter have to the bringing of any such action or proceeding in such jurisdictions. 
 (c) Service of Process. Each Credit
Party hereby irrevocably waives personal service of any and all legal process, summons, notices and other documents and other service of process of any kind and consents to such service in any suit, action or proceeding brought in the United States
of America with respect to or otherwise arising out of or in connection with any Loan Document by any means permitted by applicable Requirements of 

  
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Law, including by the mailing thereof (by registered or certified mail, postage prepaid) to the address of the Borrower specified herein (and shall be effective when such mailing shall be
effective, as provided therein). Each Credit Party 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. 

(d) Non-Exclusive Jurisdiction. Nothing contained in this Section 8.18 shall affect
the right of Agent or any Lender to serve process in any other manner permitted by applicable Requirements of Law or commence legal proceedings or otherwise proceed against any Credit Party in any other jurisdiction. 

8.19 Waiver of Jury Trial. EACH PARTY HERETO, TO THE EXTENT PERMITTED BY LAW, WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR
PROCEEDING ARISING OUT OF, IN CONNECTION WITH OR RELATING TO, THIS AGREEMENT, THE OTHER LOAN DOCUMENTS AND ANY OTHER TRANSACTION CONTEMPLATED HEREBY AND THEREBY. THIS WAIVER APPLIES TO ANY ACTION, SUIT OR PROCEEDING WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE. 
 8.20 Entire Agreement; Release; Survival. 

(a) THE LOAN DOCUMENTS EMBODY THE ENTIRE AGREEMENT OF THE PARTIES AND SUPERSEDE ALL PRIOR AGREEMENTS AND UNDERSTANDINGS RELATING TO THE
SUBJECT MATTER THEREOF AND ANY PRIOR LETTER OF INTEREST, COMMITMENT LETTER, CONFIDENTIALITY AND SIMILAR AGREEMENTS INVOLVING ANY CREDIT PARTY AND ANY LENDER OR ANY L/C ISSUER OR ANY OF THEIR RESPECTIVE AFFILIATES RELATING TO A FINANCING OF
SUBSTANTIALLY SIMILAR FORM, PURPOSE OR EFFECT OTHER THAN THE FEE LETTER. IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THIS AGREEMENT AND ANY OTHER LOAN DOCUMENT, THE TERMS OF THIS AGREEMENT SHALL GOVERN (UNLESS OTHERWISE EXPRESSLY STATED IN
SUCH OTHER LOAN DOCUMENT OR SUCH TERMS OF SUCH OTHER LOAN DOCUMENTS ARE NECESSARY TO COMPLY WITH APPLICABLE REQUIREMENTS OF LAW, IN WHICH CASE SUCH TERMS SHALL GOVERN TO THE EXTENT NECESSARY TO COMPLY THEREWITH). 

(b) Execution of this Agreement by the Credit Parties constitutes a full, complete and irrevocable release of any and all claims which each
Credit Party may have at law or in equity in respect of all prior discussions and understandings, oral or written, relating to the subject matter of this Agreement and the other Loan Documents. In no event shall any Indemnitee be liable on any
theory of liability for any special, indirect, consequential or punitive damages (including any loss of profits, business or anticipated savings). Each of the Borrower and each other Credit Party signatory hereto hereby waives, releases and agrees
(and shall cause each other Credit Party to waive, release and agree) not to sue upon any such claim for any special, indirect, consequential or punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor.

 (c) (i) Any indemnification or other protection provided to any Indemnitee pursuant to this Section 8.20, Sections
8.5 (Costs and Expenses) and 8.6 (Indemnity) and Article VII (Agent) and Article IX (Taxes, Yield Protection and Illegality) and (ii) the provisions of Section 8.1 of the Guaranty and Security
Agreement, in each case, shall (x) survive the 

  
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occurrence of the Facility Termination Date (y) with respect to clause (i) above, inure to the benefit of any Person that at any time held a right thereunder (as an Indemnitee or
otherwise) and, thereafter, its successors and permitted assigns. 
 8.21 Patriot Act. Each Lender that is subject to the Patriot Act
hereby notifies the Credit Parties that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party
and other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act. 
 8.22 Replacement
of Lender. Within forty-five days after: (i) receipt by the Borrower of written notice and demand from any Lender that is not Agent or an Affiliate of Agent (an “Affected Lender”) for payment of additional costs as provided
in Sections 9.1, 9.3 and/or 9.6; or (ii) any failure by any Lender (other than Agent or an Affiliate of Agent) to consent to a requested amendment, waiver or modification to any Loan Document in which Required Lenders have
already consented to such amendment, waiver or modification but the consent of each Lender (or each Lender directly affected thereby, as applicable) is required with respect thereto, the Borrower may, at its option, notify Agent and such Affected
Lender (or such non-consenting Lender) of the Borrower’s intention to obtain, at the Borrower’s expense, a replacement Lender (“Replacement Lender”) for such Affected Lender (or such
non-consenting Lender), which Replacement Lender shall be reasonably satisfactory to Agent. In the event the Borrower obtains a Replacement Lender within forty-five (45) days following notice of its
intention to do so, the Affected Lender (or such non-consenting Lender) shall sell and assign its Loans and Revolving Loan Commitment to such Replacement Lender, at par, provided that the Borrower has
reimbursed such Affected Lender for its increased costs for which it is entitled to reimbursement under this Agreement through the date of such sale and assignment. In the event that a replaced Lender does not execute an Assignment pursuant to
Section 8.9 within five (5) Business Days after receipt by such replaced Lender of notice of replacement pursuant to this Section 8.22 and presentation to such replaced Lender of an Assignment evidencing an assignment
pursuant to this Section 9.22, the Borrower shall be entitled (but not obligated) to execute such an Assignment on behalf of such replaced Lender, and any such Assignment so executed by the Borrower, the Replacement Lender and Agent,
shall be effective for purposes of this Section 8.22 and Section 8.9. Notwithstanding the foregoing, with respect to a Lender that is a Non-Funding Lender or an Impacted Lender, Agent
may, but shall not be obligated to, obtain a Replacement Lender and execute an Assignment on behalf of such Non-Funding Lender or Impacted Lender at any time with three (3) Business Days’ prior
notice to such Lender (unless notice is not practicable under the circumstances) and cause such Lender’s Loans and Commitments to be sold and assigned, in whole or in part, at par. Upon any such assignment and payment and compliance with the
other provisions of Section 8.9, such replaced Lender shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such replaced Lender to indemnification hereunder shall survive. 

8.23 Joint and Several. The obligations of the Credit Parties hereunder and under the other Loan Documents are joint and several. 

8.24 Creditor-Debtor Relationship. The relationship between Agent, each Lender and the L/C Issuer, on the one hand, and the Credit
Parties, on the other hand, is solely that of creditor and debtor. No Secured Party has any fiduciary relationship or duty to any Credit Party arising out of or in connection with, and there is no agency, tenancy or joint venture relationship
between the Secured Parties and the Credit Parties by virtue of, any Loan Document or any transaction contemplated therein. 

  
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 8.25 Actions in Concert. Notwithstanding anything contained herein to the contrary, each
Lender hereby agrees with each other Lender that no Lender shall take any action to protect or enforce its rights against any Credit Party arising out of this Agreement or any other Loan Document (including exercising any rights of setoff) without
first obtaining the prior written consent of Agent or Required Lenders, it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and the other Loan Documents shall be taken in concert and at the direction
or with the consent of Agent or Required Lenders. 
 8.26 Keepwell. Each Qualified ECP Guarantor hereby jointly and severally
absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be needed from time to time by each other Credit Party to honor all of its obligations under the Guaranty and Security Agreement in respect of Swap
Obligations under any Secured Rate Contract (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 9.26 for the maximum amount of such liability that can be hereby incurred without rendering its
obligations under this Section 8.26, or otherwise under the Guaranty and Security Agreement, voidable under applicable Requirements of Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The
obligations of each Qualified ECP Guarantor under this Section 8.26 shall remain in full force and effect until the guarantees in respect of Swap Obligations under each Secured Rate Contract have been discharged, or otherwise released or
terminated in accordance with the terms of this Agreement. Each Qualified ECP Guarantor intends that this Section 8.26 constitute, and this Section 8.26 shall be deemed to constitute, a “keepwell, support, or other
agreement” for the benefit of each other Credit Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 

ARTICLE IX. 
 TAXES,
YIELD PROTECTION AND ILLEGALITY 
 9.1 Taxes. 

(a) Except as required by a Requirement of Law, each payment by any Credit Party under any Loan Document shall be made free and clear of all
present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax, penalties or other
Liabilities) with respect thereto (collectively, “Taxes”). 
 (b) If any Taxes shall be required by any Requirement of Law
to be deducted from or in respect of any amount payable under any Loan Document to any Secured Party (i) if such Tax is an Indemnified Tax, such amount payable shall be increased as necessary to ensure that, after all required deductions for
Indemnified Taxes are made (including deductions applicable to any increases to any amount under this Section 9.1), such Secured Party receives the amount it would have received had no such deductions been made, (ii) the relevant
Credit Party shall make such deductions, (iii) the relevant Credit Party shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Requirements of Law and (iv) within thirty
(30) days after such payment is made, the relevant Credit Party shall deliver to Agent an original or certified copy of a receipt evidencing such payment or other evidence of payment reasonably satisfactory to Agent. 

  
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 (c) In addition, the Borrower agrees to pay, and authorize Agent to pay in their name, any stamp,
documentary, excise or property Tax, charges or similar levies imposed by any applicable Requirement of Law or Governmental Authority and all Liabilities with respect thereto (including by reason of any delay in payment thereof), in each case
arising from the execution, delivery or registration of, or otherwise with respect to, any Loan Document or any transaction contemplated therein (collectively, “Other Taxes”). The Swingline Lender may, without any need for notice,
demand or consent from the Borrower, by making funds available to Agent in the amount equal to any such payment, make a Swing Loan to the Borrower in such amount, the proceeds of which shall be used by Agent in whole to make such payment. Within
thirty (30) days after the date of any payment of Other Taxes by any Credit Party, the Borrower shall furnish to Agent, at its address referred to in Section 8.2, the original or a certified copy of a receipt evidencing payment
thereof or other evidence of payment reasonably satisfactory to Agent. 
 (d) The Credit Parties hereby acknowledge and agree that
(i) neither Wells Fargo nor any Affiliate of Wells Fargo has provided any Tax advice to any Tax Affiliate in connection with the transactions contemplated hereby or any other matters and (ii) the Credit Parties have received appropriate
Tax advice to the extent necessary to confirm that the structure of any transaction contemplated by the Credit Parties in connection with this Agreement complies in all material respects with applicable federal, state and foreign Tax laws. 

(e) The Borrower shall reimburse and indemnify, within thirty (30) days after receipt of demand therefor (with copy to Agent), each
Secured Party for all Indemnified Taxes (including any Indemnified Taxes imposed by any jurisdiction on amounts payable under this Section 9.1) paid or payable by such Secured Party and any Liabilities arising therefrom or with respect
thereto, whether or not such Indemnified Taxes were correctly or legally asserted. A certificate of the Secured Party (or of Agent on behalf of such Secured Party) claiming any compensation under this Section 9.1, setting forth the
amounts to be paid thereunder and delivered to the Borrower with copy to Agent, shall be conclusive, binding and final for all purposes, absent manifest error. In determining such amount, Agent and such Secured Party may use any reasonable averaging
and attribution methods. 
 (f) Any Lender claiming any additional amounts payable pursuant to this Section 9.1 shall use its
reasonable efforts (consistent with its internal policies and Requirements of Law) to change the jurisdiction of its Lending Office if such a change would reduce any such additional amounts (or any similar amount that may thereafter accrue) and
would not, in the sole determination of such Lender, be otherwise disadvantageous to such Lender. 
 (g) (i) Each Non-U.S. Lender Party that, at any of the following times, is entitled to an exemption from United States withholding Tax or, after a change in any Requirement of Law, is subject to such withholding Tax at a reduced
rate under an applicable Tax treaty, shall (w) on or prior to the date such Non-U.S. Lender Party becomes a “Non-U.S. Lender Party” hereunder, (x) on
or prior to the date on which any such form or certification expires or becomes obsolete, (y) after the occurrence of any event requiring a change in the most recent form or certification previously delivered by it pursuant to this clause
(i) and (z) from time to time if requested by the Borrower or Agent (or, in the case of a participant or SPV, the relevant Lender), provide Agent and the Borrower (or, in the case of a participant or SPV, the relevant Lender) with two
completed originals of one of the following, as applicable: (A) Forms 

  
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W-8ECI (claiming exemption from U.S. withholding Tax because the income is effectively connected with a U.S. trade or business), W-8BEN (claiming exemption from, or a reduction of, U.S. withholding Tax under an income Tax treaty) and/or W-8IMY (together with appropriate forms, certifications and
supporting statements) or any successor forms, (B) in the case of a Non-U.S. Lender Party claiming exemption under Sections 871(h) or 881(c) of the Code, Form
W-8BEN (claiming exemption from U.S. withholding Tax under the portfolio interest exemption) or any successor form and a certificate in form and substance acceptable to Agent that such Non-U.S. Lender Party is not (1) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (2) a “10 percent shareholder” of the Borrower within the meaning of Section
881(c)(3)(B) of the Code or (3) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code or (C) any other applicable document prescribed by the IRS certifying as to the entitlement of such Non-U.S. Lender Party to such exemption from United States withholding Tax or reduced rate with respect to all payments to be made to such Non-U.S. Lender Party under the Loan
Documents. Unless the Borrower and Agent have received forms or other documents satisfactory to them indicating that payments under any Loan Document to or for a Non-U.S. Lender Party are not subject to United
States withholding Tax or are subject to such Tax at a rate reduced by an applicable Tax treaty, the Credit Parties and Agent shall withhold amounts required to be withheld by applicable Requirements of Law from such payments at the applicable
statutory rate. 
 (ii) Each U.S. Lender Party shall (A) on or prior to the date such U.S. Lender Party becomes a “U.S. Lender
Party” hereunder, (B) on or prior to the date on which any such form or certification expires or becomes obsolete, (C) after the occurrence of any event requiring a change in the most recent form or certification previously delivered
by it pursuant to this clause (g) and (D) from time to time if requested by the Borrower or Agent (or, in the case of a participant or SPV, the relevant Lender), provide Agent and the Borrower (or, in the case of a participant or SPV,
the relevant Lender) with two completed originals of Form W-9 (certifying that such U.S. Lender Party is entitled to an exemption from U.S. backup withholding Tax) or any successor form. 

(iii) Each Lender having sold a participation in any of its Obligations or identified an SPV as such to Agent shall collect from such
participant or SPV the documents described in this clause (g) and provide them to Agent. 
 (iv) If a payment made to a Non-U.S. Lender Party would be subject to United States federal withholding Tax imposed by FATCA if such Non-U.S. Lender Party fails to comply with the applicable reporting
requirements of FATCA, such Non-U.S. Lender Party shall deliver to Agent and Borrower any documentation under any Requirement of Law or reasonably requested by Agent or Borrower sufficient for Agent or
Borrower to comply with their obligations under FATCA and to determine that such Non-U.S. Lender has complied with its obligations under FATCA or to determine the amount to deduct and withhold from such
payment. Solely for the purposes of this clause (iv), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(h) If any Secured Party determines, in its sole discretion exercised in good faith, that it has received a refund of any Indemnified Taxes as
to which it has been indemnified pursuant to this Section 9.1 (including by the payment of additional amounts pursuant to Section 9.1(b)), it shall pay to the relevant Credit Party an amount equal to such refund (but only to the
extent of indemnity payments made under this Section 9.1 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including
Taxes) of such Secured Party and without interest (other than any interest paid by the relevant Governmental Authority with 

  
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respect to such refund). Such Credit Party, upon the request of such Secured Party, shall repay to such Secured Party the amount paid over pursuant to this Section 9.1(h) (plus any
penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such Secured Party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section
9.1(h), in no event shall the Secured Party be required to pay any amount to a Credit Party pursuant to this Section 9.1(h) the payment of which would place the Secured Party in a less favorable net
after-Tax position than the Secured Party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This Section 9.1(h) shall not be construed to require any Secured Party to make available its Tax returns (or any other information relating to its Taxes that it
deems confidential) to the Credit Party or any other Person. 
 9.2 Illegality. If after the date hereof any Lender shall determine
that the introduction of any Requirement of Law, or any change in any Requirement of Law or in the interpretation or administration thereof, has made it unlawful, or that any central bank or other Governmental Authority has asserted that it is
unlawful, for any Lender or its Lending Office to make LIBOR Rate Loans, then, on notice thereof by such Lender to the Borrower through Agent, the obligation of that Lender to make LIBOR Rate Loans shall be suspended until such Lender shall have
notified Agent and the Borrower that the circumstances giving rise to such determination no longer exists. 
 (a) Subject to clause
(c) below, if any Lender shall determine that it is unlawful to maintain any LIBOR Rate Loan, the Borrower shall prepay in full all LIBOR Rate Loans of such Lender then outstanding, together with interest accrued thereon, either on the last
day of the Interest Period thereof if such Lender may lawfully continue to maintain such LIBOR Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Rate Loans, together with any amounts required to
be paid in connection therewith pursuant to Section 9.4. 
 (b) If the obligation of any Lender to make or maintain LIBOR Rate
Loans has been terminated, the Borrower may elect, by giving notice to such Lender through Agent that all Loans which would otherwise be made by any such Lender as LIBOR Rate Loans shall be instead Base Rate Loans. 

(c) Before giving any notice to Agent pursuant to this Section 9.2, the affected Lender shall designate a different Lending Office
with respect to its LIBOR Rate Loans if such designation will avoid the need for giving such notice or making such demand and will not, in the judgment of the Lender, be illegal or otherwise disadvantageous to the Lender. 

9.3 Increased Costs and Reduction of Return. 

(a) If any Lender or L/C Issuer shall determine that, due to either (i) the introduction of, or any change in, or in the interpretation
of, any Requirement of Law or (ii) the compliance with any guideline or request from any central bank or other Governmental Authority (whether or not having the force of law), in the case of either clause (i) or (ii)
subsequent to the date hereof, (x) there shall be any increase in the cost to such Lender or L/C Issuer of agreeing to make or making, funding or maintaining any LIBOR Rate Loans or of Issuing or maintaining any Letter of Credit or (y) the
Lender or L/C Issuer shall be subject to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of 

  
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Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto, then the Borrower shall be liable for, and shall from time to time, within thirty (30) days of demand therefor by such Lender or L/C Issuer (with a copy of such demand to Agent), pay to Agent for the account of such Lender
or L/C Issuer, additional amounts as are sufficient to compensate such Lender or L/C Issuer for such increased costs or such Taxes; provided, that the Borrower shall not be required to compensate any Lender or L/C Issuer pursuant to this Section
9.3(a) for any increased costs incurred more than 180 days prior to the date that such Lender or L/C Issuer notifies the Borrower, in writing of the increased costs and of such Lender’s or L/C Issuer’s intention to claim compensation
thereof; provided, further, that if the circumstance giving rise to such increased costs is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect
thereof. 
 (b) If any Lender or L/C Issuer shall have determined that: 

(i) the introduction of any Capital Adequacy Regulation; 

(ii) any change in any Capital Adequacy Regulation; 

(iii) any change in the interpretation or administration of any Capital Adequacy Regulation by any central bank or other Governmental
Authority charged with the interpretation or administration thereof; or 
 (iv) compliance by such Lender or L/C Issuer (or its Lending
Office) or any entity controlling the Lender or L/C Issuer, with any Capital Adequacy Regulation; 
 affects the amount of capital required or expected to
be maintained by such Lender or L/C Issuer or any entity controlling such Lender or L/C Issuer and (taking into consideration such Lender’s or such entities’ policies with respect to capital adequacy and such Lender’s or L/C
Issuer’s desired return on capital) determines that the amount of such capital is increased as a consequence of its Revolving Loan Commitment, loans, credits or obligations under this Agreement, then, within thirty (30) days of demand of
such Lender or L/C Issuer (with a copy to Agent), the Borrower shall pay to such Lender or L/C Issuer, from time to time as specified by such Lender or L/C Issuer, additional amounts sufficient to compensate such Lender or L/C Issuer (or the entity
controlling the Lender or L/C Issuer) for such increase; provided, that the Borrower shall not be required to compensate any Lender or L/C Issuer pursuant to this Section 9.3(b) for any amounts incurred more than 180 days prior to the date
that such Lender or L/C Issuer notifies the Borrower, in writing of the amounts and of such Lender’s or L/C Issuer’s intention to claim compensation thereof; provided, further, that if the event giving rise to such increase is retroactive,
then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

(c) Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,
rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any
successor or similar authority) or the United States of America or foreign regulatory authorities, in each case in respect of this clause (ii) pursuant to Basel III, shall, in each case, be deemed to be a change in a Requirement of Law under
Section 9.3(a) above and/or a change in Capital Adequacy Regulation under Section 9.3(b) above, as applicable, regardless of the date enacted, adopted or issued. 

  
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 9.4 Funding Losses. The Borrower agrees to reimburse each Lender and to hold each Lender
harmless from any loss or expense which such Lender may sustain or incur as a consequence of: 
 (a) the failure of the Borrower to make any
payment or mandatory prepayment of principal of any LIBOR Rate Loan (including payments made after any acceleration thereof); 
 (b) the
failure of the Borrower to borrow, continue or convert a Loan after it has given (or is deemed to have given) a Notice of Borrowing or a Notice of Conversion/Continuation; 

(c) the failure of the Borrower to make any prepayment after it has given a notice in accordance with Section 1.7; 

(d) the prepayment (including pursuant to Section 1.7 or any required assignment under Section 8.22) of a LIBOR Rate
Loan on a day which is not the last day of the Interest Period with respect thereto; or 
 (e) the conversion pursuant to
Section 1.6 of any LIBOR Rate Loan to a Base Rate Loan on a day that is not the last day of the applicable Interest Period; 
 including any
such loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain its LIBOR Rate Loans hereunder or from fees payable to terminate the deposits from which such funds were obtained; provided that, with respect to
the expenses described in clauses (d) and (e) above, such Lender shall have notified Agent of any such expense within two (2) Business Days of the date on which such expense was incurred. Solely for purposes of calculating
amounts payable by the Borrower to the Lenders under this Section 9.4 and under Section 9.3(a): each LIBOR Rate Loan made by a Lender (and each related reserve, special deposit or similar requirement) shall be conclusively deemed to
have been funded at the LIBOR used in determining the interest rate for such LIBOR Rate Loan by a matching deposit or other borrowing in the interbank Eurodollar market for a comparable amount and for a comparable period, whether or not such LIBOR
Rate Loan is in fact so funded. 
 9.5 Inability to Determine Rates. If Agent shall have determined in good faith that for any reason
adequate and reasonable means do not exist for ascertaining the LIBOR for any requested Interest Period with respect to a proposed LIBOR Rate Loan or that the LIBOR applicable pursuant to Section 1.3(a) for any requested Interest Period with
respect to a proposed LIBOR Rate Loan does not adequately and fairly reflect the cost to the Lenders of funding or maintaining such Loan, Agent will forthwith give notice of such determination to the Borrower and each Lender. Thereafter, the
obligation of the Lenders to make or maintain LIBOR Rate Loans hereunder shall be suspended until Agent revokes such notice in writing. Upon receipt of such notice, the Borrower may revoke any Notice of Borrowing or Notice of Conversion/Continuation
then submitted by it. If the Borrower does not revoke such notice, the Lenders shall make, convert or continue the Loans, as proposed by the Borrower, in the amount specified in the applicable notice submitted by the Borrower, but such Loans shall
be made, converted or continued as Base Rate Loans. 

  
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 9.6 Reserves on LIBOR Rate Loans. The Borrower shall pay to each Lender, as long as such
Lender shall be required under regulations of the Federal Reserve Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”),
additional costs on the unpaid principal amount of each LIBOR Rate Loan equal to actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive absent manifest
error), payable on each date on which interest is payable on such Loan provided the Borrower shall have received at least fifteen (15) days’ prior written notice (with a copy to Agent) of such additional interest from the Lender. If a
Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such additional interest shall be payable fifteen (15) days from receipt of such notice. 

9.7 Certificates of Lenders. Any Lender claiming reimbursement or compensation pursuant to this Article X shall deliver to the
Borrower (with a copy to Agent) a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such certificate shall be conclusive and binding on the Borrower in the absence of manifest error. 

ARTICLE X. 
 DEFINITIONS

 10.1 Defined Terms. The following terms are defined in the Sections or Sections referenced opposite such terms: 

 

			
	“Affected Lender”	  	8.22
	“Agent Report”	  	7.5(c)
	“Aggregate Excess Funding Amount”	  	1.10(e)
	“Agreement”	  	Preamble
	“Applicable Tax”	  	5.10(e)
	“Assignment”	  	8.9(c)
	“Borrower”	  	Preamble
	“Borrower Materials”	  	8.10(e)
	“Compliance Certificate”	  	4.2(b)
	“EBITDA”	  	Exhibit 4.2(b)
	“Eligible Accounts”	  	1.11
	“Eligible Assignee”	  	8.9
	“Eligible Inventory”	  	1.12
	“Event of Default”	  	6.1
	“Fee Letter”	  	1.8(a)
	“Fixed Charges”	  	Exhibit 4.2(b)
	“Fixed Charge Coverage Ratio”	  	Exhibit 4.2(b)
	“Holdings”	  	Recitals
	“Incremental Effective Date”	  	1.1(d)(i)
	“Incremental Revolving Loan”	  	1.1(d)(i)
	“Incremental Revolving Loan Commitment”	  	1.1(d)(i)
	“Indemnified Matters”	  	8.6
	“Indemnitees”	  	8.6
	“Investments”	  	5.4
	“L/C Reimbursement Agreement”	  	1.1(b)
	“L/C Reimbursement Date”	  	1.1(b)
	“L/C Request”	  	1.1(b)
	“L/C Sublimit”	  	1.1(b)

  
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	“Lender”	  	Preamble
	“Letter of Credit Fee”	  	1.8(c)
	“Maximum Revolving Loan Balance”	  	1.1(a)
	“Maximum Lawful Rate”	  	1.3(d)
	“MNPI”	  	8.10(a)
	“Mortgage Policy”	  	4.13(c)(iv)
	“Mortgage Supporting Documentation”	  	4.13(c)
	“Mortgaged Property”	  	4.13(c)
	“Notice of Conversion/Continuation”	  	1.6(a)
	“OFAC”	  	3.28
	“Other Taxes”	  	10.1(c)
	“Overadvance”	  	1.1(a)
	“Participant Register”	  	8.9(h)
	“Permitted Liens”	  	5.1
	“Register”	  	1.4(b)
	“Restricted Payments”	  	5.10
	“Replacement Lender”	  	8.22
	“Revolving Loan”	  	1.1(a)
	“Revolving Loan Commitment”	  	1.1(a)
	“Sale”	  	8.9(b)
	“SDN List”	  	3.27
	“Settlement Date”	  	1.10(b)
	“Swing Loan”	  	1.1(c)
	“Swingline Request”	  	1.1(c)
	“Tax Distributions”	  	5.10(e)
	“Tax Returns”	  	3.10
	“Taxes”	  	9.1(a)
	“Title Policy”	  	4.13(c)(i)
	“Unfinanced Capital Expenditures”	  	Exhibit 4.2(b)
	“Unused Commitment Fee”	  	1.8(b)
	“Wells Fargo”	  	Preamble

 In addition to the terms defined elsewhere in this Agreement, the following terms have the following meanings:

 “AB Receivables” means, collectively, Accounts for which the related Account Debtor is Anheuser-Busch and/or its
Affiliates; provided that, solely for purposes of Sections 5.1(r), 5.2(f) and 5.3, “AB Receivables” shall include related assets that are customarily transferred in or in respect of which security interests are
customarily granted in connection with asset securitization transactions or factoring transactions involving accounts receivable. 

“AB Qualified Receivables Financing” means any AB Receivables Financing that meets the following conditions: (a) the
Borrower shall have determined in good faith that such AB Receivables Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to the Borrower or, as the case may
be, the Subsidiary in question; (b) all sales of AB Receivables are made at fair market value; (c) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the
Borrower) and may include AB Standard Undertakings, (d) if requested by Agent, the lender or purchaser in connection with such AB Qualified Receivables Financing shall have entered into an intercreditor agreement with Agent, in form and
substance reasonably acceptable to Agent, relating to payments received in respect of 

  
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AB Receivables and (e) payments received in respect of AB Receivables that constitute Collateral shall be deposited in accounts and otherwise handled in a manner reasonably acceptable to
Agent. 
 “AB Receivables” means, collectively, Accounts for which the related Account Debtor is Anheuser-Busch and/or its
Affiliates (other than Envases y Tapas Modelo, S. de R.L. de C.V.). 
 “AB Receivables Financing” means any transaction or
series of transactions that may be entered into by any of Holdings or its Subsidiaries pursuant to which Holdings or such Subsidiary may sell, convey or otherwise transfer to any other Person, or may grant a security interest in, any AB Receivables
(whether now existing or arising in the future) of such Subsidiary, including, without limitation, all collateral securing such AB Receivables, all contracts and all guarantees or other obligations in respect of such AB Receivables, proceeds of such
AB Receivables and other assets, in each case, which are customarily transferred in or in respect of which security interests are customarily granted in connection with asset securitization transactions or factoring transactions involving accounts
receivable. 
 “AB Receivables Financing Effective Date” means the effective date of an AB Qualified Receivables Financing,
pursuant to which the Credit Parties shall have sold, conveyed, or otherwise transferred all existing AB Receivables of the Credit Parties that are (i) not scheduled to be paid within ten (10) days following the invoice date therefor and
(ii) permitted to be included in such AB Qualified Receivables Financing pursuant to the terms thereof to one or more AB Receivables Subsidiaries and/or any other Person on terms and conditions reasonably acceptable to Agent (including
providing prior written notice to Agent of the effectiveness thereof and, if requested by Agent, requiring any lender or purchaser in connection with such AB Qualified Receivables Financing to enter into an intercreditor agreement with Agent
relating to payments received in respect of AB Receivables). 
 “AB Receivables Subsidiary” means a Wholly Owned Subsidiary
of Holdings (or another Person formed for the purposes of engaging in AB Qualified Receivables Financing with the Borrower in which Holdings or any Subsidiary of Holdings makes an Investment and to which Holdings or any Subsidiary of Holdings
transfers AB Receivables) which engages in no activities other than in connection with the financing or sale of AB Receivables of Holdings and its Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets
relating thereto, and any business or activities incidental or related to such business, and which is designated by the Borrower as an AB Receivables Subsidiary and: 

(a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by
Holdings or any other Subsidiary of Holdings (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to AB Standard Undertakings), (ii) is recourse to or obligates Holdings or any other Subsidiary of
Holdings in any way other than pursuant to AB Standard Undertakings, or (iii) subjects any property or asset of Holdings or any other Subsidiary of Holdings, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other
than pursuant to AB Standard Undertakings; 
 (b) with which neither Holdings nor any other Subsidiary of Holdings has any
material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to be no less favorable to Holdings or such Subsidiary than those that might be obtained at the time from Persons that are not
Affiliates of the Borrower; and 
 (c) to which neither Holdings nor any other Subsidiary of Holdings has any obligation to
maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 

  
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 “AB Standard Undertakings” means representations, warranties, covenants,
indemnities and guarantees of performance entered into by Holdings or any Subsidiary of Holdings that are determined by Holdings in good faith to be customary for an AB Receivables Financing, including, without limitation, those relating to the
servicing of assets of a Subsidiary. 
 “ABL Priority Collateral” has the
meaning given to such term in the Intercreditor Agreement. 
 “Account” means, as at any date of determination, all
“accounts” (as such term is defined in the UCC) of the Credit Parties, including, without limitation, the unpaid portion of the obligation of a customer of a Credit Party in respect of Inventory purchased by and shipped to such customer
and/or the rendition of services by a Credit Party, as stated on the respective invoice of a Credit Party, net of any credits, rebates or offsets owed to such customer. 

“Account Debtor” means the customer of a Credit Party who is obligated on or under an Account. 

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting, directly or
indirectly, in (a) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of fifty percent (50%) of the Stock and Stock Equivalents of any Person
or otherwise causing any Person to become a Subsidiary of the Borrower, or (c) a merger or consolidation or any other combination with another Person. 

“Advance Agreement” means the Advance Extension Agreement, dated as of August 21, 2012, between the Borrower and Rexam,
as amended by the Amendment to Advance Extension Agreement dated as of December 11, 2013 and as may be further amended, restated, supplemented, otherwise modified, extended, renewed, replaced from time to time in accordance with the terms of
this Agreement and the Intercreditor Agreement. 
 “AEMS” means Alabama Electric
Motor Services, LLC, a Delaware limited liability company. 
 “Affiliate” means, with respect to any Person, each
officer, director, general partner or joint-venturer of such Person and any other Person that directly or indirectly controls, is controlled by, or is under common control with, such Person; provided, however, that no Secured Party shall be an
Affiliate of any Credit Party or of any Subsidiary of any Credit Party solely by reason of the provisions of the Loan Documents. For purposes of this definition, “control” means the possession of either (a) the power to vote, or the
beneficial ownership of, 10% or more of the voting Stock of such Person (either directly or through the ownership of Stock Equivalents) or (b) the power to direct or cause the direction of the management and policies of such Person, whether
through the ownership of voting securities, by contract or otherwise. 

  
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 “Agent” means Wells Fargo in its capacity as administrative agent for the
Lenders hereunder, and any successor administrative agent. 
 “Aggregate Revolving Loan Commitment” means the combined
Revolving Loan Commitments of the Lenders, which shall be (a) prior to the Commitment Step-Down Date, (x) $400,000,000 from and including December 8, 2014 through but excluding March 6, 2015 and (i) $320,000,000 from and including
March 6, 2015 through but excluding April 1, 2015 and, (b) on and after the Commitment Step-Down Date,
$200,000,000 and (c) on and after the Amendment No. 7 Effective Date, $[            ]1, in each case, as such amount may be reduced from time to time pursuant to this Agreement or increased as a result of Incremental Revolving Loan Commitments. 

“Amendment No. 4 Effective Date” means December 23, 2014. 

“Amendment No. 7” means the Amendment No. 7 to this Agreement,
dated as of February [2], 2017, by and among the Borrower, the other Credit Parties signatory thereto, the Administrative Agent and the Lenders signatory thereto. 

“Amendment No. 7 Effective Date” means the date on which all conditions
set forth in Section [3] of Amendment No. 7 shall have been satisfied. 
 “Anheuser-Busch” means Anheuser-Busch,
LLC and its successors and assigns. 
 “Anheuser Busch Agreement” means the Aluminum Can Sheet Supply Agreement, dated as
of October 1, 2012, between the Borrower and Anheuser-Busch, as amended, restated, supplemented or otherwise modified, renewed or replaced from time to time. 

“Applicable Accounting Standards” means (i) when used with reference to
any date on or after the Amendment Effective Date, or any fiscal or calendar period ending on or after March 31, 2017, IFRS, and (ii) when used with reference to any other date or fiscal period, GAAP. 

“Applicable Margin” means: 

(a) for the period commencing on the Closing Date until Agent’s receipt of the first Borrowing Base Certificate after completion of the
first full Fiscal Quarter following the Closing Date: (i) with respect to Base Rate Loans, one percent (1%) per annum and (ii) with respect to LIBOR Rate Loans, two percent (2%) per annum; and 

(b) thereafter, the Applicable Margin shall equal the applicable LIBOR margin or Base Rate margin in effect from time to time determined as
set forth below based upon the Average Excess Availability for the immediately preceding Fiscal Quarter pursuant to the appropriate column under the table below: 
  

									
	 Average Excess Availability
	  	LIBOR Margin	 	 	Base Rate Margin	 
			
	 Less than or equal to $40,000,000
	  	 	2.25	% 	 	 	1.25	% 
	 Greater than $ 40,000,000 but less than or equal to $70,000,000
	  	 	2.00	% 	 	 	1.00	% 
	 Greater than $ 70,000,000
	  	 	1.75	% 	 	 	0.75	% 

  

1 TBD as a result of Regions’ exit. 

  
 95 

 The Applicable Margin shall be adjusted from time to time upon delivery to Agent of the Borrowing Base
Certificate for the last calendar month or, at any time required to be delivered weekly, the last calendar week of the most recently-ended Fiscal Quarter, accompanied by a written calculation of the Average Excess Availability for the such
Fiscal Quarter certified by a Responsible Officer of the Borrower. If such calculation indicates that the Applicable Margin shall increase or decrease, then, on the first day of the first calendar month after the date of delivery of such Borrowing
Base Certificate and written calculation, the Applicable Margin shall be adjusted in accordance therewith; provided, however, that if (x) an Event of Default has occurred and is continuing or (y) the Borrower shall fail to
deliver a Borrowing Base Certificate for the last calendar month or week, as applicable, of any Fiscal Quarter by the date required pursuant to Section 4.2, then, at Agent’s election, effective as of the date of which the applicable
Event of Default occurs or as of the first day of the calendar month following the end of applicable Fiscal Quarter, as the case may be, and continuing through the date, if any, on which such Event of Default ceases to exist or the first date of the
calendar month following the date on which the Borrowing Base Certificate and such written calculation for the applicable calendar month or week are delivered, as the case may be, the Applicable Margin shall be conclusively presumed to equal the
highest Applicable Margin specified in the pricing table set forth above. 
 In the event that any Borrowing Base Certificate delivered pursuant to
Section 4.2 is inaccurate, and such inaccuracy, if corrected, would have led to the imposition of a higher Applicable Margin for any period than the Applicable Margin applied for that period, then (i) the Borrower shall immediately
deliver to Agent a corrected Borrowing Base Certificate for that period, (ii) the Applicable Margin shall be determined based on the corrected Borrowing Base Certificate for that period, and (iii) the Borrower shall immediately pay
to Agent (for the account of the Lenders that hold the Revolving Loan Commitments and Loans at the time such payment is received, regardless of whether those Lenders held the Revolving Loan Commitments and Loans during the relevant period) the
accrued additional interest owing as a result of such increased Applicable Margin for that period. This paragraph shall not limit the rights of Agent or the Lenders with respect to Section 1.3(c) and Article VI hereof, and shall
survive the termination of this Agreement until the payment in full in cash of the aggregate outstanding principal balance of the Loans. 

“Approved Fund” means, with respect to any Lender, any Person (other than a natural Person) that (a) (i) is or will be
engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the Ordinary Course of Business or (ii) temporarily warehouses loans for any Lender or any Person described in clause
(i) above and (b) is advised or managed by (i) such Lender, (ii) any Affiliate of such Lender or (iii) any Person (other than an individual) or any Affiliate of any Person (other than an individual) that administers or
manages such Lender. 
 “Attorney Costs” means and includes all reasonable fees and disbursements of any law firm or other
external counsel. 

  
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 “Availability” means, as of any date of determination, the amount by which
(a) the Maximum Revolving Loan Balance exceeds (b) the aggregate outstanding principal balance of Revolving Loans. 

“Average Excess Availability” means, with respect to any Fiscal Quarter, an amount equal to the average daily balance of the
average daily Availability during such Fiscal Quarter. 
 “Bank Products Obligations” of the Credit Parties means any and
all obligations of the Credit Parties, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) in connection with
Secured Bank Products. 
 “Bank Products” means each and any of the following bank services provided to any Credit Party by
any Lender or any of its Affiliates: (a) credit cards for commercial customers (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards, (c) merchant processing services,
(d) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts, e-payables, foreign currency exchange and
interstate depository network services), and (e) Lease Financing. 
 “Bankruptcy Code” means the Federal Bankruptcy
Reform Act of 1978. 
 “Base Rate” means, for any day, a rate per annum equal to the highest of (a) the rate last
quoted by The Wall Street Journal as the “Prime Rate” in the United States or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal
Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by Agent) or any similar release by the Federal
Reserve Board (as determined by Agent), (b) the sum of 0.50% per annum and the Federal Funds Rate, and (c) the sum of (x) LIBOR calculated for each such day based on an Interest Period of one month determined two (2) Business Days
prior to such day, plus (y) 1.00% per annum. Any change in the Base Rate due to a change in any of the foregoing shall be effective on the effective date of such change in the Federal Funds Rate or LIBOR for an Interest Period of one month. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Benefit Plan” means any employee benefit plan as defined in Section 3(3) of ERISA (whether governed by the laws of the
United States or otherwise) to which any Credit Party incurs or otherwise has any obligation or liability, contingent or otherwise. 

“Borrowing” means a borrowing hereunder consisting of Loans made to or for the benefit of the Borrower on the same day by the
Lenders pursuant to Article I. 
 “Borrowing Base” means, as of any date of determination by Agent, from time to
time, an amount equal to the sum at such time of: 
 (a) an amount equal to (i) 85% of the net book value of Eligible Accounts (other than
Eligible Foreign Accounts) at such time (or, in the case of Eligible Accounts as to which the related Account Debtor is (a) Coca-Cola or, prior to the AB Receivables Financing
Effective Date, Anheuser-Busch, 90% of the net book value of such Eligible Accounts at such time or (b) Constellium-UACJ ABS LLC, the lesser of (x) 85% of the net book value of such

  
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Eligible Accounts at such time and (y) $5,000,000), plus
(ii) the lesser of (x) 85% of the net book value of Eligible Foreign Accounts at such time and (y) $12,500,000, minus (iii) the Listerhill/AEMS Excess A/R Amount; plus 

(b) the lesser of (i) 75% of the net book value of Eligible Inventory at such time valued at the lower of cost or market on a first-in, first-out basis and (ii) 85% of the net book value of Eligible Inventory at such time valued at the lower of cost or market on a first-in, first-out basis, multiplied by the NOLV Factor; plus 

(b) (c) the
leastlesser of (i) 575% of the net book value of Eligible Inventory at such time valued at the
lower of cost or market on a first-in, first-out basis, and (ii)
585% of the net book value of Eligible Inventory at such time valued at the lower of cost or market on a first-in, first-out basis, multiplied by the NOLV Factor and (iii) $10,000,000, 
 in each
case, less Reserves established by Agent at such time in its Permitted Discretion. 
 “Borrowing Base Certificate”
means a certificate of the Borrower in substantially the form of Exhibit 11.1(b) hereto, duly completed as of each date and at such times required under Section 4.2(d). 

“Business Day” means any day that is not a Saturday, Sunday or a day on which banks are required or authorized to close in
New York City and, when determined in connection with notices and determinations in respect of LIBOR or any LIBOR Rate Loan or any funding, conversion, continuation, Interest Period or payment of any LIBOR Rate Loan, that is also a day on which
dealings in Dollar deposits are carried on in the London interbank market. 
 “Capital Adequacy Regulation” means any
guideline, request or directive of any central bank or other Governmental Authority, or any other law, rule or regulation, whether or not having the force of law, in each case, regarding capital adequacy of any Lender or of any corporation
controlling a Lender. 
 “Capital Lease” means, with respect to any Person, any lease of, or other arrangement conveying
the right to use, any Property by such Person as lessee that has been or should be accounted for as a capital lease on a balance sheet of such Person prepared in accordance with
GAAPthe Applicable Accounting Standards. 
 “Capital
Lease Obligations” means, at any time, with respect to any Capital Lease, any lease entered into as part of any sale leaseback transaction of any Person or any synthetic lease, the amount of all obligations of such Person that is (or that
would be, if such synthetic lease or other lease were accounted for as a Capital Lease) capitalized on a balance sheet of such Person prepared in accordance with GAAPthe
Applicable Accounting Standards. 
 “Cash Equivalents” means (a) any readily-marketable securities (i) issued
by, or directly, unconditionally and fully guarantied or insured by the United States federal government or (ii) issued by any agency of the United States federal government the obligations of which are fully backed by the full faith and credit
of the United States federal government, (b) any readily-marketable direct obligations issued by any other agency of the United States federal government, any state of the United States or any political subdivision of any such state or any
public instrumentality thereof, in each case having a rating of at least “A-1” from S&P or at least “P-1” from Moody’s, (c) any
commercial paper rated at least “A-1” by S&P or “P-1” by Moody’s and issued by any Person organized under the laws of any
state of the United States, 

  
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(d) any Dollar-denominated time deposit, insured certificate of deposit, overnight bank deposit or bankers’ acceptance issued or accepted by (i) any Lender or (ii) any commercial
bank that is (A) organized under the laws of the United States, any state thereof or the District of Columbia, (B) “adequately capitalized” (as defined in the regulations of its primary federal banking regulators) and (C) has
Tier 1 capital (as defined in such regulations) in excess of $250,000,000 and (e) shares of any United States money market fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in
clause (a), (b), (c) or (d) above with maturities as set forth in the proviso below, (ii) has net assets in excess of $500,000,000 and (iii) has obtained from either S&P or Moody’s the highest
rating obtainable for money market funds in the United States; provided, however, that the maturities of all obligations specified in any of clauses (a), (b), (c) or (d) above shall not exceed 365 days. 

“Closing Date” means December 11, 2013. 

“Coca-Cola” means Coca-Cola Bottlers’ Sales and Services Company LLC, a Delaware limited liability company, and its
successors and assigns. 
 “Coca-Cola Agreement” means the Aluminum Can Stock Tolling Agreement, dated as of
December 23, 2009, between the Borrower and Coca-Cola, as amended, restated, supplemented or otherwise modified, renewed or replaced from time to time. 

“Code” means the Internal Revenue Code of 1986. 

“Collateral” means all Property and interests in Property and proceeds thereof now owned or hereafter acquired by any Credit
Party, any of their respective Restricted Subsidiaries and any other Person who has granted a Lien to Agent, in or upon which a Lien is granted or purported to be granted or now or hereafter exists in favor of any Lender or Agent for the
benefit of Agent, Lenders and other Secured Parties, whether under this Agreement or under any other documents executed by any such Persons and delivered to Agent. 

“Collateral Documents” means, collectively, the Guaranty and Security Agreement, the Mortgages, each Control Agreement, and
all other security agreements, pledge agreements, patent and trademark security agreements, lease assignments, guaranties and other similar agreements, and all amendments, restatements, modifications or supplements thereof or thereto, by or between
any one or more of any Credit Party, any of their respective Restricted Subsidiaries or any other Person pledging or granting a lien on Collateral or guaranteeing the payment and performance of the Obligations, and any Lender or Agent for the
benefit of Agent, the Lenders and other Secured Parties now or hereafter delivered to the Lenders or Agent pursuant to or in connection with the transactions contemplated hereby, and all financing statements (or comparable documents now or hereafter
filed in accordance with the UCC or comparable law) against any such Person as debtor in favor of any Lender or Agent for the benefit of Agent, the Lenders and the other Secured Parties, as secured party, as any of the foregoing may be amended,
restated and/or modified from time to time. 
 “Commitment Percentage” means, as to any Lender, the percentage equivalent
of such Lender’s Revolving Loan Commitment divided by the Aggregate Revolving Loan Commitment; provided that following acceleration of the Loans, such term means, as to any Lender, the percentage equivalent of the principal amount of the
Loans held by such Lender, divided by the aggregate principal amount of the Loans held by all Lenders. 

  
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 “Commitment Step-Down Date” means the earlier of (i) the AB Receivables
Financing Effective Date and (ii) April 1, 2015. 
 “Connection Income Taxes” means Other Connection Taxes that
are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profit Taxes. 
 “Constellium
Acquisition” has the meaning set forth in Amendment No. 4 to this Agreement, dated as of the Amendment No. 4 Effective Date. 

