Document:

INDENTURE

 Exhibit 4.1 
  

  
 IMCO RECYCLING ESCROW INC. 
  
 (to be assumed by IMCO RECYCLING INC.) 
  
 INDENTURE 
  
 RELATING TO 
  
 9%
SENIOR NOTES DUE 2014 
  
 DATED
AS OF NOVEMBER 4, 2004 
  
 LASALLE BANK NATIONAL ASSOCIATION 
  
 TRUSTEE 
  
 9% SENIOR NOTES DUE 2014 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE 1.
	
	 DEFINITIONS AND INCORPORATION BY REFERENCE
  

	Section 1.01.	  	Definitions.	  	1
	Section 1.02.	  	Other Definitions.	  	31
	Section 1.03.	  	Incorporation by Reference of Trust Indenture Act.	  	32
	Section 1.04.	  	Rules of Construction.	  	32
	
	 ARTICLE 2.
  

	 THE NOTES
  

	Section 2.01.	  	Form and Dating.	  	33
	Section 2.02.	  	Execution and Authentication.	  	34
	Section 2.03.	  	Registrar and Paying Agent.	  	35
	Section 2.04.	  	Paying Agent To Hold Money in Trust.	  	35
	Section 2.05.	  	Holder Lists.	  	35
	Section 2.06.	  	Transfer and Exchange.	  	36
	Section 2.07.	  	Replacement Notes.	  	48
	Section 2.08.	  	Outstanding Notes.	  	49
	Section 2.09.	  	Treasury Notes.	  	50
	Section 2.10.	  	Temporary Notes.	  	50
	Section 2.11.	  	Cancellation.	  	51
	Section 2.12.	  	Defaulted Interest.	  	51
	Section 2.13.	  	CUSIP Numbers.	  	51
	  
 ARTICLE 3.
  

	 REDEMPTION AND PREPAYMENT
  

	Section 3.01.	  	Notices to Trustee.	  	52
	Section 3.02.	  	Selection of Notes to Be Redeemed.	  	52
	Section 3.03.	  	Notice of Redemption.	  	52
	Section 3.04.	  	Effect of Notice of Redemption.	  	53
	Section 3.05.	  	Deposit of Redemption Price.	  	54
	Section 3.06.	  	Notes Redeemed in Part.	  	54
	Section 3.07.	  	Optional Redemption.	  	54
	Section 3.08.	  	Special Mandatory Redemption.	  	55
	Section 3.09.	  	Repurchase at the Option of Holders.	  	55

  

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	 ARTICLE 4.
  

	 COVENANTS
  

	Section 4.01.	  	Payment of Notes.	  	57
	Section 4.02.	  	Maintenance of Office or Agency.	  	57
	Section 4.03.	  	Reports to Holders.	  	58
	Section 4.04.	  	Compliance Certificate.	  	59
	Section 4.05.	  	Taxes.	  	59
	Section 4.06.	  	Stay, Extension and Usury Laws.	  	59
	Section 4.07.	  	Limitation on Restricted Payments.	  	60
	Section 4.08.	  	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.	  	64
	Section 4.09.	  	Limitation on Incurrence of Additional Indebtedness.	  	66
	Section 4.10.	  	Limitations on Transactions with Affiliates.	  	71
	Section 4.11.	  	Limitation on Liens.	  	73
	Section 4.12.	  	Additional Guarantees.	  	73
	Section 4.13.	  	Designation of Restricted and Unrestricted Subsidiaries.	  	73
	Section 4.14.	  	Corporate Existence.	  	74
	Section 4.15.	  	Limitation on Asset Sales.	  	75
	Section 4.16.	  	Offer to Purchase upon Change of Control.	  	78
	Section 4.17.	  	Limitation on Activities of Escrow Corp.	  	79
	Section 4.18.	  	[Intentionally Omitted].	  	79
	Section 4.19.	  	Payments for Consent.	  	79
	Section 4.20.	  	Conduct of Business.	  	79
	  
 ARTICLE 5.
  

	 SUCCESSORS
  

	Section 5.01.	  	Merger, Consolidation and Sale of Assets.	  	79
	Section 5.02.	  	Successor Corporation Substituted.	  	81
	  
 ARTICLE 6.
  

	 DEFAULTS AND REMEDIES
  

	Section 6.01.	  	Events of Default.	  	81
	Section 6.02.	  	Acceleration.	  	83
	Section 6.03.	  	Other Remedies.	  	84
	Section 6.04.	  	Waiver of Past Defaults.	  	84
	Section 6.05.	  	Control by Majority.	  	84
	Section 6.06.	  	Limitation on Suits.	  	85
	Section 6.07.	  	Rights of Holders of Notes To Receive Payment.	  	85
	Section 6.08.	  	Collection Suit by Trustee.	  	85
	Section 6.09.	  	Trustee May File Proofs of Claim.	  	85

  

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	 	  	 	  	Page

	Section 6.10.	  	Priorities.	  	86
	Section 6.11.	  	Undertaking for Costs.	  	86
	Section 6.12.	  	Restoration of Rights and Remedies.	  	87
	Section 6.13.	  	Rights and Remedies Cumulative.	  	87
	Section 6.14.	  	Delay or Omission Not Waiver.	  	87
	  
 ARTICLE 7.
  

	 TRUSTEE
  

	Section 7.01.	  	Duties of Trustee.	  	88
	Section 7.02.	  	Rights of Trustee.	  	89
	Section 7.03.	  	Individual Rights of Trustee.	  	90
	Section 7.04.	  	Trustee’s Disclaimer.	  	90
	Section 7.05.	  	Notice of Defaults.	  	90
	Section 7.06.	  	Reports by Trustee to Holders of the Notes.	  	90
	Section 7.07.	  	Compensation and Indemnity.	  	91
	Section 7.08.	  	Replacement of Trustee.	  	92
	Section 7.09.	  	Successor Trustee by Merger, etc.	  	93
	Section 7.10.	  	Eligibility; Disqualification.	  	93
	Section 7.11.	  	Preferential Collection of Claims Against Company.	  	93
	  
 ARTICLE 8.
  

	 NOTE GUARANTEES
  

	Section 8.01.	  	Guarantees.	  	93
	Section 8.02.	  	Additional Guarantees.	  	95
	Section 8.03.	  	Limitation on Guarantor Liability.	  	96
	Section 8.04.	  	Merger and Consolidation of Guarantors.	  	96
	Section 8.05.	  	Release.	  	97
	  
 ARTICLE 9.
  

	 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
  

	Section 9.01.	  	Option To Effect Legal Defeasance or Covenant Defeasance.	  	97
	Section 9.02.	  	Legal Defeasance and Discharge.	