“Constellium Entities” means, collectively, Parent and its Subsidiaries
other than Holdings and its Restricted Subsidiaries. 
 “Constellium
Secured Notes” means the 7.875% Senior Secured Notes due 2021 issued by Parent pursuant the Constellium Secured Notes Indenture. 

“Constellium Secured Notes Documents” means the Constellium Secured Notes
Indenture, the Constellium Secured Notes, the “Security Documents” (as defined in the Constellium Secured Notes Indenture) and all other agreements, documents and instruments
executed and/or delivered by Parent or any of its Subsidiaries in connection therewith or related thereto. 

“Constellium Secured Notes Indenture” means that certain Indenture, dated as
of March 30, 2016, among Parent, the guarantors party thereto, and Deutsche Bank Trust Company Americas, as Trustee, as amended, restated, supplemented, otherwise modified, extended, renewed, replaced from time to time in accordance with the
terms of this Agreement and the Intercreditor Agreement. 
 “Contingent Obligation” means, as to any Person, any direct
or indirect liability, contingent or otherwise, of that Person: (a) with respect to any Indebtedness, lease, dividend or other obligation of another Person if the primary purpose or intent of the Person incurring such liability, or the primary
effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole
or in part) against loss with respect thereto; (b) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (c) under any Rate Contracts;
(d) to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement; or (e) for the obligations
of another Person through any agreement to purchase, repurchase or otherwise acquire such obligation or any Property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency,
financial condition or any balance sheet item or level of income of another Person. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guarantied or otherwise supported or, if not a fixed and determined amount,
the maximum amount so guarantied or supported. 
 “Contractual Obligations” means, as to any Person, any provision of any
security (whether in the nature of Stock, Stock Equivalents or otherwise) issued by such Person or of any agreement, undertaking, contract, indenture, mortgage, deed of trust or other instrument, document or agreement (other than a Loan Document) to
which such Person is a party or by which it or any of its Property is bound or to which any of its Property is subject. 

  
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 “Control Agreement” means, with respect to any deposit account, securities
account, commodity account, securities entitlement or commodity contract, an agreement, in form and substance satisfactory to Agent, among Agent, the financial institution or other Person at which such account is maintained or with which such
entitlement or contract is carried and the Credit Party maintaining such account or owning such entitlement or contract, effective to grant “control” (within the meaning of Articles 8 and 9 under the applicable UCC) over such account to
Agent. 
 “Conversion Date” means any date on which the Borrower converts a Base Rate Loan to a LIBOR Rate Loan or a LIBOR
Rate Loan to a Base Rate Loan. 
 “Copyrights” means all rights, title and interests (and all related IP Ancillary Rights)
arising under any Requirement of Law in or relating to copyrights and all mask work, database and design rights, whether or not registered or published, all registrations and recordations thereof and all applications in connection therewith. 

“Credit Parties” means Holdings, the Borrower and each other Person (i) which executes a guaranty of the Obligations,
(ii) which grants a Lien on all or substantially all of its assets to secure payment of the Obligations and (iii) all of the Stock of which is pledged to Agent for the benefit of the Secured Parties. 

“Crown” means Crown Holdings, Inc., a Pennsylvania corporation, and its successors and assigns. 

“Default” means any event or circumstance that, with the passing of time or the giving of notice or both, would (if not cured
or otherwise remedied during such time) become an Event of Default. 
 “Disqualified Stock” means any Stock or Stock
Equivalent which, by its terms (or by the terms of any security or other Stock into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition, (a) matures or is mandatorily redeemable, pursuant to
a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is ninety-one (91) days following the final maturity
date of the Senior Notes (excluding any provisions requiring redemption upon a “change of control” or similar event; provided that such “change of control” or similar event results in the prior payment in full in cash of the
Obligations (other than contingent indemnification obligations to the extent no claim giving rise thereto has been asserted), the termination of all commitments to lend hereunder and the termination of this
Agreement)Revolving Termination Date, (b) is convertible into or exchangeable for (i) debt securities or (ii) any Stock or Stock Equivalents referred to in clause
(a) above, in each case, at any time on or prior to the date that is ninety-one (91) days following the final maturity date of the Senior
NotesRevolving Termination Date, or (c) is entitled to receive scheduled dividends or distributions in cash prior to the time that the Obligations (other than contingent
indemnification obligations to the extent no claim giving rise thereto has been asserted) are paid in full in cash. 

“Disposition” means (a) the sale, lease, conveyance or other disposition of Property, other than sales or other
dispositions expressly permitted under Sections 5.2(a), 5.2(c) and 5.2(d), and (b) the sale or transfer by Holdings or any Restricted Subsidiary of any Stock or Stock Equivalent issued by any Restricted Subsidiary and held
by such transferor Person. 

  
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 “Dollars”, “dollars” and “$” each mean the
lawful money of the United States of America. 
 “Dominion Period” means any period (i) commencing on the date on
which (x) an Event of Default has occurred and is continuing or (y) Availability as of any date is less than (A) at any time prior to the Commitment Step-Down Date, $40,000,000 and (B) on and after the Commitment Step-Down Date,
the greater of $25,000,000 and 12.5% of the Aggregate Revolving Loan Commitment and (ii) ending on the first subsequent date on which (x) no Event of Default exists and (y) Availability shall have been at least equal to (A) at
any time prior to the Commitment Step-Down Date, $40,000,000 and (B) on and after the Commitment Step-Down Date, the greater of $25,000,000 and 12.5% of the Aggregate Revolving Loan Commitment, in either case, for a period of 30 consecutive
calendar days; provided that, to the extent any Dominion Period is in effect prior to the Constellium Acquisition, such existing Dominion Period shall be deemed to have terminated immediately prior to the consummation of the Constellium
Acquisition. 
 “Electronic Transmission” means each document, instruction, authorization, file, information and any other
communication transmitted, posted or otherwise made or communicated by e-mail or E-Fax, or otherwise to or from an E-System. 

“Eligible Foreign Account” means an Account of the Borrower, Listerhill or AEMS with respect to which an
Eligible Foreign Account Debtor is the Account Debtor and that would constitute an Eligible Account but for clause (c) of Section 1.11 (without giving effect to clause (ii) thereof), so long as such Account satisfies
each of the following criteria: (i) such Account is at all times billed and payable in Dollars, (ii) all payments in respect of such Account are made by such Eligible Foreign Account Debtor to the Borrower, Listerhill or AEMS, as
applicable, in the United States or to an account located in the United States that is subject to a Control Agreement and (iii) such Account is subject to a first priority valid and perfected security interest of Agent in the United
States; provided that the Borrower, Listerhill or AEMS, as applicable, shall, promptly upon request of Agent, execute and deliver, or cause to be executed and delivered to Agent such agreements, documents and instruments as
may be required by Agent to perfect the security interest of Agent in such Account in accordance with the applicable laws of the jurisdiction of formation of such Eligible Account Debtor and take, or cause to be taken, such other and further actions
as Agent may request to enable Agent, as secured party with respect thereto, to collect such Account under the applicable laws of such jurisdiction of formation. 

“Eligible Foreign Account Debtors” means Persons designated by Agent as “Eligible Foreign Account Debtors” from
time to time in its Permitted Discretion, which Persons shall initially be (i) the foreign Affiliates of Coca-Cola, (ii) the foreign Affiliates of Rexam and (iii) the foreign Affiliates of Crown (including NAFCEL). For purposes of
clarity, Agent may from time to time in its Permitted Discretion remove such designation with respect to any Person that was previously designated as an “Eligible Foreign Account Debtor,” after which time such Person shall no longer
constitute an “Eligible Foreign Account Debtor” (unless Agent subsequently redesignates such Person as an “Eligible Foreign Account Debtor” in its Permitted Discretion). 

“Eligible In-Transit Inventory” means all raw materials and finished goods Inventory
owned by a Credit Party, which Inventory is in transit in the United States and (a) has been paid for by such Credit Party, (b) is fully insured, (c) is subject to a first priority perfected security interest in and lien upon such
goods in favor of Agent (except for any possessory lien upon such 

  
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goods in the possession of a freight carrier or shipping company securing only the freight charges for the transportation of such goods) and (d) is evidenced or deliverable pursuant to
Documents that have been delivered to Agent. 
 “Environmental Laws” means all Requirements of Law and Permits imposing
liability or standards of conduct for or relating to the regulation and protection of human health, safety, the workplace, the environment and natural resources, and including public notification requirements and environmental transfer of ownership,
notification or approval statutes. 
 “Environmental Liabilities” means all Liabilities (including costs of Remedial
Actions, natural resource damages and costs and expenses of investigation and feasibility studies, including the cost of environmental consultants and the cost of attorney’s fees) that may be imposed on, incurred by or asserted against any
Credit Party or any Restricted Subsidiary of any Credit Party as a result of, or related to, any claim, suit, action, investigation, proceeding or demand by any Person, whether based in contract, tort, implied or express warranty, strict liability,
criminal or civil statute or common law or otherwise, arising under any Environmental Law or in connection with any environmental, health or safety condition or with any Release and resulting from the ownership, lease, sublease or other operation or
occupation of property by any Credit Party or any Restricted Subsidiary of any Credit Party, whether on, prior or after the date hereof. 

“Equipment” means all “equipment,” as such term is defined in the UCC, now owned or hereafter acquired by any
Credit Party, wherever located. 
 “ERISA” means the Employee Retirement Income Security Act of 1974. 

“ERISA Affiliate” means, collectively, any Credit Party and any Person under common control or treated as a single employer
with, any Credit Party, within the meaning of Section 414(b), (c), (m) or (o) of the Code. 
 “ERISA Event” means any
of the following: (a) a reportable event described in Section 4043(b) of ERISA (or, unless the 30-day notice requirement has been duly waived under the applicable regulations, Section 4043(c) of ERISA)
with respect to a Title IV Plan; (b) the withdrawal of any ERISA Affiliate from a Title IV Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer, as defined in Section 4001(a)(2) of ERISA;
(c) the complete or partial withdrawal of any ERISA Affiliate from any Multiemployer Plan; (d) with respect to any Multiemployer Plan, the filing of a notice of reorganization, insolvency or termination (or treatment of a plan amendment as
termination) under Section 4041A of ERISA; (e) the filing of a notice of intent to terminate a Title IV Plan (or treatment of a plan amendment as termination) under Section 4041 of ERISA; (f) the institution of proceedings to
terminate a Title IV Plan or Multiemployer Plan by the PBGC; (g) the failure to make any required contribution to any Title IV Plan or Multiemployer Plan when due; (h) the imposition of a Lien under Section 412 or 430(k) of the Code
or Section 303 or 4068 of ERISA on any property (or rights to property, whether real or personal) of any ERISA Affiliate; (i) the failure of a Benefit Plan or any trust thereunder intended to qualify for tax exempt status under
Section 401 or 501 of the Code or other Requirements of Law to qualify thereunder; (j) a Title IV plan is in “at risk” status within the meaning of Code Section 430(i); (k) a Multiemployer Plan is in “endangered status”
or “critical status” within the meaning of Section 432(b) of the Code; and (l) any other event or condition that might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the
appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan or for the imposition of any material liability upon any ERISA Affiliate under Title IV of ERISA other than for PBGC premiums due but not delinquent. 

  
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 “Event of Loss” means, with respect to any Property, any of the following:
(a) any loss, destruction or damage of such Property; or (b) any condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such Property, or confiscation of such Property or the requisition of the use of
such Property. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of
the Securities and Exchange Commission promulgated thereunder. 
 “Excluded Equity Issuance” means an issuance of Stock or
Stock Equivalents (other than Disqualified Stock) by a Credit Party. 
 “Excluded Rate Contract Obligation” means, with
respect to any Guarantor, any guarantee of any Swap Obligations under a Secured Rate Contract if, and only to the extent that and for so long as, all or a portion of the guarantee of such Guarantor of, or the grant by such Guarantor of a security
interest to secure, such Swap Obligation under a Secured Rate Contract (or any guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act at the time the guarantee of such Guarantor or
the grant of such security interest becomes effective with respect to such Swap Obligation under a Secured Rate Contract. If a Swap Obligation under a Secured Rate Contract arises under a master agreement governing more than one swap, such
exclusion shall apply only to the portion of such Swap Obligation under a Secured Rate Contract that is attributable to swaps for which such guarantee or security interest is or becomes illegal. 

“Excluded Subsidiary” means (a) any Subsidiary that is a controlled foreign corporation (as defined in the Code, a
“CFC”), (b) any Subsidiary of a CFC, (c) any Subsidiary substantially all of whose assets consist (directly or indirectly through its Subsidiaries) of Stock in one or more CFCs. 

“Excluded Tax” means with respect to any Secured Party: (a) Taxes measured by net income (including branch profit Taxes)
and franchise Taxes imposed in lieu of net income Taxes, in each case (i) imposed on any Secured Party as a result of being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office
located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) withholding Taxes to the extent that the obligation to withhold amounts existed on the date that such Person
became a Secured Party under this Agreement in the capacity under which such Person makes a claim under Section 9.1(b) or designates a new Lending Office, except in each case to the extent such Person is a direct or indirect assignee (other
than pursuant to Section 8.22) of any other Secured Party that was entitled, at the time the assignment to such Person became effective, to receive additional amounts under Section 9.1(b); (c) Taxes that are directly attributable
to the failure (other than as a result of a change in any Requirement of Law) by any Secured Party to deliver the documentation required to be delivered pursuant to Section 9.1(g); and (d) any United States federal withholding Taxes
imposed under FATCA. 

  
 104 

 “Existing Letters of Credit” means those Letters of Credit issued and
outstanding as of the Closing Date and set forth on Schedule 1.1(b). 
 “Existing Revolving Credit Agreement” means
the Second Amended and Restated Loan Agreement dated as of November 16, 2010, by and among the Borrower, Holdings and certain other Subsidiaries of Holdings, the financial institutions party thereto as lenders and Wells Fargo Bank, National
Association, as administrative agent, as amended, restated, supplemented or otherwise modified prior to the Closing Date. 

“Existing Term Loan Credit Agreement” means the Credit and Security Agreement dated as of November 16, 2010, by and
among the Borrower, Holdings and certain other Subsidiaries of Holdings, The Employees’ Retirement System of Alabama, The Teachers’ Retirement System of Alabama and the other financial institutions from time to time party thereto as
lenders, as amended, restated, supplemented or otherwise modified prior to the Closing Date. 

“E-Fax” means any system used to receive or transmit faxes electronically. 

“E-Signature” means the process of attaching to or logically associating with an
Electronic Transmission an electronic symbol, encryption, digital signature or process (including the name or an abbreviation of the name of the party transmitting the Electronic Transmission) with the intent to sign, authenticate or accept such
Electronic Transmission. 
 “E-System” means any electronic system approved by
Agent, including SyndTrak®, IntraLinks® and ClearPar® and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by Agent, any of its Related Persons or any other Person, providing for
access to data protected by passcodes or other security system. 
 “Facility Termination Date” means the date on which
(A) the Revolving Loan Commitments have terminated, (B) all Loans, all L/C Reimbursement Obligations and all other Obligations under the Loan Documents, all Bank Product Obligations and all Obligations arising under Secured Rate
Contracts, that Agent has theretofore been notified in writing by the holder of such Obligation are then due and payable, have been paid in full in cash, (C) there shall have been deposited cash collateral with respect to all contingent
Obligations (or, as an alternative to cash collateral in the case of any Letter of Credit Obligation, Agent shall have received of a back-up letter of credit issued by an issuer acceptable to Agent), in
amounts (or, in the case of Letter of Credit Obligations, in an amount equal to 105% of such amount) and on terms and conditions and with parties satisfactory to Agent and each Indemnitee that is, or may be, owed such Obligations (excluding
contingent Obligations (other than L/C Reimbursement Obligations) as to which no claim has been asserted) and (D) to the extent requested by Agent, Agent and the Secured Parties shall have received liability releases from the Credit Parties
each in form and substance acceptable to Agent. 
 “FATCA” means Sections 1471, 1472, 1473 and 1474 of the Code, as of the
date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), current or future United States Treasury Regulations promulgated thereunder and published guidance with
respect thereto, and any agreements entered into pursuant to Section 1471(b)(1) of the Code. 

  
 105 

 “Federal Flood Insurance” means federally backed Flood Insurance available under
the National Flood Insurance Program to owners of real property improvements located in Special Flood Hazard Areas in a community participating in the National Flood Insurance Program. 

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to
the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as determined by Agent in a commercially reasonable manner. 

“Federal Reserve Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its
principal functions. 
 “FEMA” means the Federal Emergency Management Agency, a component of the U.S. Department of
Homeland Security that administers the National Flood Insurance Program. 
 “Final Availability Date” means the earlier of
the Revolving Termination Date and one (1) Business Day prior to the date specified in clause (a) of the definition of Revolving Termination Date. 

“FIRREA” means the Financial Institutions Reform, Recovery and Enforcement Act of 1989. 

“Fiscal Quarter” means any of the quarterly accounting periods of Holdings ending on March, June, September and December of
each year. 
 “Fiscal Year” means any of the annual accounting periods of Holdings ending on December 31 of each year.

 “Flood Insurance” means, for any Real Estate located in a Special Flood Hazard Area, Federal Flood Insurance or private
insurance reasonably satisfactory to Agent, in either case, that (a) meets the requirements set forth by FEMA in its Mandatory Purchase of Flood Insurance Guidelines, (b) shall include a deductible not to exceed $50,000 and
(c) shall have a coverage amount equal to the lesser of (i) the “replacement cost value” of the buildings and any personal property Collateral located on the Real Estate as determined under the National Flood Insurance Program or
(ii) the maximum policy limits set under the National Flood Insurance Program. 
 “GAAP” means generally accepted
accounting principles in the United States of America, as in effect from time to time, set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, in the statements and
pronouncements of the Financial Accounting Standards Board (or agencies with similar functions and comparable stature and authority within the accounting profession) that are applicable to the circumstances as of the date of determination. Subject
to Section 10.3, all references to “GAAP” shall be to GAAP applied consistently with the principles used in the preparation of the financial statements described in Section 3.11(a). 

“Governmental Authority” means any nation, sovereign or government, any state or other political subdivision thereof, any
agency, authority or instrumentality thereof and any entity or authority exercising executive, legislative, taxing, judicial, regulatory or administrative functions of or pertaining to government, including any central bank, stock exchange,
regulatory body, arbitrator, public sector entity, supra-national entity (including the European Union and the European Central Bank) and any self-regulatory organization (including the National Association of Insurance Commissioners). 

  
 106 

 “Guarantor” means Holdings,
Holdco II, each Restricted Subsidiary (other than the Borrower) and each other Person that has guaranteed any Obligations. 

“Guaranty and Security Agreement” means that certain Guaranty and Security Agreement, dated as of even date herewith, in form
and substance reasonably acceptable to Agent and the Borrower, made by the Credit Parties in favor of Agent, for the benefit of the Secured Parties, as the same may be amended, restated and/or modified from time to time. 

“Hazardous Material” means any substance, material or waste that is classified, regulated or otherwise characterized under
any Environmental Law as hazardous, toxic, a contaminant or a pollutant or by other words of similar meaning or regulatory effect, including, without limitation, petroleum or any fraction thereof, asbestos, polychlorinated biphenyls and radioactive
substances. 
 “Holdco II” means Constellium Holdco II B.V., a private limited liability company organized under the laws
of Netherlands. 
 “Holdco II Guaranty” means that certain Guaranty, dated as of the date of the consummation of the
Constellium Acquisition, by Holdco II in favor of Agent, for the benefit of the Secured Parties, as the same may be amended, restated, supplemented and/or otherwise modified from time to time. 

“IFRS” means the body of pronouncements issued by the International
Accounting Standards Board (“IASB”), including International Financial Reporting Standards and interpretations approved by the IASB, International Accounting Standards and Standing Interpretations Committee interpretations approved by the
predecessor International Accounting Standards Committee and adapted for use in the European Union. 
 “Impacted
Lender” means any Lender that fails to provide Agent, within three (3) Business Days following Agent’s written request, satisfactory assurance that such Lender will not become a Non-Funding
Lender. 
 “Indebtedness” of any Person means, without duplication: (a) all indebtedness for borrowed money;
(b) all obligations issued, undertaken or assumed as the deferred purchase price of Property or services (other than trade payables entered into in the Ordinary Course of Business); (c) the face amount of all letters of credit issued for the
account of such Person and without duplication, all drafts drawn thereunder and all reimbursement or payment obligations with respect to letters of credit, surety bonds and other similar instruments issued by such Person; (d) all obligations
evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of Property, assets or businesses; (e) all indebtedness created or arising under any conditional sale
or other title retention agreement, or incurred as financing, in either case with respect to Property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to
repossession or sale of such Property); (f) all Capital Lease Obligations; (g) the principal balance outstanding under any synthetic lease, off-balance sheet loan or similar off balance sheet financing
product; (h) all obligations of such Person, whether or not contingent, in respect of Disqualified Stock, valued at, in the case of redeemable preferred Stock, the greater of the voluntary liquidation preference and the involuntary liquidation

  
 107 

 
preference of such Stock plus accrued and unpaid dividends; (i) all indebtedness referred to in clauses (a) through (h) above secured by (or for which the holder of such
Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon or in Property (including accounts and contracts rights) owned by such Person, even though such Person has not assumed or become liable for the payment of
such indebtedness; and (j) all Contingent Obligations described in clause (a) of the definition thereof in respect of indebtedness or obligations of others of the kinds referred to in clauses (a) through (i)
above. 
 “Indemnified Tax” means (a) any Tax other than an Excluded Tax and (b) to the extent not otherwise
described in clause (a), Other Taxes. 
 “Insolvency Proceeding” means (a) any case, action or proceeding
before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment
for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors; in each case in (a) and (b) above, undertaken under
U.S. federal, state or foreign law, including the Bankruptcy Code. 
 “Intellectual Property” means all rights, title and
interests in or relating to intellectual property and industrial property arising under any Requirement of Law and all IP Ancillary Rights relating thereto, including all Copyrights, Patents, Software, Trademarks, Internet Domain Names, Trade
Secrets and IP Licenses. 
 “Intercreditor Agreement” means the Intercreditor Agreement dated as of the Closing Date, among
Agent, Wells Fargo Bank, National Association, as Noteholder Collateral Agent, and Rexam, and acknowledged and agreed to by the Credit Parties, as amended, restated, supplemented or otherwise modified from time to time. 

“Interest Payment Date” means, (a) with respect to any LIBOR Rate Loan (other than a LIBOR Rate Loan having an Interest
Period of six (6) months), the last day of each Interest Period applicable to such Loan, (b) with respect to any LIBOR Rate Loan having an Interest Period of six (6) months, the last day of each three (3) month interval and,
without duplication, the last day of such Interest Period, and (c) with respect to Base Rate Loans (including Swing Loans) the first day of each month. 

“Interest Period” means, with respect to any LIBOR Rate Loan, the period commencing on the Business Day such Loan is
disbursed or continued or on the Conversion Date on which a Base Rate Loan is converted to the LIBOR Rate Loan and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its Notice of Borrowing or Notice
of Conversion/Continuation; provided that: 
 (a) if any Interest Period pertaining to a LIBOR Rate Loan would otherwise end
on a day which is not a Business Day, that Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month, in which event such Interest
Period shall end on the immediately preceding Business Day; 
 (b) any Interest Period pertaining to a LIBOR Rate Loan that
begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of
such Interest Period; and 
 (c) no Interest Period shall extend beyond the Revolving Termination Date. 

  
 108 

 “Internet Domain Name” means all right, title and interest (and all related IP
Ancillary Rights) arising under any Requirement of Law in or relating to internet domain names. 
 “Inventory” means all of
the “inventory” (as such term is defined in the UCC) of the Borrower, including, but not limited to, all merchandise, raw materials, parts, supplies,
work-in-process and finished goods intended for sale, together with all the containers, packing, packaging, shipping and similar materials related thereto, and including
such inventory as is temporarily out of a Borrower’s custody or possession, including inventory on the premises of others and items in transit. 

“IP Ancillary Rights” means, with respect to any Intellectual Property, as applicable, all foreign counterparts to, and all
divisionals, reversions, continuations, continuations-in-part, reissues, reexaminations, renewals and extensions of, such Intellectual Property and all income,
royalties, proceeds and Liabilities at any time due or payable or asserted under or with respect to any of the foregoing or otherwise with respect to such Intellectual Property, including all rights to sue or recover at law or in equity for any
past, present or future infringement, misappropriation, dilution, violation or other impairment thereof, and, in each case, all rights to obtain any other IP Ancillary Right. 

“IP License” means all Contractual Obligations (and all related IP Ancillary Rights), whether written or oral, granting any
right, title and interest in or relating to any Intellectual Property. 
 “IRS” means the Internal Revenue Service of the
United States and any successor thereto. 
 “Issue” means, with respect to any Letter of Credit, to issue, extend the
expiration date of, renew (including by failure to object to any automatic renewal on the last day such objection is permitted), increase the face amount of, or reduce or eliminate any scheduled decrease in the face amount of, such Letter of Credit,
or to cause any Person to do any of the foregoing. The terms “Issued”, “Issuance” and “Issuer” have correlative meanings. 

“L/C Issuer” means any Lender or an Affiliate thereof or a bank or other legally authorized Person, in each case, reasonably
acceptable to Agent, in such Person’s capacity as an Issuer of Letters of Credit hereunder. 
 “L/C Reimbursement
Obligation” means, for any Letter of Credit, the obligation of the Borrower to the L/C Issuer thereof or to Agent, as and when matured, to pay all amounts drawn under such Letter of Credit. 

“Lease Financing” means (i) a lease of specific Equipment and (ii) a secured financing transaction secured by
specific Equipment, whether that transaction is called a lease or a loan, entered into by any Credit Party with any Lender or any of its Affiliates. 

  
 109 

 “Lender” means each Lender with a Revolving Loan Commitment (or if the Revolving
Loan Commitments have terminated, who hold Revolving Loans or participations in Swing Loans or Letter of Credit Obligations). 

“Lending Office” means, with respect to any Lender, the office or offices of such Lender specified as its “Lending
Office” beneath its name on the applicable signature page hereto, or such other office or offices of such Lender as it may from time to time notify the Borrower and Agent. 

“Letter of Credit” means documentary or standby letters of credit Issued for the account of the Borrower by L/C Issuers, and
bankers’ acceptances issued by the Borrower, for which Agent and Lenders have incurred Letter of Credit Obligations. Each Existing Letter of Credit shall be deemed to constitute a Letter of Credit Issued hereunder on the Closing Date for all
purposes of the Loan Documents. 
 “Letter of Credit Obligations” means all outstanding obligations incurred by Agent and
Lenders at the request of the Borrower, whether direct or indirect, contingent or otherwise, due or not due, in connection with the Issuance of Letters of Credit by L/C Issuers or the purchase of a participation as set forth in Section 1.1(b)
with respect to any Letter of Credit. The amount of such Letter of Credit Obligations shall equal the maximum amount that may be payable by Agent and Lenders thereupon or pursuant thereto. 

“Liabilities” means all claims, actions, suits, judgments, damages, losses, liability, obligations, responsibilities, fines,
penalties, sanctions, costs, fees, Taxes, commissions, charges, disbursements and expenses (including, without limitation, those incurred upon any appeal or in connection with the preparation for and/or response to any subpoena or request for
document production relating thereto), in each case of any kind or nature (including interest accrued thereon or as a result thereto and fees, charges and disbursements of financial, legal and other advisors and consultants), whether joint or
several, whether or not indirect, contingent, consequential, actual, punitive, treble or otherwise. 
 “LIBOR” means, for
each Interest Period, the greater of (a) zero percent (0.00%) and (b) the offered rate per annum for deposits of Dollars for the applicable Interest Period that appears on Reuters
Screen LIBOR 01 Page as of 11:00 A.M. (London, England time) two (2) Business Days prior to the first day in such Interest Period. If no such offered rate exists, such rate for clause
(b) of the foregoing sentence will be the rate of interest per annum, as determined by Agent at which deposits of Dollars in immediately available funds are offered at 11:00 A.M. (London, England time) two (2) Business Days prior to
the first day in such Interest Period by major financial institutions reasonably satisfactory to Agent in the London interbank market for such Interest Period for the applicable principal amount on such date of determination. 

“LIBOR Rate Loan” means a Loan that bears interest based on LIBOR. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance,
easement, lien (statutory or otherwise), security interest or other security arrangement and any other preference, priority or preferential arrangement of any kind or nature whatsoever, including those created by, arising under or evidenced by any
conditional sale contract or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing. 

  
 110 

 “Listerhill” means Listerhill Total
Maintenance Center LLC, a Delaware limited liability company. 
 “Listerhill/AEMS Excess A/R
Amount” means, as of any date of determination by Agent, an amount equal to the excess, if any, of (i) the aggregate amount contributed to the Borrowing Base pursuant to clause
(a) of the definition thereof from the Eligible Accounts of Listerhill and AEMS (without giving effect to clause (a)(iii) of the definition of “Borrowing Base”)
over (ii) $1,500,000; provided, however, that the amount specified in clause
(ii) may be increased to an amount not to exceed $5,000,000 in Agent’s sole discretion upon satisfactory completion of a collateral audit and such other due diligence with respect to Listerhill and AEMS as Agent may
determine advisable. 
 “Loan” means any loan made or deemed made by any Lender hereunder. 

“Loan Documents” means this Agreement, the Notes, the Fee Letter, the Collateral Documents, the Holdco II Guaranty, the
Intercreditor Agreement, the Master Agreement for Standby Letters of Credit, the Master Agreement for Documentary Letters of Credit and all documents delivered to Agent and/or any Lender in connection with any of the foregoing, excluding, in any
event, Secured Hedging Agreements. 
 “Margin Stock” means “margin stock” as such term is defined in Regulation
T, U or X of the Federal Reserve Board. 
 “Material Adverse Effect” means an effect that results in or causes, or could
reasonably be expected to result in or cause, a material adverse change in any of (a) the condition (financial or otherwise) or prospects of any Credit Party or business, performance, operations or Property of the Credit Parties and their
Subsidiaries taken as a whole; (b) the ability of any Credit Party, any Restricted Subsidiary of any Credit Party or any other Person (other than Agent or Lenders) to perform its obligations under any Loan Document; or (c) the validity or
enforceability of any Loan Document or the rights and remedies of Agent, the Lenders and the other Secured Parties under any Loan Document. 

“Material Contracts” means, collectively, the Anheuser-Busch Agreement, the Coca-Cola Agreement and the Rexam Supply
Agreement. 
 “Material Contracts Event” means, with respect to any Material Contract, the occurrence of any of the
following events: (a) any material default or breach by the Borrower under such Material Contract or (b) the termination of such Material Contract for any reason. For purposes of clarity, the occurrence of each material default or breach
by the Borrower under a Material Contract shall constitute a “Material Contracts Event,” regardless of whether a material default or breach under such Material Contract has already occurred and/or the circumstances giving rise to such
Material Contracts Event shall be continuing. 
 “Material Environmental Liabilities” means Environmental Liabilities
exceeding $5,000,000 in the aggregate. 
 “Metal Price Lag” means, with
respect to a Person, the financial impact of the timing difference between when aluminium prices included within revenues of such Person are established and when aluminium purchase prices
included in cost of sales are established, calculated as the average value of product recorded in inventory less the average value transferred out of inventory. 

  
 111 

 “Monthly Reporting Period”
means any period commencing on the date on which Availability is less than $40,000,000 and ending on the first subsequent date, if any, on which Availability is greater than or equal to $40,000,000 for a period of thirty (30) consecutive
days. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Mortgage” means any deed of trust, leasehold deed of trust, mortgage, leasehold mortgage, deed to secure debt, leasehold
deed to secure debt or other document creating a Lien on Real Estate or any interest in Real Estate. 
 “Multiemployer
Plan” means any multiemployer plan, as defined in Section 3(37) or 4001(a)(3) of ERISA, as to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 

“NAFCEL” means National Factory for Can Ends Ltd., a limited liability company formed under the laws of Saudi Arabia. 

“National Flood Insurance Program” means the program created by the U.S. Congress pursuant to the National Flood Insurance
Act of 1968 and the Flood Disaster Protection Act of 1973, as revised by the National Flood Insurance Reform Act of 1994, that mandates the purchase of flood insurance to cover real property improvements located in Special Flood Hazard Areas in
participating communities and provides protection to property owners through a federal insurance program. 
 “Net Issuance
Proceeds” means, in respect of any issuance of equity or incurrence of Indebtedness, cash proceeds (including cash proceeds as and when received in respect of non-cash proceeds received or receivable
in connection with such issuance), net of underwriting discounts and reasonable out-of-pocket costs and expenses paid or incurred in connection therewith in favor of any
Person not an Affiliate of the Borrower. 
 “Net Orderly Liquidation Value” means the cash proceeds of Inventory which
could be obtained in an orderly liquidation (net of all liquidation expenses, costs of sale, operating expenses and retrieval and related costs), as determined pursuant to the most recent third-party appraisal of such Inventory delivered to Agent by
an appraiser reasonably acceptable to Agent. 
 “Net Proceeds” means proceeds in cash, checks or other cash equivalent
financial instruments (including Cash Equivalents) as and when received by the Person making a Disposition, as well as insurance proceeds and condemnation and similar awards received on account of an Event of Loss, net of: (a) in the event of a
Disposition (i) the direct costs relating to such Disposition excluding amounts payable to the Borrower or any Affiliate of the Borrower, (ii) sale, use or other transaction Taxes paid or payable as a result thereof, and (iii) amounts
required to be applied to repay principal, interest and prepayment premiums and penalties on Indebtedness secured by a Lien on the asset which is the subject of such Disposition and (b) in the event of an Event of Loss, (i) so long as no
Default or Event of Default has occurred and is continuing, all money actually applied to repair or reconstruct the damaged Property or Property affected by the condemnation or taking, (ii) all of the costs and expenses reasonably incurred in
connection with the collection of such proceeds, award or other payments, and (iii) any amounts retained by or paid to parties having superior rights to such proceeds, awards or other payments. 

  
 112 

 “NOLV Factor” means, as of the date of the appraisal of Inventory most recently
received by Agent, the quotient of the Net Orderly Liquidation Value of Inventory divided by the book value of Inventory, expressed as a percentage. The NOLV Factor will be increased or reduced promptly upon receipt by Agent of each updated
appraisal. 
 “Non-Funding Lender” means any Lender that has (a) failed to
fund any payments required to be made by it under the Loan Documents within two (2) Business Days after any such payment is due (excluding expense and similar reimbursements that are subject to good faith disputes), (b) given written notice
(and Agent has not received a revocation in writing), to the Borrower, Agent, any Lender, or the L/C Issuer or has otherwise publicly announced (and Agent has not received notice of a public retraction) that such Lender believes it will fail to fund
payments or purchases of participations required to be funded by it under the Loan Documents or one or more other syndicated credit facilities, (c) failed to fund, and not cured, loans, participations, advances, or reimbursement obligations
under one or more other syndicated credit facilities, unless subject to a good faith dispute, or (d) (i) become subject to a voluntary or involuntary case under the Bankruptcy Code or any similar bankruptcy laws, (ii) a custodian,
conservator, receiver or similar official appointed for it or any substantial part of such Person’s assets, or (iii) made a general assignment for the benefit of creditors, been liquidated, or otherwise been adjudicated as, or determined
by any Governmental Authority having regulatory authority over such Person or its assets to be, insolvent or bankrupt, and for this clause (d), Agent has determined that such Lender is reasonably likely to fail to fund any payments required
to be made by it under the Loan Documents. 
 “Non-U.S. Lender Party” means each of
Agent, each Lender, each L/C Issuer, each SPV and each participant, in each case that is not a United States person as defined in Section 7701(a)(30) of the Code. 

“Note” means any Revolving Note or Swingline Note and “Notes” means all such Notes. 

“Notice of Borrowing” means a notice given by the Borrower to Agent pursuant to Section 1.5, in substantially the
form of Exhibit 1.5(a) hereto. 
 “Obligations” means (a) all Loans, and other Indebtedness, advances, debts,
liabilities, obligations, covenants and duties owing by any Credit Party to any Lender, Agent, any L/C Issuer, any Secured Swap Provider or any other Person required to be indemnified, that arises under any Loan Document or any Secured Rate
Contract, whether or not for the payment of money, whether arising by reason of an extension of credit, loan, guaranty, indemnification or in any other manner, whether direct or indirect (including those acquired by assignment), absolute or
contingent, due or to become due, now existing or hereafter arising and however acquired and (b) all Bank Product Obligations; provided, that Obligations of any Guarantor shall not include any Excluded Rate Contract Obligations solely of
such Guarantor. 
 “Ordinary Course of Business” means, in respect of any transaction involving any Person, the ordinary
course of such Person’s business, as conducted by any such Person in accordance with past practice and undertaken by such Person in good faith and not for purposes of evading any covenant or restriction in any Loan Document. 

  
 113 

 “Organization Documents” means, (a) for any corporation, the certificate or
articles of incorporation, the bylaws, any certificate of determination or instrument relating to the rights of preferred shareholders of such corporation and any shareholder rights agreement, (b) for any partnership, the partnership agreement
and, if applicable, certificate of limited partnership, (c) for any limited liability company, the operating agreement and articles or certificate of formation or (d) any other document setting forth the manner of election or duties of the
officers, directors, managers or other similar persons, or the designation, amount or relative rights, limitations and preference of the Stock of a Person. 

“Other Connection Taxes” means, with respect to any Secured Party, Taxes imposed as a result of a present or former
connection between such Secured Party and the jurisdiction imposing such Tax, other than any such connection arising solely from the Secured Party having executed, delivered, become a party to, performed its obligations or received a payment under,
received or perfected as a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document. 

“Other Debt Documents” means, collectively, the Rexam Financing Documents and the Senior Notes Documents. 

“Parent” means Constellium N.V., a public company with limited liability existing under the laws of Netherlands. 

“Patents” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law in
or relating to letters patent and applications therefor. 
 “Patriot Act” means the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, P.L. 107-56. 

“Payment Conditions” means, with respect to and after giving effect to any
proposed Payment Event, either: 
 (i) (a) Availability is
not less than the greater of (1) $20,000,000 and (2) 17.5% of the lesser of (x) the Aggregate Revolving Loan Commitment and
(y) the Borrowing Base and (b) the Fixed Charge Coverage Ratio, calculated with respect to Holdings and its Restricted Subsidiaries
on a pro forma basis (including after giving effect to any such Payment Event) for the twelve month period ending as of the last day of the most recently ended fiscal month for which financial
statements have been or were required to be delivered under Section 4.1, is not less than 1.00 to 1.00, or 

(ii) Availability is not less than the greater of (a) $30,000,000 and
(b) 25% of the lesser of (1) the Aggregate Revolving Loan Commitment and (2) the Borrowing Base. 

“Payment Event” means any Investment permitted pursuant to Section 5.4(l),
any Restricted Payment permitted pursuant to Section 5.10(g)(ii), or any prepayment of Indebtedness permitted pursuant to Section 5.19. 

“PBGC” means the United States Pension Benefit Guaranty Corporation or any successor thereto. 

  
 114 

 “Permits” means, with respect to any Person, any permit, approval,
authorization, license, registration, certificate, concession, grant, franchise, variance or permission from, and any other Contractual Obligations with, any Governmental Authority, in each case whether or not having the force of law and applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 
 “Permitted
Acquisition” means any Acquisition by (i) a Credit Party or a Restricted Subsidiary of a Credit Party of substantially all of the assets of a Target, which assets are located in the United States or (ii) a Credit Party or a
Restricted Subsidiary of a Credit Party of 100% of the Stock and Stock Equivalents of a Target organized under the laws of any State in the United States or the District of Columbia, in each case, to the extent that each of the following conditions
shall have been satisfied: 
 (a) the Borrower shall have delivered to Agent at least five (5) days prior to the consummation thereof
(or such shorter period as Agent may accept): 
 (i) (x) notice of such Acquisition setting forth in reasonable detail
the terms and conditions of such Acquisition, (y) pro forma financial statements of Holdings and its Restricted Subsidiaries after giving effect to the consummation of such Acquisition and the incurrence or assumption of any Indebtedness in
connection therewith and (z) to the extent available, a due diligence package, in each case, prior to closing of such Acquisition; 

(ii) a certificate of a Responsible Officer of the Borrower demonstrating on a pro forma basis after giving effect to the
consummation of such Acquisition that either (x) Availability as of the date of the consummation of the Acquisition will be not less than the greater of (A) $56,250,000 (or, at any time prior to the Commitment Step-Down Date, $90,000,000) and
(B) 30% of the Aggregate Revolving Commitment as of such date or (y) Availability as of the date of the consummation of the Acquisition will be not less than the greater of (A) $31,250,000 (or, at any time prior to the Commitment Step-Down
Date, $50,000,000) and (B) 15% of the Aggregate Revolving Commitment as of such date and, in the case of this clause (y), the Fixed Charge Coverage Ratio, calculated with respect to the
Holdings and to Restricted Subsidiaries on a pro forma basis for the twelve month period ending as of the last day of the most recent Fiscal Quarter preceding the date on which the Acquisition will be consummated for which financial statements
have been delivered, will be greater than 1.05 to 1.00; and 
 (iii) to the extent available, such other information
agreements, instruments and other documents as Agent reasonably shall request; 
 (b) the Borrower shall have delivered to Agent (i) as
soon as available, executed counterparts of the respective agreements, documents or instruments pursuant to which such Acquisition is to be consummated (including, without limitation, any related management,
non-compete, employment, option or other material agreements), any schedules to such agreements, documents or instruments and all other material ancillary agreements, instruments and documents to be executed
or delivered in connection therewith, (ii) to the extent required under the related acquisition agreement, all consents and approvals from applicable Governmental Authorities and other Persons and (iii) if required by Agent, environmental
assessments reasonably satisfactory to Agent; 

  
 115 

 (c) such Acquisition shall not be hostile and shall have been approved by the board of directors
(or other similar body) and/or the stockholders or other equityholders of the Target; 
 (d) without limiting the conditions set forth in
Section 2.2 if such Acquisition is being financed with the proceeds of Loans, no Default or Event of Default shall then exist or would exist after giving effect thereto or, with respect to an Acquisition being financed solely with Net
Issuance Proceeds of an Excluded Equity Issuance by Holdings, no Default or Event of Default exists as of, or would exist if such Acquisition were consummated on, the date of signing of the acquisition agreement; and 

(e) the Target has EBITDA, subject to pro forma adjustments acceptable to Agent, for the most recent four quarters prior to the acquisition
date for which financial statements are available, greater than zero. 
 Notwithstanding the foregoing, no Accounts or Inventory acquired by a Credit Party
in a Permitted Acquisition shall be included as Eligible Accounts or Eligible Inventory until a field examination (and, if required by Agent, an Inventory appraisal) with respect thereto has been completed to the satisfaction of Agent, including the
establishment of Reserves required in Agent’s Permitted Discretion; provided that field examinations and appraisals in connection with Permitted Acquisitions shall not count against the limited number of field examinations or appraisals for
which expense reimbursement may be sought. 
 “Permitted Discretion” means a determination made in good faith and in the
exercise of reasonable (from the perspective of a secured asset-based lender) business judgment. 

“Permitted Investors” means (i) David D’Addario, (ii) members of
Mr. D’Addario’s immediate family, (iii) corporations, partnerships, limited liability companies or other entities which are owned or controlled by Mr. D’Addario or members of his immediate family and (iv) trusts
created by Mr. D’Addario or members of his immediately family for the benefit of Mr. D’Addario or members of his immediately family. 

“Permitted Refinancing” means Indebtedness constituting a refinancing or extension of Indebtedness permitted under
Section 5.5(c), (d), (g) and (h), that (a) has an aggregate outstanding principal amount not greater than the aggregate principal amount of the Indebtedness being refinanced or extended, (b) has a Weighted
Average Life to Maturity (measured as of the date of such refinancing or extension) and maturity no shorter than that of the Indebtedness being refinanced or extended, (c) is not entered into as part of a sale leaseback transaction, (d) is
not secured by a Lien on any assets other than the collateral securing the Indebtedness being refinanced or extended, (e) the obligors of which are the same as the obligors of the Indebtedness being refinanced or extended, (f) is otherwise
on terms no less favorable to the Credit Parties and their Restricted Subsidiaries, taken as a whole, than those of the Indebtedness being refinanced or extended and (g) with respect to Indebtedness constituting a refinancing or extension of
Indebtedness permitted under Section 5.5(g) or 5.5(h), is permitted under the Intercreditor Agreement. 

“Person” means any individual, partnership, corporation (including a business trust and a public benefit corporation), joint
stock company, estate, association, firm, enterprise, trust, limited liability company, unincorporated association, joint venture and any other entity or Governmental Authority. 

  
 116 

 “Prior Indebtedness” means Indebtedness arising under (i) the Existing
Revolving Credit Agreement and (ii) the Existing Term Loan Credit Agreement. 
 “Prior Lender” means each of
(i) Wells Fargo Bank, National Association, as administrative agent under the Existing Revolving Credit Agreement and (ii) The Employees’ Retirement System of Alabama and The Teachers’ Retirement System of Alabama, as lenders
under the Existing Term Loan Credit Agreement. 
 “Property” means any interest in any kind of property or asset, whether
real, personal or mixed, and whether tangible or intangible. 
 “Qualified ECP Guarantor” means, in respect of any Swap
Obligation under a Secured Rate Contract, each Credit Party that has total assets exceeding $10,000,000 at the time the relevant guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation under a
Secured Rate Contract or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act and can cause another person to qualify as an “eligible contract participant” at such time by entering
into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act. 
 “Rate Contracts” means swap agreements (as
such term is defined in Section 101 of the Bankruptcy Code) and any other agreements or arrangements designed to provide protection against fluctuations in interest or currency exchange rates. 

“Real Estate” means any real property owned, leased, subleased or otherwise operated or occupied by any Credit Party or any
Restricted Subsidiary of any Credit Party. 
 “Related Persons” means, with respect to any Person, each Affiliate of such
Person and each director, officer, employee, agent, trustee, representative, attorney, accountant and each insurance, environmental, legal, financial and other advisor (including those retained in connection with the satisfaction or attempted
satisfaction of any condition set forth in Article II) and other consultants and agents of or to such Person or any of its Affiliates. 

“Related Transactions” means the issuance of the Senior Notes, the refinancing of the Prior Indebtedness and the redemption
of the outstanding 10% paid-in-kind preferred, non-convertible membership interests of Holdings with the proceeds thereof and, in
the case of the refinancing of the Existing Revolving Credit Agreement, the proceeds of the initial Loans hereunder, the execution and delivery of all Other Debt Documents and the payment of all fees, costs and expenses in connection with each of
the foregoing. 
 “Releases” means any release, threatened release, spill, emission, leaking, pumping, pouring, emitting,
emptying, escape, injection, deposit, disposal, discharge, dispersal, dumping, leaching or migration of Hazardous Material into or through the environment. 

“Remedial Action” means all actions required to (a) clean up, remove, treat or in any other way address any Hazardous
Material in the indoor or outdoor environment, (b) prevent or minimize any Release so that a Hazardous Material does not migrate or endanger or threaten to endanger public health or welfare or the indoor or outdoor environment or
(c) perform pre remedial studies and investigations and post-remedial monitoring and care with respect to any Hazardous Material. 

  
 117 

 “Required Lenders” means, at any time, (a) Lenders then holding more than
fifty percent (50%) of the sum of the Aggregate Revolving Loan Commitments then in effect, or (b) if the Aggregate Revolving Loan Commitments have terminated, Lenders then holding more than fifty percent (50%) of the sum of the aggregate
outstanding amount of Revolving Loans, outstanding Letter of Credit Obligations, amounts of participations in Swing Loans and the principal amount of unparticipated portions of Swing Loans; provided, that so long as there are two (2) or
more Lenders that are not Affiliates, Required Lenders shall consist of Lenders that satisfy the foregoing clauses and consist of at least two (2) Lenders that are not Affiliates. 

“Requirement of Law” means, with respect to any Person, the common law and any federal, state, local, foreign, multinational
or international laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees (including administrative or judicial precedents or authorities) and the interpretation or
administration thereof by, and other determinations, directives, requirements or requests of, any Governmental Authority, in each case whether or not having the force of law and that are applicable to or binding upon such Person or any of its
Property or to which such Person or any of its Property is subject. For the avoidance of doubt, the term “Requirement of Law” shall include FATCA and any intergovernmental agreements with respect thereto between the United States and
another jurisdiction. 
 “Reserves” means, with respect to the Borrowing Base (a) reserves established by Agent from
time to time against Eligible Accounts pursuant to Section 1.11 and Eligible Inventory pursuant to Section 1.12, and (b) such other reserves against Eligible Accounts, Eligible Inventory or Availability that Agent
may, in its Permitted Discretion, establish from time to time. Without limiting the generality of the foregoing, Reserves established to ensure the payment of accrued interest expenses or Indebtedness shall be deemed to be an exercise of
Agent’s Permitted Discretion. 
 “Responsible Officer” means the chief executive officer or the president of the
Borrower or any other officer having substantially the same authority and responsibility; or, with respect to compliance with financial covenants or delivery of financial information, the chief financial officer or the treasurer of the Borrower or
any other officer having substantially the same authority and responsibility. 
 “Restricted Subsidiaries” means,
collectively, all Subsidiaries of Holdings other than the Unrestricted Subsidiaries. 
 “Revolving Note” means a promissory
note of the Borrower payable to a Lender in substantially the form of Exhibit 1.2(a) hereto, evidencing Indebtedness of the Borrower under the Revolving Loan Commitment of such Lender. 

“Revolving Termination Date” means the earlier to occur of: (a) September 14,
20182020 and (b) the date on which the Aggregate Revolving Loan Commitment shall terminate in accordance with the provisions of this Agreement. 

“Rexam” means Rexam Beverage Can Company, a Delaware corporation, and its successors and assigns. 

“Rexam Financing Documents” means, collectively, the Advance Agreement, the “Security Agreement” (as defined in the
Advance Agreement) and all other agreements, documents and instruments executed and/or delivered by any Credit Party or any of their respective Affiliates in connection therewith or related thereto. 

  
 118 

 “Rexam Supply Agreement” means the Aluminum Can Sheet Supply Agreement, dated as
of August 21, 2013, between the Borrower and Rexam, as amended, restated, supplemented, otherwise modified, extended, renewed, replaced from time to time. 

“S&P” means Standard & Poor’s Rating Services. 

“Secured Party” means Agent, each Lender, each L/C Issuer, each other Indemnitee and each other holder of any Obligation of a
Credit Party, including each Secured Swap Provider. 
 “Secured Bank Product” means any Bank Product which (i) has
been provided or arranged by Wells Fargo or an Affiliate of Wells Fargo or (ii) Agent has acknowledged in writing constitutes a “Secured Bank Product” hereunder. 

“Secured Rate Contract” means any Rate Contract between the Borrower and the counterparty thereto, which (i) has been
provided or arranged by Wells Fargo or an Affiliate of Wells Fargo, or (ii) Agent has acknowledged in writing constitutes a “Secured Rate Contract” hereunder. 

“Secured Swap Provider” means (i) a Lender or an Affiliate of a Lender (or a Person who was a Lender or an Affiliate of
a Lender at the time of execution and delivery of a Rate Contract) who has entered into a Secured Rate Contract with the Borrower, or (ii) a Person with whom the Borrower has entered into a Secured Rate Contract provided or arranged by Wells
Fargo or an Affiliate of Wells Fargo, and any assignee thereof. 
 “Senior Noteholders” means each “Holder” under
and as defined in the Senior Notes Indenture. 
 “Senior Notes” means the senior secured notes co-issued by Holdings and Wise Alloys Finance Corporation pursuant to the Indenture. 
 “Senior
Notes Documents” means, collectively, the Senior Notes Indenture, the Senior Notes, the “Security Documents” (as defined in the Senior Notes Indenture) and all other agreements, documents and instruments executed and/or delivered
by any Credit Party or any of their respective Affiliates in connection therewith or related thereto. 
 “Senior Notes
Indenture” means the Indenture dated as of December 11, 2013, among Holdings, certain Subsidiaries of Holdings and the Indenture Trustee, as amended, restated, supplemented, otherwise modified, extended, renewed, replaced from
time to time in accordance with the terms of this Agreement and the Intercreditor Agreement. 
 “Software” means
(a) all computer programs, including source code and object code versions, (b) all data, databases and compilations of data, whether machine readable or otherwise, and (c) all documentation, training materials and configurations
related to any of the foregoing. 
 “Solvent” means, with respect to any Person as of any date of determination, that, as
of such date, (a) the value of the assets of such Person (both at fair value and present fair saleable value) is greater than the total amount of liabilities (including contingent and unliquidated

  
 119 

 
liabilities) of such Person, (b) such Person is able to pay all liabilities of such Person as such liabilities mature and (c) such Person does not have unreasonably small capital. In
computing the amount of contingent or unliquidated liabilities at any time, such liabilities shall be computed at the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be
expected to become an actual or matured liability. 
 “Special Flood Hazard Area” means an area that FEMA’s current
flood maps indicate has at least a one percent (1%) chance of a flood equal to or exceeding the base flood elevation (a 100-year flood) in any given year. 

“Specified Mill Assets” means the equipment and fixtures of the Borrower and the other Credit Parties constituting the
three-stand mill located in Muscle Shoal, Alabama, and such other assets related thereto that do not constitute “Revolving Credit Priority Collateral” under and as defined in the Intercreditor Agreement. 

“Specified Real Estate” means any fee-owned real property of a Credit Party with a
value in excess of $2,000,000. 
 “SPV” means any special purpose funding vehicle identified as such in a writing by any
Lender to Agent. 
 “Stock” means all shares of capital stock (whether denominated as common stock or preferred stock),
equity interests, beneficial, partnership or membership interests, joint venture interests, participations or other ownership or profit interests in or equivalents (regardless of how designated) of or in a Person (other than an individual), whether
voting or non-voting. 
 “Stock Equivalents” means all securities convertible into
or exchangeable for Stock or any other Stock Equivalent and all warrants, options or other rights to purchase, subscribe for or otherwise acquire any Stock or any other Stock Equivalent, whether or not presently convertible, exchangeable or
exercisable. 
 “Subordinated Indebtedness” means Indebtedness of any Credit Party or any Restricted Subsidiary of any
Credit Party which is subordinated to the Obligations as to right and time of payment and as to other rights and remedies thereunder and having such other terms as are, in each case, reasonably satisfactory to Agent; provided that, without
limiting the foregoing, intercompany Indebtedness of any Credit Party or any Restricted Subsidiary to Parent or any of its Subsidiaries (other than any Credit Party or any Restricted Subsidiary) shall not constitute “Subordinated
Indebtedness” unless (i) the maturity date of such Indebtedness occurs after the date set forth in clause (a) of the definition of “Revolving Termination Date,” (ii) the interest rate applicable to such Indebtedness
is no greater than 8% and (iii) no principal installments or other amortization of principal shall be required in respect of such Indebtedness prior to the maturity date. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, joint venture, limited liability company,
association or other entity, the management of which is, directly or indirectly, controlled by, or of which an aggregate of more than fifty percent (50%) of the voting Stock is, at the time, owned or controlled directly or indirectly by, such Person
or one or more Subsidiaries of such Person. 
 “Supermajority Lenders” means, at any time, (a) Lenders then holding
more than 66 2/3% of the sum of the Aggregate Revolving Loan Commitments then in effect, or (b) if the 

  
 120 

 
Aggregate Revolving Loan Commitments have terminated, Lenders then holding more than 66 2/3% of the sum of the aggregate outstanding amount of Revolving Loans, outstanding Letter of Credit
Obligations, amounts of participations in Swing Loans and the principal amount of unparticipated portions of Swing Loans; provided, that so long as there are two (2) or more Lenders that are not Affiliates, Supermajority Lenders shall
consist of Lenders that satisfy the foregoing clauses and consist of at least two (2) Lenders that are not Affiliates. 
 “Swap
Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act. 

“Swingline Commitment” means $30,000,000. 

“Swingline Lender” means, each in its capacity as Swingline Lender hereunder, Wells Fargo or, upon the resignation of Wells
Fargo as Agent hereunder, any Lender (or Affiliate or Approved Fund of any Lender) that agrees, with the approval of Agent (or, if there is no such successor Agent, the Required Lenders) and the Borrower, to act as the Swingline Lender hereunder.

 “Swingline Note” means a promissory note of the Borrower payable to the Swingline Lender, in substantially the form of
Exhibit 1.2(b) hereto, evidencing the Indebtedness of the Borrower to the Swingline Lender resulting from the Swing Loans made to the Borrower by the Swingline Lender. 

“Target” means any Person or business unit or asset group of any Person acquired or proposed to be acquired in an
Acquisition. 
 “Tax Affiliate” means, (a) the Borrower and its Subsidiaries, (b) each other Credit Party and
(c) any Affiliate of the Borrower with which the Borrower files or is eligible to file consolidated, combined or unitary Tax returns. 

“Title IV Plan” means a pension plan subject to Title IV of ERISA, other than a Multiemployer Plan, to which any ERISA
Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise. 
 “Trade Secrets” means all right,
title and interest (and all related IP Ancillary Rights) arising under any Requirement of Law in or relating to trade secrets. 

“Trademark” means all rights, title and interests (and all related IP Ancillary Rights) arising under any Requirement of Law
in or relating to trademarks, trade names, corporate names, company names, business names, fictitious business names, trade styles, service marks, logos and other source or business identifiers and, in each case, all goodwill associated therewith,
all registrations and recordations thereof and all applications in connection therewith. 
 “Trigger Event” means any time
that Availability shall be less than (a) at any time prior to the Commitment Step-Down Date, $32,000,000 and (b) on and after the Commitment Step-Down Date, the greater of $20,000,000 and 10% of the Aggregate Revolving Loan Commitment at
such time. Upon the occurrence of a Trigger Event, such Trigger Event shall be deemed to be continuing until the date that is the first date on which at all times during the preceding thirty (30) consecutive days, Availability shall have been
at least equal to (i) at any time prior to the Commitment Step-Down Date, $32,000,000 and (ii) on and after the Commitment Step-Down 

  
 121 

 
Date, the greater of $20,000,000 and 10% of the Aggregate Revolving Loan Commitment. Notwithstanding the foregoing, to the extent any Trigger Event is in effect prior to the Constellium
Acquisition, such existing Trigger Event shall be deemed to have terminated immediately prior to the consummation of the Constellium Acquisition. 

“UCC” means the Uniform Commercial Code of any applicable jurisdiction and, if the applicable jurisdiction shall not have any
Uniform Commercial Code, the Uniform Commercial Code as in effect from time to time in the State of New York. 
 “United
States” and “U.S.” each means the United States of America. 
 “Unrestricted Subsidiaries” means,
collectively, Wise Recycling, LLC, a Maryland limited liability company, and its Subsidiaries. 
 “U.S. Lender Party” means
each of Agent, each Lender, each L/C Issuer, each SPV and each participant, in each case that is a United States person as defined in Section 7701(a)(30) of the Code. 

“Weekly Reporting Period” means any period commencing on the date on which Availability is less than the greater of
$20,000,000 (or, at any time prior to the Commitment Step-Down Date, $32,000,000) and 10% of the Aggregate Revolving Loan Commitment and ending on the first subsequent date, if any, on which Availability is greater than or equal to the greater of
$20,000,000 (or, at any time prior to the Commitment Step-Down Date, $32,000,000) and 10% of the Aggregate Revolving Loan Commitment for a period of thirty (30) consecutive days. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by
dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (b) the then outstanding principal amount of such Indebtedness; provided that for
purposes of determining the Weighted Average Life to Maturity of any Indebtedness that is being modified, refinanced, refunded, renewed, replaced or extended, the effects of any prepayments made on such Indebtedness prior to the date of the
applicable extension shall be disregarded. 
 “Wholly-Owned Subsidiary” of a Person means any Subsidiary of such Person,
all of the Stock and Stock Equivalents of which (other than directors’ qualifying shares required by law) are owned by such Person, either directly or through one or more Wholly-Owned Subsidiaries of such Person. 

10.2 Other Interpretive Provisions. 

(a) Defined Terms. Unless otherwise specified herein or therein, all terms defined in this Agreement or in any other Loan Document
shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto. The meanings of defined terms shall be equally applicable to the singular and plural forms of the defined terms. Terms (including
uncapitalized terms) not otherwise defined herein and that are defined in the UCC shall have the meanings therein described. 

  
 122 

 (b) The Agreement. The words “hereof”, “herein”, “hereunder”
and words of similar import when used in this Agreement or any other Loan Document shall refer to this Agreement or such other Loan Document as a whole and not to any particular provision of this Agreement or such other Loan Document; and
subsection, section, schedule and exhibit references are to this Agreement or such other Loan Documents unless otherwise specified. 
 (c)
Certain Common Terms. The term “documents” includes any and all instruments, documents, agreements, certificates, indentures, notices and other writings, however evidenced. The term “including” is not limiting and means
“including without limitation.” 
 (d) Performance; Time. Whenever any performance obligation hereunder or under any other
Loan Document (other than a payment obligation) shall be stated to be due or required to be satisfied on a day other than a Business Day, such performance shall be made or satisfied on the next succeeding Business Day. For the avoidance of doubt,
the initial payments of interest and fees relating to the Obligations (other than amounts due on the Closing Date) shall be due and paid on the first day of the first month or quarter, as applicable, following the entry of the Obligations onto the
operations systems of Agent, but in no event later than the first day of the second month or quarter, as applicable, following the Closing Date. In the computation of periods of time from a specified date to a later specified date, the word
“from” means “from and including”; the words “to” and “until” each mean “to but excluding”, and the word “through” means “to and including.” All references to the time of day
shall be a reference to New York time. If any provision of this Agreement or any other Loan Document refers to any action taken or to be taken by any Person, or which such Person is prohibited from taking, such provision shall be interpreted to
encompass any and all means, direct or indirect, of taking, or not taking, such action. 
 (e) Contracts. Unless otherwise expressly
provided herein or in any other Loan Document, references to agreements and other contractual instruments, including this Agreement and the other Loan Documents, shall be deemed to include all subsequent amendments, thereto, restatements and
substitutions thereof and other modifications and supplements thereto which are in effect from time to time, but only to the extent such amendments and other modifications are not prohibited by the terms of any Loan Document. 

(f) Laws. References to any statute or regulation may be made by using either the common or public name thereof or a specific cite
reference and, except as otherwise provided with respect to FATCA, are to be construed as including all statutory and regulatory provisions related thereto or consolidating, amending, replacing, supplementing or interpreting the statute or
regulation. 
 10.3 Accounting Terms and Principles. All accounting determinations required to be made pursuant hereto shall, unless
expressly otherwise provided herein, be made in accordance with GAAPthe Applicable Accounting Standards. No change in the accounting principles used in the preparation of
any financial statement hereafter adopted by Holdings shall be given effect for purposes of measuring compliance with any provision of Article V or VI unless the Borrower, Agent and the Required Lenders agree to modify such provisions
to reflect such changes in GAAPthe Applicable Accounting Standards and, unless such provisions are modified, all financial statements, Compliance Certificates and similar
documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts set forth therein before and after giving effect to such change in
GAAPthe Applicable Accounting Standards. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to in 

  
 123 

 
Article V and Article VI shall be made, without giving effect to any election under Accounting Standards Codification 825-10 (or any other
Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other Liabilities of any Credit Party or any Subsidiary of any Credit Party at “fair value.” A breach of a financial covenant contained in
Article VI shall be deemed to have occurred as of any date of determination by Agent or as of the last day of any specified measurement period, regardless of when the financial statements reflecting such breach are delivered to Agent. 

10.4 Payments. Agent may set up standards and procedures to determine or redetermine the equivalent in Dollars of any amount expressed
in any currency other than Dollars and otherwise may, but shall not be obligated to, rely on any determination made by any Credit Party or any L/C Issuer. Any such determination or redetermination by Agent shall be conclusive and binding for all
purposes, absent manifest error. No determination or redetermination by any Secured Party or any Credit Party and no other currency conversion shall change or release any obligation of any Credit Party or of any Secured Party (other than Agent and
its Related Persons) under any Loan Document, each of which agrees to pay separately for any shortfall remaining after any conversion and payment of the amount as converted. Agent may round up or down, and may set up appropriate mechanisms to round
up or down, any amount hereunder to nearest higher or lower amounts and may determine reasonable de minimis payment thresholds. 
 [Signature
Pages Follow] 

  
 124 

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

			
	WISE ALLOYS LLC, as the Borrower
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	FEIN:	 	  

 
			
	
	Address for notices:
	
	  

	  

	  

	Attn:	 	  

	Facsimile:	 	  

	
	Address for wire transfers:
	
	  

	  

	  

  
 [Signature Page to Credit
Agreement] 

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

			
	WISE METALS GROUP LLC, as Holdings
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	FEIN:	 	  

	
	WISE ALLOYS FINANCE CORPORATION, as a Credit Party
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	FEIN:	 	  

	
	LISTERHILL TOTAL MAINTENANCE CENTER LLC, as a Credit Party
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	FEIN:	 	  

	
	ALABAMA ELECTRIC MOTOR SERVICES, LLC, as a Credit Party
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 FEIN:    

  
 [Signature Page to Credit
Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	as Administrative Agent, as Swingline Lender, and as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	Duly Authorized Signatory

 
			
	
	Address for notices:
	
	  

	  

	  

	Attn:	 	  

	Facsimile:	 	  

	
	Lending office:
	
	  

	  

	  

  
 [Signature Page to Credit
Agreement] 

 
			
	BANK OF AMERICA, N.A.
	as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	
	Address for notices:
	
	  

	  

	  

	Attn:	 	  

	Facsimile:	 	  

	
	Lending office:
	
	  

	  

	  

			
	
	[OTHER LENDERS]
	as a Lender
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 
			
	
	Address for notices:
	
	  

	  

	  

	Attn:	 	  

	Facsimile:	 	  

	
	Lending office:
	
	  

	  

	  

  
 [Signature Page to Credit
Agreement] 

 Schedule 1.1(a) 
  

									
	Revolving Loan Commitments Prior to the Commitment Step-Down Date	 
			
	 	  	From and including
December 8, 2014
through but excluding
March 6, 2015	 	  	From and including March 6,
2015 through but excluding
April 1, 2015	 
	 General Electric Capital Corporation
	  	$	125,000,000	 	  	$	70,000,000	 
	 GE Capital Bank
	  	$	100,000,000	 	  	$	100,000,000	 
	 GE Asset Based Master Note
	  	$	50,000,000	 	  	$	50,000,000	 
	 Bank of America, N.A.
	  	$	62,500,000	 	  	$	50,000,000	 
	 Regions Bank
	  	$	43,750,000	 	  	$	35,000,000	 
	 HVB Capital Credit LLC
	  	$	18,750,000	 	  	$	15,000,000	 
		  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	$	400,000,000	 	  	$	320,000,000	 

  

					
	 Revolving Loan Commitments On and After the Commitment Step-Down Date and

Prior to the Amendment No. 7 Effective Date
	  
  

		
	 Wells Fargo Bank, National Association
	  	$	100,000,000	 
	 Bank of America, N.A.
	  	$	50,000,000	 
	 Regions Bank
	  	$	35,000,000	 
	 Everbank
	  	$	15,000,000	 
		  	  
	  
	 
	 TOTAL
	  	$	200,000,000	 
		  	  
	  
	 

  

					
	Revolving Loan Commitments On and After the Amendment No. 7 Effective Date2	 
		
	 Wells Fargo Bank, National Association
	  	$	120,000,000	 
	 Bank of America, N.A.
	  	$	50,000,000	 
		  	  
	  
	 
	 TOTAL
	  	$	170,000,000	 

  

	2 	Schedule updated as of the Effective Date after giving effect to the Assignment and the Prepayment. 

 EXHIBIT 4.2(b) 

FORM OF COMPLIANCE CERTIFICATE 

WISE ALLOYS LLC 
 Date:
            , 201     
 This Compliance Certificate (this
“Certificate”) is delivered by Wise Alloys LLC, a Delaware limited liability company (the “Borrower”), pursuant to Section 4.2(b) of the Credit Agreement, dated as of December 11, 2013 (as the same
may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, each other “Credit Party” party thereto, the Lenders and the L/C Issuers party thereto and
General Electric Capital Corporation, as administrative agent for the Lenders and the L/C Issuers (in such capacity, “Agent”). Capitalized terms used herein but not otherwise defined herein shall have the respective meanings
ascribed to such terms in the Credit Agreement. 
 The officer executing this Certificate is a Responsible Officer of the Borrower and, as
such, is duly authorized to execute and deliver this Certificate on behalf of the Borrower. By executing this Certificate, such officer hereby certifies to Agent, Lenders and L/C Issuer, on behalf of the Borrower, that: 

(a) the financial statements delivered with this Certificate in accordance with Section 4.1[a][b][c] of the Credit Agreement
fairly present, in all material respects, in accordance with GAAPthe Applicable Accounting Standards the financial position and the results of operations of Holdings and
its Restricted Subsidiaries as of the dates of and for the periods covered by such financial statements [(subject to normal year-end adjustments and the
absence of footnote disclosure)] and, in the case of financial statements delivered with this Certificate in accordance with Section 4.1(b) or (c),
normal year-end adjustments); 
 (b) to
the best of such officer’s knowledge, no Default or Event of Default exists[, except as specified on the written attachment hereto]; 

(c) Exhibit A hereto is a correct calculation of the Fixed Charge Coverage Ratio;
and 
 (d) Exhibit B hereto is a correct
calculation of the amount of the “Indebtedness” described in clause (3) of the definition of “Permitted Indebtedness” in the Senior Notes Indenture. All of the Obligations, including, without limitation, all Bank Product
Obligations and all obligations under any Secured Rate Contract, constitute “Permitted Indebtedness” under the Senior Notes Indenture; and 

(e) since the Closing Date and except as disclosed in prior Compliance Certificates delivered to Agent, no Credit Party and no Subsidiary of
any Credit Party has: 
 (i) changed its legal name, identity, jurisdiction of incorporation, organization or formation or organizational
structure or formed or acquired any Subsidiary except as follows:                     ; 

 (ii) acquired the assets of, or merged or consolidated with or into, any Person, except as
follows:                     ; or 

(iii) changed its address or otherwise relocated, acquired fee simple title to any real property or entered into any real property leases,
except as follows:                     . 

[signature page follows] 

  
 2 

 IN WITNESS WHEREOF, Borrower has caused this Certificate to be executed by one of its Responsible
Officers as of the date first written above. 
  

			
	WISE ALLOYS LLC
	
	  

	By:	 	  

	Its:	 	  

 Note: Unless otherwise specified, all financial covenants are calculated for Holdings and its Restricted Subsidiaries on
a consolidated basis in accordance with GAAPthe Applicable Accounting Standards and all calculations are without duplication. 

  
 3 

 SCHEDULE I 

Calculation of Fixed Charge Coverage Ratio 

for the period commencing             and
ending             (the “Measurement
Period”)14 
  

			
	 EBITDA for such Measurement Period (as calculated on Schedule II)
	  	=
		  	$            
	 Fixed Charges:
	  	
		
	Interest expense paid or required to be paid in cash (including (x) all commissions, discounts, fees and other charges in connection with letters of credit and similar instruments, (y) net amounts paid or payable and/or
received or receivable under permitted Rate Contracts in respect of interest rates and (z) interest payments in respect of intercompany Subordinated Indebtedness; in the
case of interest on Indebtedness of Persons which are not Credit Parties or Subsidiaries of Credit Parties, and interest on Indebtedness owed to the Constellium Entities, interest expense shall be included in Fixed Charges solely to the extent
actually paid in cash by the Credit Parties during such Measurement Period) for Holdings and its Restricted Subsidiaries on a consolidated basis, net of interest income, for such Measurement Period	  	$            
		
	Plus (without duplication):	  	
		
	 Scheduled principal payments of Indebtedness owing by Holdings
and its Restricted Subsidiaries as principal obligors during such Measurement Period
	  	$            
		
	 Solely for purposes of determining compliance with the condition set forth in clause (ii) of Section
5.19(g), prepayments of principal of Indebtedness owing by Holdings and its Restricted Subsidiaries as principal obligors during such Measurement Period
	  	$            
		
	 Taxes on or measured by income paid or payable in cash during such Measurement Period
	  	$            
		
	 Restricted Payments paid in cash (excluding dividends from any Restricted Subsidiary to Holdings or any other
Restricted Subsidiary but, in any event, including any principal payments in respect of any intercompany Subordinated Indebtedness) during such Measurement Period
	  	$            

  

	14 	Insert the dates representing the trailing twelve month period ending as of the last day of the month ending immediately prior to the date on which this Certificate is delivered. 

 EXHIBIT A 

 

					
	 Earnouts payable in cash during such Measurement Period
	  		  	$            
			
	 Unfinanced Capital Expenditures for such Measurement Period (as calculated on Schedule II)
	  		  	$            
			
		  	=	  	$            
			
	 Fixed Charge Coverage Ratio:
	  		  	
			
	 EBITDA divided by Fixed Charges
	  		  	
		  	=	  	

  
 5 

 EXHIBIT A 

SCHEDULE II 
  

			
	A. EBITDA	  	
		
	Net income (or loss) of Holdings and its Restricted Subsidiaries on a consolidated basis determined in accordance with GAAPthe Applicable Accounting Standards
for such Measurement Period, but excluding: (a) the income (or loss) of any joint venture or other Person which is not a Restricted Subsidiary of Holdings, except to the extent of the amount of dividends or other distributions actually paid
to Holdings or any of its Restricted Subsidiaries in cash by such Person for such period; (b) the undistributed earnings of any Restricted Subsidiary of Holdings if the payment of dividends or similar distributions by such Restricted Subsidiary
is not permitted by operation of the terms of its Organization Documents or of any agreement or Requirement of Law applicable to such Restricted Subsidiary for such period; (c) the income (or loss) of any Person accrued prior to the date it
becomes a Restricted Subsidiary of Holdings or is merged into or consolidated with Holdings or any of its Restricted Subsidiaries or that Person’s assets are acquired by Holdings or any of its Restricted Subsidiaries for such period;
(d) any net gain from the collection of life insurance proceeds for such period; (e) any aggregate net gain, but not any aggregate net loss, from the sale, exchange, transfer or other disposition of Property or assets not in the Ordinary
Course of Business of Holdings and its Restricted Subsidiaries, and related tax effects in accordance with GAAPthe Applicable Accounting Standards for such period; and
(f) any other extraordinary gains or losses of Holdings or its Restricted Subsidiaries, and related tax effects in accordance with GAAPthe Applicable Accounting
Standards, for such period	  	$            
		
	 Plus:  without duplication, to the extent deducted in (or excluded from) the calculation
of net income (or loss) for such period:
	  	
		
	 Depreciation or amortization
	  	
		  	$            
	 Interest expense (net of interest income)
	  	$            
		
	 Taxes on or measured by income
	  	$            
		
	 All non-cash losses or expenses (or minus
non-cash income or gain), including, without limitation, any non-cash loss or expense (or income or gain) due to the impact of last-in-first out accounting (“LIFO”)Metal Price Lag, application of FAS No.
106IAS 19 regarding post-retirement benefits, FAS No. 133IAS 39 regarding hedging activity, FAS
No. 142IAS 36 regarding impairment of goodwill, FAS No. 150IAS 39 regarding accounting for
financial instruments with debt and equity characteristics and IFRS 2 regarding non-cash expenses deducted as a result of any grant of Stock or Stock
Equivalents to employees, officers or director, but excluding any non-cash loss or expense (a) that is an accrual of a reserve for a cash expenditure or payment to be made, or anticipated to be made, in a
future period or (b) relating to a write-down, write off or reserve with respect to Accounts and Inventory
	  	$            

  
 6 

 EXHIBIT A 

 

					
	 Fees and expenses paid to Agent, Lenders and/or the Senior Noteholders in connection with the Loan Documents or Senior
Notes Documents, respectively
	  		  	$            
			
		  	=	  	$            

  
 7 

 EXHIBIT A 

 

					
	B. Unfinanced Capital Expenditures	  		  	
			
	An amount equal to the greater of (1) zero and (2) the following amount:	  		  	
			
	 The aggregate of all expenditures and other obligations of Holdings and its Restricted Subsidiaries which should be
capitalized under GAAPthe Applicable Accounting Standards, other than that portion of capital expenditures financed under Capital Leases or with the proceeds of other long
term Indebtedness or financed with the proceeds of Loans, advances or capital contributions from the Constellium Entities, including Indebtedness under the Rexam Financing Documents (but
excluding Indebtedness under the Credit Agreement), incurred substantially concurrently with such expenditure, for such Measurement Period
	  		  	
		  		  	$            
	 Plus (without duplication):
	  		  	
			
	 (a) The Net Proceeds from Dispositions to the extent reinvested or committed to be reinvested in Property useful in the
business of Holdings and its Restricted Subsidiaries, (b) expenditures financed with cash proceeds from Excluded Equity Issuances, (c) insurance proceeds and condemnation awards received on account of any Event of Loss to the extent any
such amounts are actually applied to replace, repair or reconstruct the damaged Property or Property affected by the commendation or taking in connection with such Event of Loss and (d) the portion of the purchase price of a Target in a
Permitted Acquisition that constitutes a capital expenditure under GAAPthe Applicable Accounting Standards for such Measurement Period
	  		  	
		  		  	$
	 Minus:
	  		  	
	 The aggregate amount of cash contributions made, directly or indirectly, by Parent and its Subsidiaries (other than
Holdings and its Subsidiaries) in any Credit Party during such Measurement Period
	  		  	$
			
		  	=	  	$

  
 8 

 EXHIBIT B 

Calculation of Indebtedness as “Permitted Indebtedness” 

under and as defined in the Senior Notes Indenture 

  
 9 

 Consent and Reaffirmation 

Constellium HoldCo II B.V. (the “Guarantor”) hereby acknowledges receipt of a copy of the foregoing Amendment No. 7
dated as of the date hereof (the “Amendment”) by and among Wise Alloys LLC, a Delaware limited liability company (the “Borrower”), the other Credit Parties signatory thereto, Wells Fargo Bank, National Association,
as Agent (as successor to General Electric Company, successor by merger to Capital Corporation) (“Agent”), and the Lenders signatory thereto, amending that certain Credit Agreement, dated as of December 11, 2013 (as amended and
otherwise modified prior to the date hereof, the “Credit Agreement”), by and among the Borrower, the other Credit Parties party thereto, Agent, and the Lenders from time to time party thereto. Capitalized terms used herein and not
otherwise defined herein shall have the meanings ascribed to such terms in the Credit Agreement. The Guarantor hereby (1) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under that certain
Guaranty, dated as of January 5, 2015 (the “Guaranty”) by the Guarantor in favor of the Agent, (2) agrees that neither such ratification and reaffirmation, nor the Agent’s or any Lender’s solicitation of such
ratification and reaffirmation, constitutes a course of dealing giving rise to any obligation or condition requiring a similar or any other ratification or reaffirmation from the Guarantor with respect to any subsequent modifications to the Credit
Agreement or the other Loan Documents, (3) agrees that none of the terms and conditions of the Amendment shall limit or diminish its payment and performance obligations, contingent or otherwise, under the Guaranty and (4) agrees that the
Guaranty remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references to the Credit Agreement contained in the Guaranty shall be a reference to the Credit Agreement as so modified by the Amendment and as the same
may from time to time hereafter be amended, modified or restated. 
 Dated: February 16, 2017 

[Signature Page Follows] 

			
	CONSTELLIUM HOLDCO II, B.V., as Guarantor
		
	By:	 	 /s/ Mark Kirkland

	Name:	 	Mark Kirkland
	Title:	 	Group Treasurer and Authorized Signatory

  
 [Signature Page to
Consent and Reaffirmation – Wise ABL Amendment]EX-4.45

 Exhibit 4.45 

CONSTELLIUM N.V. 
 and 

certain Guarantors from time to time parties hereto 

$650,000,000 6.625% Senior Notes due 2025 
  

 
 INDENTURE 

Dated as of February 16, 2017 
  

 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS, 
 as Trustee 

 TABLE OF CONTENTS 
  

					
	 ARTICLE 1 DEFINITIONS
	  	1
	 SECTION 1.01
	  	Definitions	  	1
	 SECTION 1.02
	  	Other Definitions	  	34
	 SECTION 1.03
	  	[Reserved]	  	36
	 SECTION 1.04
	  	Rules of Construction	  	36
	 SECTION 1.05
	  	Acts of Holders	  	37
	 ARTICLE 2 THE SECURITIES
	  	38
	 SECTION 2.01
	  	Amount of Securities	  	38
	 SECTION 2.02
	  	Form and Dating	  	39
	 SECTION 2.03
	  	Execution and Authentication	  	40
	 SECTION 2.04
	  	Registrar and Paying Agent	  	40
	 SECTION 2.05
	  	Paying Agent to Hold Money in Trust	  	41
	 SECTION 2.06
	  	Holder Lists	  	41
	 SECTION 2.07
	  	Transfer and Exchange	  	41
	 SECTION 2.08
	  	Replacement Securities	  	42
	 SECTION 2.09
	  	Outstanding Securities	  	42
	 SECTION 2.10
	  	Temporary Securities	  	43
	 SECTION 2.11
	  	Cancellation	  	43
	 SECTION 2.12
	  	Defaulted Interest	  	43
	 SECTION 2.13
	  	CUSIP Numbers, ISINs, etc	  	43
	 SECTION 2.14
	  	Calculation of Principal Amount of Securities	  	44
	 SECTION 2.15
	  	Additional Amounts	  	44
	 ARTICLE 3 REDEMPTION
	  	47
	 SECTION 3.01
	  	Redemption	  	47
	 SECTION 3.02
	  	Applicability of Article	  	47
	 SECTION 3.03
	  	Notices to Trustee	  	47
	 SECTION 3.04
	  	Selection of Securities to Be Redeemed	  	47
	 SECTION 3.05
	  	Notice of Optional Redemption	  	47
	 SECTION 3.06
	  	Effect of Notice of Redemption	  	48
	 SECTION 3.07
	  	Deposit of Redemption Price	  	49
	 SECTION 3.08
	  	Securities Redeemed in Part	  	49
	 ARTICLE 4 COVENANTS
	  	49
	 SECTION 4.01
	  	Payment of Securities	  	49
	 SECTION 4.02
	  	Reports and Other Information	  	49
	 SECTION 4.03
	  	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	  	51
	 SECTION 4.04
	  	Limitation on Restricted Payments	  	58

  
 i 

					
	 SECTION 4.05
	  	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	64
	 SECTION 4.06
	  	Asset Sales	  	66
	 SECTION 4.07
	  	Transactions with Affiliates	  	69
	 SECTION 4.08
	  	Change of Control	  	72
	 SECTION 4.09
	  	Compliance Certificate	  	74
	 SECTION 4.10
	  	[Reserved]	  	74
	 SECTION 4.11
	  	Future Guarantors	  	74
	 SECTION 4.12
	  	Liens	  	75
	 SECTION 4.13
	  	Maintenance of Office or Agency	  	75
	 SECTION 4.14
	  	Termination and Suspension of Certain Covenants	  	75
	 ARTICLE 5 SUCCESSOR COMPANY
	  	77
	 SECTION 5.01
	  	When Issuer May Merge or Transfer Assets	  	77
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	79
	 SECTION 6.01
	  	Events of Default	  	79
	 SECTION 6.02
	  	Acceleration	  	81
	 SECTION 6.03
	  	Other Remedies	  	82
	 SECTION 6.04
	  	Waiver of Past Defaults	  	82
	 SECTION 6.05
	  	Control by Majority	  	82
	 SECTION 6.06
	  	Limitation on Suits	  	82
	 SECTION 6.07
	  	Rights of the Holders to Receive Payment	  	83
	 SECTION 6.08
	  	Collection Suit by Trustee	  	83
	 SECTION 6.09
	  	Trustee May File Proofs of Claim	  	83
	 SECTION 6.10
	  	Priorities	  	83
	 SECTION 6.11
	  	Undertaking for Costs	  	84
	 SECTION 6.12
	  	Waiver of Stay or Extension Laws	  	84
	 ARTICLE 7 TRUSTEE
	  	84
	 SECTION 7.01
	  	Duties of Trustee	  	84
	 SECTION 7.02
	  	Rights of Trustee	  	85
	 SECTION 7.03
	  	Individual Rights of Trustee	  	88
	 SECTION 7.04
	  	Trustee’s Disclaimer	  	88
	 SECTION 7.05
	  	Notice of Defaults	  	88
	 SECTION 7.06
	  	Affiliate Subordination Agreement	  	88
	 SECTION 7.07
	  	Compensation and Indemnity	  	88
	 SECTION 7.08
	  	Replacement of Trustee	  	90
	 SECTION 7.09
	  	Successor Trustee by Merger	  	90
	 ARTICLE 8 DISCHARGE OF INDENTURE; DEFEASANCE
	  	91
	 SECTION 8.01
	  	Discharge of Liability on Securities; Defeasance	  	91
	 SECTION 8.02
	  	Conditions to Defeasance	  	92

  
 ii 

					
	 SECTION 8.03
	  	Application of Trust Money	  	93
	 SECTION 8.04
	  	Repayment to Issuer	  	93
	 SECTION 8.05
	  	Indemnity for U.S. Government Obligations	  	94
	 SECTION 8.06
	  	Reinstatement	  	94
	 ARTICLE 9 AMENDMENTS AND WAIVERS
	  	94
	 SECTION 9.01
	  	Without Consent of the Holders	  	94
	 SECTION 9.02
	  	With Consent of the Holders	  	95
	 SECTION 9.03
	  	[Reserved]	  	96
	 SECTION 9.04
	  	Revocation and Effect of Consents and Waivers	  	96
	 SECTION 9.05
	  	Notation on or Exchange of Securities	  	97
	 SECTION 9.06
	  	Trustee to Sign Amendments	  	97
	 SECTION 9.07
	  	Payment for Consent	  	97
	 SECTION 9.08
	  	Additional Voting Terms; Calculation of Principal Amount	  	97
	 ARTICLE 10 GUARANTEES
	  	98
	 SECTION 10.01
	  	Guarantees	  	98
	 SECTION 10.02
	  	Limitation on Liability	  	100
	 SECTION 10.03
	  	Automatic Termination of Guarantees	  	105
	 SECTION 10.04
	  	Successors and Assigns	  	106
	 SECTION 10.05
	  	No Waiver	  	106
	 SECTION 10.06
	  	Modification	  	106
	 SECTION 10.07
	  	Execution of Supplemental Indenture for Future Guarantors	  	106
	 SECTION 10.08
	  	Non-Impairment	  	107
	 ARTICLE 11 MISCELLANEOUS
	  	107
	 SECTION 11.01
	  	Ranking	  	107
	 SECTION 11.02
	  	[Reserved]	  	107
	 SECTION 11.03
	  	Notices	  	107
	 SECTION 11.04
	  	[Reserved]	  	108
	 SECTION 11.05
	  	Certificate and Opinion as to Conditions Precedent	  	108
	 SECTION 11.06
	  	Statements Required in Certificate or Opinion	  	109
	 SECTION 11.07
	  	When Securities Disregarded	  	109
	 SECTION 11.08
	  	Rules by Trustee, Paying Agent and Registrar	  	109
	 SECTION 11.09
	  	Legal Holidays	  	109
	 SECTION 11.10
	  	GOVERNING LAW	  	110
	 SECTION 11.11
	  	Consent to Jurisdiction and Service	  	110
	 SECTION 11.12
	  	Currency Indemnity	  	110
	 SECTION 11.13
	  	No Recourse Against Others	  	111
	 SECTION 11.14
	  	Successors	  	111
	 SECTION 11.15
	  	USA PATRIOT Act	  	111
	 SECTION 11.16
	  	Multiple Originals	  	111

  
 iii 

					
	 SECTION 11.17
	  	Table of Contents; Headings	  	111
	 SECTION 11.18
	  	Indenture Controls	  	111
	 SECTION 11.19
	  	Severability	  	111

  

					
	Appendix A	  	–	  	Provisions Relating to Original Securities and Add-On Securities
		
	 EXHIBIT INDEX
	  	
			
	Exhibit A	  	–	  	Form of Original Security
	Exhibit B	  	–	  	Form of Supplemental Indenture

  
 iv 

 INDENTURE dated as of February 16, 2017 among CONSTELLIUM N.V., a public company with
limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands with its corporate seat in Amsterdam, the Netherlands (together with its successors and assigns under the Indenture hereinafter referred to as the
“Issuer”), the GUARANTORS (as defined herein) and DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of
(a) $650,000,000 aggregate principal amount of the Issuer’s 6.625% Senior Notes due 2025 issued on the date hereof (the “Original Securities”) and (b) any additional Securities that may be issued after the date hereof in the
form of Exhibit A (the “Add-On Securities” (all such securities in clauses (a) and (b) being referred to collectively as the “Securities”). Subject to the conditions and compliance with the covenants set forth herein,
the Issuer may issue an unlimited aggregate principal amount of Add-On Securities without the consent of Holders. 
 ARTICLE 1 

DEFINITIONS 
 SECTION 1.01
Definitions. 
 “2017 Transactions” means (i) the issuance of the Original Securities, (ii) the redemption of the
8.75% Senior Secured Notes due 2018 of Wise Metals Group LLC and Wise Alloys Finance Corporation, (iii) the granting of guarantees for the Existing Notes and security interests with respect to the Existing Secured Notes, in each case by
Subsidiaries of the Issuer in connection with the issuance of the Original Securities, (iv) the amendment or replacement of the Wise ABL Facility in connection with the issuance of the Original Securities, and (v) the payment of fees and
expenses and premium in connection with any of the foregoing. 
 “ABL Facility” means any asset-based lending facility (including,
without limitation, the Ravenswood ABL Facility and the Wise ABL Facility), in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 

“ABL Obligors” means the borrower or borrowers and guarantors under any ABL Facility. 

“Acquired Indebtedness” means, with respect to any specified Person: 

(1) Indebtedness, Preferred Stock or Disqualified Stock of any other Person existing at the time such other Person is merged,
consolidated or amalgamated with or into or became a Restricted Subsidiary of such specified Person, and 

(2) Indebtedness, Preferred Stock or Disqualified Stock secured by a Lien encumbering any asset acquired by such specified
Person. 

  
 1 

 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise. 
 “Applicable Premium” means, with respect to any Security on any
applicable redemption date, the greater of the following, as calculated by the Issuer: 
 (1) 1% of the then outstanding
principal amount of the Security; and 
 (2) the excess of: 

(a) the present value at such redemption date of (i) the redemption price of the Security, at March 1, 2020 (such
redemption price being set forth in Paragraph 5 of the Security plus (ii) all required interest payments due on the Security through March 1, 2020 (excluding accrued but unpaid interest), computed using a discount rate equal to the
Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the then outstanding principal amount of such
Security. 
 “Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions)
of property or assets (including by way of a Sale/Leaseback Transaction) outside the ordinary course of business of the Issuer or any Restricted Subsidiary of the Issuer (each referred to in this definition as a “disposition”) or 

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

 in each case other than: 

(a) a disposition of Cash Equivalents or Investment Grade Securities or damaged, obsolete or worn out property or equipment in
the ordinary course of business; 
 (b) transactions permitted pursuant to Section 5.01 or any disposition that
constitutes a Change of Control; 
 (c) any Restricted Payment or Permitted Investment that is permitted to be made, and
is made, under Section 4.04; 

  
 2 

 (d) any disposition of assets or issuance or sale of Equity Interests of any
Restricted Subsidiary, which assets or Equity Interests so disposed or issued have an aggregate Fair Market Value of less than €10.0 million; 

(e) any disposition of property or assets, or the issuance of securities, by a Restricted Subsidiary of the Issuer to the
Issuer or by the Issuer or a Restricted Subsidiary of the Issuer to a Restricted Subsidiary of the Issuer; 
 (f) any
exchange of assets (including a combination of assets and Cash Equivalents) for assets related to a Similar Business of comparable or greater market value or usefulness to the business of the Issuer and its Restricted Subsidiaries as a whole, as
determined in good faith by the Issuer; 
 (g) foreclosure or any similar action with respect to any property or any
other assets of the Issuer or any of its Restricted Subsidiaries; 
 (h) any sale of Equity Interests in, or
Indebtedness or other securities of, an Unrestricted Subsidiary; 
 (i) the lease, assignment or sublease of any real or
personal property in the ordinary course of business; 
 (j) any sale of inventory or other assets in the ordinary
course of business, or which are no longer useful or necessary in the operation of the business of the Issuer and its Restricted Subsidiaries; 

(k) any grant in the ordinary course of business of any license of patents, trademarks, know-how or any other intellectual
property; 
 (l) an issuance of Capital Stock pursuant to an equity incentive or compensation plan approved by the Board
of Directors of the Issuer; 
 (m) dispositions in connection with Permitted Liens; 

(n) any financing transaction with respect to property built or acquired by the Issuer or any Restricted Subsidiary after the
Issue Date, including any Sale/Leaseback Transaction or asset securitization permitted by this Indenture; 
 (o) any
disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other than the Issuer or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such
Restricted Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or
acquisition; 
 (p) any surrender or waiver of contract rights or the settlement, release, recovery on or surrender of
contract, tort or other claims of any kind; 

  
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 (q) a transfer of accounts receivable and related assets of the type specified in
the definition of “Receivables Financing” (or a fractional undivided interest therein) by a Receivables Subsidiary or any Restricted Subsidiary (w) under the Factoring Facilities, (x) in a Qualified Receivables Financing,
(y) under any other factoring on arm’s-length terms or (z) in the ordinary course of business; 
 (r) the
sale of any property in a Sale/Leaseback Transaction within six months of the acquisition of such property; and 

(s) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course
of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements. 
 “Bank Credit
Facilities” means Credit Facilities providing for term loan or revolving credit indebtedness that constitutes Bank Indebtedness. 

“Bank Indebtedness” means any and all amounts payable under or in respect of any Credit Facilities provided by bank or other
institutional lenders (excluding Credit Facilities providing for publicly offered or privately placed capital markets indebtedness), as amended, restated, supplemented, waived, replaced, restructured, repaid, refunded, refinanced or otherwise
modified from time to time (including after termination of the Bank Credit Facilities), including principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating
to the Issuer whether or not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and all other amounts payable thereunder or in respect thereof. 

“Board of Directors” means, as to any Person, the board of directors or managers, as applicable, of such Person (or, if such Person
is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. 

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

(1) 85% of the face amount of accounts receivable owned by the ABL Obligors as of the end of the most recent fiscal quarter
preceding such date; plus 
 (2) the lesser of (i) 80% of the lower of cost or market and (ii) 85% of net
orderly liquidation value, in each case, of inventory owned by the ABL Obligors as of the end of the most recent fiscal quarter preceding such date. 

“Business Day” means a day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by
law to close in New York City, London or Amsterdam. 
 “Capital Stock” means: 

(1) in the case of a corporation, corporate stock or shares; 

  
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 (2) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a
partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses
of, or distributions of assets of, the issuing Person. 
 “Capitalized Lease Obligation” means, at the time any determination
thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with IFRS. 

“Cash Equivalents” means: 

(1) All cash, including without limitation U.S. dollars, pounds sterling, euros, Swiss franc, the national currency of any
country that is a member of the European Union as of the Issue Date or such other currencies held by the Issuer or any Restricted Subsidiary from time to time in the ordinary course of business; 

(2) Securities and other readily marketable obligations issued or directly and fully guaranteed or insured by the U.S.
government or any country that is a member of the European Union as of the Issue Date or Switzerland, or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 

(3) certificates of deposit, time deposits and Eurodollar time deposits with maturities of one year or less from the date
of acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million; 

(4) repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered into
with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper issued
by a corporation (other than an Affiliate of the Issuer) rated at least “A-2” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case
maturing within one year after the date of acquisition; 
 (6) readily marketable direct obligations issued by any state
of the United States of America or any political subdivision thereof having an Investment Grade Rating in each case with maturities not exceeding two years from the date of acquisition; 

(7) Indebtedness issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher from
Moody’s in each case with maturities not exceeding two years from the date of acquisition; 

  
 5 

 (8) investment funds investing at least 95% of their assets in securities of the
types described in clauses (1) through (7) above; 
 (9) investments with average maturities of 12 months or
less from the date of acquisition in mutual funds rated AA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s; and 

(10) marketable short-term money market and similar highly liquid funds either (i) having assets in excess of $250.0
million or (ii) having a rating of at least A-2 or P-2 from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from another nationally recognized rating
service). 
 “Change of Control” means the occurrence of any of the following events: 

(1) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all the assets of the
Issuer and its Subsidiaries, taken as a whole, to a Person; or 
 (2) the Issuer becomes aware (by way of a report or
any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or
any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related series of transactions, by
way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 50% of the total voting power of the Voting Stock of
the Issuer; provided, however, that any entity (including the Issuer upon a sale of all or substantially all of its assets to a Subsidiary in a transaction permitted under this Indenture, if at such time the Issuer meets the
requirements of this proviso) that conducts no material activities other than holding Equity Interests of the Issuer or any direct or indirect parent of the Issuer and has no other material assets or liabilities other than such Equity Interests will
not be considered a “Person or group” for purposes of this clause (2). 
 “Code” means the United States Internal
Revenue Code of 1986, as amended. 
 “Consolidated Interest Expense” means, with respect to any Person for any period, the sum,
without duplication, of: 
 (1) consolidated interest expense of such Person and its Restricted Subsidiaries for such period,
to the extent such expense was deducted in computing Consolidated Net Income (including amortization of original issue discount, noncash interest payments, the interest component of Capitalized Lease Obligations, and net payments and receipts (if
any) pursuant to interest rate Hedging Obligations (but excluding unrealized mark-to-market gains and losses attributable to such Hedging Obligations, amortization of deferred financing fees and expensing of any bridge or other financing fees), and
excluding interest expense attributable to the Factoring Facilities or any Qualified Receivables Financing or other factoring arrangements (to the extent accounted for as interest expense under IFRS), amortization of deferred financing fees, debt
issuance costs, commissions, fees and expenses and expensing of any bridge commitment or other financing fees); plus 

  
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 (2) consolidated capitalized interest of such Person and its Restricted
Subsidiaries for such period, whether paid or accrued; plus 
 (3) Preferred Stock dividends paid in cash in respect of
Disqualified Stock of the Issuer held by persons other than the Issuer or a Restricted Subsidiary; plus 

(4) Commissions based on draws, discounts and yield (but excluding other fees and charges, including commitment fees)
Incurred in connection with any Receivables Financing which are payable to Persons other than the Issuer and its Restricted Subsidiaries; minus 

(5) interest income for such period. 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by a responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with IFRS. 

“Consolidated Net Debt Ratio” means, with respect to any Person at any date, the ratio of (i) Consolidated Total Indebtedness
of such Person, less 100% of the unrestricted cash and Cash Equivalents that would be stated on the balance sheet of such Person and its Restricted Subsidiaries as of such date, to (ii) EBITDA of such Person for the four full fiscal quarters
for which internal financial statements are available immediately preceding such date. The second sentence of the first paragraph of the definition of “Fixed Charge Coverage Ratio” and paragraphs 2, 3, and 4 thereof shall apply to the
calculation of Consolidated Net Debt Ratio, and such calculation shall give pro forma effect to the application of the proceeds of any Indebtedness that is incurred on the calculation date (with any proceeds that are initially to be held as cash or
Cash Equivalents being deemed to have been applied as of the calculation date). 
 “Consolidated Net Income” means, with respect
to any Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 

(1) any net after-tax extraordinary, nonrecurring or unusual gains or losses or income, expenses or charges (less all fees and
expenses relating thereto), including, without limitation, any (i) severance, relocation or other restructuring expenses, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for
alternate uses and fees, expenses or charges relating to new product lines, plant shutdown costs, curtailments or modifications to pension and post-retirement employee benefits plans, excess pension charges, acquisition integration costs, facilities
opening costs, project start-up costs, business optimization costs, signing, retention or completion bonuses and (ii) any fees, expenses or charges related to any Equity Offering, Permitted Investment, acquisition, disposition, receivables
financing, recapitalization or issuance, repayment, incurrence, refinancing, amendment or modification of Indebtedness permitted to be Incurred by this Indenture (in each case, whether or not successful), in each case, shall be excluded; 

  
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 (2) any increase in amortization or depreciation or any non-cash charges, in
each case resulting from purchase accounting in connection with any acquisition that is consummated after the Issue Date shall be excluded; 

(3) the Net Income for such period shall not include the cumulative effect of a change in accounting principles during
such period; 
 (4) any net after-tax income or loss from disposed, abandoned, transferred, closed or discontinued
operations and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded; 

(5) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business
dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by the Issuer) shall be excluded; 

(6) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early
extinguishment of Indebtedness or Hedging Obligations or other derivative instruments shall be excluded; 
 (7) the Net
Income for such period of any Person that is not a Subsidiary of such Person, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or
distributions or other payments paid in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period; 

(8) solely for the purpose of determining the amount available for Restricted Payments under clause (1) of the
definition of Cumulative Credit, the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar distributions by such Restricted
Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument,
judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with respect to the payment of dividends or similar distributions have been legally waived;
provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the
extent not already included therein; 
 (9) any non-cash impairment charges or asset write-offs resulting from the
application of IFRS and the amortization of intangibles arising pursuant to IFRS shall be excluded; 
 (10) any non-cash
expense realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, grants and sales of stock, stock appreciation or similar rights, stock options or other rights of such Person or any of its Restricted
Subsidiaries shall be excluded; 

  
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 (11) any (a) severance or relocation costs or expenses,
(b) one-time non-cash compensation charges, (c) the costs and expenses related to employment of terminated employees, (d) costs or expenses realized in connection with, resulting from or in anticipation of the 2017 Transactions or
(e) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights existing on the Issue Date of officers, directors and employees, in each case of such Person or any of its
Restricted Subsidiaries, shall be excluded; 
 (12) accruals and reserves that are established or adjusted in accordance
with IFRS or changes as a result of the adoption or modification of accounting policies shall be excluded; 

(13) (a)(i) the non-cash portion of “straight-line” rent expense shall be excluded and (ii) the cash
portion of “straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains, losses, income and expenses resulting from fair value accounting shall be excluded;

 (14) unrealized gains and losses relating to hedging transactions and mark-to-market of Indebtedness denominated in
foreign currencies shall be excluded; 
 (15) solely for the purpose of calculating Restricted Payments, the difference,
if positive, of the Consolidated Taxes of the Issuer calculated in accordance with IFRS and the actual Consolidated Taxes paid in cash by the Issuer during any Reference Period shall be included; 

(16) non-cash charges for deferred tax asset valuation allowances shall be excluded; 

(17) an adjustment (which may be a negative number) shall be made to the extent that Net Income was calculated on an
average cost basis with respect to inventory, in order to reflect the additional Net Income (or the reduction to Net Income) which would have been recognized using an approximation of last in first out inventory accounting; and 

(18) any loss on sale of receivables and related assets in a Factoring Facility or other Qualified Receivables Financing
shall be excluded. 
 Notwithstanding the foregoing, for the purpose of Section 4.04 only, there shall be excluded from Consolidated
Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries of the Issuer or a Restricted Subsidiary of the Issuer to the extent such dividends, repayments or transfers increase the amount of
Restricted Payments permitted under clauses (5) and (6) of the definition of “Cumulative Credit.” 

  
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 “Consolidated Non-cash Charges” means, with respect to any Person for any period, the
aggregate depreciation, amortization, accretion and other non-cash expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated basis and otherwise determined in accordance
with IFRS, but excluding any such charge which consists of or requires an accrual of, or cash reserve for, anticipated cash charges for any future period. 

“Consolidated Secured Indebtedness” means, with respect to any Person, as of any date of determination, the aggregate principal
amount of consolidated funded Indebtedness for borrowed money of such Person and its Restricted Subsidiaries outstanding on such date that is secured by a Lien (other than any Indebtedness under the Factoring Facilities, any ABL Facility incurred
pursuant to clause (b)(i) of Section 4.03, any Qualified Receivables Financing, the PBGC Obligations and any Capitalized Lease Obligations). 

“Consolidated Secured Net Debt Ratio” means, with respect to any Person at any date, the ratio of (i) Consolidated Secured
Indebtedness of such Person, less 100% of the unrestricted cash and Cash Equivalents that would be stated on the balance sheet of such Person as of such date to (ii) EBITDA of such Person and its Restricted Subsidiaries for the four full fiscal
quarters for which internal financial statements are available immediately preceding such date. The second sentence of the first paragraph of the definition of “Fixed Charge Coverage Ratio” and paragraphs 2, 3, and 4 thereof shall apply to
the calculation of the Consolidated Secured Net Debt Ratio, and such calculation shall give pro forma effect to the application of the proceeds of any Indebtedness that is incurred on the calculation date (with any proceeds that are initially to be
held as cash or Cash Equivalents being deemed to have been applied as of the calculation date). 
 “Consolidated Taxes” means
provision for taxes based on income, profits or capital, including, without limitation, state, franchise and similar taxes. 

“Consolidated Total Indebtedness” means, with respect to any Person, as of any date of determination, the aggregate principal amount
of consolidated funded Indebtedness for borrowed money of such Person and its Restricted Subsidiaries outstanding on such date (other than any Indebtedness under the Factoring Facilities, any Qualified Receivables Financing, the PBGC Obligations and
any Capitalized Lease Obligations). 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person
guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without
limitation, any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary obligation or any
property constituting direct or indirect security therefor, 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 

  
 10 

 (3) to purchase property, securities or services primarily for the purpose of
assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Credit Facilities” means (i) the Existing Secured Notes; and (ii) whether or not the Credit Facilities referred to in
clause (i) remain outstanding, if designated by the Issuer to be included in the definition of “Credit Facilities,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt
financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or
issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 

“Cumulative Credit” means the sum of (without duplication): 

(1) 50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period, the “Reference
Period”) from January 1, 2017 to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Consolidated Net Income for
such period is a deficit, minus 100% of such deficit), plus 
 (2) 100% of the aggregate net proceeds, including cash
and the Fair Market Value (as determined in good faith by the Issuer) of property other than cash, received by the Issuer after the Issue Date (other than net proceeds to the extent such net proceeds have been used to Incur Indebtedness,
Disqualified Stock or Preferred Stock pursuant to Section 4.03(b)(xx) from the issue or sale of Equity Interests of the Issuer (excluding Refunding Capital Stock, Designated Preferred Stock, Excluded Contributions or Disqualified Stock,
including Equity Interests issued upon conversion of Indebtedness or Disqualified Stock or upon exercise of warrants or options (other than an issuance or sale to a Restricted Subsidiary of the Issuer or an employee stock ownership plan or trust
established by the Issuer or any of its Subsidiaries), plus 
 (3) 100% of the aggregate amount of contributions to the
capital of the Issuer received in cash and the Fair Market Value (as determined in good faith by the Issuer) of property other than cash after the Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock,
contributions to the extent such contributions have been used to Incur Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 4.03(b)(xx), plus 

(4) 100% of the principal amount of any Indebtedness, or the liquidation preference or maximum fixed repurchase price, as
the case may be, of any Disqualified Stock of the Issuer or any Restricted Subsidiary thereof issued after the Issue Date (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary) which has been converted into or exchanged
for Equity Interests in the Issuer (other than Disqualified Stock) or any direct or indirect parent of the Issuer (provided that, in the case of any parent, such Indebtedness or Disqualified Stock is retired or extinguished), plus 

  
 11 

 (5) 100% of the aggregate amount received by the Issuer or any Restricted
Subsidiary in cash and the Fair Market Value (as determined in good faith by the Issuer) of property other than cash received by the Issuer or any Restricted Subsidiary from: 

(a) the sale or other disposition (other than to the Issuer or a Restricted Subsidiary of the Issuer) of Restricted Investments
made by the Issuer and its Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from the Issuer and its Restricted Subsidiaries by any Person (other than the Issuer or any of its Restricted Subsidiaries) and
from repayments of loans or advances (including the release of any guarantee that constituted a Restricted Investment when made) that constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made
pursuant to clause (vii) or (x) of Section 4.04(b)), 
 (b) the sale (other than to the Issuer or a
Restricted Subsidiary of the Issuer) of the Capital Stock of an Unrestricted Subsidiary, or 
 (c) a distribution or
dividend from an Unrestricted Subsidiary, plus 
 (6) in the event any Unrestricted Subsidiary of the Issuer has been
redesignated as a Restricted Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary, the Fair Market Value (as determined in good
faith by the Issuer) of the Investment of the Issuer in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), after taking into account any Indebtedness
associated with the Unrestricted Subsidiary so designated or combined or any Indebtedness associated with the assets so transferred or conveyed (other than in each case to the extent that the designation of such Subsidiary as an Unrestricted
Subsidiary was made pursuant to clause (vii) or (x) of Section 4.04(b) or constituted a Permitted Investment). 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 

“Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Issuer or one of its
Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of Cash Equivalents received in
connection with a subsequent sale of or collection on such Designated Non-cash Consideration. 
 “Designated Preferred Stock”
means Preferred Stock of the Issuer or any direct or indirect parent of the Issuer (other than Disqualified Stock), that is issued for cash (other than to the Issuer or any of its Subsidiaries or an employee stock ownership plan or trust established
by the Issuer or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, on the issuance date thereof. 

  
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 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such
Person which, by its terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 

(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control or asset sale; provided that the relevant asset sale or change of control provisions, taken as a whole, are not materially more disadvantageous to the Holders of the Securities than is customary in comparable transactions (as
determined in good faith by the Issuer)), 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock
of such Person, or 
 (3) is redeemable at the option of the holder thereof, in whole or in part (other than as a result
of a change of control or asset sale; provided that the relevant asset sale or change of control provisions, taken as a whole, are not materially more disadvantageous to the Holders of the Securities than is customary in comparable transactions (as
determined in good faith by the Issuer)), 
 in each case prior to 91 days after (x) the maturity date of the Securities or (y) the date the
Securities are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof
prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of the Issuer or its Subsidiaries or by
any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer in order to satisfy applicable statutory or regulatory obligations or as a result of such
employee’s termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not
Disqualified Stock shall not be deemed to be Disqualified Stock. 
 “EBITDA” means, with respect to any Person for any period, the
Consolidated Net Income of such Person and its Restricted Subsidiaries for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 

(1) Consolidated Taxes; plus 

(2) Consolidated Interest Expense; plus 

(3) Consolidated Non-cash Charges; plus 

(4) business optimization expenses and other restructuring charges or expenses (which, for the avoidance of doubt, shall
include, without limitation, the effect of inventory optimization programs, plant closures, facility consolidations, retention, severance, systems establishment costs, contract termination costs, future lease commitments and excess pension charges);
provided that the aggregate amount of business optimization expenses and other restructuring charges or expenses added pursuant to this clause (4) shall not exceed the greater of (i) €20.0 million and (ii) 10% of
EBITDA for such period; 
  

  
 13 

 less, without duplication, 

(5) non-cash items increasing Consolidated Net Income for such period (excluding the recognition of deferred revenue or any
items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges in any prior period and any items for which cash was received in a prior period). 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt
security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or private sale
after the Issue Date of common stock or Preferred Stock of the Issuer or any direct or indirect parent of the Issuer, as applicable (other than Disqualified Stock), other than: 

(1) public offerings with respect to the Issuer’s or such direct or indirect parent’s common stock registered on Form
F-8 or F-4; and 
 (2) any such public or private sale that constitutes an Excluded Contribution. 

“Euros” and “€” each mean the single currency of the Member States of the European Union participating in the third
stage of the economic and monetary union pursuant to the Treaty on the Functioning of the European Union, as amended or supplemented from time to time. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Exchange Rate” means, as of any day, the rate at which the relevant currency may be exchanged into Euros or U.S.
Dollars, as applicable, at approximately 11:00 a.m., New York City time, on such date on the Bloomberg Key Cross Currency Rates Page (or any successor page) for the relevant currency. In the event that such rate does not appear on any Bloomberg Key
Cross Currency Rates Page (or any successor page), the Exchange Rate shall be determined by the Issuer in good faith. 
 “Excluded
Contributions” means the Cash Equivalents or other assets (valued at their Fair Market Value as determined in good faith by the Issuer) received by the Issuer after the Issue Date from: 

(1) contributions to its common equity capital, and 

(2) the sale (other than to a Subsidiary of the Issuer or to any Subsidiary management equity plan or stock option plan or any
other management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Issuer, in each case designated as Excluded Contributions pursuant to an Officer’s Certificate
executed by an Officer of the Issuer on or promptly after the date such capital contributions are made or the date such Capital Stock is sold, as the case may be. 

  
 14 

 “Existing Note Guarantees” means guarantees of any of the Existing Notes. 

“Existing Notes” means, collectively, those certain (i) 8.00% Senior Notes due 2023, issued pursuant to an indenture dated
December 19, 2014 between Constellium N.V., as issuer, certain guarantors thereunder and Deutsche Bank Trustee Company Americas, as trustee, (ii) 7.00% Senior Notes due 2023, issued pursuant to an indenture dated December 19, 2014
between Constellium N.V., as issuer, Deutsche Bank Trust Company Americas, as trustee, Deutsche Bank AG, London Branch, as principal paying agent and Deutsche Bank Luxembourg S.A., as registrar and transfer agent, (iii) 4.625% Senior Notes due
2021, issued pursuant to an indenture dated May 7, 2014 between Constellium N.V., as issuer, certain guarantors thereunder, Deutsche Bank Trust Company Americas, as trustee, Deutsche Bank AG, London Branch, as principal paying agent, and
Deutsche Bank Luxembourg S.A., as registrar and transfer agent, (iv) 5.750% Senior Notes due 2024 issued pursuant to an indenture dated May 7, 2014 between Constellium N.V., as issuer, certain guarantors thereunder and Deutsche Bank Trust
Company Americas, as trustee, and (v) the Existing Secured Notes, in the case of each of the foregoing clauses (i) through (v), to the extent outstanding on the Issue Date. 

“Existing Secured Notes” means the 7.875% Senior Secured Notes due 2021, issued pursuant to an indenture dated March 30, 2016
between Constellium N.V., as issuer, certain guarantors thereunder and Deutsche Bank Trust Company Americas, as trustee, to the extent outstanding on the Issue Date. 

“Factoring Facilities” means the receivables purchase facilities granted to certain Subsidiaries of the Issuer pursuant to
(a) the agreement dated as of December 3, 2015 between GE Factofrance S.A.S. as purchaser, Constellium Issoire S.A.S., Constellium Neuf Brisach S.A.S. and Constellium Extrusions France as sellers, Constellium Holdco II B.V. and Constellium
Switzerland AG, (b) the agreement dated as of March 26, 2014 between GE Capital Bank AG as purchaser and Constellium Singen GmbH as seller, (c) the agreement dated as of December 16, 2010 between GE Capital Bank AG as purchaser
and Constellium Extrusions Deutschland GmbH as seller, (d) the agreement dated as of December 16, 2010 between GE Capital Bank AG as purchaser and Constellium Valais AG as seller and (e) the agreement dated as of June 26, 2015
between GE Capital Bank AG as purchaser and Constellium Extrusions Decin S.R.O. as seller, in each case, as such agreement may be amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original
parties or otherwise), restructured, or otherwise modified from time to time. 
 “Fair Market Value” means, with respect to any
asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the
transaction. 
 “Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person
for such period to the Fixed Charges of such Person for such period. In the event that the Issuer or any of its Restricted Subsidiaries Incurs, repays, repurchases, retires, extinguishes, defeases, discharges or redeems any Indebtedness (other than

  
 15 

 
in the case of revolving credit borrowings or revolving advances under any receivables financing, in which case interest expense shall be computed based upon the average daily balance of such
Indebtedness during the applicable period unless such Indebtedness has been permanently repaid and has not been replaced) or issues, repurchases or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which
the Fixed Charge Coverage Ratio is being calculated but on or prior to the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving
pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase, retirement, extinguishment, defeasance, discharge or redemption of Disqualified Stock or Preferred Stock, as if the same had
occurred at the beginning of the applicable four-quarter period. 
 For purposes of making the computation referred to above, Investments,
acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with IFRS), in each case with respect to an operating unit of a business, and any operational changes that the Issuer or any
of its Restricted Subsidiaries has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Calculation Date (each, for purposes of this definition,
a “pro forma event”) shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and operational changes (and the change of any
associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary
or was merged with or into the Issuer or any Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, amalgamation, consolidation, discontinued operation or operational change, in
each case with respect to an operating unit of a business, that would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such
Investment, acquisition, disposition, discontinued operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. 

For purposes of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in
good faith by a responsible financial or accounting officer of the Issuer. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of the Issuer, to reflect (1) operating expense reductions
and other operating improvements or synergies reasonably expected to result from the applicable pro forma event, and (2) all adjustments of the nature used in connection with the calculation of “Adjusted EBITDA” as set forth in
“Summary Historical Financial Information” in the Offering Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four-quarter period. 

If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be
calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligation has a remaining term in excess of
12 months). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or 

  
 16 

 
accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with IFRS. For purposes of making the computation referred to above,
interest on any Indebtedness under a revolving credit facility computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on Indebtedness that may optionally be
determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate
chosen as the Issuer may designate. 
 “Fixed Charges” means, with respect to any Person for any period, the sum, without
duplication, of: 
 (1) Consolidated Interest Expense of such Person for such period, and 

(2) all cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified
Stock of such Person and its Restricted Subsidiaries. 
 “Foreign Subsidiary” means a Restricted Subsidiary not organized or
existing under the laws of the United States of America or any state or territory thereof or the District of Columbia. 
 “GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession. 

“Guarantee” means any guarantee of the obligations of the Issuer under this Indenture and the Securities by any Person in accordance
with the provisions of this Indenture. 
 “guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. The
amount of any guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof as determined in good faith by the Issuer. The term “guarantee” as a verb has a corresponding meaning. 

“Guarantor” means any Person that Incurs a Guarantee; provided that upon the release or discharge of such Person from its
Guarantee in accordance with this Indenture, such Person ceases to be a Guarantor under this Indenture. 

  
 17 

 “Hedging Obligations” means, with respect to any Person, the obligations of such Person
under: 
 (1) currency exchange, interest rate or commodity Swap Agreements, currency exchange, interest rate or commodity
cap agreements and currency exchange, interest rate or commodity collar agreements; and 
 (2) other agreements or
arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity prices. 

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

“IFRS” means International Financial Reporting Standards promulgated from time to time by the International Accounting Standards
Board (or any successor board or agency, together the “IASB”) and as adopted by the European Union and statements and pronouncements of the IASB or in such other statements by such other entity as have been approved by a significant
segment of the accounting profession, which are in effect from time to time (other than with respect to Capitalized Lease Obligations), it being understood that, for purposes of this Indenture, all references to codified accounting standards
specifically named in this Indenture shall be deemed to include any successor, replacement, amended or updated accounting standard under IFRS; provided that, at any time after adoption of GAAP by the Issuer (or the relevant reporting entity)
for its financial statements and reports for all financial reporting purposes, the Issuer (or the relevant reporting entity) may irrevocably elect to apply GAAP for all purposes of this Indenture, and, upon any such election, references in this
Indenture to IFRS shall be construed to mean GAAP as in effect on the date of such election and thereafter from time to time; provided that (1) all financial statements and reports required to be provided after such election pursuant to this
Indenture shall be prepared on the basis of GAAP, (2) from and after such election, all ratios, computations, calculations and other determinations based on IFRS contained in this Indenture shall be computed in conformity with GAAP (other than
with respect to Capitalized Lease Obligations) with retroactive effect being given thereto assuming that such election had been made on the Issue Date, (3) such election shall not have the effect of rendering invalid any payment or Investment
made prior to the date of such election pursuant to Section 4.04 or any Incurrence of Indebtedness or Liens Incurred prior to the date of such election pursuant to Section 4.03 (or any other action conditioned on the Issuer and the
Restricted Subsidiaries having been able to Incur $1.00 of additional Indebtedness) or Section 4.12 if such payment, Investment, Incurrence or other action was valid under this Indenture on the date made, Incurred or taken, as the case may be
and (4) all accounting terms and references in this Indenture to accounting standards shall be deemed to be references to the most comparable terms or standards under GAAP. The Issuer shall give written notice of any election to the Trustee and
the Holders of the Securities within 15 days of such election. For the avoidance of doubt, (i) solely making an election (without any other action) referred to in this definition will not be treated as an Incurrence of Indebtedness or Liens,
and (ii) nothing herein shall prevent the Issuer, any Restricted Subsidiary or reporting entity from adopting or changing its functional or reporting currency in accordance with IFRS, or GAAP, as applicable; provided that such adoption or
change shall not have the effect of rendering invalid any payment or Investment made prior to the date of such election pursuant to the covenant described under Section 4.04 or any Incurrence of Indebtedness or Liens Incurred prior to the date
of such adoption or change pursuant to Section 4.03 or Section 4.12 (or any other action conditioned on the Issuer and the Restricted Subsidiaries having been able to Incur $1.00 of additional Indebtedness) if such payment, Investment,
Incurrence or other action was valid under this Indenture on the date made, Incurred or taken, as the case may be. 

  
 18 

 “Incur” means issue, assume, guarantee, incur or otherwise become liable for;
provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, amalgamation, consolidation, acquisition or otherwise) shall be deemed to be Incurred by
such Person at the time it becomes a Subsidiary. 
 “Indebtedness” means, with respect to any Person (without duplication): 

(1) the principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in respect of
borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments (except any such obligation issued in the ordinary course of business with a maturity date of no more than six months in a transaction intended to extend payment
terms of trade payables or similar obligations to trade creditors incurred in the ordinary course of business) or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof),
(c) representing the deferred and unpaid purchase price of any property (except (i) any such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case Incurred in the ordinary course of business,
(ii) any earn-out obligations until such obligation becomes a liability on the balance sheet of such Person in accordance with IFRS and (iii) liabilities Incurred in the ordinary course of business), (d) in respect of Capitalized
Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance
with IFRS; 
 (2) to the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as
obligor, guarantor or otherwise, the Indebtedness of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and 

(3) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such
Person (whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value of such asset at such date of determination, and
(b) the amount of such Indebtedness of such other Person; 
 provided, however, that notwithstanding the foregoing, Indebtedness shall be
deemed not to include (1) Contingent Obligations incurred in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in respect of a portion of the purchase
price of an asset to satisfy warranty or other unperformed obligations of the respective seller; or (4) obligations under or in respect of Factoring Facilities or Qualified Receivables Financings. 

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of International Accounting Standards No. 39 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for
any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of Indebtedness under
this Indenture. 

  
 19 

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

“Independent Financial Advisor” means an accounting, appraisal or investment banking firm or consultant, in each case of nationally
recognized standing, that is, in the good faith determination of the Issuer, qualified to perform the task for which it has been engaged. 

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

(1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality
thereof (other than Cash Equivalents), 
 (2) securities that have a rating equal to or higher than Baa3 (or equivalent)
by Moody’s or BBB- (or equivalent) by S&P, or an equivalent rating by any other Rating Agency, but excluding any debt securities or loans or advances between and among the Issuer and its Subsidiaries, 

(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and
(2) which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 

(4) corresponding instruments in countries other than the United States customarily utilized for high quality investments
and in each case with maturities not exceeding two years from the date of acquisition. 
 “Investments” means, with respect to any
Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission,
travel and similar advances to officers, employees and consultants made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and
investments that are required by IFRS to be classified on the balance sheet of the Issuer in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For
purposes of the definition of “Unrestricted Subsidiary” and Section 4.04: 
 (1) “Investments” shall
include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to continue to have a permanent Investment in an Unrestricted Subsidiary equal to an amount (if positive) equal to:

 (a) the Issuer’s Investment in such Subsidiary at the time of such redesignation less 

  
 20 

 (b) the portion (proportionate to the Issuer’s equity interest in such
Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by the Issuer. 

“Issue Date” means the date on which the Securities are originally issued. 

“Issuer” means the party named as such in the Preamble to this Indenture until a successor replaces it and, thereafter, means the
successor. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction); provided that in no event shall an operating lease or an option or an agreement to
sell be deemed to constitute a Lien. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating
agency business thereof. 
 “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in
accordance with IFRS and before any reduction in respect of Preferred Stock dividends. 
 “Net Proceeds” means the aggregate cash
proceeds received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration
received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring Person of
Indebtedness relating to the disposed assets or other consideration received in any other non-cash form), net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without
limitation, legal, accounting and investment banking fees, and brokerage and sales commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits
or deductions and any tax sharing arrangements related thereto), amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)) to be paid as a
result of such transaction, and any deduction of appropriate amounts to be provided by the Issuer as a reserve in accordance with IFRS against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer after
such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such
transaction. 

  
 21 

 “New Deed of Trust” has the meaning assigned to such term in the Settlement Agreement,
dated January 26, 2001, between Ravenswood (f/k/a Pechiney Rolled Products, LLC) and the PBGC. 
 “Obligations” means any
principal, interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the
documentation governing any Indebtedness; provided that Obligations with respect to the Securities shall not include fees or indemnifications in favor of the Trustee and other third parties other than the Holders of the Securities. 

“Offering Memorandum” means the offering memorandum relating to the offering of the Original Securities dated February 2, 2017.

 “Officer” means the chairman of the board, chief executive officer, chief financial officer, president, any executive vice
president, senior vice president or vice president, managing director (bestuurder), authorized signatory who has been granted a power of attorney (gevolmachtigde), the treasurer or the secretary of the Issuer or its Subsidiary, as
applicable. 
 “Officer’s Certificate” means a certificate signed on behalf of the Issuer or its Subsidiary (as applicable)
by an Officer that meets the requirements set forth in this Indenture. 
 “Opinion of Counsel” means a written opinion from legal
counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer or any Subsidiary so long as such employee or counsel is admitted to practice in the State of New York. 

“Pari Passu Indebtedness” means: 

(1) with respect to the Issuer, any Indebtedness which ranks pari passu in right of payment to the Securities; and 

(2) with respect to any Guarantor, any Indebtedness which ranks pari passu in right of payment to such Guarantor’s
Guarantee. 
 “PBGC” means the Pension Benefit Guaranty Corporation. 

“PBGC Obligations” means all existing and future obligations, including all “Obligations” (as defined under the New Deed
of Trust), secured under the New Deed of Trust. 
 “Permitted Investments” means: 

(1) any Investment in the Issuer or any Restricted Subsidiary; 

(2) any Investment in Cash Equivalents or Investment Grade Securities; 

(3) any Investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person if as a result of such Investment
(a) such Person becomes a Restricted Subsidiary of the Issuer, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially
all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer; 

  
 22 

 (4) any Investment in securities or other assets not constituting Cash
Equivalents and received in connection with an Asset Sale made pursuant to the provisions of Section 4.06 or any other disposition of assets not constituting an Asset Sale; 

(5) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date or an Investment
consisting of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may only be increased as required by the terms of such Investment as in existence on the Issue
Date; 
 (6) advances to directors, officers or employees, taken together with all other advances made pursuant to this
clause (6), not to exceed €15.0 million at any one time outstanding; 
 (7) any Investment acquired by the
Issuer or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or
recapitalization of the issuer of such other Investment or accounts receivable, (b) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect
to any secured Investment in default, or (c) as a result of the settlement, compromise or resolution of litigation, arbitration or other disputes with Persons who are not Affiliates; 

(8) Hedging Obligations permitted under Section 4.03(b)(xi); 

(9) additional Investments by the Issuer or any of its Restricted Subsidiaries having an aggregate Fair Market Value, taken
together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the greater of (x) €130.0 million and (y) 5.5% of Total Assets at the time of such Investment (with the
Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment made pursuant to this clause (9) is made in any Person that
is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary of the Issuer after such date, such Investment shall thereafter be deemed to have been made pursuant to clause
(1) above if permitted thereby, and shall, in such case, cease to have been made pursuant to this clause (9) for so long as such Person continues to be a Restricted Subsidiary; 

(10) loans and advances to officers, directors and employees for business-related travel expenses, moving expenses and
other similar expenses, in each case Incurred in the ordinary course of business or to fund such Person’s purchase of Equity Interests of the Issuer or any direct or indirect parent of the Issuer; 

  
 23 

 (11) Investments the payment for which consists of Equity Interests of the
Issuer (other than Disqualified Stock) or any direct or indirect parent of the Issuer, as applicable; provided, however, that the issue of such Equity Interests will not increase the amount available for Restricted Payments under
clause (2) of the definition of “Cumulative Credit”; 
 (12) any transaction to the extent it constitutes
an Investment that is permitted by and made in accordance with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (vi), and (viii)(B) of such Section); 

(13) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing
arrangements with other Persons; 
 (14) guarantees issued in accordance with Sections 4.03 and 4.11; 

(15) Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or
equipment or purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business; 

(16) (i) any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person
in connection with a Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing or any related Indebtedness; provided,
however, that any Investment in a Receivables Subsidiary is in the form of a Purchase Money Note, contribution of additional receivables or an equity interest and (ii) any other Investment in connection with a Qualified Receivables
Financing or Factoring Facility; 
 (17) any Investment in an entity or purchase of a business or assets in each case
owned (or previously owned) by a customer of a Restricted Subsidiary as a condition or in connection with such customer (or any member of such customer’s group) contracting with a Restricted Subsidiary, in each case in the ordinary course of
business; 
 (18) Investments of a Restricted Subsidiary of the Issuer acquired after the Issue Date or of an entity
merged into, amalgamated with, or consolidated with the Issuer or a Restricted Subsidiary of the Issuer in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not made in
contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

(19) any Investment in any Subsidiary (including any Unrestricted Subsidiary) or joint venture in connection with
intercompany cash management arrangements or related activities arising in the ordinary course of business; 

(20) Investments in Constellium-UACJ ABS LLC (f/k/a Quiver Ventures, LLC) in an amount not to exceed
€80.0 million at any time outstanding; and 
 (21) guarantees by the Issuer or any Restricted Subsidiary of
operating leases or of other obligations that do not constitute Indebtedness, in each case, entered into in the ordinary course of business. 

  
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 “Permitted Liens” means, with respect to any Person: 

(1) pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits
of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business;

 (2) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ Liens, in each case for
sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for
review; 
 (3) Liens for taxes, assessments or other governmental charges not yet due or which are being contested in
good faith by appropriate proceedings; 
 (4) Liens in favor of issuers of performance and surety bonds or bid bonds or
with respect to other regulatory requirements or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

(5) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses,
rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership
of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(6) Liens securing Indebtedness permitted to be Incurred pursuant to clause (v) of Section 4.03(b)
(provided that such Lien extends only to the property and/or Capital Stock, the purchase, lease, construction or improvement of which is financed thereby and any income or profits therefrom); 

(7) Liens existing on the Issue Date (other than Liens that secure the Credit Facilities or any ABL Facility existing on
the Issue Date); 
 (8) Liens on assets, property or shares of stock of a Person in existence at the time such Person
becomes a Subsidiary; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary; provided, further, however, that such Liens
may not extend to any other property owned by the Issuer or any Restricted Subsidiary of the Issuer; 
 (9) Liens on
assets or property at the time the Issuer or a Restricted Subsidiary of the Issuer acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into the Issuer or any Restricted Subsidiary of
the Issuer; provided, however, that such Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided further, however, that the Liens may not extend to any other property owned
by the Issuer or any Restricted Subsidiary of the Issuer; 

  
 25 

 (10) Liens on assets of a Restricted Subsidiary that is not a Guarantor
securing Indebtedness of such Restricted Subsidiary permitted to be Incurred pursuant to Section 4.03, other than Indebtedness owed to another Restricted Subsidiary that is not a Guarantor; 

(11) Liens securing Hedging Obligations not incurred in violation of this Indenture; 

(12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s
obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(13) leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of
the Issuer or any of its Restricted Subsidiaries; 
 (14) Liens arising from Uniform Commercial Code financing statement
filings regarding operating leases entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business; 

(15) Liens in favor of the Issuer or any Guarantor; 

(16) Liens on accounts receivable and related assets of the type specified in the definition of “Receivables
Financing” Incurred in connection with a Qualified Receivables Financing and Factoring Facilities; 
 (17) deposits
made in the ordinary course of business to secure liability to insurance carriers; 
 (18) Liens on the Equity Interests of
Unrestricted Subsidiaries; 
 (19) grants of software and other technology licenses in the ordinary course of business; 

(20) Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings,
extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8) and (9); provided, however, that (x) such new Lien shall be limited to
all or part of the same property that secured the original Lien (plus improvements on such property), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding
principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8) and (9) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any
fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; 

  
 26 

 (21) Liens on equipment of the Issuer or any Restricted Subsidiary granted
in the ordinary course of business to the Issuer’s or such Restricted Subsidiary’s client at which such equipment is located; 

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

(23) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods
entered into in the ordinary course of business; 
 (24) Liens incurred to secure cash management services or to
implement cash pooling arrangements in the ordinary course of business; 
 (25) Liens arising by virtue of any statutory
or common law provisions or under the general banking terms and conditions relating to banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution;

 (26) any interest or title of a lessor under any Capitalized Lease Obligations; 

(27) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or
similar arrangement pursuant to any joint venture or similar agreement; 
 (28) Liens in favor of customs and revenue
authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

(29) Liens solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in
connection with any letter of intent or purchase agreement in respect of any Investment permitted hereunder; 

(30) Liens on securities that are the subject of repurchase agreements constituting Cash Equivalents; 

(31) Liens on equity interests of a joint venture securing Indebtedness of such joint venture; 

(32) Liens securing Indebtedness and other Obligations Incurred pursuant to clauses (i) or (ii) of
Section 4.03(b) (other than Indebtedness Incurred pursuant to clause (ii) of such paragraph if such Indebtedness is required to be unsecured pursuant to the proviso to sub-clause (B) thereof); 

(33) Liens securing obligations which obligations do not exceed, at the time of incurrence thereof, the greater of
(i) €100.0 million and (ii) 4.5% of Total Assets; and 

  
 27 

 (34) Liens securing obligations in respect of letters of credit or bank
guarantees issued in the ordinary course of business, which letters of credit or bank guarantees do not secure debt for borrowed money. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company,
trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
 “Preferred
Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution, or winding up. 

“Purchase Money Note” means a promissory note of a Receivables Subsidiary evidencing a line of credit, which may be irrevocable,
from the Issuer or any Subsidiary of the Issuer to a Receivables Subsidiary in connection with a Qualified Receivables Financing, which note is intended to finance that portion of the purchase price that is not paid by cash or a contribution of
equity. 
 “Qualified Receivables Financing” means (1) the Receivables Financing pursuant to the Factoring Facilities
(including any increase in the amount thereof); and (2) any Receivables Financing that meets the following conditions: 

(1) the Issuer shall have determined in good faith that such Receivables Financing (including financing terms, covenants,
termination events and other provisions) is in the aggregate economically fair and reasonable to the Issuer or, as the case may be, the Subsidiary in question; 

(2) all sales of accounts receivable and related assets are made at Fair Market Value; and 

(3) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined
in good faith by the Issuer) and may include Standard Undertakings and provided that in the case of Receivables Financings under clause (2), such Receivables Financings shall have no greater recourse in any material respect to the Issuer and its
Restricted Subsidiaries than the recourse to the Issuer and its Restricted Subsidiaries in the Factoring Facilities. 
 “Rating
Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Securities for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization”
within the meaning of Section 3(a)(62) under the Exchange Act selected by the Issuer or any direct or indirect parent of the Issuer as a replacement agency for Moody’s or S&P, as the case may be. 

“Ravenswood” means Constellium Rolled Products Ravenswood, LLC. 

“Ravenswood ABL Facility” means the ABL Credit Agreement, dated as of May 25, 2012, among Constellium Holdco II B.V.,
Constellium U.S. Holdings I, LLC, Ravenswood, as borrower, the lenders from time to time party thereto and Deutsche Bank Trust Company Americas, as administrative agent and collateral agent, as amended by the First Amendment dated as of
January 7, 2013, the Second Amendment dated as of March 20, 2013, the Third Amendment 

  
 28 

 
dated as of October 1, 2013, and the Fourth Amendment dated as of May 7, 2014, and as may be further amended, restated, supplemented, waived, replaced (whether or not upon termination,
and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement extending the maturity thereof, refinancing, replacing or otherwise restructuring all or
any portion of the Indebtedness under such agreement or agreements or any successor or replacement agreement or agreements or increasing the amount loaned or issued thereunder or altering the maturity thereof. 

“Receivables Fees” means distributions or payments made directly or by means of discounts with respect to any participation
interests issued or sold in connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in connection with, any Receivables Financing. 

“Receivables Financing” means any transaction or series of transactions that may be entered into by any of the Issuer’s
Subsidiaries pursuant to which such Subsidiary may sell, convey or otherwise transfer to any other Person, or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of such Subsidiary, and any
assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other
assets, in each case, which are customarily transferred in or in respect of which security interests are customarily granted in connection with asset securitization transactions or factoring transactions involving accounts receivable. 

“Receivables Repurchase Obligation” means any obligation of a seller of receivables in a Qualified Receivables Financing to
repurchase receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a receivable or portion thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any
kind as a result of any action taken by, any failure to take any action by or any other event relating to the seller. 
 “Receivables
Subsidiary” means a Wholly Owned Restricted Subsidiary of the Issuer (or another Person formed for the purposes of engaging in Qualified Receivables Financing with the Issuer in which the Issuer or any Subsidiary of the Issuer makes an
Investment and to which the Issuer or any Subsidiary of the Issuer transfers accounts receivable and related assets) which engages in no activities other than in connection with the financing of accounts receivable of the Issuer and its
Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by the Issuer as a Receivables
Subsidiary and: 
 (1) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is
guaranteed by the Issuer or any other Subsidiary of the Issuer (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to Standard Undertakings), (ii) is recourse to or obligates the Issuer or
any other Subsidiary of the Issuer in any way other than pursuant to Standard Undertakings, or (iii) subjects any property or asset of the Issuer or any other Subsidiary of the Issuer, directly or indirectly, contingently or otherwise, to the
satisfaction thereof, other than pursuant to Standard Undertakings; 

  
 29 

 (2) with which neither the Issuer nor any other Subsidiary of the Issuer has
any material contract, agreement, arrangement or understanding other than on terms which the Issuer reasonably believes to be no less favorable to the Issuer or such Subsidiary than those that might be obtained at the time from Persons that are not
Affiliates of the Issuer; and 
 (3) to which neither the Issuer nor any other Subsidiary of the Issuer has any
obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 

“Representative” means the trustee, agent or representative (if any) for an issue of Indebtedness; provided that if, and for
so long as, such Indebtedness lacks such a Representative, then the Representative for such Indebtedness shall at all times constitute the holder or holders of a majority in outstanding principal amount of obligations under such Indebtedness. 

“Responsible Officer of the Trustee” means: 

(1) any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject; and 

(2) who shall have direct responsibility for the administration of this Indenture. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an Unrestricted Subsidiary of
such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of the Issuer. 

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by the Issuer or a Restricted
Subsidiary whereby the Issuer or a Restricted Subsidiary transfers such property to a Person and the Issuer or such Restricted Subsidiary leases it from such Person, other than leases between the Issuer and a Restricted Subsidiary of the Issuer or
between Restricted Subsidiaries of the Issuer. 
 “S&P” means Standard & Poor’s Ratings Group or any successor
to the rating agency business thereof. 
 “SEC” means the Securities and Exchange Commission. 

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

  
 30 

 “Securities” has the meaning given such term in the Preamble to this Indenture. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of the Issuer within the
meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
 “Similar Business” means a business, the majority of whose
revenues are derived from the activities of the Issuer and its Subsidiaries as of the Issue Date or any business or activity that is reasonably similar or complementary thereto or a reasonable extension, development or expansion thereof or ancillary
thereto. 
 “Standard Undertakings” means representations, warranties, covenants, indemnities and guarantees of performance
entered into by the Issuer or any Subsidiary of the Issuer that are determined by the Issuer in good faith to be customary in a Receivables Financing, including, without limitation, those relating to the servicing of assets of a Subsidiary, it being
understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Undertaking. 
 “Stated Maturity” means,
with respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision
providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred). 

“Subordinated Indebtedness” means (a) with respect to the Issuer, any Indebtedness of the Issuer which is by its terms
subordinated in right of payment to the Securities, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to its Guarantee. 

“Subsidiary” means, with respect to any Person, (1) any corporation, association or other business entity (other than a
partnership, joint venture or limited liability company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint venture or limited
liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y) such Person or any Subsidiary of such Person is
a controlling general partner or otherwise controls such entity. 
  

  
 31 

 “Swap Agreement” means any agreement with respect to any swap, forward, future or
derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic,
financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors,
officers, employees or consultants of the Issuer or any of the Restricted Subsidiaries shall be a Swap Agreement. 
 “Taxes” means
all present and future taxes, levies, imposts, deductions, charges, duties, and withholdings and any similar governmental charges (including interest and penalties with respect thereto) by any government or taxing authority. 

“Total Assets” means, as of any date of determination, the total consolidated assets of the Issuer and the Restricted Subsidiaries,
as shown on the most recent balance sheet of the Issuer, and determined as of the time of the occurrence of any event giving rise to the requirement to determine Total Assets and after giving pro forma effect to the occurrence of such event and all
other acquisitions or dispositions of a Person, business or assets that have been completed or are subject to a definitive agreement from the date of such balance sheet to the date of such event giving rise to the requirement to determine Total
Assets. 
 “Treasury Rate” means, as of any redemption date of the Securities, the yield to maturity as of the earlier of
(a) such redemption date or (b) the date on which the Securities are defeased or satisfied and discharged, of the most recently issued U.S. Treasury securities with a constant maturity (as compiled and published in the most recent Federal
Reserve Statistical Release H.15 (519) (“Statistical Release”) that has become publicly available at least two Business Days prior to such earlier date (or, if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from the redemption date to March 1, 2020; provided, however, that if the period from such redemption date to March 1, 2020 is less than one year, the weekly
average yield on actually traded U. S. Treasury securities adjusted to a constant maturity of one year will be used. Any such Treasury Rate shall be obtained by the Issuer. 

“Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor. 

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

“Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Issuer that at the time of determination shall be designated an Unrestricted Subsidiary by the Board
of Directors of such Person in the manner provided below; 
 (2) any Subsidiary of an Unrestricted Subsidiary; and 

(3) Constellium-UACJ ABS LLC (f/k/a Quiver Ventures, LLC) and Constellium Engley (Changchun) Automotive Structures Co. Ltd.

  
 32 

 The Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any newly acquired or
newly formed Subsidiary of the Issuer) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, the Issuer or any other Subsidiary
of the Issuer that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any
Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any of its Restricted Subsidiaries; provided, further, however, that either: 

(a) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 

(b) if such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under
Section 4.04. 
 The Board of Directors of the Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that immediately after giving effect to such designation: 
 (x) (1) the Issuer could Incur $1.00 of additional
Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a) or (2) the Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be equal to or greater than such ratio for the Issuer
and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation, and 

(y) no Event of Default shall have occurred and be continuing. 

Any such designation by the Board of Directors of the Issuer shall be evidenced to the Trustee by promptly filing with the Trustee a copy of
the resolution of the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the foregoing provisions. 

“U.S. Dollars” and “$” each mean the lawful currency of the United States of America. 

“U.S. Government Obligations” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in each case, are not callable or redeemable at the option of the issuer thereof, and shall
also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S.
Government Obligations held by such custodian for the account of the holder of such 

  
 33 

 depository receipt; provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government
Obligations evidenced by such depository receipt. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such
Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness or Disqualified Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of
each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 

“Wholly Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a Restricted Subsidiary. 

“Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership
interests of which (other than directors’ qualifying shares or shares required to be held by Foreign Subsidiaries) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person. 

“Wise ABL Facility” means that certain Credit Agreement, dated as of December 11, 2013, by and among Wise Alloys, LLC, the
other credit parties party thereto, the Lenders party thereto from time to time and General Electric Capital Corporation, as agent, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original
lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the
Indebtedness under such agreement or agreements or any successor or replacement agreement or agreements or increasing the amount loaned or issued thereunder or altering the maturity thereof. 

SECTION 1.02 Other Definitions. 
  

			
	 Term
	  	Defined
in Section
	 “Add-On Securities”
	  	Preamble
	 “Additional Amounts”
	  	2.15(b)
	 “Affiliate Transaction”
	  	4.07(a)
	 “Applicable Law”
	  	11.15
	 “Asset Sale Offer”
	  	4.06(b)
	 “Auditors’ Determination”
	  	10.02(b)(vi)
	 “Bankruptcy Law”
	  	6.01
	 “Change of Control Offer”
	  	4.08(b)
	 “covenant defeasance option”
	  	8.01
	 “Covenant Suspension Event”
	  	4.14(a)

  
 34 

			
	“Custodian”	  	6.01
	“Definitive Security”	  	Appendix A
	“Depository”	  	Appendix A
	“DPTA”	  	10.02(b)(ii)
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.06(b)
	“French Guarantor”	  	10.02(c)(i)
	“German Guarantor”	  	10.02(b)(i)
	“Global Securities”	  	Appendix A
	“Global Securities Legend”	  	Appendix A
	“GmbH”	  	10.02(b)(i)
	“GmbHG”	  	10.02(b)(iii)
	“GmbH & Co. KG”	  	10.02(b)(i)
	“Guaranteed Obligations”	  	10.01(a)
	“HGB”	  	10.02(b)(i)
	“IAI”	  	Appendix A
	“Initial Purchasers”	  	Appendix A
	“legal defeasance option”	  	8.01
	“Management Determination”	  	10.02(b)(v)
	“Maximum Guaranteed Amount”	  	10.02(c)(i)
	“Note Register”	  	2.04(a)
	“Notice of Default”	  	6.01
	“Offer Period”	  	4.06(d)
	“Original Securities”	  	Preamble
	“Payor”	  	2.15
	“Principal Paying Agent”	  	2.04
	“protected purchaser”	  	2.08
	“QIB”	  	Appendix A
	“Refinancing Indebtedness”	  	4.03(b)(xv)
	“Refunding Capital Stock”	  	4.04(b)(ii)
	“Registrar”	  	2.04(a)
	“Regulation S”	  	Appendix A
	“Regulation S Securities”	  	Appendix A
	“Relevant Taxing Jurisdiction”	  	2.15
	“Restricted Global Securities”	  	Appendix A
	“Restricted Payments”	  	4.04(a)
	“Restricted Period”	  	Appendix A
	“Restricted Securities Legend”	  	Appendix A
	“Retired Capital Stock”	  	4.04(b)(ii)(A)
	“Reversion Date”	  	4.14(b)
	“Rule 501”	  	Appendix A
	“Rule 144A”	  	Appendix A
	“Rule 144A Securities”	  	Appendix A
	“Securities Custodian”	  	Appendix A
	“Successor Company”	  	5.01(a)(i)
	“Successor Guarantor”	  	5.01(b)(i)
	“Suspended Covenants”	  	4.14(a)
	“Suspension Period”	  	4.14(b)

  
 35 

					
	“Swiss Agreement”	  		  	2.15
	“Swiss Guarantor”	  		  	10.02(d)(i)
	“Transfer”	  		  	5.01
	“Transfer Agent”	  		  	2.04(a)
	“Transfer Restricted Securities”	  		  	Appendix A
	“Trustee’s Request”	  		  	10.02(b)(vi)
	“Withholding Tax”	  		  	10.02(d)(ii)
	“Written Order”	  		  	2.03
	“Unrestricted Definitive Security”	  	Appendix A
	“Unrestricted Global Security”	  		  	Appendix A

 SECTION 1.03 [Reserved]. 

SECTION 1.04 Rules of Construction. Unless the context otherwise requires: 

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

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

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

(e) words in the singular include the plural and words in the plural include the singular; 

(f) unsecured Indebtedness shall not be deemed to be subordinate or junior to Secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness; 
 (g) the principal amount of any non-interest bearing or other discount security at
any date shall be the principal amount thereof that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with IFRS; 

(h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or
(ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 

(i) unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting
determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared in accordance with IFRS; 

(j) for purposes of determining compliance with any Euro-denominated restriction or basket limitation under Sections 4.03,
4.04, 4.06 and 4.12 hereof (including any defined terms referenced and utilized in such sections), as of any time of determination, any such basket limitation shall be deemed to be the greater of (i) the applicable Euro-denominated amount set
forth in this Indenture and (ii) the amount of Euro obtained by multiplying the applicable Euro-denominated amount set forth in this Indenture by 1.08 (which was the dollar-to-Euro Exchange Rate as of January 31, 2017) and then multiplying
the result by a number equal to the amount of Euros into which 1 U.S. Dollar may be converted using the Exchange Rate in effect at the time of determination; and 

  
 36 

 (k) for purposes of determining compliance with Sections 4.03, 4.04, 4.06
and 4.12 hereof, utilized amounts under any such covenant or basket shall be tracked in Euro irrespective of what currency is actually used to make the Incurrence. When an Incurrence is made in a currency other than Euro, the amount of Euro for
purposes of the applicable covenant(s) shall be calculated based on the relevant currency Exchange Rate in effect on the date such Incurrence was made, provided that if Indebtedness is Incurred to refinance other Indebtedness denominated in a
currency other than Euros, and such refinancing would cause the applicable Euro-denominated restriction to be exceeded if calculated at the relevant currency Exchange Rate in effect on the date of such refinancing, such Euro-denominated restriction
shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. 

SECTION 1.05 Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Proof of execution of any such instrument or of a writing appointing any such
agent, or the holding by any Person of a Security, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuer, if made in the manner provided in this Section 1.05.

 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit
of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c) The ownership of Securities shall be proved by the Note Register. 

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Security shall
bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the
Issuer in reliance thereon, whether or not notation of such action is made upon such Security. 

  
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 (e) The Issuer may set a record date for purposes of determining the identity of
Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or permitted to be given or taken by Holders. Unless otherwise
specified, if not set by the Issuer prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record date shall be the later of 30 days prior to the
first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation. 

(f) Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Security may
do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or
action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such different part. 

(g) Without limiting the generality of the foregoing, a Holder, including DTC that is the Holder of a Global Security, may
make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and DTC that is the Holder
of a Global Security may provide its proxy or proxies to the beneficial owners of interests in any such Global Security through such depositary’s standing instructions and customary practices. 

(h) The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any
Global Security held by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in
this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand,
authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or
effective if made, given or taken more than 90 days after such record date. 
 ARTICLE 2 

THE SECURITIES 
 SECTION
2.01 Amount of Securities. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture on the Issue Date is $650,000,000. 

In addition, the Issuer may from time to time after the Issue Date issue Add-On Securities under this Indenture in an unlimited principal
amount, so long as (i) the Incurrence of the Indebtedness represented by such Add-On Securities is at such time permitted by Section 4.03 and (ii) such Add-On Securities are issued in compliance with the other applicable 

  
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 provisions of this Indenture. With respect to any Add-On Securities issued after the Issue Date (except for
Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities pursuant to Section 2.07, 2.08, 2.09, 2.10, 3.06, 4.08(c) or the Appendix), there shall be (a) established in or
pursuant to a resolution of the Board of Directors and (b) (i) set forth or determined in the manner provided in an Officer’s Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of
such Add-On Securities: 
 (1) the aggregate principal amount of such Add-On Securities which may be authenticated and
delivered under this Indenture, 
 (2) the issue price and issuance date of such Add-On Securities, including the date
from which interest on such Add-On Securities shall accrue; and 
 (3) if applicable, that such Add-On Securities shall
be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective depositaries for such Global Securities, the form of any legend or legends which shall be borne by such Global Securities in addition to
or in lieu of those set forth in Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Security may be exchanged in whole or in part for Add-On Securities
registered, or any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Security or a nominee thereof. 

If any of the terms of any Add-On Securities are established by action taken pursuant to a resolution of the Board of Directors, a copy of an
appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate or the indenture supplemental hereto setting
forth the terms of the Add-On Securities. 
 The Securities, including any Add-On Securities, shall be treated as a single series for all
purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; provided that any Add-On Securities that are not fungible with the Original Securities for U.S. Federal income tax purposes
shall have a separate CUSIP, ISIN or other identifying number from such Original Securities. Unless the context otherwise requires, for all purposes of this Indenture, references to the Securities include any Add-On Securities actually issued. 

SECTION 2.02 Form and Dating. Provisions relating to the Original Securities and the Add-On Securities are set forth in the Appendix,
which is hereby incorporated in and expressly made a part of this Indenture. The (i) Original Securities and the Trustee’s certificate of authentication and (ii) any Add-On Securities (if issued as Transfer Restricted Securities) and
the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. Any Add-On Securities issued other than as Transfer Restricted
Securities and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or
endorsements required by law, stock exchange rule, agreements to which the Issuer or any Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer). Each Security shall be
dated the date of its authentication. The Securities shall be issuable only in registered form without interest coupons and in denominations of $250,000 and any integral multiples of $1,000 in excess thereof. 

  
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 SECTION 2.03 Execution and Authentication. The Trustee shall authenticate and make
available for delivery upon a written order of the Issuer (a “Written Order”) in the form of an Officer’s Certificate (a) Original Securities for original issue on the date hereof in an aggregate principal amount of $650,000,000,
consisting of $650,000,000 in initial aggregate principal amount of 6.625% Senior Notes due 2025 and (b) subject to the terms of this Indenture, Add-On Securities in an aggregate principal amount to be determined at the time of issuance and
specified therein. Such order shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated. Notwithstanding anything to the contrary in this Indenture or the Appendix,
any issuance of Securities after the Issue Date shall be in a principal amount of at least $250,000 and integral multiples of $1,000 in excess of $250,000. One Officer shall sign the Securities for the Issuer by manual, facsimile, pdf or other
electronically transmitted signature. 
 If an Officer whose signature is on a Security no longer holds that office at the time the Trustee
authenticates the Security, the Security shall be valid nevertheless. 
 A Security shall not be valid until an authorized signatory of the
Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

The Trustee may appoint one or more authenticating agents reasonably acceptable to the Issuer to authenticate the Securities. Any such
appointment shall be evidenced by an instrument signed by a Responsible Officer of the Trustee, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, paying agent or agent for service of notices and
demands. 
 SECTION 2.04 Registrar and Paying Agent. (a) The Issuer shall maintain (i) an office or agency where Securities
may be presented for registration of transfer or for exchange (the “Registrar”), (ii) a transfer agent (“Transfer Agent”), and (ii) an office or agency where Securities may be presented for payment (the “Principal
Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange (the “Note Register”). The Issuer may have one or more co-registrars and one or more additional paying agents. The term
“Registrar” includes any co-registrars. The Principal Paying Agent will be a paying agent hereunder. The Issuer initially appoints the Trustee as Registrar, Transfer Agent, Principal Paying Agent and the Securities Custodian with respect
to the Global Securities. 
 (b) The Issuer may enter into an appropriate agency agreement with any Registrar, Transfer
Agent, or paying agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of any such agent. If the Issuer fails to
maintain a Registrar, Transfer Agent, or paying agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Issuer or any of its domestically organized Wholly Owned Subsidiaries
may act as paying agent, Registrar, or Transfer Agent. 

  
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 (c) The Issuer may remove any Registrar, Transfer Agent, or paying agent
upon written notice to such Registrar, Transfer Agent, or paying agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor as
evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar, Transfer Agent, or paying agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as
Registrar, Transfer Agent, or paying agent until the appointment of a successor in accordance with clause (i) above. The Registrar, Transfer Agent, or paying agent may resign at any time upon written notice to the Issuer and the Trustee. 

SECTION 2.05 Paying Agent to Hold Money in Trust. On each due date of the principal of and interest on any Security, the Issuer shall
deposit with each paying agent (or if the Issuer or a Wholly Owned Subsidiary is acting as paying agent, segregate and hold in trust for the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so
becoming due. The Issuer shall require each paying agent (other than the Trustee) to agree in writing that a paying agent shall hold in trust for the benefit of Holders or the Trustee all money held by a paying agent for the payment of principal of
and interest on the Securities, and shall notify the Trustee of any default by the Issuer in making any such payment. If the Issuer or a Wholly Owned Subsidiary of the Issuer acts as paying agent, it shall segregate the money held by it as paying
agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuer at any time may require a paying agent to pay all money held by it to the Trustee and to account for any funds disbursed by such paying agent. Upon complying with
this Section, a paying agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.06 Holder Lists.
The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar to
furnish, to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the
names and addresses of Holders. 
 SECTION 2.07 Transfer and Exchange. The Securities shall be issued in registered form and shall be
transferable only upon the surrender of a Security for registration of transfer and in compliance with the Appendix. When a Security is presented to the Registrar and Transfer Agent with a request to register a transfer, the Registrar shall register
the transfer as requested if its requirements therefor are met. When Securities are presented to the Registrar and Transfer Agent with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar and
Transfer Agent shall make the exchange as requested if the same requirements are met. To permit registration of transfers and exchanges, the Issuer shall execute and the Trustee shall, upon receipt of a Written Order, authenticate Securities at the
Registrar’s request. The Issuer may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section. The Issuer shall not be required to make,
and the Registrar and Transfer Agent need not register, transfers or exchanges of Securities selected for redemption (except, in the case of Securities to be redeemed in part, the portion thereof not to be redeemed) or of any Securities for a period
of 15 days before a selection of Securities to be redeemed. 
  

  
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 Prior to the due presentation for registration of transfer of any Security, the Issuer, the
Guarantors, the Trustee, the paying agent and the Registrar may deem and treat the Person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest, if any, on
such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Issuer, any Guarantor, the Trustee, the paying agent or the Registrar shall be affected by notice to the contrary. 

Any Holder of a beneficial interest in a Global Security shall, by acceptance of such beneficial interest, agree that transfers of beneficial
interests in such Global Security may be effected only through a book-entry system maintained by (a) the Holder of such Global Security (or its agent) or (b) any Holder of a beneficial interest in such Global Security, and that ownership
of a beneficial interest in such Global Security shall be required to be reflected in a book entry. 
 All Securities issued upon any
transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 

SECTION 2.08 Replacement Securities. If a mutilated Security is surrendered to the Registrar or if the Holder of a Security claims that
the Security has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall, upon receipt of a Written Order, authenticate a replacement Security if the requirements of Section 8-405 of the Uniform Commercial Code
are met, such that the Holder (a) satisfies the Issuer or the Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such
notification, (b) makes such request to the Issuer or the Trustee prior to the Security being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and
(c) satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Issuer, such Holder shall furnish an indemnity bond sufficient in the judgment of the Trustee or the Issuer to protect the Issuer, the Trustee, a
paying agent and the Registrar from any loss that any of them may suffer if a Security is replaced. The Issuer and the Trustee may charge the Holder for their expenses in replacing a Security (including without limitation, attorneys’ fees and
disbursements in replacing such Security). In the event any such mutilated, lost, destroyed or wrongfully taken Security has become or is about to become due and payable, the Issuer in its discretion may pay such Security instead of issuing a new
Security in replacement thereof. 
 Every replacement Security is an additional obligation of the Issuer. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, lost, destroyed or wrongfully taken Securities. 
 SECTION 2.09 Outstanding Securities.
Securities outstanding at any time are all Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject to Section 11.07, a
Security does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Security. 
  

  
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 If a Security is replaced pursuant to Section 2.08 (other than a mutilated Security
surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Security is held by a protected purchaser. A mutilated Security ceases to be outstanding upon surrender
of such Security and replacement thereof pursuant to Section 2.08. 
 If a paying agent segregates and holds in trust, in accordance
with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, and no paying
agent is prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Securities (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 

SECTION 2.10 Temporary Securities. In the event that Definitive Securities are to be issued under the terms of this Indenture, until
such Definitive Securities are ready for delivery, the Issuer may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of Definitive Securities but may have variations that the
Issuer considers appropriate for temporary Securities. Without unreasonable delay, the Issuer shall prepare and the Trustee shall, upon receipt of a Written Order, authenticate Definitive Securities and make them available for delivery in exchange
for temporary Securities upon surrender of such temporary Securities at the office or agency of the Issuer, without charge to the Holder. Until such exchange, temporary Securities shall be entitled to the same rights, benefits and privileges as
Definitive Securities. 
 SECTION 2.11 Cancellation. The Issuer at any time may deliver Securities to the Trustee for cancellation.
The Registrar and the paying agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Securities surrendered for registration of transfer,
exchange, payment or cancellation and shall dispose of canceled Securities in accordance with its customary procedures. The Issuer may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation.
The Trustee shall not authenticate Securities in place of canceled Securities other than pursuant to the terms of this Indenture. 
 SECTION
2.12 Defaulted Interest. If the Issuer defaults in a payment of interest on the Securities, the Issuer shall pay the defaulted interest then borne by the Securities (plus interest on such defaulted interest to the extent lawful) in any lawful
manner. The Issuer may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date and payment date and shall promptly mail or cause to be
mailed to each affected Holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

SECTION 2.13 CUSIP Numbers, ISINs, etc. The Issuer in issuing the Securities may use CUSIP numbers, ISINs and “Common Code”
numbers (if then generally in use) and, if so, the Trustee shall use CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that
no representation is made as to the correctness of such numbers, either as printed on the 

  
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 Securities or as contained in any notice of a redemption that reliance may be placed only on the other
identification numbers printed on the Securities and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer shall advise the Trustee of any change in the CUSIP numbers, ISINs and “Common
Code” numbers. 
 SECTION 2.14 Calculation of Principal Amount of Securities. The aggregate principal amount of the Securities,
at any date of determination, shall be the principal amount of the Securities outstanding at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the Holders of a specified percentage of the
principal amount of all the Securities, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Securities, the Holders of which have so consented,
by (b) the aggregate principal amount, as of such date of determination, of the Securities then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 11.07 of this Indenture. Any
such calculation made pursuant to this Section 2.14 shall be made by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate. 

SECTION 2.15 Additional Amounts. All payments made by or on behalf of the Issuer or any Guarantor or any successor in interest to any
of the foregoing (each, a “Payor”) on or with respect to the Securities or any Guarantee shall be made without withholding or deduction for, or on account of, any Taxes unless such withholding or deduction is required by law. If any
deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of: 
 (a) any jurisdiction from
or through which payment on the Securities or any Guarantee is made or any political subdivision or governmental authority thereof or therein having the power to tax (including the jurisdiction of any paying agent); or 

(b) any other jurisdiction in which a Payor that actually makes a payment on the Securities or its Guarantee is organized
or otherwise considered to be engaged in business or resident for tax purposes, or any political subdivision or governmental authority thereof or therein having the power to tax 

(each of clause (a) and (b), a “Relevant Taxing Jurisdiction”), shall at any time be required by law to be made from any payments made with
respect to the Securities or any Guarantee, including payments of principal, redemption price, interest or premium, if any, the Payor shall pay (together with such payments) such additional amounts (the “Additional Amounts”) as may be
necessary in order that the net amounts received in respect of such payments, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), shall not be less than the amounts that would have been
received in respect of such payments on the Securities or the Guarantees in the absence of such withholding or deduction; provided, however, that no such Additional Amounts shall be payable for or on account of: 

(1) any Taxes that would not have been so imposed or levied but for the existence of any present or former connection between
the holder (or between a fiduciary, settlor, beneficiary, partner, member or shareholder of, or possessor of power over, the holder, if such holder is an estate, nominee, trust, partnership, limited liability company or corporation) and the Relevant
Taxing Jurisdiction (including being a citizen or resident or national of, or carrying on a business or maintaining a permanent establishment in, or being physically present in, the Relevant Taxing Jurisdiction) but excluding, in each case, any
connection arising solely from the acquisition, ownership or holding of such Securities or the receipt of any payment in respect thereof; 

  
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 (2) any Taxes that would not have been so imposed or levied if the holder
had complied with a reasonable request in writing of the Payor (such request being made at a time that would enable such holder acting reasonably to comply with that request) to make a declaration of nonresidence or any other claim or filing or
satisfy any certification, information or reporting requirement for exemption from, or reduction in the rate of, withholding to which it is entitled (provided that such declaration of nonresidence or other claim, filing or requirement is required by
the applicable law, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption from the requirement to deduct or withhold all or a part of any such Taxes) but only to the extent such holder is
legally entitled to provide such certification or documentation; 
 (3) any Taxes that are payable otherwise than by
withholding or deduction from a payment on the Securities or any Guarantee; 
 (4) any estate, inheritance, gift, sales,
excise, transfer, personal property or similar Taxes; 
 (5) any Taxes imposed in connection with a Security presented
for payment by or on behalf of a Holder who would have been able to avoid such Tax by presenting the relevant Security to another paying agent in a member state of the European Union; 

(6) any Taxes payable under Sections 1471 through 1474 of the Code, as of the date of the Offering Memorandum (or any
amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements (including any intergovernmental agreements)
entered into pursuant thereto; 
 (7) any Taxes if the holder is a fiduciary or partnership or Person other than the
sole beneficial owner of such payment and the Taxes that would otherwise give rise to such Additional Amounts would not have been imposed on such payment had the holder been the beneficiary, partner or sole beneficial owner, as the case may be, of
such Security (but only if there is no material cost or expense associated with transferring such Security to such beneficiary, partner or sole beneficial owner and no restriction on such transfer that is outside the control of such beneficiary,
partner or sole beneficial owner); 
 (8) any Taxes imposed on a payment in respect of the Securities required to be
made pursuant to laws enacted by Switzerland providing for the taxation of payments according to principles similar to those laid down in the draft legislation of the Swiss Federal Council of 17 December 2014 altering the debtor-based Swiss
federal withholding tax system to a paying-agent system where a Person other than the Issuer has to withhold tax on any interest payments or securing of interest payments; or 

(9) any combination of the above. 

  
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 Such Additional Amounts shall also not be payable (x) if the payment could have been made
without such deduction or withholding if the relevant Security had been presented for payment (where presentation is required) within 30 days after the relevant payment was first made available for payment to the holder or (y) to the extent
where, had the beneficial owner of the relevant Security been the Holder of such Security, such beneficial owner would not have been entitled to payment of Additional Amounts by reason of any of clauses (1) to (9) inclusive above. 

The Payor shall (i) make any required withholding or deduction and (ii) remit the full amount deducted or withheld to the relevant
taxing authority of the Relevant Taxing Jurisdiction in accordance with applicable law. Upon request, the Payor shall use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld
from each relevant taxing authority of each Relevant Taxing Jurisdiction imposing such Taxes and shall provide such certified copies to the Trustee. If, notwithstanding the efforts of such Payor to obtain such receipts, the same are not obtainable,
such Payor shall provide the Trustee with other reasonable evidence of payment. Such receipts or other evidence received by the Trustee shall be made available by the Trustee to Holders on request. 

If any Payor shall be obligated to pay Additional Amounts under or with respect to any payment made on the Securities or any Guarantee, at
least 30 days prior to the date of such payment, the Payor shall deliver to the Trustee and the paying agent an Officer’s Certificate stating the fact that Additional Amounts shall be payable and the amount so payable and such other information
necessary to enable the paying agent to pay Additional Amounts on the relevant payment date (unless such obligation to pay Additional Amounts arises less than 45 days prior to the relevant payment date, in which case the Payor shall deliver such
Officer’s Certificate and such other information as promptly as practicable thereafter). 
 Wherever in this Indenture, the Securities
or any Guarantee there is mentioned, in any context: 
 (1) the payment of principal; 

(2) redemption prices or purchase prices in connection with a redemption or purchase of Securities; 

(3) interest; or 

(4) any other amount payable on or with respect to any of the Securities or any Guarantee; 

such reference shall be deemed to include payment of Additional Amounts as described under this heading to the extent that, in such context, Additional
Amounts are, were or would be payable in respect thereof. 
 The Payor shall pay any present or future stamp, court or documentary Taxes, or
any other excise, property or similar Taxes that arise in any Relevant Taxing Jurisdiction from the execution, delivery, issuance, initial resale, registration or enforcement of any Securities, Guarantee, Indenture or any other document or
instrument in relation thereto (other than a transfer of the Securities occurring after the initial resale). The foregoing obligations shall 

  
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 survive any termination, defeasance or discharge of this Indenture and shall apply mutatis mutandis to any
jurisdiction in which any successor to a Payor is organized or otherwise considered to be engaged in business or resident for Tax purposes, or any political subdivision or taxing authority or agency thereof or therein. 

ARTICLE 3 
 REDEMPTION

 SECTION 3.01 Redemption. The Securities may be redeemed, in whole, or from time to time in part, subject to the conditions and
at the redemption prices set forth in Paragraph 5 of the form of Securities set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest to the redemption date.

 SECTION 3.02 Applicability of Article. Redemption of Securities at the election of the Issuer or otherwise, as permitted or
required by any provision of this Indenture, shall be made in accordance with such provision and this Article. 
 SECTION 3.03 Notices to
Trustee. If the Issuer elects to redeem Securities pursuant to the optional redemption provisions of Paragraph 5 of the Security, it shall notify the Trustee in writing of (i) the Section of this Indenture pursuant to which the redemption
shall occur, (ii) the redemption date, (iii) the principal amount of Securities to be redeemed and (iv) the redemption price. The Issuer shall give notice to the Trustee provided for in this paragraph at least 30 days but not more
than 60 days before a redemption date if the redemption is pursuant to Paragraph 5 of the Security, unless a shorter period is acceptable to the Trustee. Such notice shall be accompanied by an Officer’s Certificate and Opinion of Counsel from
the Issuer to the effect that such redemption will comply with the conditions herein. If fewer than all the Securities are to be redeemed, the record date relating to such redemption shall be selected by the Issuer and given to the Trustee, which
record date shall be not fewer than 15 days after the date of notice to the Trustee. Any such notice may be canceled at any time prior to notice of such redemption being mailed to any Holder and shall thereby be void and of no effect. 

SECTION 3.04 Selection of Securities to Be Redeemed. In the case of any redemption of less than all of the Securities, selection of
Securities for redemption will be made by the Registrar pro rata, by lot or such other manner in the case of Global Securities, as may be required by the applicable procedures of DTC; provided that no Securities of $250,000 or less shall be redeemed
in part. If any Security is to be redeemed in part only, the notice of redemption relating to such Security shall state the portion of the principal amount thereof to be redeemed. The Registrar shall make the selection from outstanding Securities
not previously called for redemption. The Registrar may select for redemption portions of the principal of Securities that have denominations larger than $250,000. Securities and portions of them the Trustee selects shall be in amounts of $250,000
or any integral multiple of $1,000 in excess thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Registrar shall notify the Issuer promptly of the
Securities or portions of Securities to be redeemed. 
 SECTION 3.05 Notice of Optional Redemption. (a) At least 30 days but not
more than 60 days before a redemption date pursuant to Paragraph 5 of the Security, the Issuer shall mail or cause to be electronically delivered or mailed by first-class mail a notice of redemption to each Holder whose Securities are to be
redeemed. 
  

  
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 Any such notice shall identify the Securities to be redeemed and shall state: 

(i) the redemption date; 

(ii) the redemption price and the amount of accrued interest to the redemption date; 

(iii) the name and address of the paying agent; 

(iv) that Securities called for redemption must be surrendered to the paying agent to collect the redemption price, plus
accrued interest; 
 (v) if fewer than all the outstanding Securities are to be redeemed, the certificate numbers and
principal amounts of the particular Securities to be redeemed, the aggregate principal amount of Securities to be redeemed and the aggregate principal amount of Securities to be outstanding after such partial redemption; 

(vi) that, unless the Issuer defaults in making such redemption payment or the paying agent is prohibited from making such
payment pursuant to the terms of this Indenture, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(vii) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Securities being redeemed; and

 (viii) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or
“Common Code” number, if any, listed in such notice or printed on the Securities. 
 (b) At the Issuer’s
written request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall provide the Trustee with the information required by this Section at least five Business
Days prior to the date such notice is to be provided to Holders and such notice may not be canceled. 
 SECTION 3.06 Effect of Notice of
Redemption. Once notice of redemption is mailed in accordance with Section 3.05, Securities called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except as provided in
paragraph 5 of the Securities. Upon surrender to the paying agent, such Securities shall be paid at the redemption price stated in the notice, plus accrued interest, to, but not including, the redemption date; provided, however, that
if the redemption date is after a regular record date and on or prior to the interest payment date, the accrued interest shall be payable to the Holder of the redeemed Securities registered on the relevant record date. Failure to give notice or any
defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

  
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 SECTION 3.07 Deposit of Redemption Price. With respect to any Securities, prior to 10:00
a.m., New York City time, on the redemption date, the Issuer shall deposit with the paying agent (or, if the Issuer or a Wholly Owned Subsidiary is the paying agent, shall segregate and hold in trust) money sufficient to pay the redemption price of
and accrued interest on all Securities or portions thereof to be redeemed on that date other than Securities or portions of Securities called for redemption that have been delivered by the Issuer to the Trustee for cancellation. On and after the
redemption date, interest shall cease to accrue on Securities or portions thereof called for redemption so long as the Issuer has deposited with the paying agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the
Securities to be redeemed, unless the paying agent is prohibited from making such payment pursuant to the terms of this Indenture. 

SECTION 3.08 Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Issuer shall execute and the
Trustee shall, upon receipt of a Written Order, authenticate for the Holder (at the Issuer’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 

ARTICLE 4 
 COVENANTS

 SECTION 4.01 Payment of Securities. The Issuer shall pay the principal of and interest on the Securities on the dates and in
the manner provided in the Securities and in this Indenture. An installment of principal of or interest shall be considered paid on the date due if on such date the Trustee or the paying agent holds as of 11:00 a.m. New York City time money
sufficient to pay all principal and interest then due and the Trustee or the paying agent, as the case may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 

The Issuer shall pay interest on overdue principal at the rate specified therefor in the Securities, and it shall pay interest on overdue
installments of interest at the same rate borne by the Securities to the extent lawful. 
 SECTION 4.02 Reports and Other
Information. 
 (a) So long as any Securities are outstanding and whether or not the Issuer is subject to
Section 13(a) or 15(d) of the Exchange Act, the Issuer shall furnish to the Trustee: (i) within 65 days after the end of each of the first three fiscal quarters in each fiscal year, quarterly reports containing unaudited financial
statements (including a balance sheet and statement of income, changes in stockholders’ equity and cash flow) for and as of the end of such fiscal quarter and year to date period (with comparable financial statements for the corresponding
fiscal quarter and year to date period of the immediately preceding fiscal year); (ii) within 120 days after the end of each fiscal year, an annual report that includes all information that would be required to be filed with the SEC on Form
20-F (or any successor form); and (iii) at or prior to such times as would be required to be filed or furnished to the SEC as a “foreign private issuer” subject to Section 13(a) or 15(d) of the Exchange Act, all such other
reports and information that the Issuer would have been required to file or furnish pursuant thereto; provided, however, that to the extent that the Issuer ceases to qualify as a “foreign private issuer” 

  
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 within the meaning of the Exchange Act, whether or not the Issuer is then subject to
Section 13(a) or 15(d) of the Exchange Act, the Issuer shall either file or furnish with the SEC (as a “voluntary filer” if the Issuer is not then subject to Section 13(a) or 15(d) of the Exchange Act) or furnish to the Trustee,
so long as any Securities are outstanding, within 30 days of the respective dates on which the Issuer would be required to file such documents with the SEC if it was required to file such documents under the Exchange Act, all reports and other
information that would be required to be filed with (or furnished to) the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act as, in the Issuer’s sole discretion, either a “foreign private issuer” or a U.S. domestic
registrant. 
 (b) In addition, if required by the rules and regulations of the SEC, the Issuer shall electronically file or
furnish, as the case may be, a copy of all such information and reports with the SEC for public availability within the time periods specified above. In addition, for so long as any Securities remain outstanding, the Issuer shall furnish to the
Holders and prospective investors identified by a Holder, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(c) Notwithstanding the foregoing, the Issuer shall be deemed to have furnished such reports referred to in the first paragraph
of this Section 4.02 to the Trustee and the Holders of Securities if the Issuer has filed or furnished such reports with the SEC and such reports are publicly available on the SEC’s website; provided, however, that the Trustee shall have
no obligation whatsoever to determine whether or not such information, documents or reports have been so filed or furnished. Delivery of such reports, information and documents to the Trustee pursuant to this covenant is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants under this
Indenture (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 (d) So long as any
Securities are outstanding, the Issuer shall also: (1) not later than 10 Business Days after furnishing to the Trustee the annual and quarterly reports required by clauses (i) and (ii) of Section 4.02(a), hold a publicly
accessible conference call to discuss such reports and the results of operations for the relevant reporting period (including a question and answer portion of the call); and (2) issue a press release to an internationally recognized wire
service no fewer than three Business Days prior to the date of the conference call required by the foregoing clause (1) of this paragraph, announcing the time and date of such conference call and either including all information necessary to
access the call or directing Holders of the Securities, prospective investors, broker dealers and securities analysts to contact the appropriate person at the Issuer to obtain such information. 

At any time that any of the Issuer’s Subsidiaries that are Significant Subsidiaries are Unrestricted Subsidiaries, then the quarterly and annual
financial information required by the first paragraph of this Section 4.02 shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto or in the “Management’s Discussion
and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of 

  
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 operations of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of
operations of the Unrestricted Subsidiaries of the Issuer, provided that the Issuer will not be required to provide such separate information to the extent such Unrestricted Subsidiaries are the subject of a confidential filing of a
registration statement with the SEC. 
 Notwithstanding anything herein to the contrary, the Issuer will not be deemed to have failed to
comply with any of its agreements pursuant to this Section 4.02 for purposes of Section 6.01(d) until 30 days after the date any report hereunder is required to be filed with the SEC (or otherwise made available to Holders or the Trustee)
pursuant to this Section 4.02. 
 In the event that the rules and regulations of the SEC permit the Issuer or any direct or indirect
parent of the Issuer to report at such parent entity’s level on a consolidated basis, the Issuer may satisfy its obligations under this Section 4.02 by furnishing financial information and reports relating to such parent; provided that the
same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such direct or indirect parent and any of its Subsidiaries other than the Issuer and its Subsidiaries, on the one
hand, and the information relating to the Issuer, the Guarantors and the other Subsidiaries of the Issuer on a stand-alone basis, on the other hand. 

SECTION 4.03 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. (a) (i) The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) the Issuer shall not permit any
of its Restricted Subsidiaries (other than a Guarantor) to issue any shares of Preferred Stock; provided, however, that the Issuer and any Restricted Subsidiary may Incur Indebtedness (including Acquired Indebtedness) or issue shares
of Disqualified Stock and any Restricted Subsidiary may issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio of the Issuer for the most recently ended four full fiscal quarters for which internal financial statements are
available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00 determined on a pro forma basis (including a pro forma
application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the
beginning of such four-quarter period; provided, however, that Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, by all Subsidiaries other than
Guarantors pursuant to this paragraph may not, at the time Incurred, exceed the greater of (i) €165.0 million and (ii) 7.0% of Total Assets at such time. 

(b) The limitations set forth in Section 4.03(a) shall not apply to any of the following: 

(i) the Incurrence by Constellium Holdco II B.V. or any Guarantor organized under the laws of the United States of Indebtedness
under one or more ABL Facilities, in an aggregate principal amount that at the time of incurrence does not exceed the greater of (x) $300.0 million and (y) the then applicable Borrowing Base, plus the amount necessary to pay any fees and
expenses, including premiums, related in connection with any refinancing, refunding, extension, renewal or replacement of Indebtedness under the ABL Facility; 

  
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 (ii) the Incurrence by the Issuer or any Guarantor of (A) Indebtedness
under Credit Facilities in an aggregate principal amount that at the time of Incurrence does not exceed the greater of (a) €780.0 million plus the amount necessary to pay any fees and expenses, including premiums, in connection with
any refinancing, refunding, extension, renewal or replacement of Indebtedness incurred pursuant to this clause (b)(ii)(A)(a) and (b) an aggregate principal amount that does not cause the Consolidated Secured Net Debt Ratio of the Issuer to
exceed 1.50 to 1.00 as of the time of Incurrence (provided that solely for the purpose of determining compliance with this covenant, any Indebtedness that is Incurred and outstanding or proposed to be Incurred pursuant to this clause
(b)(ii)(A)(b) (in the case of unsecured Indebtedness, to the extent such unsecured Indebtedness has not been reclassified as being Incurred pursuant to another clause of this covenant in accordance with this Indenture), will be deemed to be Secured
Indebtedness for purposes of calculating the Consolidated Secured Net Debt Ratio) and (B) Indebtedness under Credit Facilities incurred to refinance, refund, extend, renew or replace Indebtedness Incurred and outstanding pursuant to clause
(b)(ii)(A)(b); provided, however that (x) any such Indebtedness that is Incurred pursuant to this clause (B) satisfies the requirements of sub-clauses (1) through (4) of clause (xv) of this Section 4.03(b) and
(y) if the Indebtedness being refinanced thereby is unsecured, such Indebtedness that is Incurred pursuant to this clause (B) is also unsecured; 

(iii) the Incurrence by the Issuer and the Guarantors of Indebtedness represented by (A) the Existing Notes (other
than the Existing Secured Notes) and the Existing Note Guarantees (other than the guarantees of the Existing Secured Notes) and (ii) the Original Securities and the Guarantees; 

(iv) Indebtedness, Disqualified Stock or Preferred Stock existing and/or committed to on the Issue Date (other than
Indebtedness described in clauses (i), (ii) and (iii) of this Section 4.03(b)); 
 (v) Indebtedness (including
Capitalized Lease Obligations) Incurred by the Issuer or any of its Restricted Subsidiaries, Disqualified Stock issued by the Issuer or any of its Restricted Subsidiaries and Preferred Stock issued by any Restricted Subsidiaries of the Issuer to
finance (whether prior to or within 270 days after) the purchase, lease, construction, repair, replacement or improvement of property (real or personal) (whether through the direct purchase of property or the Capital Stock of any Person owning such
property); provided that the aggregate amount of Indebtedness, Disqualified Stock and Preferred Stock Incurred pursuant to this clause (v) of this Section 4.03(b), together with any Refinancing Indebtedness (as defined below) Incurred with
respect to such Indebtedness pursuant to clause (xv) of this Section 4.03(b), shall not exceed the greater of (A) €165.0 million and (B) 7.0% of Total Assets as of the date of any Incurrence pursuant to this clause (v);

  
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 (vi) Indebtedness Incurred by the Issuer or any of its Restricted Subsidiaries
constituting reimbursement obligations with respect to letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health,
disability or other benefits to employees or former employees or their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of,
environmental or other permits or licenses from governmental authorities, or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

(vii) Indebtedness arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification,
adjustment of purchase price or similar obligations, in each case, Incurred in connection with an acquisition or disposition of any business, assets or a Subsidiary of the Issuer in accordance with the terms of this Indenture, other than guarantees
of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(viii) Indebtedness (other than Secured Indebtedness) of the Issuer to a Restricted Subsidiary; provided that, except in
respect of intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Issuer and its Subsidiaries, any such Indebtedness owed to a Restricted Subsidiary that is not a
Guarantor shall be subordinated in right of payment to the obligations of the Issuer under the Securities; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 

(ix) shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided
that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other
subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock; 

(x) Indebtedness (other than Secured Indebtedness) of a Restricted Subsidiary to the Issuer or another Restricted
Subsidiary; provided that, except in respect of intercompany current liabilities incurred in the ordinary course of business in connection with the cash management operations of the Issuer and its Subsidiaries, if a Guarantor incurs such
Indebtedness to a Restricted Subsidiary that is not a Guarantor, such Indebtedness shall be subordinated in right of payment to the Guarantee of such Guarantor; provided, further, that any subsequent issuance or transfer of any Capital Stock or any
other event which 

  
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 results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness; 

(xi) Hedging Obligations that are not incurred for speculative purposes and are either: (A) for the purpose of fixing
or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (B) for the purpose of fixing or hedging currency exchange rate risk with respect to any currency exchanges;
(C) for the purpose of fixing or hedging commodity price risk with respect to any commodity purchases or sales or (D) for any combination of the foregoing; 

(xii) obligations (including reimbursement obligations with respect to letters of credit and bank guarantees) in respect
of performance, bid, appeal and surety bonds and completion guarantees provided by the Issuer or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry practice; 

(xiii) Indebtedness or Disqualified Stock of the Issuer or any Restricted Subsidiary of the Issuer and Preferred Stock of
any Restricted Subsidiary of the Issuer not otherwise permitted hereunder in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified
Stock and Preferred Stock then outstanding and Incurred pursuant to this clause (xiii), does not exceed the greater of (A) €130.0 million and (B) 5.5% of Total Assets at the time of Incurrence (it being understood that any
Indebtedness Incurred under this clause (xiii) shall cease to be deemed Incurred or outstanding for purposes of this clause (xiii) but shall be deemed Incurred for purposes of Section 4.03(a) from and after the first date on which the
Issuer, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness under Section 4.03(a) without reliance upon this clause (xiii)); 

(xiv) any guarantee by (x) the Issuer or a Guarantor of Indebtedness or other obligations of the Issuer or any of its
Restricted Subsidiaries, or (y) Subsidiary that is not a Guarantor of Indebtedness or other obligations of another Subsidiary that is not a Guarantor, in each case so long as the Incurrence of such Indebtedness Incurred by the Issuer or such
Restricted Subsidiary is permitted under the terms of this Indenture; provided that if such Indebtedness is by its express terms subordinated in right of payment to the Securities or the Guarantee of such Restricted Subsidiary, as applicable, any
such guarantee of such Guarantor with respect to such Indebtedness shall be subordinated in right of payment to such Guarantor’s Guarantee with respect to the Securities substantially to the same extent as such Indebtedness is subordinated to
the Securities or the Guarantee of such Restricted Subsidiary, as applicable; 
  

  
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 (xv) the Incurrence by the Issuer or any of its Restricted Subsidiaries of
Indebtedness or Disqualified Stock or Preferred Stock of a Restricted Subsidiary of the Issuer which serves to refund, refinance or defease any Indebtedness Incurred or committed or Disqualified Stock or Preferred Stock issued as permitted under
Section 4.03(a) and clauses (iii), (iv), (v), this clause (xv), (xvi), (xx), (xxiv) and (xxv) of this Section 4.03(b) or any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so refund, refinance or defease such
Indebtedness, Disqualified Stock or Preferred Stock, including any Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums (including tender premiums), expenses, defeasance costs and fees in connection therewith (subject to the
following proviso, “Refinancing Indebtedness”); provided, however, that such Refinancing Indebtedness: 

(1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the
shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced or defeased and (y) the Weighted Average Life to Maturity that would result if all
payments of principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded, refinanced or defeased that were due on or after the date that is one year following the maturity date of any Securities then outstanding were instead
due on such date; 
 (2) has a Stated Maturity which is not earlier than the earlier of (x) the Stated Maturity of
the Indebtedness being refunded, refinanced or defeased or (y) 91 days following the maturity date of the Securities; 

(3) to the extent such Refinancing Indebtedness refinances (a) Indebtedness subordinated to the Securities or the
Guarantee of such Restricted Subsidiary, as applicable, such Refinancing Indebtedness is subordinated to the Securities or the Guarantee of such Restricted Subsidiary, as applicable, or (b) Disqualified Stock or Preferred Stock, such
Refinancing Indebtedness is Disqualified Stock or Preferred Stock; 
 (4) is Incurred in an aggregate amount (or if
issued with original issue discount, an aggregate issue price) that is equal to or less than the aggregate amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced plus
premium, expenses, costs and fees Incurred in connection with such refinancing; 
 (5) shall not include
(x) Indebtedness of a Restricted Subsidiary of the Issuer that is not a Guarantor that refinances Indebtedness of the Issuer or a Restricted Subsidiary that is a Guarantor, or (y) Indebtedness of the Issuer or a Restricted Subsidiary that
refinances Indebtedness of an Unrestricted Subsidiary; and 
 (6) in the case of any Refinancing Indebtedness Incurred
to refinance Indebtedness outstanding under clause (v) of this Section 4.03(b), shall be deemed to have been Incurred and to be outstanding under such clause (v) of this Section 4.03(b), and not this clause (xv) for purposes
of determining amounts outstanding under such clause (v) of this Section 4.03(b); 

  
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 (xvi) Indebtedness, Disqualified Stock or Preferred Stock of (x) the Issuer
or any of its Restricted Subsidiaries Incurred to finance an acquisition or (y) Persons that are acquired by the Issuer or any of its Restricted Subsidiaries or merged or amalgamated with or into the Issuer or any of its Restricted Subsidiaries
in accordance with the terms of this Indenture; provided, however, that after giving effect to such acquisition, merger or amalgamation, either: 

(1) (A) the Issuer would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in the first sentence of Section 4.03(a) or (B) the Fixed Charge Coverage Ratio would be equal to or greater than immediately prior to such acquisition, merger, consolidation or amalgamation; or 

(2) such Indebtedness, Disqualified Stock or Preferred Stock 

(A) is unsecured Subordinated Indebtedness with subordination terms no more favorable to the Holders thereof than
subordination terms that are customarily obtained in connection with “high-yield” senior subordinated note issuances at the time of Incurrence (provided that, in the case of any such Subordinated Indebtedness incurred by a Foreign
Subsidiary, such subordination terms will be customary for “high-yield” senior subordinated note issuances by issuers resident in the jurisdiction of formation or organization of such Foreign Subsidiary, including, without limitation,
provisions for the automatic release of guarantees upon the release of the Guarantees); 
 (B) is not Incurred while a
Default exists and no Default shall result therefrom; and 
 (C) does not mature (and is not mandatorily redeemable in
the case of Disqualified Stock or Preferred Stock) and does not require any payment of principal prior to the final scheduled maturity of the Securities; 

(xvii) Indebtedness Incurred under (A) the Factoring Facilities and (B) any other Qualified Receivables Financing;

 (xviii) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar
instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; provided that such Indebtedness is extinguished within ten Business Days of its Incurrence; 

(xix) Indebtedness of the Issuer or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued
pursuant to the Credit Facilities, in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee; 

  
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 (xx) Indebtedness or Disqualified Stock of the Issuer or any Restricted
Subsidiary not otherwise permitted hereunder in an aggregate principal amount or liquidation preference, together with the aggregate principal amount or liquidation preference of any Refinancing Indebtedness Incurred with respect to such
Indebtedness or Disqualified Stock pursuant to clause (xv) above, not exceeding at any time outstanding 100% of the net cash proceeds received by the Issuer and the Restricted Subsidiaries since immediately after the Issue Date from the issue
or sale of Equity Interests of the Issuer or any direct or indirect parent entity of the Issuer (which proceeds are contributed to the Issuer or a Restricted Subsidiary) or cash contributed to the capital of the Issuer (in each case other than
proceeds of Disqualified Stock or sales of Equity Interests to, or contributions received from, the Issuer or any of its Subsidiaries), as determined in accordance with clauses (B) and (C) of the definition of Cumulative Credit, to the
extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section 4.04(b) of this Indenture or to make Permitted Investments
(other than Permitted Investments specified in clauses (1) and (3) of the definition thereof); 

(xxi) Indebtedness of the Issuer or any Restricted Subsidiary consisting of (x) the financing of insurance premiums
or (y) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xxii) Indebtedness arising as a result of implementing composite accounting or other cash pooling arrangements involving
solely the Issuer and the Restricted Subsidiaries or solely among Restricted Subsidiaries and entered into in the ordinary course of business; 

(xxiii) Indebtedness issued by the Issuer or a Restricted Subsidiary to current or former officers, directors and
employees thereof or any direct or indirect parent thereof, or their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Issuer or any of its direct or indirect parent
companies to the extent permitted under Section 4.04(b)(iv); 
 (xxiv) Indebtedness of Restricted Subsidiaries that
are not Guarantors; provided, however, that the aggregate principal amount of Indebtedness Incurred under this clause (xxiv), when taken together with the aggregate principal amount of Refinancing Indebtedness outstanding pursuant to
clause (xv) above that was Incurred to refinance Indebtedness Incurred under this clause (xxiv), does not exceed the greater of (A) €130.0 million and (B) 5.5% of Total Assets at the time of Incurrence; 

 

  
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 (xxv) Indebtedness incurred on behalf of, or representing guarantees of
Indebtedness of, joint ventures of the Issuer or any Restricted Subsidiary not in excess (when taken together with the aggregate principal amount of Refinancing Indebtedness outstanding pursuant to clause (xv) above that was Incurred to
refinance Indebtedness Incurred under this clause (xxv)), at any one time outstanding, of the greater of (A) €65.0 million and (B) 3.0% of Total Assets at the time that such Indebtedness is incurred; and 

(xxvi) Indebtedness representing deferred compensation or stock-based compensation to employees of the Issuer and the
Restricted Subsidiaries. 
 For purposes of determining compliance with this Section 4.03, in the event that an item of Indebtedness,
Disqualified Stock or Preferred Stock meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (i) through (xxvi) above or is entitled to be Incurred
pursuant to Section 4.03(a), the Issuer shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such item of Indebtedness in any manner that complies with this Section 4.03; provided that all
Indebtedness outstanding under the ABL Facilities and the Existing Secured Notes on the Issue Date will be deemed to have been Incurred on such date in reliance on clause (i) and clause (ii), respectively, of this Section 4.03(b) and the
Issuer shall not be permitted to reclassify all or any portion of such Indebtedness. The Issuer will also be entitled to treat a portion of any Indebtedness, Disqualified Stock or Preferred Stock as having been Incurred under Section 4.03(a)
and thereafter the remainder of such Indebtedness, Disqualified Stock or Preferred Stock as having been Incurred under this Section 4.03(b).Accrual of interest, the accretion of accreted value, the payment of interest in the form of additional
Indebtedness with the same terms, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of
Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies shall not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.03. Guarantees of, or
obligations in respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that
the Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 

SECTION 4.04 Limitation on Restricted Payments. (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries
to, directly or indirectly: 
 (i) declare or pay any dividend or make any distribution on account of the Issuer’s or
any of its Restricted Subsidiaries’ Equity Interests, including any payment made in connection with any merger, amalgamation or consolidation involving the Issuer (other than (A) dividends or distributions by the Issuer payable solely in
Equity Interests (other than Disqualified Stock) of the Issuer; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities
issued by a Restricted Subsidiary other than a Wholly Owned Restricted Subsidiary, the Issuer or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or
series of securities); 

  
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 (ii) purchase or otherwise acquire or retire for value any Equity Interests of
the Issuer or any direct or indirect parent of the Issuer; 
 (iii) make any principal payment on, or redeem,
repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness of the Issuer or any of its Restricted Subsidiaries (other than the payment, redemption,
repurchase, defeasance, acquisition or retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment,
redemption, repurchase, defeasance, acquisition or retirement and (B) Indebtedness permitted under clauses (viii) and (x) of Section 4.03(b)); or 

(iv) make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted Payments”),
unless, as of the time of such Restricted Payment: 
 (1) no Default shall have occurred and be continuing or would occur as
a consequence thereof; 
 (2) immediately after giving effect to such transaction on a pro forma basis, the Issuer could
Incur $1.00 of additional Indebtedness under Section 4.03(a); and 
 (3) such Restricted Payment, together with the
aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries after the Issue Date (and not returned or rescinded) (including Restricted Payments permitted by clauses (i) and (viii)(b) of
Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than an amount equal to the Cumulative Credit. 

(b) The provisions of Section 4.04(a) shall not prohibit: 

(i) the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of
declaration such payment would have complied with the provisions of this Indenture; 
 (ii) (A) the redemption,
repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”) of the Issuer or any direct or indirect parent of the Issuer or Subordinated Indebtedness of the Issuer, any direct or indirect parent of the
Issuer or any Guarantor in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity Interests of the Issuer or any direct or indirect parent of the Issuer or contributions to the equity capital of the Issuer (other than
any Disqualified Stock or any Equity Interests sold to a Subsidiary of the Issuer or to an employee stock ownership plan or any trust established by the Issuer or any of its Subsidiaries) (collectively, including any such contributions,
“Refunding Capital Stock”); and 

  
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 (B) the declaration and payment of dividends on the Retired Capital Stock
out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of the Issuer or to an employee stock ownership plan or any trust established by the Issuer or any of its Subsidiaries) of Refunding Capital Stock; and if
immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under Section 4.04(b)(vi) and not made pursuant to this Section 4.04(b)(ii)(B), the declaration and payment of
dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of the Issuer) in an aggregate
amount per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Retired Capital Stock immediately prior to such retirement; 

(iii) the redemption, repurchase, defeasance or other acquisition or retirement of Subordinated Indebtedness of the Issuer
or any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale (or as promptly as practicable after giving any requisite notice to the holders of such Subordinated Indebtedness) of, new Indebtedness of the Issuer
or a Guarantor which is Incurred in accordance with Section 4.03 so long as 
 (A) the principal amount (or
accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted value, if applicable), plus any accrued and unpaid interest of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired
or retired for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired plus any tender premiums, defeasance
costs or other fees and expenses incurred in connection therewith), 
 (B) such Indebtedness is subordinated to the
Securities or the related Guarantee, as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for value, 

(C) such Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final
scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired or (y) 91 days following the maturity date of the Securities, and 

(D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of
(x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that would result if all payments of principal
on the Indebtedness being so redeemed, repurchased, defeased, acquired or retired that were due on or after the date one year following the maturity date of any Securities then outstanding, in each case were instead due on such date one year
following the maturity date of such Securities; 

  
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 (iv) the repurchase, retirement or other acquisition (or dividends to any direct
or indirect parent of the Issuer to finance any such repurchase, retirement or other acquisition) for value of Equity Interests of the Issuer or any direct or indirect parent of the Issuer held by any future, present or former employee, director or
consultant of the Issuer or any direct or indirect parent of the Issuer or any Subsidiary of the Issuer pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or other agreement or arrangement;
provided, however, that the aggregate amounts paid under this clause (iv) do not exceed €15.0 million in any calendar year (with unused amounts in any calendar year being permitted to be carried over for the two
succeeding calendar years); provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed: 

(A) the cash proceeds received by the Issuer or any of its Restricted Subsidiaries from the sale of Equity Interests
(other than Disqualified Stock) of the Issuer or any direct or indirect parent of the Issuer (to the extent contributed to the Issuer) to members of management, directors or consultants of the Issuer and its Restricted Subsidiaries or any direct or
indirect parent of the Issuer that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend shall not increase the amount available for Restricted
Payments under Section 4.04(a)(3)); plus 
 (B) the cash proceeds of key man life insurance policies received by
the Issuer or any direct or indirect parent of the Issuer (to the extent contributed to the Issuer) or the Issuer’s Restricted Subsidiaries after the Issue Date; less 

(C) the amount of any Restricted Payments previously made pursuant to Section 4.04(b)(iv)(A) and
Section 4.04(b)(iv)(B)  
 provided that the Issuer may elect to apply all or any portion of the aggregate increase
contemplated by clauses (A) and (B) above in any calendar year; 
 (v) the declaration and payment of
dividends or distributions to holders of any class or series of Disqualified Stock of the Issuer or any of its Restricted Subsidiaries issued or incurred in accordance with Section 4.03; 

(vi) (a) the declaration and payment of dividends or distributions to holders of any class or series of Designated
Preferred Stock (other than Disqualified Stock) issued after the Issue Date, (b) a Restricted Payment to any direct or indirect parent of the Issuer, the proceeds of which will be used to fund the payment of dividends to holders of any class or
series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of the Issuer issued after the Issue Date and (c) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock
in excess of the dividends declarable and payable thereon pursuant to Section 4.04(b)(ii); provided, however, that, (x) for the most recently ended four full fiscal quarters for which internal financial statements are
available immediately preceding the date of issuance of 

  
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 such Designated Preferred Stock or Refunding Capital Stock, after giving effect to such issuance
(and the payment of dividends or distributions) on a pro forma basis, the Issuer would have had a Fixed Charge Coverage Ratio of at least 2.00 to 1.00 and (y) the aggregate amount of dividends declared and paid pursuant to subclauses
(a) and (b) of this clause (vi) does not exceed the net cash proceeds actually received by the Issuer from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; 

(vii) Investments in Unrestricted Subsidiaries and joint ventures having an aggregate Fair Market Value, taken together
with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the greater of (a) €65.0 million and (b) 2.5% of Total Assets at the time of such Investment (with the Fair
Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided that the amount of Investments deemed to have been made pursuant to this clause (vii) at any time shall be
reduced by the Fair Market Value of the proceeds received by the Issuer and/or the Restricted Subsidiaries from the subsequent sale, disposition or other transfer of such Investments without giving effect to subsequent changes in value; 

(viii) the payment of dividends on the Issuer’s common stock in an aggregate amount per calendar year not to exceed
the sum of (a) €20.0 million, plus (b) 6.0% of the net proceeds received after the Issue Date (including, without limitation, contributions to the Issuer with the proceeds of sales of common stock of any direct or indirect
parent) by the Issuer from any public offering of common stock of the Issuer or any direct or indirect parent of the Issuer; 

(ix) Restricted Payments that are made with Excluded Contributions; 

(x) (a) Restricted Payments pursuant to clauses (i), (ii) and (iii) of Section 4.04(a) hereof after the Issue
Date and (b) Restricted Payments pursuant to clause (iv) of Section 4.04(a) hereof at any time outstanding in an aggregate amount pursuant to this clause (x) not to exceed €100.0 million; 

(xi) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or a
Restricted Subsidiary of the Issuer by, Unrestricted Subsidiaries; 
 (xii) the payment of dividends or other
distributions to any direct or indirect parent of the Issuer in amounts required for such parent to pay federal, state or local income taxes (or other applicable political subdivision, as the case may be) imposed directly on such parent to the
extent such income taxes are attributable to the income of the Issuer and its Subsidiaries (including, without limitation, by virtue of such parent being the common parent of a consolidated or combined tax group of which the Issuer and/or its
Subsidiaries are members); 
 (xiii) repurchases of Equity Interests deemed to occur upon exercise of stock options or
warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 

  
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 (xiv) purchases of receivables pursuant to a Receivables Repurchase Obligation in
connection with a Qualified Receivables Financing and the payment or distribution of Receivables Fees; 
 (xv) payments
of cash, or dividends, distributions or advances by the Issuer or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of fractional shares upon the exercise of options or warrants or upon the conversion or exchange of
Capital Stock of any such Person; 
 (xvi) the repurchase, redemption or other acquisition or retirement for value of
any Subordinated Indebtedness pursuant to the provisions similar to those described under Sections 4.06 and 4.08; provided that all Securities tendered in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been
repurchased, redeemed or acquired for value; 
 (xvii) payments or distributions to dissenting stockholders pursuant to
applicable law or in connection with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of the Issuer and its Restricted Subsidiaries, taken as a whole, that complies with Article 5 of this Indenture;
provided that as a result of such consolidation, amalgamation, merger or transfer of assets, the Issuer shall have made a Change of Control Offer (if required by this Indenture) and that all Securities tendered in connection with such Change of
Control Offer have been repurchased, redeemed or acquired for value; (xviii) other Restricted Payments; provided that Restricted Payments may only be made pursuant to this clause 

(xviii) at such time as the Consolidated Net Debt Ratio of the Issuer and its Restricted Subsidiaries, on a pro forma
basis after giving effect to such Restricted Payments, is less than 2.00 to 1.00; and 
 (xix) the payment of any Restricted
Payment, if applicable: 
 (A) in amounts required for any direct or indirect parent of the Issuer, if applicable,
(i) to pay fees and expenses (including franchise or similar taxes) required to maintain its corporate existence and its status as a public company, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of,
officers and employees of any direct or indirect parent of the Issuer, if applicable, and general corporate overhead expenses of any direct or indirect parent of the Issuer, if applicable, in each case to the extent such fees and expenses are
attributable to the ownership or operation of the Issuer, if applicable, and its Subsidiaries and (ii) to pay tax liabilities incurred as a result of transactions that occurred prior to the Issue Date; 

(B) in amounts required for any direct or indirect parent of the Issuer, if applicable, to pay interest and/or principal
on Indebtedness the proceeds of which have been contributed to the Issuer or any of its Restricted Subsidiaries and that has been guaranteed by, or is otherwise considered Indebtedness of, the Issuer Incurred in accordance with Section 4.03;
and 

  
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 (C) in amounts required for any direct or indirect parent of the Issuer to pay
fees and expenses, other than to Affiliates of the Issuer, related to any unsuccessful equity or debt offering of such parent. 
 provided,
however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (vi), (vii), (x), (xi) and (xviii) of this Section 4.04(b), no Default shall have occurred and be continuing or would occur
as a consequence thereof. 
 (c) The amount of any Restricted Payment (other than cash) will be the Fair Market Value on the
date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Issuer or such Subsidiary, as the case may be, pursuant to the Restricted Payment. Except as otherwise provided herein, the Fair Market Value of
any assets or securities that are required to be valued by this Section 4.04 will be determined in good faith by the Issuer. 

(d) As of the Issue Date, all of the Issuer’s Subsidiaries shall be Restricted Subsidiaries other than Constellium-UACJ
ABS LLC (f/k/a Quiver Ventures, LLC) and Constellium Engley (Changchun) Automotive Structures Co Ltd. The Issuer shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be
deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investments.” Such designation shall only be permitted if a Restricted Payment in such amount would be permitted at such time
and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
 SECTION 4.05 Dividend and Other Payment
Restrictions Affecting Subsidiaries. The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or
consensual restriction on the ability of any Restricted Subsidiary to pay dividends or make any other distributions to the Issuer or any of its Restricted Subsidiaries (a) on its Capital Stock, or (b) with respect to any other interest or
participation in, or measured by, its profits; except in each case for such encumbrances or restrictions existing under or by reason of: 

(a) contractual encumbrances or restrictions in effect on the Issue Date, including pursuant to the ABL Facilities, the
Constellium Existing Notes and the related documentation in effect on the Issue Date and in each case, any similar contractual encumbrances effected by any amendments, modifications, restatements, renewals, supplements, refundings, replacements or
refinancings of such agreements or instruments; 
 (b) this Indenture, the Securities and the Guarantees; 

(c) applicable law or any applicable rule, regulation or order; 

 

  
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 (d) any agreement or other instrument of a Person acquired by the Issuer or any
Restricted Subsidiary which was in existence at the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or its Subsidiaries, or the property or assets of the Person or its Subsidiaries, so acquired; 

(e) contracts or agreements for the sale of assets, including any restriction with respect to a Restricted Subsidiary
imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary; 

(f) Secured Indebtedness otherwise permitted to be Incurred pursuant to Sections 4.03 and 4.12 that limit the right of the
debtor to dispose of the assets securing such Indebtedness; 
 (g) restrictions on cash or other deposits or net worth
imposed by customers under contracts entered into in the ordinary course of business; 
 (h) customary provisions in
joint venture agreements and other similar agreements entered into in the ordinary course of business; 
 (i) purchase
money obligations and Capitalized Lease Obligations for property acquired or leased in the ordinary course of business that impose restrictions on the property so acquired or leased; 

(j) customary provisions contained in leases, licenses and other similar agreements entered into in the ordinary course of
business that impose restrictions on the property subject to such lease; 
 (k) any encumbrance or restriction effected
in connection with (A) a Factoring Facility (provided that such encumbrance or restriction (i) exists on the date hereof or (ii) is in the good faith determination of the Issuer (x) necessary or advisable to effect such
Receivables Financing and applies only to the relevant Subsidiaries to which such Receivables Financing is made available or (y) not materially more burdensome than the encumbrances and restrictions under the Factoring Facilities in effect on
the date hereof) or (B) a Qualified Receivables Financing; provided, however, that in the case of this clause (B), such encumbrances or restrictions (i) apply only to a Receivables Subsidiary or (ii) are in the good faith
determination of the Issuer (x) necessary or advisable to effect such Qualified Receivables Financing and applicable only to the relevant Subsidiaries to which such Receivables Financing is made available or (y) not materially more
burdensome than the encumbrances and restrictions under the Factoring Facilities in effect on the date hereof; 

(l) (A) other Indebtedness or Disqualified Stock of the Issuer or any of its Restricted Subsidiaries, or
(B) Preferred Stock of any Restricted Subsidiary, in each case that is Incurred subsequent to the Issue Date pursuant to Section 4.03; 

(m) any Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; 

(n) [Reserved]; or 

  
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 (o) any encumbrances or restrictions of the type referred to in clauses
(a) and (b) above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (a) through
(m) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, no more restrictive with respect to such
encumbrances and other restrictions than those contained in the encumbrances or other restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

For purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends or
liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to
the Issuer or a Restricted Subsidiary of the Issuer to other Indebtedness Incurred by the Issuer or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

SECTION 4.06 Asset Sales. (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, cause or make an
Asset Sale, unless (x) the Issuer or any of its Restricted Subsidiaries, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Issuer) of the assets
sold or otherwise disposed of, and (y) at least 75% of the consideration therefor received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of: 

(i) any liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the
notes thereto) of the Issuer or any Restricted Subsidiary of the Issuer (other than liabilities that are by their terms subordinated to the Securities or any Guarantee) that are assumed by the transferee of any such assets, 

(ii) any notes or other obligations or other securities or assets received by the Issuer or such Restricted Subsidiary of
the Issuer from such transferee that are converted by the Issuer or such Restricted Subsidiary of the Issuer into cash within 180 days of the receipt thereof (to the extent of the cash received), and 

(iii) any Designated Non-cash Consideration received by the Issuer or any of its Restricted Subsidiaries in such Asset
Sale having an aggregate Fair Market Value (as determined in good faith by the Issuer), taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii) that is at that time outstanding, not to exceed the
greater of (A) 2.0% of Total Assets and (B) €50.0 million at the time of the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the
time received and without giving effect to subsequent changes in value) 
 shall be deemed to be Cash Equivalents for the purposes of this
Section 4.06(a). 

  
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 (b) Within 15 months after the Issuer’s or any Restricted Subsidiary of the
Issuer’s receipt of the Net Proceeds of any Asset Sale, the Issuer or such Restricted Subsidiary of the Issuer may apply the Net Proceeds from such Asset Sale, at its option: 

(i) to repay Indebtedness constituting Credit Facilities or Secured Indebtedness (and, if the Indebtedness repaid is revolving
credit indebtedness, to correspondingly reduce commitments with respect thereto), Pari Passu Indebtedness (provided that if the Issuer or any Guarantor shall so reduce Obligations under Pari Passu Indebtedness (other than Credit Facilities or
Secured Indebtedness), the Issuer shall make an offer to all Holders of the Securities to equally and ratably reduce a pro rata principal amount of the Securities through a repurchase offer (in accordance with the procedures set forth below for an
Asset Sale Offer) at a purchase price equal to or greater than (in the Issuer’s sole discretion) 100% of the principal amount thereof, plus accrued and unpaid interest, if any) or Indebtedness of a Restricted Subsidiary that is not a Guarantor,
in each case other than Indebtedness owed to the Issuer or an Affiliate of the Issuer, 
 (ii) to make an investment in
any one or more businesses (provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Issuer), assets, or property or capital
expenditures, in each case used or useful in a Similar Business, or 
 (iii) to make an investment in any one or more
businesses (provided that if such investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of the Issuer), properties or assets that replace the properties
and assets that are the subject of such Asset Sale. 
 In the case of Sections 4.06(b)(ii) and (iii), a binding commitment shall be treated
as a permitted application of the Net Proceeds from the date of such commitment; provided that in the event such binding commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, the Issuer or such Restricted
Subsidiary enters into another binding commitment within nine months of such cancellation or termination of the prior binding commitment; provided, further that the Issuer or such Restricted Subsidiary may only enter into such a
commitment under the foregoing provision one time with respect to each Asset Sale. 
 Pending the final application of any such Net
Proceeds, the Issuer or such Restricted Subsidiary of the Issuer may temporarily reduce Indebtedness under a revolving credit facility, if any, or otherwise invest such Net Proceeds in any manner not otherwise prohibited by this Indenture. Any Net
Proceeds from any Asset Sale that are not applied as provided and within the time period set forth in the first sentence of this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase
Securities, as described in clause (i) of this Section 4.06(b), shall be deemed to have been invested per Section 4.06(b), whether or not such offer is accepted) shall be deemed to constitute “Excess Proceeds.” When the
aggregate amount of Excess Proceeds exceeds €15.0 million, the Issuer shall make an offer to all Holders of Securities (and, at the option of the Issuer, to holders of any Pari Passu 

  
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 Indebtedness) (an “Asset Sale Offer”) to purchase the maximum aggregate principal amount of the
Securities (and such other Pari Passu Indebtedness, on a pro rata basis), that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof (or, in the event such Pari Passu
Indebtedness was issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest, if any (or, in respect of such Pari Passu Indebtedness, such lesser price, if any, as may be provided for by the
terms of such Pari Passu Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. The Issuer shall commence an Asset Sale Offer with respect to Excess Proceeds within 10 Business
Days after the date that Excess Proceeds exceeds €15.0 million by electronically delivering or mailing the notice required pursuant to the terms of Section 4.06(f), with a copy to the Trustee and the paying agent. To the extent that
the aggregate amount of the Securities (and such Pari Passu Indebtedness) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for general corporate purposes. If the aggregate
principal amount of the Securities (and such Pari Passu Indebtedness) surrendered by Holders of such Securities (and holders of such Pari Passu Indebtedness) thereof exceeds the amount of Excess Proceeds, the Registrar shall select the Securities to
be purchased in the manner described in Section 4.06(e). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

(c) To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the
Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

(d) Not later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided above, the
Issuer shall deliver to the Trustee an Officer’s Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset Sales pursuant to which such Asset Sale Offer is being made and
(iii) the compliance of such allocation with the provisions of Section 4.06(b). On such date, the Issuer shall also irrevocably deposit with the Trustee or with a paying agent (or, if the Issuer or a Wholly Owned Restricted Subsidiary is
acting as the paying agent, segregate and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash Equivalents, as directed in writing by the Issuer, and to be held for payment in accordance with the provisions of this
Section 4.06. Upon the expiration of the period for which the Asset Sale Offer remains open (the “Offer Period”), the Issuer shall deliver to the Trustee for cancellation the Securities or portions thereof that have been properly
tendered to and are to be accepted by the Issuer. The Trustee (or the paying agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering Holder in the amount of the purchase price. In the event that the
Excess Proceeds delivered by the Issuer to the Trustee are greater than the purchase price of the Securities tendered, the Trustee shall deliver the excess to the Issuer immediately after the expiration of the Offer Period for application in
accordance with Section 4.06. 
 (e) Holders electing to have a Security purchased shall be required to surrender the
Security, with an appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Trustee or the Issuer
receives 

  
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 not later than one Business Day prior to the purchase date, a facsimile transmission or letter
setting forth the name of the Holder, the principal amount of the Security which was delivered by the Holder for purchase and a statement that such Holder is withdrawing his election to have such Security purchased. If at the end of the Offer Period
more Securities (and such Pari Passu Indebtedness) are tendered pursuant to an Asset Sale Offer than the Issuer is required to purchase, selection of such Securities for purchase shall be made by the Registrar pro rata, by lot or such other manner
in the case of Global Securities, as may be required by the applicable procedures of DTC; provided that no Securities of $250,000 or less shall be purchased in part. Selection of such Pari Passu Indebtedness shall be made pursuant to the terms of
such Pari Passu Indebtedness. 
 (f) Notices of an Asset Sale Offer shall be electronically delivered or mailed by first
class mail, postage prepaid by the Issuer, at least 30 but not more than 60 days before the purchase date to each Holder of Securities at such Holder’s registered address. If any Security is to be purchased in part only, any notice of purchase
that relates to such Security shall state the portion of the principal amount thereof that has been or is to be purchased. 

(g) The provisions under this Indenture relating to the Issuer’s obligation to make an Asset Sale Offer may be waived or
modified with the written consent of Holders of a majority in principal amount of the Securities. 
 SECTION 4.07 Transactions with
Affiliates. (a) The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase
any property or assets from, or enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an
“Affiliate Transaction”) involving aggregate consideration in excess of €10.0 million, unless: 
 (i)
such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or the relevant Restricted Subsidiary than those that could have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with
an unrelated Person; 
 (ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of €25.0 million (excluding any Affiliate Transaction or series of related Affiliate Transactions substantially limited to the sale of inventory), the Issuer delivers to the Trustee an
Officer’s Certificate certifying that such Affiliate Transaction complies with clause (i) above; 
 (iii) with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of €50.0 million (excluding any Affiliate Transaction or series of related Affiliate Transactions substantially
limited to the sale of inventory), the Issuer delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of the Issuer, approving such Affiliate Transaction and set forth in an Officer’s Certificate
certifying that such Affiliate Transaction complies with clause (i) above. 
  

  
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 (b) The provisions of Section 4.07(a) shall not apply to the following: 

(i) transactions between or among the Issuer and/or any of its Restricted Subsidiaries (or an entity that becomes a
Restricted Subsidiary as a result of such transaction) and any merger, consolidation or amalgamation of the Issuer and any direct parent of the Issuer; provided that at the time of such merger, consolidation or amalgamation such parent shall have no
material liabilities and no material assets other than cash, Cash Equivalents and the Capital Stock of the Issuer and such merger, consolidation or amalgamation is otherwise in compliance with the terms of this Indenture and effected for a bona fide
business purpose; 
 (ii) Restricted Payments permitted by Section 4.04 and Permitted Investments; 

(iii) the payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity provided on behalf
of, officers, directors, employees or consultants of the Issuer or any Restricted Subsidiary or any direct or indirect parent of the Issuer; 

(iv) transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivered to the Trustee
a letter from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (i) of Section 4.07(a); 

(v) payments or loans (or cancellation of loans) to directors, officers, employees or consultants which are approved by a
majority of the Board of Directors of the Issuer in good faith; 
 (vi) any agreement as in effect as of the Issue Date
or any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the Holders of the Securities in any material respect than the original agreement as in effect on the
Issue Date) or any transaction contemplated thereby as determined in good faith by the Issuer; 
 (vii) the existence
of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under the terms of, any stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party
as of the Issue Date and any transaction, agreement or arrangement in effect on the Issue Date and described in the Offering Memorandum (or the documents incorporated by reference therein) and, in each case, any amendment thereto or similar
transactions, agreements or arrangements which it may enter into thereafter; provided, however, that the existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under, any future
amendment to any such existing transaction, 

  
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 agreement or arrangement or under any similar transaction, agreement or arrangement entered into
after the Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction, agreement or
arrangement are not otherwise more disadvantageous to the Holders of the Securities in any material respect than the original transaction, agreement or arrangement as in effect on the Issue Date; 

(viii) (A) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, or
transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Issuer and its Restricted Subsidiaries
in the reasonable determination of the Issuer, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered
into in the ordinary course of business; 
 (ix) any transaction effected as part of a Factoring Facility or a Qualified
Receivables Financing; 
 (x) the issuance of Equity Interests (other than Disqualified Stock) of the Issuer to any
Person; 
 (xi) the issuances of securities or other payments, loans (or cancellation of loans), awards or grants in
cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Issuer or any direct or indirect parent of the
Issuer or of a Restricted Subsidiary of the Issuer, as appropriate, in good faith; 
 (xii) transactions permitted by,
and complying with, Sections 4.06 and/or 5.01; 
 (xiii) transactions between the Issuer or any of its Restricted
Subsidiaries and any Person, a director of which is also a director of the Issuer; provided, however, that such director abstains from voting as a director of the Issuer or such direct or indirect parent, as the case may be, on any
matter involving such other Person; 
 (xiv) pledges of Equity Interests of Unrestricted Subsidiaries; 

(xv) the provision to Unrestricted Subsidiaries of cash management, accounting and other overhead services in the ordinary
course of business undertaken in good faith and not for the purpose of circumventing any covenant set forth in this Indenture; 

(xvi) any employment agreements entered into by the Issuer or any of its Restricted Subsidiaries in the ordinary course of
business, and any termination of employment agreements and payments in connection therewith at the net present value of future payments; 

  
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 (xvii) intercompany transactions undertaken in good faith for the purpose of
improving the consolidated tax efficiency of the Issuer and its Subsidiaries and not for the purpose of circumventing any covenant set forth in this Indenture; 

(xviii) the entering into of any tax sharing agreement or arrangement providing for, and the making of, any payments
permitted by Section 4.04(b)(xii); 
 (xix) (A) payments made to the Issuer or any of its Restricted
Subsidiaries by Constellium-UACJ ABS LLC (f/k/a Quiver Ventures, LLC) in connection with tax sharing arrangements and (B) any repayments or reimbursements by the Issuer or any of its Restricted Subsidiaries to Constellium-UACJ ABS LLC (f/k/a
Quiver Ventures, LLC) to the extent that amounts paid thereby pursuant to clause (A) are in excess of the ultimate tax liability attributable thereto, in each case consistent with past practice of the Issuer and its Restricted Subsidiaries for
other consolidated groups; and 
 (xx) any agreements or arrangements between a third party and an Affiliate of the
Issuer that are acquired or assumed by the Issuer or any Restricted Subsidiary in connection with an acquisition or merger of such third party (or assets of such third party) by or with the Issuer or any Restricted Subsidiary; provided that
(A) such acquisition or merger is permitted under this Indenture and (B) such agreements or arrangements are not entered into in contemplation of such acquisition or merger or otherwise for the purpose of avoiding the restrictions imposed
by this section. 
 SECTION 4.08 Change of Control. (a) Upon a Change of Control, each Holder shall have the right to require
the Issuer to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a
Change of Control, the Issuer shall not be obligated to purchase any Securities pursuant to this Section 4.08 in the event that it has exercised its right to redeem such Securities in accordance with Article 3 of this Indenture. 

(b) Within 30 days following any Change of Control, except to the extent that the Issuer has exercised its right to redeem the
Securities in accordance with Article 3 of this Indenture, the Issuer shall electronically deliver or mail a notice (a “Change of Control Offer”) to each Holder with a copy to the Trustee and paying agent stating: 

(i) that a Change of Control has occurred and that such Holder has the right to require the Issuer to repurchase such
Holder’s Securities at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the Holders of record on a record date to receive
interest on the relevant interest payment date); 

  
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 (ii) the repurchase date (which shall be no earlier than 30 days nor later than
60 days from the date such notice is electronically delivered or mailed, except that such notice may provide that, if the Change of Control does not occur on the repurchase date so designated, then the repurchase date may be delayed until such time
as the applicable Change of Control shall occur); 
 (iii) the instructions determined by the Issuer, consistent with
this Section 4.08, that a Holder must follow in order to have its Securities purchased; and 
 (iv) if such notice
is electronically delivered or mailed prior to the occurrence of a Change of Control pursuant to a definitive agreement for the Change of Control, that such offer is conditioned on the occurrence of such Change of Control. 

(c) Holders electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly
completed, to the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. The Holders shall be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day
prior to the purchase date a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to
have such Security purchased. Holders whose Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered. 

(d) On the purchase date, all Securities purchased by the Issuer under this Section 4.08 shall be delivered to the Trustee
for cancellation, and the Issuer shall pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto. 

(e) For the avoidance of doubt, a Change of Control Offer may be made in advance of a Change of Control, and be
conditional upon such Change of Control, if a definitive agreement is in place in respect of the Change of Control at the time of making of the Change of Control Offer. 

(f) Notwithstanding the foregoing provisions of this Section 4.08, the Issuer shall not be required to make a Change of
Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.08 applicable to a Change of Control Offer made
by the Issuer and purchases all Securities validly tendered and not withdrawn under such Change of Control Offer. 
 (g) If
Holders of not less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw such Securities in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of
the Issuer as described above, purchases all of the Securities validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more
than 30 days following such purchase pursuant to the Change of Control Offer described above, to repurchase all Securities that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued
and unpaid interest to but excluding the date of repurchase. 

  
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 (h) Securities repurchased by the Issuer pursuant to a Change of Control Offer
will have the status of Securities issued but not outstanding or will be retired and canceled at the option of the Issuer. Securities purchased by a third party pursuant to the preceding clause (f) will have the status of Securities issued and
outstanding. 
 (i) At the time the Issuer delivers Securities to the Trustee which are to be accepted for purchase, the
Issuer shall also deliver an Officer’s Certificate stating that such Securities are to be accepted by the Issuer pursuant to and in accordance with the terms of this Section 4.08. A Security shall be deemed to have been accepted for
purchase at the time the Trustee, directly or through an agent, mails or delivers payment therefor to the surrendering Holder. 

(j) Prior to any Change of Control Offer, the Issuer shall deliver to the Trustee an Officer’s Certificate stating that
all conditions precedent contained herein to the right of the Issuer to make such offer have been complied with. 

(k) To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Section 4.08, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue thereof. 

(l) The provisions under this Indenture relating to the Issuer’s obligation to make an offer to repurchase Securities as a
result of a Change of Control may be waived or modified with the written consent of the Holders of a majority in principal amount of the Securities. 

SECTION 4.09 Compliance Certificate. The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the
Issuer, beginning with the fiscal year ending on December 31, 2017, an Officer’s Certificate stating that in the course of the performance by the signers of their duties as Officers of the Issuer they would normally have knowledge of any
Default and whether or not the signers know of any Default that occurred during such period. If they do, the certificate shall describe the Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 

SECTION 4.10 [Reserved]. 

SECTION 4.11 Future Guarantors. The Issuer shall cause each Restricted Subsidiary (unless such Subsidiary is a Receivables Subsidiary)
that guarantees any Indebtedness under any series of the Existing Notes or any Credit Facilities of the Issuer or any of the Guarantors, on the Issue Date or at any time thereafter, to execute and deliver to the Trustee, within 45 days of the date
thereof, a supplemental indenture substantially in the form of Exhibit B pursuant to which such Subsidiary shall guarantee the Issuer’s Obligations under the Securities and this Indenture. 

  
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 SECTION 4.12 Liens. (a) The Issuer shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create, Incur or suffer to exist any Lien on any asset or property of the Issuer or such Restricted Subsidiary securing Indebtedness unless the Securities are equally and ratably secured with (or
on a senior basis to, in the case of obligations subordinated in right of payment to the Securities) the obligations so secured until such time as such obligations are no longer secured by a Lien. 

(b) Section 4.12(a) shall not require the Issuer or any Restricted Subsidiary of the Issuer to secure the Securities if
the Lien is a Permitted Lien. Any Lien that is granted to secure the Securities or such Guarantee under Section 4.12(a) shall be automatically released and discharged at the same time as the release of the Lien that gave rise to the obligation
to secure the Securities or such Guarantee. 
 SECTION 4.13 Maintenance of Office or Agency. (a) The Issuer shall maintain an
office or agency (which may be an office of the Trustee or an Affiliate of the Trustee or Registrar) where Securities may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of
the Securities and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the corporate trust office of the Trustee as set forth in Section 11.03. 

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

(c) The Issuer hereby designates the corporate trust office of the Trustee or its Agent as such office or agency of the Issuer
in accordance with Section 2.04. 
 SECTION 4.14 Termination and Suspension of Certain Covenants. (a) If on any date
following the Issue Date (i) the Securities have Investment Grade Ratings from both Rating Agencies, and the Issuer has delivered an Officer’s Certificate of such Investment Grade Ratings to the Trustee, and (ii) no Default has
occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), then, beginning on such date, the
Issuer and its Restricted Subsidiaries will not be subject to Section 4.03 hereof, Section 4.04 hereof, Section 4.05 hereof, Section 4.06 hereof, Section 4.07 hereof, Section 4.08 hereof, Section 4.11 hereof,
clause (iv) of Section 5.01(a) hereof, Section 5.01(b) hereof and the penultimate paragraph of Section 5.01 hereof (collectively, the “Suspended Covenants”). 

(b) In the event that the Issuer and the Restricted Subsidiaries are not subject to the Suspended Covenants under this
Indenture for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to 

  
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 the Securities below an Investment Grade Rating, then the Issuer and its Restricted Subsidiaries
shall thereafter again be subject to the Suspended Covenants with respect to future events. The period of time between the Covenant Suspension Event and the Reversion Date is referred to herein as the “Suspension Period”. 

(c) Notwithstanding that the Suspended Covenants may be reinstated, no Default will be deemed to have occurred as a result
of a failure to comply with the Suspended Covenants during the Suspension Period. During any Suspension Period, the Issuer may not designate any Subsidiary as an Unrestricted Subsidiary unless the Issuer would have been permitted to designate such
Subsidiary as an Unrestricted Subsidiary if a Suspension Period had not been in effect for any period, and such designation shall be deemed to have created a Restricted Payment pursuant to Section 4.04 following the Reversion Date. 

(d) On the Reversion Date, all Indebtedness Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension
Period will be classified to have been Incurred or issued pursuant to Section 4.03(a) or one of the clauses set forth in Section 4.03(b) (in each case, to the extent such Indebtedness would be permitted to be Incurred thereunder as of the
Reversion Date and after giving effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or Preferred Stock would not be so permitted to be Incurred
or issued pursuant to Section 4.03(a) or Section 4.03(b), such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under
Section 4.03(b)(iv). For purposes of Section 4.11, all Indebtedness Incurred during the Suspension Period and outstanding on the Reversion Date by any Restricted Subsidiary that is not a Guarantor will be deemed to have been Incurred on
the Reversion Date. Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 will be made as though Section 4.04 had been in effect since the Issue Date and throughout the
Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under Section 4.04(a) and the items specified in clauses (1) through (6) of the
definition of “Cumulative Credit” will increase the amount available to be made as Restricted Payments under the first paragraph thereof. For purposes of determining compliance with Section 4.06 on the Reversion Date, the Net Proceeds
from all Asset Sales not applied in accordance with the covenant will be deemed to be reset to zero. 
 (e) In addition, in
the event that the Issuer and the Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period as a result of the foregoing, and on any subsequent date the Issuer or any of its Affiliates enters into an
agreement to effect a transaction that would result in a Change of Control and one or more of the Rating Agencies indicate that if consummated, such transaction (alone or together with any related recapitalization or refinancing transactions) would
cause such Rating Agency to withdraw its Investment Grade Rating or downgrade the ratings assigned to the Securities below an Investment Grade Rating, then the Issuer and its Restricted Subsidiaries will thereafter again be subject to
Section 4.08 hereof until the occurrence, if any, of another Covenant Suspension Event, or the termination of such agreement, or the withdrawal by such Rating Agency of such indication, whichever occurs earliest. 

  
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 ARTICLE 5 

SUCCESSOR COMPANY 

SECTION 5.01 When Issuer May Merge or Transfer Assets. (a) The Issuer shall not, directly or indirectly, consolidate, amalgamate
or merge with or into or wind up or convert into (whether or not the Issuer is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related
transactions, to any Person unless: 
 (i) the Issuer is the surviving Person or the Person formed by or surviving any such
consolidation, amalgamation, merger, winding up or conversion (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability
company organized or other Person existing under the laws of any country in the European Union as of the Issue Date, of Switzerland, or of the United States, any state thereof, the District of Columbia, or any territory thereof (the Issuer or such
Person, as the case may be, being herein called the “Successor Company”); provided that in the case where the surviving Person is not a corporation or limited liability company (or equivalent of a corporation or limited liability
company in any permitted jurisdiction listed in this clause (i)), a co-obligor of the Securities is a corporation; 

(ii) the Successor Company (if other than the Issuer) expressly assumes all the obligations of the Issuer under this
Indenture and the Securities pursuant to supplemental indentures or other documents or instruments; 
 (iii) immediately
after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or
such Restricted Subsidiary at the time of such transaction) no Default shall have occurred and be continuing; 

(iv) immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning
of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Company or any of its Restricted Subsidiaries as a result of such transaction as having been Incurred by the Successor Company or such
Restricted Subsidiary at the time of such transaction), either 
 (A) the Successor Company would be permitted to Incur
at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.03(a); or 

(B) the Fixed Charge Coverage Ratio for the Successor Company and its Restricted Subsidiaries would be equal to or greater
than such ratio for the Issuer and its Restricted Subsidiaries immediately prior to such transaction; 

  
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 (v) if the Successor Company is not the Issuer, each Guarantor, unless it is
the other party to the transactions described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Securities; and 

(vi) the Successor Company (if other than the Issuer) shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indentures (if any) comply with this Indenture. 

The Successor Company (if other than the Issuer) shall succeed to, and be substituted for, the Issuer under this Indenture and the Securities,
and in such event the Issuer will automatically be released and discharged from its obligations under this Indenture and the Securities. Notwithstanding the foregoing clauses (iii) and (iv) of this Section 5.01(a), (A) any
Restricted Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its properties and assets to the Issuer or to another Restricted Subsidiary, and (B) the Issuer may merge, consolidate or amalgamate with an Affiliate
incorporated solely for the purpose of reincorporating the Issuer in any country in the European Union as of the Issue Date, Switzerland, a state of the United States, the District of Columbia or any territory of the United States, so long as the
amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby. This Article 5 will not apply to a sale, assignment, transfer, conveyance or other disposition of assets between or among the Issuer and its Restricted
Subsidiaries. 
 (b) Subject to the provisions of Section 10.03 (which govern the release of a Guarantee upon the sale
or disposition of a Restricted Subsidiary of the Issuer that is a Guarantor), no Guarantor shall, and the Issuer shall not permit any Guarantor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Guarantor is the
surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 

(i) either (A) such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation,
amalgamation or merger (if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership or limited liability company or other Person organized or
existing under the laws of any country in the European Union as of the Issue Date, of Switzerland, or of the United States, any state thereof, the District of Columbia, or any territory thereof (such Guarantor or such Person, as the case may be,
being herein called the “Successor Guarantor” ) and the Successor Guarantor (if other than such Guarantor) expressly assumes all the obligations of such Guarantor under this Indenture and such Security, such Guarantor’s Guarantee
pursuant to a supplemental indenture or other documents or instruments, or (B) such sale or disposition or consolidation, amalgamation or merger is not in violation of Section 4.06; and 

  
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 (ii) in the case of clause (i)(A) above, the Successor Guarantor (if other than
such Guarantor) shall have delivered or caused to be delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indenture (if any)
comply with this Indenture. 
 Except as otherwise provided in this Indenture, the Successor Guarantor (if other than such Guarantor) will
succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s Guarantee, and such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s
Guarantee. Notwithstanding the foregoing, (1) a Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of reincorporating such Guarantor in any country in the European Union as of the Issue Date,
Switzerland, the United States, or a state of the United States, the District of Columbia or any territory of the United States so long as the amount of Indebtedness of the Guarantor is not increased thereby and (2) a Guarantor may merge,
amalgamate or consolidate with another Guarantor or the Issuer. 
 In addition, notwithstanding the foregoing, any Guarantor may
consolidate, amalgamate or merge with or into or wind up into, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets (collectively, a “Transfer”) to (x) the Issuer or any
Guarantor or (y) any Restricted Subsidiary of the Issuer that is not a Guarantor; provided that at the time of each such Transfer pursuant to clause (y) the aggregate amount of all such Transfers since the Issue Date shall not exceed 5.0%
of the consolidated assets of the Issuer and the Guarantors as shown on the most recent available balance sheet of the Issuer and the Restricted Subsidiaries after giving effect to each such Transfer and including all Transfers occurring from and
after the Issue Date. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 

SECTION 6.01 Events of Default. An “Event of Default” with respect to the Securities occurs if: 

(a) there is a default in any payment of interest (including any Additional Amounts) on any Security, when the same becomes due
and payable, and such default continues for a period of 30 days; 
 (b) there is a default in the payment of principal
or premium, if any, of any Security, when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 

(c) the Issuer or any Restricted Subsidiary fails to comply with its obligations under Section 5.01; 

(d) the Issuer or any Restricted Subsidiary fails to comply with any of its agreements in the Securities or this Indenture
(other than those referred to in clause (a), (b) or (c) above) and such failure continues for 60 days after the notice specified below; 

  
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 (e) the Issuer or any Significant Subsidiary fails to pay any Indebtedness (other
than Indebtedness owing to the Issuer or a Restricted Subsidiary) within any applicable grace period after final maturity or the acceleration of any such Indebtedness by the holders thereof because of a default, in each case, if the total amount of
such Indebtedness unpaid or accelerated exceeds €50.0 million or its foreign currency equivalent; 
 (f) the
Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a
voluntary case; 
 (ii) consents to the entry of an order for relief against it in an involuntary case; 

(iii) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

(iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws
relating to insolvency; 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law
that: 
 (i) is for relief against the Issuer or any Significant Subsidiary in an involuntary case; 

(ii) appoints a Custodian of the Issuer or any Significant Subsidiary or for any substantial part of its property; or 

(iii) orders the winding up or liquidation of the Issuer or any Significant Subsidiary; 

or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days; 

(h) the Issuer or any Significant Subsidiary fails to pay final judgments aggregating in excess of €50.0 million
or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not discharged, waived or stayed for a period of 60 days following the entry thereof; or 

(i) any Guarantee of a Significant Subsidiary with respect to the Securities ceases to be in full force and effect (except
as contemplated by the terms thereof) or any Guarantor that qualifies as a Significant Subsidiary denies or disaffirms its obligations under this Indenture or any Guarantee with respect to the Securities and such Default continues for 10 days. 

  
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 The foregoing shall constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

The term “Bankruptcy Law” means Title 11, United States Code, or any similar federal or state law or similar applicable law of any
jurisdiction for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

A Default under clause (d) above shall not constitute an Event of Default until the Trustee or the Holders of at least 25% in principal
amount of the Securities notify the Issuer of the Default and the Issuer does not cure such Default within the time specified in clause (d) above after receipt of such notice. Such notice must specify the Default, demand that it be remedied and
state that such notice is a “Notice of Default.” The Issuer shall deliver to the Trustee, within thirty (30) days after the occurrence thereof, written notice in the form of an Officer’s Certificate of any event which is, or with
the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto. 

SECTION 6.02 Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(f) or (g) with
respect to the Issuer) occurs with respect to the Securities and is continuing, the Trustee or the Holders of at least 25% in principal amount of Securities, by notice to the Issuer may declare the principal of, premium, if any, and accrued but
unpaid interest on all the Securities to be due and payable; provided, however, that so long as any Bank Indebtedness remains outstanding, no such acceleration shall be effective until the earlier of (i) five (5) Business
Days after the giving of written notice to the Issuer and the Representative under the Bank Credit Facilities and (ii) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such principal, premium, if any, and interest
shall be due and payable immediately. If an Event of Default specified in Section 6.01(f) or (g) with respect to the Issuer occurs, the principal of, premium, if any, and interest on all the Securities shall become and be immediately due
and payable without any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in principal amount of the outstanding Securities by notice to the Trustee may rescind any such acceleration and its consequences.

 In the event of any Event of Default specified in Section 6.01(e), such Event of Default and all consequences thereof (excluding,
however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders of the Securities, if within 20 days after such Event of Default arose the Issuer delivers an
Officer’s Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action
(as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Securities as
described above be annulled, waived or rescinded upon the happening of any such events. 

  
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 SECTION 6.03 Other Remedies. If an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy at law or in equity to collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any
other remedy. To the extent required by law, all available remedies are cumulative. 
 SECTION 6.04 Waiver of Past Defaults. Provided
the Securities are not then due and payable by reason of a declaration of acceleration, the Holders of a majority in principal amount of the outstanding Securities by written notice to the Trustee may waive an existing Default or Event of Default
and its consequences except (a) a Default in the payment of the principal of or interest on a Security, (b) a Default arising from the failure to redeem or purchase any Security when required pursuant to the terms of this Indenture or
(c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each Holder affected. When a Default is waived, it is deemed cured and the Issuer, the Trustee and the Holders will be restored to
their former positions and rights under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

SECTION 6.05 Control by Majority. The Holders of a majority in principal amount of the outstanding Securities may direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or,
subject to Section 7.01, is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal or financial liability. Prior to taking any action under this Indenture, the Trustee shall be entitled to
indemnification and security satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action. 

SECTION 6.06 Limitation on Suits. (a) Except to enforce the right to receive payment of principal, premium (if any) or interest
when due, no Holder may pursue any remedy with respect to this Indenture or the Securities unless: 
 (i) the Holder gives to
the Trustee written notice stating that an Event of Default is continuing; 
 (ii) the Holders of at least 25% in
principal amount of the outstanding Securities make a written request to the Trustee to pursue the remedy; 
 (iii) such
Holder or Holders offer to the Trustee reasonable security and indemnity satisfactory to the Trustee against any loss, liability or expense; 

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

  
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 (v) the Holders of a majority in principal amount of the Securities do not give
the Trustee a direction inconsistent with the request during such 60-day period. 
 (b) A Holder may not use this Indenture
to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 
 SECTION 6.07 Rights of the
Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the legal right of any Holder to receive payment of principal and of interest on the Securities held by such Holder, on or after the respective due dates
expressed or provided for in the Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.08 Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing
with respect to Securities, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer or any other obligor on the Securities for the whole amount then due and owing (together with interest on overdue
principal and (to the extent lawful) on any unpaid interest at the rate provided for in such Securities) and the amounts provided for in Section 7.07. 

SECTION 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such other professionals as the
Trustee deems necessary, advisable or appropriate)) and the Holders of the Securities then outstanding allowed in any judicial proceedings relative to the Issuer or any Guarantor, its creditors or its property, shall be entitled to participate as a
member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person
performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 

SECTION 6.10 Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or
property in the following order: 
 FIRST: to the Trustee (in all of its roles and capacities) for amounts due under
Section 7.07; 
 SECOND: to the Holders for amounts due and unpaid on the Securities for principal, premium, if any, and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 

THIRD: to the Issuer. 

  
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 The Trustee may fix a record date and payment date for any payment to the Holders pursuant to
this Section. At least 15 days before such record date, the Trustee shall mail to each Holder and the Issuer a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the outstanding Securities. 

SECTION 6.12 Waiver of Stay or Extension Laws. Neither the Issuer nor any Guarantor (to the extent it may lawfully do so) shall at any
time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Issuer and each Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee,
but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE 7 

TRUSTEE 
 SECTION 7.01
Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person
would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the
continuance of an Event of Default: 
 (i) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be
construed as a duty); and 
 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee shall be under no duty to make any investigation
as to any statement contained in any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case of certificates or opinions required by any
provision hereof to be provided to it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the form required by this Indenture. 

  
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 (c) The Trustee may not be relieved from liability for its own grossly negligent
action, its own grossly negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not
limit the effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee shall not be liable for any error
of judgment made in good faith by a Responsible Officer of the Trustee unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.05; and 
 (iv) no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise Incur financial or personal liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and
(c) of this Section. 
 (e) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law. 
 (g) Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 7.02 Rights of
Trustee. (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact, calculation or matter stated in the document.

 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or gross negligence of any agent
appointed with due care. 

  
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 (d) The Trustee shall not be liable for any action it takes or omits to take in
good faith which it believes to be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence. 

(e) The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal
matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or
opinion of such counsel. 
 (f) The Trustee shall not be bound to make any investigation into the facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the Holders of not less than a majority in
principal amount of the Securities at the time outstanding, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney, at the expense of the Issuer and shall Incur no liability of any kind by reason of such inquiry or
investigation. 
 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses (including reasonable
attorney’s fees and expenses) and liabilities which might be incurred by it in compliance with such request or direction. 

(h) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its roles and capacities hereunder, and each agent, custodian and other Person appointed or employed to act hereunder. 

(i) The Trustee shall not be liable for any action taken or omitted by it in good faith at the direction of the Holders of not
less than a majority in principal amount of the Securities as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this Indenture. 

(j) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or
authority or consent of any Person who, at the time of making such request or giving such authority or consent, is the Holder of any Security shall be conclusive and binding upon future Holders of Securities and upon Securities executed and
delivered in exchange therefor or in place thereof. 
 (k) Unless otherwise specifically provided in this Indenture, any
demand, request, direction or notice from the Issuer shall be sufficient if signed by an Officer of the Issuer. 

  
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 (l) The Trustee shall not be charged with knowledge or deemed with notice of any
Default of Event of Default with respect to the Securities unless either (A) a Responsible Officer of the Trustee assigned to the Corporate Trust department of the Trustee (or any successor division or department of the Trustee) shall have
actual knowledge of such Default or Event of Default or (B) written notice of such Default or Event of Default shall have been given to the Trustee at its Corporate Trust Office by the Issuer or any other obligor on the Securities or by any
Holder of the Securities, such notice specifically identifying this Indenture and the Securities. For purposes of determining the Trustee’s responsibility and liability hereunder, whenever reference is made in this Indenture to a Default or
Event of Default, such reference shall be construed to refer only to such Default or Event of Default for which the Trustee is deemed to have notice pursuant to this Section 7.02(l). 

(m) The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so
authorized in any such certificate previously delivered and not superseded. 
 (n) The permissive rights of the Trustee
enumerated herein shall not be construed as duties. 
 (o) In respect of this Indenture, the Trustee shall not have any duty
or obligation to verify or confirm that the Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports,
notices or other communications or information on behalf of the party purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as
a result of such reliance upon or compliance with such instructions, directions, reports, notices or other communications or information. Each other party agrees to assume all risks arising out of the use of electronic methods to submit
instructions, directions, reports, notices or other communications or information to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and
the risk of interception and misuse by third parties. 
 (p) In no event shall the Trustee be responsible or liable for any
special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action. 
 (q) The Trustee shall have no obligation or duty to ensure compliance with the securities laws of any
country or state except to request such certificates or other documents required to be obtained by the Trustee or any Registrar hereunder in connection with any exchange or transfer pursuant to the terms hereof. 

(r) The Trustee shall not incur any liability for not performing any act or fulfilling any duty, obligation or responsibility
hereunder by reason of any occurrence beyond the control of the Trustee (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war, civil unrest, local or national
disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility). 

  
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 SECTION 7.03 Individual Rights of Trustee. The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuer or their Affiliates with the same rights it would have if it were not Trustee. Any paying agent or Registrar may do the same with like rights. 

SECTION 7.04 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, any Guarantee or the Securities, it shall not be accountable for the Issuer’s use of the proceeds from the Securities, and it shall not be responsible for any statement of the Issuer or any Guarantor in this
Indenture or in any document issued in connection with the sale of the Securities or in the Securities other than the Trustee’s certificate of authentication. The Trustee shall not be charged with knowledge of any Default or Event of Default
under Sections 6.01(c), (d), (e), (f), (g), (h), or (i) or of the identity of any Significant Subsidiary unless either (a) a Responsible Officer of the Trustee shall have actual knowledge thereof or (b) the Trustee shall have received
written notice thereof in accordance with Section 11.03 hereof from the Issuer, any Guarantor or any Holder. In accepting the trust hereby created, the Trustee acts solely as Trustee for the Holders of the Securities and not in its individual
capacity and all persons, including without limitation the Holders of Securities and the Issuer having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for payment
except as otherwise provided herein. 
 SECTION 7.05 Notice of Defaults. If a Default occurs and is continuing and if it is actually
known to a Responsible Officer of the Trustee, the Trustee shall electronically deliver or mail to each Holder of the Securities notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a
Responsible Officer of the Trustee or written notice of it is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Security, the Trustee may withhold the notice if and so long
as a Responsible Officer of the Trustee in good faith determines that withholding the notice is in the interests of the Holders of the Securities. 

SECTION 7.06 Affiliate Subordination Agreement. By its acceptance of the Securities issued hereunder, each Holder hereby authorizes and
directs the Trustee to, and upon the request of the Company the Trustee shall, enter into and perform an affiliate subordination agreement on behalf of the Holders, on terms substantially similar (as conclusively determined by an Officer’s
Certificate delivered to the Trustee) to that certain Affiliate Subordination Agreement, dated as of May 7, 2014, among the subordinated lenders and subordinated borrowers party thereto, Deutsche Bank AG New York Branch, as administrative
agent, and Deutsche Bank Trust Company Americas, as trustee. 
 SECTION 7.07 Compensation and Indemnity. 

(a) The Issuer shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. 

  
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 (b) The Issuer shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s
agents, counsel, accountants and experts. The Issuer shall indemnify the Trustee against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses) incurred by or in connection with the acceptance
or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture or Guarantee against the Issuer or a Guarantor (including this Section 7.07) and defending itself against
or investigating any claim (whether asserted by the Issuer, any Guarantor, any Holder or any other Person). The obligation to indemnify and pay such amounts shall survive the payment in full or defeasance of the Securities or the removal or
resignation of the Trustee. The Trustee shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Issuer shall not
relieve the Issuer of its indemnity obligations hereunder. The Issuer shall defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s expense in the defense. Such indemnified parties may have separate
counsel and the Issuer shall pay the fees and expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such
indemnified parties’ reasonable judgment, there is no conflict of interest between the Issuer and such parties in connection with such defense. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense
incurred by an indemnified party through such party’s own willful misconduct, gross negligence or bad faith, as determined by a court of competent jurisdiction in a final, non-appealable ruling. 

(c) To secure the Issuer’s payment obligations in this Section, the Trustee shall have a Lien prior to the Securities on
all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Securities. 

(d) The Issuer’s payment obligations pursuant to this Section shall survive the satisfaction or discharge of this
Indenture, any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee. Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee incurs expenses
after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Issuer, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

(e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise Incur any financial
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if repayment of such funds or adequate indemnity or security against such risk or liability is not assured to its satisfaction. 

  
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 SECTION 7.08 Replacement of Trustee. (a) The Trustee may resign at any time by so
notifying the Issuer. The Holders of a majority in principal amount of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer shall remove the Trustee if: 

(i) [reserved]; 

(ii) the Trustee is adjudged bankrupt or insolvent; 

(iii) a receiver or other public officer takes charge of the Trustee or its property; or 

(iv) the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns, is removed by the Issuer or by the Holders of a majority in principal amount of the Securities and
such Holders do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a
successor Trustee. 
 (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee
and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a
notice of its succession to the Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 

(d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring
Trustee or the Holders of 10% in principal amount of the Securities may petition at the expense of the Issuer any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) [Reserved]. 

(f) Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under
Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09 Successor Trustee by Merger. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall
be the successor Trustee. 
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall
succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such
Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the
successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

  
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 ARTICLE 8 

DISCHARGE OF INDENTURE; DEFEASANCE 

SECTION 8.01 Discharge of Liability on Securities; Defeasance. This Indenture shall be discharged and shall cease to be of further
effect (except as to surviving rights of registration of transfer or exchange of Securities, as expressly provided for in this Indenture) as to all outstanding Securities when: 

(a) either (i) all the Securities theretofore authenticated and delivered (other than Securities pursuant to
Section 2.08 which have been replaced or paid and Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have
been delivered to the Trustee for cancellation or (ii) all of the Securities (A) have become due and payable, (B) will become due and payable at their Stated Maturity within one year or (C) if redeemable at the option of the
Issuer, are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer has irrevocably deposited or
caused to be deposited with the Trustee or its designee money, U.S. Government Obligations or a combination thereof in an amount sufficient in the written opinion of an Independent Financial Advisor delivered to the Trustee (which opinion shall only
be required if U.S. Government Obligations have been so deposited) to pay and discharge the entire Indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the
Securities to the date of deposit together with irrevocable written instructions from the Issuer directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 

(b) the Issuer and/or the Guarantors have paid all other sums payable under this Indenture; and 

(c) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 Subject
to Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all of its obligations under the Securities and this Indenture (with respect to such Securities) (“legal defeasance option”) or (ii) its obligations under
Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.11 and 4.12 for the benefit of the Securities and the operation of Section 5.01 and Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f) (with respect to Significant Subsidiaries of the Issuer
only), 6.01(g) (with respect to Significant Subsidiaries of the Issuer only), 6.01(h) and 6.01(i) (“covenant defeasance option”) for the benefit of the Holders of the Securities. The Issuer may exercise its legal defeasance option
notwithstanding its prior exercise of its covenant defeasance option. In the event that the Issuer exercises its legal defeasance option or its covenant defeasance option with respect to the Securities, the obligations of each Guarantor under its
Guarantee of such Securities shall be terminated simultaneously with the termination of the obligations terminated pursuant to such legal defeasance or covenant defeasance. 

  
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 If the Issuer exercises its legal defeasance option, payment of the Securities so defeased may
not be accelerated because of an Event of Default. If the Issuer exercises its covenant defeasance option, payment of the Securities so defeased may not be accelerated because of an Event of Default specified in Section 6.01(c), 6.01(d),
6.01(e), 6.01(f), 6.01(g), 6.01(h) or 6.01(i) or because of the failure of the Issuer to comply with Section 5.01. 
 Upon satisfaction
of the conditions set forth herein and upon request and at the expense of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates. 

(d) Notwithstanding clauses (i) and (ii) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07,
2.08, 2.09, 7.07, 7.08 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07, 8.05 and 8.06 shall survive such satisfaction and discharge. 

SECTION 8.02 Conditions to Defeasance. (a) The Issuer may exercise its legal defeasance option or its covenant defeasance option,
in each case, with respect to the Securities only if: 
 (i) the Issuer irrevocably deposits in trust with the Trustee or its
designee money, U.S. Government Obligations or a combination thereof sufficient, in the case any U.S. Government Obligations are deposited, in the opinion of an Independent Financial Advisor, for the payment of principal of and premium (if any) and
interest on the Securities when due at maturity or redemption, as the case may be, including interest thereon to maturity or such redemption date; 

(ii) the Issuer delivers to the Trustee a certificate from an Independent Financial Advisor expressing their opinion that
the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will be sufficient to pay
principal, premium, if any, and interest when due on all the Securities to maturity or redemption, as the case may be; 

(iii) 123 days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(f)
or (g) with respect to the Issuer occurs which is continuing at the end of the period; 
 (iv) the deposit does not
constitute a default under any other agreement binding on the Issuer; 
 (v) in the case of the legal defeasance option,
the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has
been a change in the 

  
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applicable U.S. Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners will not recognize income, gain or
loss for U.S. Federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and
defeasance had not occurred; 
 (vi) such exercise does not impair the right of any Holder to receive payment of
principal, premium, if any, and interest on such Holder’s Securities on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such Holder’s Securities; 

(vii) in the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel
to the effect that the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such deposit and defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such deposit and defeasance had not occurred; and 
 (viii) the Issuer delivers to
the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Securities to be so defeased and discharged as contemplated by this Article 8 have been complied
with. 
 (b) Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of
such Securities at a future date in accordance with Article 3. 
 SECTION 8.03 Application of Trust Money. The Trustee shall hold in
trust money or U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through each paying agent and in accordance with
this Indenture to the payment of principal of and interest on the Securities so discharged or defeased. 
 SECTION 8.04 Repayment to
Issuer. Each of the Trustee and each paying agent shall promptly turn over to the Issuer upon request any money or U.S. Government Obligations held by it as provided in this Article which, in the written opinion of an Independent Financial
Advisor delivered to the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof which would then be required to be deposited to effect an equivalent discharge or
defeasance in accordance with this Article 8. 
 Subject to any applicable abandoned property law, the Trustee and each paying agent shall
pay to the Issuer upon written request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must look to the Issuer for payment as general creditors, and
the Trustee and each paying agent shall have no further liability with respect to such monies. 

  
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 SECTION 8.05 Indemnity for U.S. Government Obligations. The Issuer shall pay and shall
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 8.06 Reinstatement. If the Trustee or any paying agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this
Indenture and the Securities so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or any paying agent is permitted to apply all such money or U.S.
Government Obligations in accordance with this Article 8; provided, however, that, if the Issuer has made any payment of principal of or interest on, any such Securities because of the reinstatement of its obligations, the Issuer shall
be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or any paying agent. 

ARTICLE 9 
 AMENDMENTS
AND WAIVERS 
 SECTION 9.01 Without Consent of the Holders. The Issuer and the Trustee may amend this Indenture and the
Securities without notice to or consent of any Holder: 
 (i) to cure any ambiguity, omission, mistake, defect or
inconsistency; 
 (ii) to provide for the assumption by a Successor Company of the obligations of the Issuer under this
Indenture and the Securities; 
 (iii) to provide for the assumption by a Successor Guarantor of the obligations of a
Guarantor under this Indenture and the applicable Guarantee; 
 (iv) to provide for uncertificated Securities in
addition to or in place of certificated Securities (provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code); 

(v) to add a Guarantee with respect to the Securities; 

(vi) to make any change that would provide additional rights or benefits to the Holders or that does not adversely affect the
legal rights of any such Holder under this Indenture; 
 (vii) to make changes relating to the transfer and legending of the
Securities; 
 (viii) to secure the Securities; 

  
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 (ix) to add to the covenants of the Issuer for the benefit of the Holders or to
surrender any right or power herein conferred upon the Issuer or any Guarantor; 
 (x) to make any change that does not
adversely affect the rights of any Holder in any material respect; 
 (xi) to effect any provision of this Indenture; 

(xii) to provide for the issuance of Add-On Securities, which shall have terms substantially identical in all material respects
to the Original Securities, and which shall be treated, together with any outstanding Original Securities, as a single issue of securities; 

(xiii) to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee hereunder
pursuant to the requirements hereof; 
 (xiv) to conform and evidence the release, termination and discharge of any
Guarantee or Lien securing the Securities when such release, termination or discharge is permitted by this Indenture; and 

(xv) to conform the text of this Indenture, the Guarantees or the Securities to any provision of the “Description of
the Notes” contained in the Offering Memorandum to the extent such provision in the “Description of the Notes” contained in the Offering Memorandum was intended to be a verbatim recitation of a provision of this Indenture, the
Guarantees or the Securities. 
 After an amendment under this Section 9.01 becomes effective, the Issuer shall deliver electronically
or mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01. 

SECTION 9.02 With Consent of the Holders. The Issuer and the Trustee may amend this Indenture and the Securities with respect to the
Securities with the written consent of the Holders of at least a majority in principal amount of the Securities then outstanding (including consents obtained in connection with a tender offer or exchange for the Securities). However, without the
consent of each Holder of an outstanding Security affected, an amendment may not: 
 (i) reduce the amount of Securities
whose Holders must consent to an amendment, 
 (ii) reduce the rate of or extend the time for payment of interest on any
Security, 
 (iii) reduce the principal of or change the Stated Maturity of any Security, 

  
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 (iv) reduce the premium payable upon the redemption of any Security or change the
time at which any Security may be redeemed in accordance with Article 3, 
 (v) make any Security payable in money other
than that stated in such Security, 
 (vi) expressly subordinate the Securities or any Guarantee to any other
Indebtedness of the Issuer or any Guarantor, 
 (vii) impair the legal right of any Holder to receive payment of
principal of, premium, if any, and interest on such Holder’s Securities on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Securities, 

(viii) make any change in Section 6.04 or 6.07 or the second sentence of this Section 9.02, or 

(ix) except as expressly permitted by this Indenture, modify the Guarantee of any Significant Subsidiary, or the Guarantee of
one or more Restricted Subsidiaries that collectively would, at the time of such amendment, represent a Significant Subsidiary in any manner adverse to the Holders. 

It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent approves the substance thereof. 
 After an amendment under this Section 9.02
becomes effective, the Issuer is required to deliver electronically or mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of
an amendment under this Section 9.02. 
 For the avoidance of doubt, no amendment to, or deletion of any of the covenants described in
Article 4 (other than Section 4.01) or Article 5 shall be deemed to impair or affect any legal rights of Holders of the Securities to receive payment of principal of, or premium, if any, or interest on, the Securities on or after the due dates
therefor. 
 SECTION 9.03 [Reserved]. 

SECTION 9.04 Revocation and Effect of Consents and Waivers. (a) A consent to an amendment or a waiver by a Holder of a Security
shall bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any
such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officer’s
Certificate from the Issuer certifying that the requisite principal amount of Securities have consented. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the (i) receipt
by the Issuer or the Trustee of consents by the Holders of the requisite principal amount of securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such
amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the Issuer and the Trustee. 

  
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 (b) The Issuer may, but shall not be obligated to, fix a record date for the
purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not
such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.05 Notation on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of a Security, the Issuer
may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the Issuer so determines, the Issuer in
exchange for the Security shall issue and the Trustee shall, upon receipt of a Written Order, authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the
validity of such amendment, supplement or waiver. 
 SECTION 9.06 Trustee to Sign Amendments. The Trustee shall sign any amendment,
supplement or waiver authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment, the
Trustee shall be entitled to receive indemnity reasonably satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel
(notwithstanding that no Opinion of Counsel is required in the case of the addition of a Guarantor) stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the
legal, valid and binding obligation of the Issuer and the Guarantors, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). 

SECTION 9.07 Payment for Consent. Neither the Issuer nor any Affiliate of the Issuer shall, directly or indirectly, pay or cause to be
paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is
offered to be paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 

SECTION 9.08 Additional Voting Terms; Calculation of Principal Amount. Except as otherwise set forth herein, all Securities issued
under this Indenture shall vote and consent separately on all matters as to which any of such Securities may vote. Determinations as to whether Holders of the requisite aggregate principal amount of Securities have concurred in any direction, waiver
or consent shall be made in accordance with this Article 9 and Section 2.14. 

  
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 ARTICLE 10 

GUARANTEES 
 SECTION 10.01
Guarantees. (a) Each Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees on a senior unsecured basis, as a primary obligor and not merely as a surety, to each Holder and to the Trustee and its successors
and assigns (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all Obligations of the Issuer under this Indenture (including obligations to the Trustee) and the Securities,
whether for payment of principal of, premium, if any or interest on or in respect of the Securities and all other monetary obligations of the Issuer under this Indenture and the Securities and (ii) the full and punctual performance within
applicable grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and the Securities (all the foregoing being hereinafter collectively called the “Guaranteed
Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from each such Guarantor, and that each such Guarantor shall remain bound under this
Article 10 notwithstanding any extension or renewal of any Guaranteed Obligation. 
 (b) Each Guarantor waives presentation
to, demand of payment from and protest to the Issuer of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations. The
obligations of each Guarantor hereunder shall not be affected by (i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the
Securities or any other agreement or otherwise; (ii) any extension or renewal of this Indenture, the Securities or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this
Indenture, the Securities or any other agreement; (iv) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any Guarantor; (v) the failure of any Holder or Trustee to exercise any right or remedy
against any other guarantor of the Guaranteed Obligations; or (vi) any change in the ownership of such Guarantor, except as provided in Section 10.03. 

(c) Each Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided among the
Guarantors, such that such Guarantor’s obligations would be less than the full amount claimed. Each Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted as payment of the
Issuer’s or such Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such Guarantor hereunder. Each Guarantor hereby waives any right to which it may be entitled to require that the Issuer be sued prior to
an action being initiated against such Guarantor. 
 (d) Each Guarantor further agrees that its Guarantee herein constitutes
a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 

  
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 (e) The Guarantee of each Guarantor is, to the extent and in the manner set forth
in this Article 10, equal in right of payment to all existing and future Pari Passu Indebtedness and senior in right of payment to all existing and future Subordinated Indebtedness of the Issuer and is made subject to such provisions of this
Indenture. 
 (f) Except as expressly set forth in Sections 8.01, 10.02 and 10.06, the obligations of each Guarantor
hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim,
recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be
discharged or impaired or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any
thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of
any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity. 
 (g) Each Guarantor
agrees that its Guarantee shall be a continuing guarantee and shall remain in full force and effect until payment in full of all the Guaranteed Obligations, subject to the other terms of this Indenture. Each Guarantor further agrees that its
Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or
the Trustee upon the bankruptcy or reorganization of the Issuer or otherwise. 
 (h) In furtherance of the foregoing and not
in limitation of any other right which any Holder or the Trustee has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or interest on any Guaranteed Obligation when and as the same
shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith
pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the
extent not prohibited by applicable law) and (iii) all other monetary obligations of the Issuer to the Holders and the Trustee. 

(i) Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of
any Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the
Guaranteed Obligations guaranteed hereby may be 

  
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accelerated as provided in Article 6 for the purposes of any Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed
Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable
by such Guarantor for the purposes of this Section 10.01. 
 (j) Each Guarantor also agrees to pay any and all costs and
expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

(k) [Reserved]. 

(l) To the fullest extent permitted by applicable law but subject to the limitations set out in Section 10.02 below, each
Guarantor waives any defense based on or arising out of any defense of the Issuer or any other Guarantor or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the cessation from any cause of the liability of
the Issuer or any other Guarantor, other than the payment in full in cash of all the Guaranteed Obligations. Subject to the limitations set out in Section 10.02 below, the Trustee (acting at the direction of the Holders pursuant to
Section 6.05) may, in accordance with the terms of this Indenture, compromise or adjust any part of the Guaranteed Obligations, make any other accommodation with the Issuer or any Guarantor or exercise any other right or remedy available to it
against the Issuer or any other Guarantor, without affecting or impairing in any way the liability of any Guarantor hereunder except to the extent the Guaranteed Obligations have been paid in full in cash. To the fullest extent permitted by
applicable law, each Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such
Guarantor against the Issuer or any other Guarantor, as the case may be. 
 SECTION 10.02 Limitation on Liability. (a) Any term
or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed without
(i) rendering this Indenture, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally or (ii) resulting in any
breach of corporate benefit, financial assistance, fraudulent preference, thin capitalization laws, retention of title claims, capital maintenance rules, general statutory limitations, or the laws or regulations (or analogous restrictions) of any
applicable jurisdiction or any similar principles which may limit the ability of any Foreign Subsidiary to provide a Guarantee or may require that the Guarantee be limited by an amount or scope or otherwise. Each Guarantor, and by its acceptance of
Securities, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. 

  
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 (b) (i) To the extent that any Guarantee is granted by a German entity (a
“German Guarantor”) incorporated as a limited liability company (Gesellschaft mit beschränkter Haftung) (“GmbH”) or a limited partnership (Kommanditgesellschaft) (“KG”) with a GmbH as sole general
partner (“GmbH & Co. KG”) and that such Guarantee secures liabilities other than the own liabilities of the relevant German Guarantor or any of its subsidiaries, the enforcement of the Guarantee will be limited to such amount
(I) as is required to ensure that the amount of the German Guarantor’s net assets (or the net assets of its general partner if the German Guarantor is a GmbH & Co. KG), calculated as the sum of the balance sheet positions shown
under section 266 subsection (2) (A), (B), (C) and (D) of the German Commercial Code (Handelsgesetzbuch) (“HGB”) less the sum of the amounts shown under balance sheet positions shown under section 266 (3) (B),
(C), (D) and (E) HGB and any amounts not available for distribution to its shareholders in accordance with section 268 sub-section (8) HGB, does not fall below the amount of its registered share capital (Stammkapital); or (II)
where the amount of the German Guarantor’s net assets (or the net assets of its general partner if the German Guarantor is a GmbH & Co. KG) already is below the amount of its registered share capital, as is required as to ensure that
such amount is not further reduced. 
 (ii) The limits in clauses (I) and (II) of Section 10.02(b)(i) will not
apply (A) to the extent that the Guarantee of the relevant German Guarantor relates to any amount of the proceeds of the Securities to the extent on-lent to the relevant German Guarantor plus any accrued and unpaid interest and costs and fees
in respect of or attributable to that on-lending (and such amounts are not repaid); (B) if following the first date upon which the relevant German Guarantor is called upon to make payment in respect of its Guarantee, the relevant German
Guarantor (or its general partner if the relevant German Guarantor is a GmbH & Co. KG) does not provide financial statements in accordance with Section 10.02(b)(iv) and (v) below; (C) if the relevant German Guarantor (or, if
the German Guarantor is a GmbH & Co. KG, its general partner) (as dominated entity) is party to a domination and/or profit and loss transfer agreement (Beherrschungs- und/oder Gewinnabführungsvertrag) (a “DPTA”),
unless the Guarantor’s claim for absorption of losses pursuant to section 302 German Stock Corporation Act (Aktiengesetz) is or cannot be expected to be fully recoverable (unless a higher or supreme court has found by way of a final
judgment that the requirement of a fully recoverable counterclaim is not applicable if a DPTA is in place); or (D) if and to the extent the German Guarantor holds on the date of enforcement of the Guarantee made herein a fully recoverable
indemnity claim or claim for refund (vollwertiger Gegenleistungs- oder Rückgewähranspruch) against its shareholder. 

(iii) If, following a legislative amendment of, or the rendering of a final judgment by the German Federal Court of Justice
(Bundesgerichtshof) with respect to, section 30 et seqq. German Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschrankter Haftung) (“GmbHG”) after the date of this Indenture, the German Guarantor
submits reasonably satisfactory evidence that the exception referred to in clause (C) of Section 10.02(b)(ii) above is no longer required to protect the management of the German Guarantor from personal liability under sections 30 et seqq.
and 43 GmbHG, such clause (C) shall no longer apply. 

  
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 (iv) For the purpose of the calculation of the net assets of a German Guarantor,
the following balance sheet items shall be adjusted as follows: (A) the amount of any increase of the German Guarantor’s or its general partner’s registered share capital after the date of this Indenture, to the extent that it is not
fully paid up, shall be deducted from the German Guarantor’s or its general partner’s registered share capital; (B) loans provided to the German Guarantor or its general partner by any member of the group shall be disregarded if and
to the extent those loans are subordinated or are considered subordinated pursuant to section 39 para. 1 no. 5 and/or para. 2 of the German Insolvency Code (Insolvenzordnung); and (C) loans or other liabilities incurred in violation of
the provisions of this Indenture shall be disregarded. 
 (v) For the purpose of the calculation of the net assets, the
relevant German Guarantor will deliver (within 15 Business Days following the first date upon which the relevant German Guarantor is called upon to make payment in respect of its Guarantee) to the Trustee a notification stating to which extent the
amount payable in respect of its Guarantee shall be limited in accordance with clauses (b)(i)(I) and (b)(i)(II) of this Section 10.02 above and taking into account the adjustments in clause (b)(iv) of this Section 10.02 above, such
notification to be supported by interim financial statements (Stichtagsbilanz) showing the balance sheet positions mentioned in clause (b)(i)(I) above as of the relevant date (the “Management Determination”). 

(vi) Following the Trustee’s receipt of the Management Determination, upon the Trustee’s request (acting at the
direction of the Holders pursuant to Section 6.05 hereof) (the “Trustee’s Request”), the relevant German Guarantor (or its general partner if the relevant German Guarantor is a GmbH & Co. KG) will deliver (within 25
Business Days following receipt of the Trustee’s Request) to the Trustee an up-to-date balance sheet drawn-up by a firm of auditors of international standing and repute together with a determination of the net assets. Such balance sheet and
determination of net assets shall be prepared in accordance with accounting principles pursuant to the HGB and be based on the same principles that were applied when establishing the previous year’s balance sheet. The determination by the
auditors (as set forth above, the “Auditors’ Determination”) pertaining to the relevant German Guarantor or, in the case of a GmbH & Co. KG, its general partner shall have been prepared as of the first date upon which the
relevant German Guarantor is called upon to make payment in respect of its Guarantee. 
 (vii) The Trustee (acting at the
direction of the Holders pursuant to Section 6.05) shall be entitled to demand payment under the Guarantee in an amount which would, in accordance with the Management Determination or, if applicable and taking into account any previous
enforcement in accordance with the Management Determination, the Auditors’ Determination, not cause the German Guarantor’s net assets (or if the German Guarantor is a GmbH & Co. 

  
 102 

 
KG, its general partner’s net assets) to be reduced below zero or further reduced if already below zero. If and to the extent the net assets as determined by the Auditors’ Determination
are lower than the amount enforced in accordance with the Management Determination, the Trustee shall release to the relevant German Guarantor (or if the German Guarantor is a GmbH & Co. KG, to its general partner) such exceeding
enforcement proceeds. The Trustee may (acting at the direction of the Holders pursuant to Section 6.05) withhold any amount received pursuant to an enforcement of this Guarantee until final determination of the amount of the net assets pursuant
to the Auditors’ Determination. 
 (viii) In a situation where the relevant German Guarantor does not have sufficient
net assets to maintain its registered share capital the relevant German Guarantor shall within three months after a written request by the Trustee (acting at the direction of the Holders pursuant to Section 6.05), to the extent commercially
justifiable, dispose of all assets which are not necessary for its business (nicht betriebsnotwendig) on market terms where the relevant assets are shown in the balance sheet of the relevant German Guarantor with a book value which is
significantly lower than the market value of such assets. After the expiry of such three-month period the German Guarantor shall, within three Business Days, notify the Trustee of the amount of the net proceeds from the sale and submit a statement
with a new calculation of the amount of the net assets of the German Guarantor (or if the German Guarantor is a GmbH & Co. KG, of its general partner) taking into account such proceeds. Such calculation shall, upon the Trustee’s
request (acting at the direction of the Holders pursuant to Section 6.05), be confirmed by one of the auditors of the German Guarantor within a period of 15 Business Days following the request. 

(c) (i) Subject to clause (v) below and notwithstanding any contrary indication in this Indenture, in relation to a
Guarantor organized under the laws of France (a “French Guarantor”), its Guarantee shall be limited to the payment obligations of the Issuer up to an amount equal to the aggregate of all outstanding amounts under the Securities and this
Indenture to the extent (i) directly or indirectly on-lent to such French Guarantor and/or its Subsidiaries or (ii) used to refinance any indebtedness previously directly or indirectly on-lent to such French Guarantor and/or its
Subsidiaries and in all cases to the extent of the amounts so on-lent remaining due by such French Guarantor and/or its Subsidiaries from time to time (the “Maximum Guaranteed Amount”); it being specified that any payment made by such
French Guarantor under this Article 10 in respect of the obligations of the Issuer shall reduce pro tanto the outstanding amount of the intercompany loans (if any) due by such French Guarantor to the Issuer. For the avoidance of doubt, any
payment made by a French Guarantor under this clause (B) shall reduce the Maximum Guaranteed Amount by the amount paid. 

(ii) It is acknowledged that, notwithstanding any provision to the contrary in this Indenture, no French Guarantor is acting
jointly and severally with the other Guarantors and no French Guarantor shall therefore be considered as “co-débiteurs solidaires” within the meaning of article 1216 of the French Code civil with the other Guarantors
as to its Guarantee. 

  
 103 

 (iii) For the purpose of Section 10.02(c)(i) above “Subsidiary”
means, in relation to any company, any other company which is controlled by it within the meaning of article L.233-3 of the French Code de commerce. 

(iv) For the avoidance of doubt, the limitations set out in Section 10.02(c)(i) and Section 10.02(c)(ii) above with
respect to the payment obligation of any French Guarantor under the Guarantee shall apply mutatis mutandis with respect to any other indemnity, guarantee or any other undertaking of any French Guarantor contained in this Indenture having the same or
a similar effect. Any payment made by a French Guarantor under any such indemnity, guarantee or undertaking shall reduce the Maximum Guaranteed Amount by the amount paid. 

(v) Notwithstanding any other provision to the contrary, no French Guarantor shall grant a Guarantee covering any
Indebtedness which would result in such French Guarantor not complying with French financial assistance rules as set out in article L. 225-216 of the French Code de Commerce or any other law or regulations having the same effect, as interpreted by
French courts and/or would constitute a misuse of corporate assets within the meaning of articles L. 241-3, L. 242-6 or L. 244-1 of the French Code de Commerce or any other law or regulations having the same effect, as interpreted by French courts.

 (d) (i) Notwithstanding any contrary indication in this Indenture, in relation to a Guarantor organized under the
laws of Switzerland (a “Swiss Guarantor”), its Guarantee and any other indemnity, security or other benefit, as well as any other undertaking contained in this Indenture having the same or a similar effect, such as, but not limited to, the
waiver of set-off or subrogation rights or the subordination of intra-group claims, under this Indenture and the Securities for, or with respect to, obligations of any other obligor (other than the direct or indirect Subsidiaries of such Swiss
Guarantor) shall not exceed at any time the amount of such Swiss Guarantor’s freely disposable equity in accordance with then applicable Swiss law, presently being the total shareholder equity less the total of (A) the aggregate share
capital, (B) statutory reserves (including reserves for own shares and revaluations as well as agio) and (C) any freely disposable equity that has to be blocked for any loans granted by such Swiss Guarantor to a direct or indirect
subsidiary of any parent company of such Swiss Guarantor, other than a direct or indirect subsidiary of the Swiss Guarantor. The amount of equity freely disposable shall be determined on the basis of an audited annual or interim balance sheet of the
relevant Swiss Guarantor. This limitation shall only apply to the extent it is a requirement under applicable law at the time the respective Swiss Guarantor is required to perform. Such limitation shall not free the respective Swiss Guarantor from
its obligations in excess of the freely disposable equity, but merely postpone the performance date therefor until such times as performance is again permitted notwithstanding such limitation. 

(ii) If so required under applicable law (including double tax treaties) at the time it is required to make a payment under
this Indenture, each Swiss Guarantor: (A) may deduct the withholding tax due under the Swiss Federal Act on the Withholding Tax (the “Withholding Tax”) at the rate of 35 per cent (or such other rate as is in force at that time)
from any payment deemed to be a 

  
 104 

 
constructive dividend; (B) may pay the Withholding Tax to the Swiss Federal Tax Administration; and (C) shall notify and provide evidence to the Trustee that the Withholding Tax has
been paid to the Swiss Federal Tax Administration. The respective Swiss Guarantor shall as soon as possible after the deduction of the Withholding Tax ensure that any Person which is, as a result of a payment under this Indenture, entitled to a full
or partial refund of the Withholding Tax, is in a position to apply for such refund under any applicable law (including double tax treaties) and, in case it has received any refund of the Withholding Tax, pay such refund to the Trustee for the
benefit of the Holders upon receipt thereof. 
 (iii) Each Swiss Guarantor shall, and any shareholder of such Swiss Guarantor
being a party hereto shall procure that such Swiss Guarantor will, take and cause to be taken all and any other action, including without limitation, (A) preparation of an up-to-date audited balance sheet of such Swiss Guarantor, (B) the passing of
any shareholders’ resolutions to approve any payment or other performance under this Indenture or the Securities and (C) the obtaining of any confirmations (including confirmations by the respective Swiss Guarantor’s auditors) which
may be required as a matter of Swiss mandatory law in force at the time the respective Swiss Guarantor is required to make a payment or perform other obligations under this Indenture or the Securities in order to allow a prompt payment as well as
the performance of other obligations under this Indenture or the Securities with a minimum of limitations. 
 (iv) If the
enforcement of obligations of a Swiss Guarantor would be limited due to the effects referred to in this clause, the Swiss Guarantor affected shall further, to the extent permitted by applicable law and Swiss accounting standards, write up any of its
assets that are shown in its balance sheet with a book value that is significantly lower than the market value of the assets. 
 SECTION
10.03 Automatic Termination of Guarantees. A Guarantee as to any Guarantor shall automatically terminate and be of no further force or effect and such Guarantor shall automatically be deemed to be released from all obligations under this
Article 10 upon: 
 (i) (A) the sale, disposition or other transfer (including through merger or consolidation) of
(x) the Capital Stock of the applicable Guarantor to a Person who is not (either before or after giving effect to the transaction) the Issuer or a Restricted Subsidiary of the Issuer, following which the applicable Guarantor is no longer a
Restricted Subsidiary or (y) all or substantially all of the assets of such Guarantor, in each case, if such sale, disposition or other transfer is not prohibited by this Indenture, 

(B) the Issuer designating such Guarantor to be an Unrestricted Subsidiary in accordance with the provisions set forth
under Section 4.04 and the definition of “Unrestricted Subsidiary,” 
 (C) in the case of any Restricted
Subsidiary that after the Issue Date is required to guarantee the Securities pursuant to Section 4.11, the release or discharge of the guarantee by such Restricted Subsidiary of the Indebtedness of the Issuer or any Guarantor, as the case may
be, or the repayment of the Indebtedness or Disqualified Stock, in each case, which resulted in the obligation to guarantee the Securities, or 

  
 105 

 (D) the Issuer’s exercise of its defeasance option under Article 8, or
if the Issuer’s obligations under this Indenture are discharged in accordance with the terms of this Indenture. 
 In connection with
the termination of any Guarantee pursuant to this Section 10.03, the Trustee shall execute and deliver to the Issuer and any Guarantor, at the Issuer or such Guarantor’s expense, all documents that the Issuer or such Guarantor shall
reasonably request to evidence such termination; provided, however, that the Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel regarding such release before executing and delivering such documents. 

SECTION 10.04 Successors and Assigns. This Article 10 shall be binding upon each Guarantor and its successors and assigns and shall
inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and in
the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

SECTION 10.05 No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power
or privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the
Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 

SECTION 10.06 Modification. No modification, amendment or waiver of any provision of this Article 10, nor the consent to any departure
by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee (acting in accordance with the terms and conditions of this Indenture), and then such waiver or consent shall be effective only
in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 10.07 Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary and other Person which is required to become a
Guarantor pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit B hereto pursuant to which such Subsidiary or other Person shall become a Guarantor under this Article 10 and
shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Issuer shall deliver to the Trustee an Officer’s Certificate to the effect that such supplemental indenture has been
duly authorized, executed and delivered by such Subsidiary or other Person and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights
generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Guarantor is a valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms.

  
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 SECTION 10.08 Non-Impairment. The failure to endorse a Guarantee on any Security shall not
affect or impair the validity thereof. 
 ARTICLE 11 

MISCELLANEOUS 
 SECTION
11.01 Ranking. The indebtedness evidenced by the Securities will be unsecured senior Indebtedness of the Issuer, equal in right of payment to all existing and future senior Indebtedness of the Issuer and senior in right of payment to all
existing and future Subordinated Indebtedness of the Issuer. The indebtedness evidenced by the Guarantees will be unsecured senior Indebtedness of the applicable Guarantor, equal in right of payment to all existing and future senior Indebtedness of
such Guarantor and senior in right of payment to all existing and future Subordinated Indebtedness of such Guarantor. 
 SECTION 11.02
[Reserved]. 
 SECTION 11.03 Notices. (a) Any notice or communication required or permitted hereunder shall be in writing
and in English and delivered in person, via facsimile or mailed by first-class mail or electronic mail with portable document format attached, addressed as follows: 

if to the Issuer or a Guarantor: 

Constellium N.V. 

Tupolevlaan 41-61 

1119 NW Schiphol-Rijk 

Amsterdam, Netherlands 

Attn: Mark Kirkland 

Fax: +31 20 654 97 96 

Email: mark.kirkland@constellium.com 

With a copy to 

Constellium 

Washington Plaza – 40/44, rue Washington 

75008 Paris, France 

Attn: Jeremy Leach 

Tel: +33 1 73 01 46 51 

Email: jeremy.leach@constellium.com 

Constellium Switzerland AG 

Max Högger-Strasse 6 

8048 Zürich, Switzerland 

Attn: Mark Kirkland, Group Treasurer 

Tel: +41 44 438 6642 

Email: mark.kirkland@constellium.com 

And 

  
 107 

 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 

New York, NY 10019 

Attn: Joshua A. Feltman 

Tel: (212) 403-1109 

Fax: (212) 403-2109 

Email: jafeltman@wlrk.com 

if to the Trustee: 

Deutsche Bank Trust Company Americas 

Trust & Agency Services 

60 Wall Street, 16th Floor 

Mail Stop: NYC60-1630 

New York, New York 10005 

Attn: Corporates Team Deal Manager – Constellium N.V. 

Fax: 732-578-4635 

With a copy to: 

Deutsche Bank Trust Company Americas 

c/o Deutsche Bank National Trust Company 

Trust & Agency Services 

100 Plaza One, Mailstop JCY03-0699 

Jersey City, New Jersey 07311 

Attn: Corporates Team Deal Manager – Constellium N.V. 

Fax: 732-578-4635 
 The Issuer
or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

(b) Any notice or communication mailed to a Holder shall be mailed, first class mail, to the Holder at the Holder’s
address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

(c) Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to
other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received. 

SECTION 11.04 [Reserved]. 

SECTION 11.05 Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to take
or refrain from taking any action under this Indenture (including, for the avoidance of doubt, a request pursuant to Section 7.06), the Issuer shall furnish to the Trustee at the request of the Trustee: 

  
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 (a) an Officer’s Certificate in form reasonably satisfactory to the Trustee
stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b) an Opinion of Counsel in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent have been complied with. 
 SECTION 11.06 Statements Required in Certificate or Opinion. Each certificate
or opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include: 

(a) a statement that the individual making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such individual, he has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied
with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

SECTION 11.07 When Securities Disregarded. In determining whether the Holders of the required principal amount of Securities have
concurred in any direction, waiver or consent, Securities owned by the Issuer, any Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any Guarantor shall be
disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which a Responsible Officer of the Trustee actually
knows are so owned shall be so disregarded. Subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 

SECTION 11.08 Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of the
Holders. The Registrar and a paying agent may make reasonable rules for their functions. 
 SECTION 11.09 Legal Holidays. If a
payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the
intervening period. If a regular record date is not a Business Day, the record date shall not be affected. 

  
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 SECTION 11.10 GOVERNING LAW. THIS INDENTURE, THE SECURITIES AND THE GUARANTEES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

SECTION 11.11 Consent to Jurisdiction and Service. In relation to any legal action or proceedings arising out of or in connection with
this Indenture, the Securities and the Guarantees, the Trustee (in the case of clauses (a) and (b) below only), the Issuer and each Guarantor that is organized under laws other than the United States or a state thereof (a) irrevocably
submits to the jurisdiction of the federal and state courts in the Borough of Manhattan in the City, County and State of New York, United States, (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 agree not to plead or claim the same, (c) designates and
appoints Constellium U.S. Holdings I, LLC, 830 Third Avenue, 9th floor, New York, NY 10022 as its authorized agent upon which process may be served in any such action or proceeding that may be instituted in any such court and (d) agrees that
service of any process, summons, notice or document by U.S. registered mail addressed to such agent for service of process, with written notice of said service to such Person at the address of the agent for service of process set forth in clause
(c) of this Section 11.11 shall be effective service of process for any such action or proceeding brought in any such court. Each of the Issuer, the Guarantors, the Trustee, paying agent, Registrar, and Transfer Agent hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Indenture, the Securities or the transactions contemplated hereby. 

SECTION 11.12 Currency Indemnity. The U.S. Dollar is the sole currency of account and payment for all sums payable by the Issuer or
any Guarantor under or in connection with the Securities, including damages. Any amount with respect to the Securities or the Guarantees thereof received or recovered in a currency other than U.S. Dollars, whether as a result of, or the enforcement
of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of the Issuer or any Guarantor or otherwise by any Holder or by the Trustee, in respect of any sum expressed to be due to it from the Issuer or any Guarantor
will only constitute a discharge to the Issuer or any Guarantor to the extent of the U.S. Dollar amount that the recipient is able to purchase with the amount so received or recovered in such other currency on the date of such receipt or
recovery (or, if it is not practicable to make such purchase on such date, on the first date on which it is practicable to do so). 
 If that
U.S. Dollar amount is less than the U.S. Dollar amount expressed to be due to the recipient or the Trustee under the Securities, the Issuer and each Guarantor will indemnify such recipient and/or the Trustee against any loss sustained by
it as a result. In any event, the Issuer and each Guarantor will indemnify the recipient against the cost of making any such purchase. For the purposes of this Section 11.12, it shall be prima facie evidence of the matter stated therein, for
the Holder of a Security or the Trustee to certify in a manner satisfactory to the Issuer (indicating the sources of information used) the loss it incurred in making any such purchase. These indemnities constitute a separate and independent
obligation from the Issuer’s and each Guarantor’s other obligations, shall give rise to a separate and independent cause of action, shall apply irrespective of any waiver granted by any Holder of a Security or the Trustee (other than a
waiver of the indemnities set out herein) and will continue in full force and effect despite any 

  
 110 

 other judgment, order, claim or proof for a liquidated amount in respect of any sum due under any Security or to
the Trustee. For the purposes of this Section 11.12, it shall be sufficient for the Trustee or the Holder, as applicable, to certify (indicating the sources of information used) that it would have suffered a loss had the actual purchase of U.S.
Dollars been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of U.S. Dollars on such date had not been practicable due to current market conditions generally, on the first date on which
it would have been practicable, it being required that the need for a change of date be certified in the manner mentioned above). 
 SECTION
11.13 No Recourse Against Others. No director, officer, employee, manager or incorporator of, or holder of any Equity Interests in, the Issuer or any direct or indirect parent corporation, as such, shall have any liability for any obligations
of the Issuer under the Securities or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Securities. 
 SECTION 11.14 Successors. All agreements of the Issuer
and each Guarantor in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 11.15 USA PATRIOT Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time
applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable Law”), the
Trustee and agents are required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee and agents. Accordingly, each of the parties agree to provide to
the Trustee and agents, upon their request from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee and agents to comply with Applicable Law. 

SECTION 11.16 Multiple Originals. The parties may sign any number of copies of this Indenture by manual, facsimile, pdf or other
electronically transmitted signature. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 

SECTION 11.17 Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 11.18 Indenture Controls. If and to the extent that any provision of the Securities limits, qualifies or conflicts with a
provision of this Indenture, such provision of this Indenture shall control. 
 SECTION 11.19 Severability. In case any provision in
this Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and such provision shall be ineffective only to the extent of such
invalidity, illegality or unenforceability. 

  
 111 

 [Signature Pages Follow] 

  
 112 

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

					
	CONSTELLIUM N.V.
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	CONSTELLIUM HOLDCO II B.V.
	with its corporate seat in Amsterdam, the Netherlands
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	CONSTELLIUM HOLDCO III B.V.
	with its corporate seat in Amsterdam, the Netherlands
		
	By:	 	 /s/ Mark Kirkland

		 	 Name:
 Title:
	 	 Mark Kirkland
 Group Treasurer and Authorized
Signatory

	
	CONSTELLIUM US HOLDINGS I, LLC
		
	By:	 	 /s/ Rina E. Teran

		 	Name:	 	Rina E. Teran
		 	Title:	 	Vice President and Secretary
	
	 CONSTELLIUM ROLLED PRODUCTS RAVENSWOOD, LLC

		
	By:	 	 /s/ Rina E. Teran

		 	Name:	 	Rina E. Teran
		 	Title:	 	Vice President and Secretary

  

[INDENTURE] 

					
	CONSTELLIUM FRANCE HOLDCO S.A.S.
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	CONSTELLIUM ISSOIRE S.A.S.
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	CONSTELLIUM FINANCE S.A.S.
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	CONSTELLIUM NEUF BRISACH S.A.S.
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	ENGINEERED PRODUCTS INTERNATIONAL S.A.S.
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory

  

[INDENTURE] 

					
	CONSTELLIUM W
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	CONSTELLIUM DEUTSCHLAND GMBH
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	CONSTELLIUM SINGEN GMBH
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	CONSTELLIUM GERMANY HOLDCO GMBH & CO. KG
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	CONSTELLIUM ROLLED PRODUCTS SINGEN GMBH & CO. KG
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory

  

[INDENTURE] 

					
	CONSTELLIUM SWITZERLAND AG
		
	By:	 	 /s/ Mark Kirkland

		 	Name:	 	Mark Kirkland
		 	Title:	 	Group Treasurer and Authorized Signatory
	
	WISE METALS GROUP LLC
		
	By:	 	 /s/ Rina E. Teran

		 	Name:	 	Rina E. Teran
		 	Title:	 	Vice President and Secretary
	
	WISE ALLOYS LLC
		
	By:	 	 /s/ Rina E. Teran

		 	Name:	 	Rina E. Teran
		 	Title:	 	Vice President and Secretary
	
	WISE METALS INTERMEDIATE HOLDINGS LLC
		
	By:	 	 /s/ Rina E. Teran

		 	Name:	 	Rina E. Teran
		 	Title:	 	Vice President and Secretary

  

[INDENTURE] 

					
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
	
	By: DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	 /s/ Jacqueline Bartnick

		 	Name:	 	Jacqueline Bartnick
		 	Title:	 	Director
		
	By:	 	 /s/ Annie Jaghatspanyan

		 	Name:	 	Annie Jaghatspanyan
		 	Title:	 	Vice President

  

[INDENTURE] 

 APPENDIX A 

PROVISIONS RELATING TO ORIGINAL SECURITIES AND ADD-ON SECURITIES 

1. Definitions. 
 1.1. Definitions.

 For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Definitive Security” means a certificated Security (bearing the Restricted Securities Legend if the transfer of such Security is
restricted by applicable law) that does not include the Global Securities Legend. 
 “Depository” means The Depository Trust
Company, its nominees and their respective successors. 
 “Global Securities Legend” means the legend set forth under that caption
in the applicable Exhibit to this Indenture. 
 “IAI” means an institutional “accredited investor” as described in Rule
501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Initial Purchasers” means Deutsche Bank Securities Inc., BNP
Paribas, Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co., HSBC Securities (USA) Inc., Natixis Securities Americas LLC, SG Americas Securities, LLC, Wells Fargo Securities, LLC and such other initial purchasers listed on Schedule A
to the Purchase Agreement entered into in connection with the offer and sale of the Securities. 
 “QIB” means a “qualified
institutional buyer” as defined in Rule 144A. 
 “Regulation S” means Regulation S under the Securities Act. 

“Regulation S Securities” means all Securities offered and sold outside the United States in reliance on Regulation S. 

“Restricted Period,” with respect to any Securities, means the period of 40 consecutive days beginning on and including the later of
(a) the day on which such Securities are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day shall be promptly given by the Issuer to the
Trustee, and (b) the Issue Date, and with respect to any Add-On Securities that are Transfer Restricted Securities, it means the comparable period of 40 consecutive days. 

“Restricted Securities Legend” means the legend set forth in Section 2.2(f)(i) herein. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

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

  
 Appendix A - 1 

 “Rule 144A Securities” means all Securities offered and sold to QIBs in reliance on
Rule 144A. 
 “Securities Custodian” means the custodian with respect to a Global Security (as appointed by the Depository) or any
successor person thereto, who shall initially be the Trustee. 
 “Transfer Restricted Securities” means Definitive Securities and
any other Securities that bear or are required to bear or are subject to the Restricted Securities Legend. 
 “Unrestricted Definitive
Security” means Definitive Securities and any other Securities that are not required to bear, or are not subject to, the Restricted Securities Legend. 

“Unrestricted Global Security” means a Global Security which is not a Restricted Global Security. 

1.2. Other Definitions. 

			
	 	  	 
		
	 Term:
	  	Defined in Section:
	  Global Securities
	  	2.1(b)
	  Regulation S Global Securities
	  	2.1(b)
	  Rule 144A Global Securities
	  	    2.1(b)(i)

 2. The Securities. 

2.1. Form and Dating; Global Securities. 

(a) The Original Securities issued on the date hereof will be (i) offered and sold by the Issuer pursuant to the Purchase Agreement and
(ii) resold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S. Such Original Securities may thereafter be transferred to, among
others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Add-On Securities offered after the date hereof may be offered and sold by the Issuer from time to time pursuant to one or more
purchase agreements in accordance with applicable law. 
 (b) Global Securities. (i) Rule 144A Securities initially shall be
represented by one or more Securities in definitive, fully registered, global form without interest coupons (collectively, the “Rule 144A Global Securities”). 

Regulation S Securities initially shall be represented by one or more Securities in fully registered, global form without
interest coupons (collectively, the “Regulation S Global Securities”), which shall be registered in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear System or
Clearstream Banking S.A. 
 The provisions of the “Operating Procedures of the Euroclear System” and “Terms
and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream Banking S.A. shall be applicable to transfers of beneficial interests in the
Regulation S Global Securities that are held by participants through Euroclear System or Clearstream Banking S.A. 

  
 Appendix A - 2 

 The term “Global Securities” means the Rule 144A Global Securities and
the Regulation S Global Securities. The Global Securities shall bear the Global Security Legend. The Global Securities initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for credit to
an account of an Agent Member, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear the Restricted Securities Legend. 

Members of, or direct or indirect participants in, the Depository shall have no rights under this Indenture with respect to any
Global Security held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Securities. The Depository may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the
Global Securities for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 

(ii) Transfers of Global Securities shall be limited to transfer in whole, but not in part, to the Depository, its successors
or their respective nominees. Interests of beneficial owners in the Global Securities may be transferred or exchanged for Definitive Securities only in accordance with the applicable rules and procedures of the Depository and the provisions of
Section 2.2. In addition, a Global Security shall be exchangeable for Definitive Securities if (x) the Depository (1) notifies the Issuer that it is unwilling or unable to continue as depository for such Global Security and the Issuer
thereupon fails to appoint a successor depository or (2) has ceased to be a clearing agency registered under the Exchange Act or (y) there shall have occurred and be continuing an Event of Default with respect to such Global Security;
provided that in no event shall the Regulation S Global Securities be exchanged by the Issuer for Definitive Securities prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required
pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive Securities delivered in exchange for any Global Security or beneficial interests therein shall be registered in the names, and issued in any approved denominations,
requested by or on behalf of the Depository in accordance with its customary procedures. 
 (iii) In connection with the
transfer of a Global Security as an entirety to beneficial owners pursuant to subsection (i) of this Section 2.1(b), such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and
the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Security, an equal aggregate principal amount of Definitive
Securities of authorized denominations. 

  
 Appendix A - 3 

 (iv) Any Transfer Restricted Security delivered in exchange for an interest in a
Global Security pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Securities Legend. 

(v) Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in such Regulation S Global Security
may be held only through Euroclear System or Clearstream Banking S.A. unless delivery is made in accordance with the applicable provisions of Section 2.2. 

(vi) The Holder of any Global Security may grant proxies and otherwise authorize any Person, including Agent Members and
Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities. 

2.2. Transfer and Exchange. 

(a) Transfer and Exchange of Global Securities. A Global Security may not be transferred as a whole except as set forth in
Section 2.1(b). Global Securities will not be exchanged by the Issuer for Definitive Securities except under the circumstances described in Section 2.1(b)(ii). Global Securities also may be exchanged or replaced, in whole or in part, as
provided in Sections 2.08 and 2.10 of this Indenture. Beneficial interests in a Global Security may be transferred and exchanged as provided in Section 2.2(b) or 2.2(g). 

(b) Transfer and Exchange of Beneficial Interests in Global Securities. The transfer and exchange of beneficial interests in the Global
Securities shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Transfer Restricted Securities which are Global Securities
(“Restricted Global Securities”) shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Securities shall be transferred or exchanged
only for beneficial interests in Global Securities. Transfers and exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of
the other following subparagraphs, as applicable: 
 (i) Transfer of Beneficial Interests in the Same Global Security.
Beneficial interests in any Restricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security in accordance with the transfer restrictions set forth in the
Restricted Securities Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Security may not be made to a U.S. Person or for the account or benefit
of a U.S. Person (other than an Initial Purchaser). A beneficial interest in an Unrestricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security. No written
orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(i). 

(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers
and exchanges of beneficial interests in any Global Security that is not subject to Section 2.2(b)(i), the transferor of such beneficial 

  
 Appendix A - 4 

 interest must deliver to the Registrar (1) a written order from an Agent Member given to the
Depository in accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase. Upon satisfaction of all
of the requirements for transfer or exchange of beneficial interests in Global Securities contained in this Indenture and the Securities or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant
Global Security pursuant to Section 2.2(g). 
 (iii) Transfer of Beneficial Interests to Another Restricted Global
Security. A beneficial interest in a Restricted Global Security may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Security if the transfer complies with the requirements
of Section 2.2(b)(ii) above and the Registrar receives the following: 
 (A) if the transferee will take delivery in
the form of a beneficial interest in a Rule 144A Global Security, then the transferor must deliver a certificate in the form attached to the applicable Security; and 

(B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Security, then the
transferor must deliver a certificate in the form attached to the applicable Security. 
 (iv) Transfer and Exchange of
Beneficial Interests in a Restricted Global Security for Beneficial Interests in an Unrestricted Global Security. A beneficial interest in a Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above
and the Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Restricted Global Security
proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Security; or 

(B) if the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such holder in the form attached to the applicable Security, 

and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and procedures of the Depository so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the 

  
 Appendix A - 5 

 Restricted Securities Legend are no longer required in order to maintain compliance with the
Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an written order of the Issuer
in the form of an Officer’s Certificate in accordance with Section 2.01, the Trustee shall, upon receipt of a Written Order, authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate
principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 
 (v) Transfer and
Exchange of Beneficial Interests in an Unrestricted Global Security for Beneficial Interests in a Restricted Global Security. Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take
delivery thereof in the form of, a beneficial interest in a Restricted Global Security. 
 (c) Transfer and Exchange of Beneficial
Interests in Global Securities for Definitive Securities. A beneficial interest in a Global Security may not be exchanged for a Definitive Security except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a
Global Security may not be transferred to a Person who takes delivery thereof in the form of a Definitive Security except under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Securities shall be
transferred or exchanged only for Definitive Securities. 
 (d) Transfer and Exchange of Definitive Securities for Beneficial Interests in
Global Securities. Transfers and exchanges of beneficial interests in the Global Securities also shall require compliance with either subparagraph (i), (ii) or (ii) below, as applicable: 

(i) Transfer Restricted Securities to Beneficial Interests in Restricted Global Securities. If any Holder of a Transfer
Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial interest in a Restricted Global Security or to transfer such Transfer Restricted Security to a Person who takes delivery thereof in the form of a beneficial
interest in a Restricted Global Security, then, upon receipt by the Registrar of the following documentation: 
 (A) if the
Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial interest in a Restricted Global Security, a certificate from such Holder in the form attached to the applicable Security; 

(B) if such Transfer Restricted Security is being transferred to a Qualified Institutional Buyer in accordance with Rule
144A under the Securities Act, a certificate from such Holder in the form attached to the applicable Security; 

(C) if such Transfer Restricted Security is being transferred to a Non U.S. Person in an offshore transaction in
accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such Holder in the form attached to the applicable Security; 

  
 Appendix A - 6 

 (D) if such Transfer Restricted Security is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such Holder in the form attached to the applicable Security; 

(E) if such Transfer Restricted Security is being transferred to an Institutional Accredited Investor in reliance on an
exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such Holder in the form attached to the applicable Security, including the
certifications, certificates and Opinion of Counsel, if applicable; or 
 (F) if such Transfer Restricted Security is
being transferred to the Issuer or a Subsidiary thereof, a certificate from such Holder in the form attached to the applicable Security; 

the Trustee shall cancel the Transfer Restricted Security, and increase or cause to be increased the aggregate principal amount of the
appropriate Restricted Global Security. 
 (ii) Transfer Restricted Securities to Beneficial Interests in Unrestricted
Global Securities. A Holder of a Transfer Restricted Security that is a Definitive Security may exchange such Transfer Restricted Security for a beneficial interest in an Unrestricted Global Security or transfer such Transfer Restricted Security
to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security only if the Registrar receives the following: 

(A) the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for a beneficial
interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security; or 

(B) if the Holder of such Transfer Restricted Securities proposes to transfer such Transfer Restricted Security to a
Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable Security, 

and, in each such case, if the Issuer or the Registrar so requests or if the applicable rules and procedures of the Depository so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Securities Legend
are no longer required in order to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Securities and increase or cause to be increased the
aggregate principal amount of the Unrestricted Global Security. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and,
upon receipt of a Written Order of the Issuer in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of
Transfer Restricted Securities transferred or exchanged pursuant to this subparagraph (ii). 
  

  
 Appendix A - 7 

 (iii) Unrestricted Definitive Securities to Beneficial Interests in
Unrestricted Global Securities. A Holder of an Unrestricted Definitive Security may exchange such Unrestricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such Unrestricted Definitive Security to
a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive
Security and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Securities. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global
Security has not yet been issued, the Issuer shall issue and, upon receipt of a Written Order of the Issuer in the form of an Officer’s Certificate, the Trustee shall authenticate one or more Unrestricted Global Securities in an aggregate
principal amount equal to the aggregate principal amount of Unrestricted Definitive Securities transferred or exchanged pursuant to this subparagraph (iii). 

(iv) Unrestricted Definitive Securities to Beneficial Interests in Restricted Global Securities. An Unrestricted
Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Restricted Global Security. 

(e) Transfer and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities and such
Holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall present or
surrender to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition,
the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e). 

(i) Transfer Restricted Securities to Transfer Restricted Securities. A Transfer Restricted Security may be transferred
to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Security if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a
certificate in the form attached to the applicable Security; 
 (B) if the transfer will be made pursuant to Rule 903
or Rule 904 under the Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Security; 

(C) if the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in
accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Security; 

  
 Appendix A - 8 

 (D) if the transfer will be made to an IAI in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Security; and 

(E) if such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the
applicable Security. 
 (ii) Transfer Restricted Securities to Unrestricted Definitive Securities. Any Transfer
Restricted Security may be exchanged by the Holder thereof for an Unrestricted Definitive Security or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security if the Registrar receives the following: 

(A) if the Holder of such Transfer Restricted Security proposes to exchange such Transfer Restricted Security for an
Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security; or 

(B) if the Holder of such Transfer Restricted Security proposes to transfer such Securities to a Person who shall take
delivery thereof in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security, 

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

(iii) Unrestricted Definitive Securities to Unrestricted Definitive Securities. A Holder of an Unrestricted Definitive
Security may transfer such Unrestricted Definitive Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security at any time. Upon receipt of a request to register such a transfer, the Registrar shall register
the Unrestricted Definitive Securities pursuant to the instructions from the Holder thereof. 
 Unrestricted Definitive Securities to Transfer Restricted
Securities. An Unrestricted Definitive Security cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Security. 

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

  
 Appendix A - 9 

 (f) Legend. 

(i) Except as permitted by the following paragraph (ii), (iii) or (iv), each Security certificate evidencing the Global
Securities and the Definitive Securities (and all Securities issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the
legend only): 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR IN ACCORDANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (SUBJECT TO THE
DELIVERY OF SUCH EVIDENCE, IF ANY, REQUIRED UNDER THE INDENTURE PURSUANT TO WHICH THIS NOTE IS ISSUED) AND IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. EACH PURCHASER OF THE SECURITY
EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER OR ANOTHER EXEMPTION UNDER THE SECURITIES ACT. THE HOLDER OF THE SECURITY
EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)(a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), SUBJECT TO THE
RECEIPT BY THE REGISTRAR OF A CERTIFICATION OF THE TRANSFEROR AND AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (2) TO THE ISSUER OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL AND EACH SUBSEQUENT HOLDER IS REQUIRED TO NOTIFY ANY PURCHASER FROM IT OF THE
SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTION SET FORTH IN (A) ABOVE.” 
 Each Definitive Security shall bear the following additional
legends: 

  
 Appendix A - 10 

 “IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES
AND OTHER INFORMATION AS SUCH REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE 
 TRANSFER COMPLIES WITH THE FOREGOING
RESTRICTIONS.” “THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN
THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE
MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.” 
 (ii) Upon any sale or transfer of a Transfer
Restricted Security that is a Definitive Security, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Security for a Definitive Security that does not bear the legends set forth above and rescind any restriction on
the transfer of such Transfer Restricted Security if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the
Security). 
 (iii) Upon a sale or transfer after the expiration of the Restricted Period of any Security acquired pursuant
to Regulation S, all requirements that such Security bear the Restricted Securities Legend shall cease to apply and the requirements requiring any such Security be issued in global form shall continue to apply. 

(iv) Any Add-On Securities sold in a registered offering shall not be required to bear the Restricted Securities Legend. 

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

 

  
 Appendix A - 11 

 (h) Obligations with Respect to Transfers and Exchanges of Securities. 

(i) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate, Definitive
Securities and Global Securities at the Registrar’s request. 
 (ii) No service charge shall be made for any
registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or
similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of this Indenture). 

(iii) Prior to the due presentation for registration of transfer of any Security, the Issuer, the Trustee, a paying agent or
the Registrar may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and interest on such Security and for all other purposes whatsoever,
whether or not such Security is overdue, and none of the Issuer, the Trustee, the paying agent or the Registrar shall be affected by notice to the contrary. 

(iv) All Securities issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt
and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange. 
 (i) No
Obligation of the Trustee. 
 (i) None of the Trustee, Registrar or paying agent shall have any responsibility or
obligation to any beneficial owner of a Global Security, a member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with
respect to any ownership interest in the Securities or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the
payment of any amount, under or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to the Holders under the Securities shall be given or made only to the registered Holders (which
shall be the Depository or its nominee in the case of a Global Security). The rights of beneficial owners in any Global Security shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The
Trustee, Registrar or paying agent may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners. 

(ii) None of the Trustee, Registrar or paying agent shall have any obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Depository participants, members or beneficial
owners in any Global Security) 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 this Indenture, and to examine the same
to determine substantial compliance as to form with the express requirements hereof. 

  
 Appendix A - 12 

 EXHIBIT A 

[FORM OF FACE OF ORIGINAL OR ADD-ON SECURITY] 

[Global Securities Legend] 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

[Restricted Securities Legend] 
 “THIS NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR IN ACCORDANCE
WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (SUBJECT TO THE DELIVERY OF SUCH EVIDENCE, IF ANY, REQUIRED UNDER THE INDENTURE PURSUANT TO WHICH THIS NOTE IS ISSUED) AND IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT
PROVIDED BY RULE 144A THEREUNDER OR ANOTHER EXEMPTION UNDER THE SECURITIES ACT. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
(1)(a) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 UNDER THE SECURITIES ACT OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE 

  
 Exhibit A - 1 

 REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS),
SUBJECT TO THE RECEIPT BY THE REGISTRAR OF A CERTIFICATION OF THE TRANSFEROR AND AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (2) TO THE ISSUER OR (3) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL AND EACH SUBSEQUENT HOLDER IS REQUIRED TO NOTIFY ANY
PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTION SET FORTH IN (A) ABOVE. 
 Each Definitive Security shall bear the
following additional legends: 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON
EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 

  
 Exhibit A - 2 

 [FORM OF ORIGINAL SECURITY] 

 

			
	No.	 	$            

 6.625% Senior Note due 2025 

CUSIP No. 
 ISIN No.   

 Constellium N.V., a public company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands
with its corporate seat in Amsterdam, the Netherlands, promises to pay to             , or registered assigns, the principal sum
[of            Dollars] [listed on the Schedule of Increases or Decreases in Global Security attached hereto]1 on March 1, 2025.

 Interest Payment Dates: March 1 and September 1 

Record Dates: February 15 and August 15 

Additional provisions of this Security are set forth on the other side of this Security. 

 

	1 	Use the Schedule of Increases and Decreases language if Security is in Global Form. 

  

  
 Exhibit A - 3 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	CONSTELLIUM N.V.
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 

  
 Exhibit A - 4 

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 DEUTSCHE BANK TRUST COMPANY
AMERICAS, 
 as Trustee, certifies that this is 

one of the Securities 
 referred
to in the Indenture. 
  

			
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	   

		 	Authorized Signatory

  

			
	*/	  	If the Security is to be issued in global form, add the Global Securities
		  	Legend and the attachment from Exhibit A captioned “TO BE
		  	ATTACHED TO GLOBAL SECURITIES - SCHEDULE OF
		  	INCREASES OR DECREASES IN GLOBAL SECURITY”.

  
 Exhibit A - 5 

 EXHIBIT A 

[FORM OF REVERSE SIDE OF ORIGINAL SECURITY] 

6.625% Senior Note due 2025 
  

	1.	Interest 

 CONSTELLIUM N.V., a public company with limited liability (naamloze
vennootschap) incorporated under the laws of the Netherlands with its corporate seat in Amsterdam, the Netherlands (together with its successors and assigns under the Indenture hereinafter referred to as the “Issuer”), promises to pay
interest on the principal amount of this Security semiannually in arrears on each March 1 and September 1 commencing on September 1, 2017. Interest on the Securities will accrue from the Issue Date or the most recent date to which interest
has been paid or provided for until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

Interest on the Securities will accrue at a rate of 6.625% per annum, payable semiannually in arrears. 

“Issue Date” means the date on which the Securities are originally issued. 

 

	2.	Method of Payment 

 The Issuer shall pay interest on the Securities (except defaulted
interest) to the Persons who are registered Holders at the close of business on the February 15 or August 15 immediately preceding the interest payment date even if Securities are canceled after the record date and on or before the
interest payment date (whether or not a Business Day). Holders must surrender Securities to the paying agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in money of the United States of America that
at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately
available funds to the accounts specified by The Depository Trust Company or any successor depositary. The Issuer shall make all payments in respect of a certificated Security (including principal, premium, if any, and interest), at the office of
the paying agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the Securities may also be made, in
the case of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or paying agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

3. Paying Agent and Registrar 
 Initially,
Deutsche Bank Trust Company Americas (the “Trustee”), will act as Principal Paying Agent and Registrar. The Issuer may appoint and change any paying agent or Registrar without notice. The Issuer or any of its domestically incorporated
Wholly Owned Subsidiaries may act as paying agent or Registrar. 

  
 Exhibit A - 6 

	4.	Indenture 

 The Issuer issued the Securities under an Indenture dated as of
February 16, 2017 (the “Indenture”), among the Issuer, the Guarantors party thereto (the “Guarantors”) and the Trustee. The terms of the Securities include those stated in the Indenture. Terms defined in the Indenture and
not defined herein have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and the Holders (as defined in the Indenture) are referred to the Indenture for a statement of such
terms and provisions. 
 The Securities are senior unsecured obligations of the Issuer. This Security is one of the Original Securities
referred to in the Indenture. The Securities include the Original Securities and any issued Add-On Securities. The Original Securities and any Add-On Securities are treated as a single series of securities under the Indenture. The Indenture imposes
certain limitations on the ability of the Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur Indebtedness, enter into consensual
restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of Capital Stock of the Issuer and such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates,
create or incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the Issuer and each Guarantor to consolidate or merge with or into any other Person or convey, transfer or lease all or substantially all of its
property. 
 To guarantee the due and punctual payment of the principal and interest on the Securities and all other amounts payable by the
Issuer under the Indenture and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have, jointly and severally,
unconditionally guaranteed the Guaranteed Obligations on a senior unsecured basis pursuant to the terms of the Indenture. 
  

	5.	Optional Redemption 

 Except as set forth in the following two paragraphs, the Securities
shall not be redeemable at the option of the Issuer prior to March 1, 2020. On or after March 1, 2020, the Securities shall be redeemable at the option of the Issuer, in whole at any time or in part from time to time, upon not less than 30
nor more than 60 days’ prior notice delivered electronically or by first-class mail to each Holder’s registered address, at the following redemption prices (expressed as a percentage of principal amount), plus accrued and unpaid interest,
if any, to the redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the twelve-month period commencing on March 1 of the
years set forth below: 
  

					
	 Year
	  	Redemption Price	 
	 2020
	  	 	103.313	% 
	 2021
	  	 	101.656	% 
	 2022 and thereafter
	  	 	100.000	% 

  
 Exhibit A - 7 

 In addition, prior to March 1, 2020, the Issuer may redeem the Securities at its option, in
whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice electronically delivered or mailed by first-class mail to each Holder’s registered address, at a redemption price equal to 100% of
the principal amount of the Securities redeemed plus the Applicable Premium as of, and accrued and unpaid interest, if any, to the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date). 
 Notwithstanding the foregoing, at any time and from time to time prior to March 1, 2020,
the Issuer may redeem Securities in an aggregate amount equal to up to 35% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance of Add-On Securities), with an amount equal to the net cash
proceeds of one or more Equity Offerings by the Issuer, at a redemption price (expressed as a percentage of principal amount thereof) of 106.625%, plus accrued and unpaid interest to the redemption date (subject to the right of Holders of record on
the relevant record date to receive interest due on the relevant interest payment date); provided, however, that at least 50% of the original aggregate principal amount of the Securities (calculated after giving effect to any issuance
of Add-On Securities) must remain outstanding after each such redemption; and provided, further, that such redemption shall occur within 90 days after the date on which any such Equity Offering is consummated upon not less than 30 nor more than 60
days’ notice electronically delivered or mailed to each Holder of Securities being redeemed and otherwise in accordance with the procedures set forth in the Indenture. Any redemption or notice of any redemption may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering, other debt or equity financing, acquisition or other corporate transaction or event, and, at the Issuer’s
discretion, the redemption date may be delayed until such time as any or all of such conditions have been satisfied. In addition, the Issuer may provide in any notice of redemption that payment of the redemption price and the performance of its
obligations with respect to such redemption may be performed by another person; provided, however, that the Issuer will remain obligated to pay the redemption price and perform its obligations with respect to such redemption in the
event such other person fails to do so and all conditions to such redemption, if any, are satisfied. Notice of any redemption in respect of an Equity Offering may be given prior to completion thereof. 

If an optional redemption date is on or after an interest record date and on or before the related interest payment date, the accrued and
unpaid interest, if any, will be paid to the Person in whose name the Security is registered at the close of business on such record date. 
  

	6.	Redemption for Taxation Reasons. 

 The Issuer may redeem the Securities, at its option,
in whole, but not in part, at any time upon giving not less than 30 nor more than 60 days prior notice to Holders (which notice shall be irrevocable) at a redemption price equal to 100% of the principal amount of the Securities, together with
accrued and unpaid interest, if any, to (but not including) the date fixed for redemption of such series (a “Tax Redemption Date”) (subject to the right of Holders of record on the relevant record date to receive interest due on the
relevant interest payment date) and all Additional Amounts (as defined in Section 2.15 of the Indenture), if any, then due or that will become due on the Tax Redemption Date as a result of the redemption or otherwise, if the Issuer determines
in good faith that, as a result of: 

  
 Exhibit A - 8 

 (a) any change in, or amendment to, the law or treaties (or any regulations, protocols or
rulings promulgated thereunder) of a Relevant Taxing Jurisdiction (as defined in Section 2.15 of the Indenture) affecting taxation; or 

(b) any change in official position regarding the application, administration or interpretation of such laws, treaties, regulations,
protocols or rulings (including a holding, judgment or order by a government agency or court of competent jurisdiction) 
 (each of the foregoing in clauses
(a) and (b), a “Change in Tax Law”), any Payor (as defined in Section 2.15 of the Indenture), with respect to the Securities or a Guarantee is, or on the next date on which any amount would be payable in respect of the Securities
would be, required to pay any Additional Amounts, and such obligation cannot be avoided by taking reasonable measures available to such Payor (including the appointment of a new paying agent or, where such payment would be reasonable, the payment
through another Payor); provided that no Payor shall be required to take any measures that in the Issuer’s good faith determination would result in the imposition on such person of any legal or regulatory burden (other than any such burden that
is de minimis to the Issuer) or the incurrence by such person of additional costs (other than any such costs that are de minimis to the Issuer) or would otherwise result in any adverse consequences to such person (other than any such adverse
consequences that are de minimis). 
 In the case of any Payor, the Change in Tax Law must be announced and become effective on or after the
date of the Offering Memorandum (or if the applicable Relevant Taxing Jurisdiction becomes a Relevant Taxing Jurisdiction on a date after the date of the Offering Memorandum, then such later date). Notwithstanding the foregoing, no such notice of
redemption will be given earlier than 90 days prior to the earliest date on which the Payor would be obligated to make such payment of Additional Amounts. Prior to the publication, mailing or delivery of any notice of redemption of the Securities
pursuant to the foregoing, the Issuer will deliver to the Trustee and the paying agent (a) an Officer’s Certificate stating that it is entitled to effect such redemption and setting forth a statement of facts showing that the conditions
precedent to its right so to redeem have been satisfied and (b) an opinion of an independent tax counsel of recognized standing to the effect that the Payor would be obligated to pay Additional Amounts as a result of a Change in Tax Law. The
Trustee will accept such Officer’s Certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which event it will be conclusive and binding on the Holders of the Securities. 

The foregoing provisions will apply mutatis mutandis to any successor to a Payor. The foregoing provisions will survive any termination,
defeasance or discharge of the Indenture. 
  

	7.	Sinking Fund 

 The Securities are not subject to any sinking fund. 

  
 Exhibit A - 9 

	8.	Notice of Redemption 

 Notice of redemption will be electronically delivered or mailed by
first-class mail at least 30 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at his, her or its registered address. Securities in denominations larger than $250,000 may be redeemed in part but
only in whole multiples of $1,000 in excess thereof. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with a paying agent on
or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Securities (or such portions thereof) called for redemption. 

 

	9.	Repurchase of Securities at the Option of the 

	 	Holders upon Change of Control and Asset Sales 

 Upon the occurrence of a Change of
Control, each Holder shall have the right, subject to certain conditions specified in the Indenture, to cause the Issuer to repurchase all or any part of such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount
thereof, plus accrued and unpaid interest, if any, to the date of repurchase (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment date), as provided in, and subject to
the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Issuer will be required to offer to purchase
Securities upon the occurrence of certain events. 
  

	10.	Ranking 

 The Securities and the Guarantees are senior unsecured obligations of the
Issuer and the Guarantors and will be of equal ranking with all present and future senior unsecured indebtedness. 
  

	11.	Denominations; Transfer; Exchange 

 The Securities are in registered form, without
coupons, in denominations of $250,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer of or exchange of Securities in accordance with the Indenture. Upon any registration of transfer or exchange, the
Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any
Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed) or to transfer or exchange any Securities for a period of 15 days prior to a selection of Securities to be
redeemed. 
  

	12.	Persons Deemed Owners 

 The registered Holder of this Security shall be treated as the
owner of it for all purposes. 
  

	13.	Unclaimed Money 

 If money for the payment of principal or interest remains unclaimed for
two years, the Trustee and a paying agent shall pay the money back to the Issuer at their written request unless an abandoned property law designates another Person. After any such payment, the Holders entitled to the money must look to the Issuer
for payment as general creditors and the Trustee and a paying agent shall have no further liability with respect to such monies. 

  
 Exhibit A - 10 

	14.	Discharge and Defeasance 

 Subject to certain conditions, the Issuer at any time may
terminate some of or all of its obligations under the Securities and the Indenture if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal and interest on the Securities to redemption or maturity, as
the case may be. 
  

	15.	Amendment; Waiver 

 Subject to certain exceptions set forth in the Indenture,
(i) the Indenture or the Securities may be amended with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities and (ii) any past default or compliance with any provisions may
be waived with the written consent of the Holders of at least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Issuer and the Trustee may
amend the Indenture or the Securities (i) to cure any ambiguity, omission, mistake, defect or inconsistency; (ii) to provide for the assumption by a Successor Company of the obligations of the Issuer under the Indenture and the Securities;
(iii) to provide for the assumption by a Successor Guarantor of the obligations of a Guarantor under the Indenture and its Guarantee; (iv) to provide for uncertificated Securities in addition to or in place of certificated Securities
(provided that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code, or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code); (v) to
add additional Guarantees with respect to the Securities; (vi) to make any change that would provide additional rights or benefits to the Holders or that does not adversely affect the legal rights of the Holders; (vii) to make changes
relating to the transfer and legending of the Securities; (viii) to secure the Securities; (ix) to add to the covenants of the Issuer for the benefit of the Holders or to surrender any right or power herein conferred upon the Issuer or any
Guarantor; (x) to make any change that does not adversely affect the rights of any Holder in any material respect; (xi) to effect any provision of the Indenture; (xii) to provide for the issuance of the Add-On Securities, as defined
in the Indenture; (xiii) to evidence and provide for the acceptance and appointment under the Indenture of a successor Trustee thereunder pursuant to the requirements thereof; or (xiv) to conform the text of the Indenture, Guarantees or
Securities to any provision of the section entitled “Description of the Notes” in the Offering Memorandum. 
  

	16.	Defaults and Remedies 

 If an Event of Default occurs (other than an Event of Default
relating to certain events of bankruptcy, insolvency or reorganization of the Issuer) and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities, in each case, by notice to the Issuer, may declare
the principal of, premium, if any, and accrued but unpaid interest on all the Securities to be due and payable provided, however, that so long as any Bank Indebtedness remains outstanding, no such acceleration shall be effective until
the earlier of (1) five Business Days after the giving of written notice to the Issuer and the Representative under the Credit Facilities and (2) the day on which any Bank Indebtedness is accelerated. Upon such a declaration, such
principal, premium, if any, and interest will be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of 

  
 Exhibit A - 11 

 the Issuer occurs, the principal of, premium, if any, and interest on all the Securities shall become immediately
due and payable without any declaration or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Securities may rescind any such acceleration with respect
to the Securities and its consequences. 
 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security satisfactory to the Trustee against any loss, liability or
expense and certain other conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless
(i) such Holder has previously given the Trustee notice that an Event of Default is continuing, (ii) the Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy,
(iii) such Holders have offered the Trustee reasonable security or indemnity satisfactory to the Trustee against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the
request and the offer of security or indemnity and (v) the Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to
certain restrictions, the Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any
trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve
the Trustee in personal or financial liability. Prior to taking any action under the Indenture at the instruction of Holders in respect of an Event of Default, the Trustee shall be entitled to indemnification or security satisfactory to it in its
sole discretion against all losses and expenses caused by taking or not taking such action. 
  

	17.	Trustee Dealings with the Issuer 

 The Trustee under the Indenture, in its individual or
any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would
have if it were not Trustee. 
  

	18.	No Recourse Against Others 

 No director, officer, employee, manager, incorporator or
holder of any Equity Interests (as defined in the Indenture) in the Issuer or any direct or indirect parent corporation, as such, shall have any liability for any obligations of the Issuer under the Securities, the Indenture or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting a Security waives and releases all such liability. 

  
 Exhibit A - 12 

	19.	Authentication 

 This Security shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 
  

	20.	Abbreviations 

 Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 

	21.	Governing Law 

 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 
  

	22.	CUSIP Numbers; ISINs 

 The Issuer has caused CUSIP numbers and ISINs to be printed on the
Securities and has directed the Trustee to use CUSIP numbers and ISINs in notices of redemption as a convenience to the Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Issuer will furnish to any
Holder of Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security. 

  
 Exhibit A - 13 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably
appoint                     agent to transfer this Security on the books of the Issuer. The agent may substitute another to act for him. 

 
  

									
	Date:	 	  
	  		  	Your Signature:	 	  

  
  

Sign exactly as your name appears on the other side of this Security. 
  

					
	Signature Guarantee:	 		 	
			
	Date:                                     
                                         
                            	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  
 Exhibit A - 14 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED SECURITIES 

This certificate relates to $            principal amount of Securities held in (check applicable
space)             book-entry or             definitive form by the undersigned. 

The undersigned (check one box below): 
  

	☐	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depository a Security or Securities in definitive, registered form of authorized
denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); 

  

	☐	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities. 

In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in Rule
144(k) under the Securities Act, the undersigned confirms that such Securities are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW

 (1) ☐ to the Issuer; or 

(2) ☐ to the Registrar for registration in the name of the Holder, without transfer; or 

(3) ☐ pursuant to an effective registration statement under the Securities Act of 1933; or 

(4) ☐ inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the
Securities Act of 1933) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule
144A under the Securities Act of 1933; or 
 (5) ☐ outside the United States in an offshore transaction within the
meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Security shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted
Period (as defined in the Indenture); or 
 (6) ☐ to an institutional “accredited investor” (as defined in
Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain representations and agreements; or 

(7) ☐ pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

  
 Exhibit A - 15 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced by this
certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuer or the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as the Issuer or the Trustee have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933. 
  

									
	Date:	 	  
	 		  	Your Signature:	 	  

  

					
	Signature Guarantee:	 		 	
			
	Date:                                     
                                         
                            	 		 	  

	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 		 	Signature of Signature Guarantee

  
 Exhibit A - 16 

 TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 

The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule
144A and acknowledges that it has received such information regarding the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Dated:	 	  
	 		 	  

		 		 		 	NOTICE: To be executed by an executive officer

  
 Exhibit A - 17 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The initial principal amount of this Global Security is $            . The
following increases or decreases in this Global Security have been made: 
  

									
	Date of Exchange	  	Amount of decrease in	  	Amount of increase in	  	Principal amount of this	  	Signature of authorized
		  	Principal Amount of this	  	Principal Amount of this	  	Global Security following	  	signatory of Trustee or
		  	Global Security	  	Global Security	  	such decrease or increase	  	Securities Custodian

  
 Exhibit A - 18 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control)
of the Indenture, check the box: 
 Asset Sale
☐                                      
   Change of Control ☐ 
 If you want to elect to have only part of this Security purchased by the
Issuer pursuant to Section 4.06 (Asset Sale) or 4.08 (Change of Control) of the Indenture, state the amount ($250,000 or any integral multiple of $1,000 in excess thereof): 

$ 
  

									
	Date:	 	  
	 		  	Your Signature:	 	  

		 		 		  		 	 (Sign exactly as your name appears on the other side of this Security)

 Signature
Guarantee:                                       
                                         
                              

Signature must be guaranteed by a participant in a recognized signature 

guaranty medallion program or other signature guarantor program 

reasonably acceptable to the Trustee 

  
 Exhibit A - 19 

 [FORM OF NOTATION OF GUARANTEE] 

For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of February 16, 2017 (the “Indenture”) among CONSTELLIUM N.V., a public company with limited liability (naamloze
vennootschap) incorporated under the laws of the Netherlands with its corporate seat in Amsterdam, the Netherlands (the “Issuer”), the Guarantors party thereto and DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee (the “Trustee”),
(a) (i) the full and punctual payment when due, whether at Stated Maturity, by acceleration, by redemption or otherwise, of all Obligations of the Issuer under the Indenture (including obligations to the Trustee) and the Securities,
whether for payment of principal of, premium, if any, or interest on or in respect of the Securities and all other monetary obligations of the Issuer under this Indenture and the Securities and (ii) the full and punctual performance within
applicable grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under this Indenture and the Securities and (b) in case of any extension of time of payment or renewal of any Securities or
any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to
the Holders and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture (subject to the limitations set forth in Section 10.02) and reference is hereby made to the Indenture for the
precise terms of the Guarantee. 
 Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 

  
 Exhibit A - 20 

 EXHIBIT B 

[FORM OF SUPPLEMENTAL INDENTURE] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of [ ], among [GUARANTOR] (the “New Guarantor”), a
subsidiary of CONSTELLIUM N.V., (or its successor), a public company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands with its corporate seat in Amsterdam, the Netherlands (the “Issuer”)
and DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee under the indenture referred to below (the “Trustee”). 
 W I T N E S S E T H
: 
 WHEREAS the Issuer and the existing Guarantors have heretofore executed and delivered to the Trustee an indenture (as amended,
supplemented or otherwise modified, the “Indenture”) dated as of February 16, 2017, providing initially for the issuance of $650,000,000 in aggregate principal amount of the Issuer’s 6.625% Senior Notes due 2025 (the
“Securities”); 
 WHEREAS Section 4.11 of the Indenture provides that under certain circumstances the Issuer is required to
cause the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Issuer’s Obligations under the Securities and the Indenture pursuant to a
Guarantee on the terms and conditions set forth herein; and 
 WHEREAS pursuant to Section 9.01 of the Indenture, the Trustee and the
New Guarantor are authorized to execute and deliver this Supplemental Indenture; 
 NOW THEREFORE, in consideration of the foregoing and for
other good and valuable consideration, the receipt of which is hereby acknowledged, the New Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 

1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used
herein as therein defined, except that the term “Holders” in this Guarantee shall refer to the term “Holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such Holders. The words
“herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

2. Agreement to Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to
unconditionally guarantee the Issuer’s Obligations under the Securities and the Indenture on the terms and subject to the conditions set forth in Article 10 of the Indenture and to be bound by all other applicable provisions of the Indenture
and the Securities and to perform all of the obligations and agreements of a Guarantor under the Indenture. 
 3. Notices. All notices
or other communications to the New Guarantor shall be given as provided in Section 11.03 of the Indenture. 

  
 Exhibit B - 1 

 4. Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all
purposes, and every Holder of Securities heretofore or hereafter authenticated and delivered shall be bound hereby. 
 5. Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

6. Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture. 
 7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture by manual, facsimile, pdf or
other electronically transmitted signature. Each signed copy shall be an original, but all of them together represent the same agreement. 

8. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof. 

  
 Exhibit B - 2 

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

			
	[NEW GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exhibit B - 3

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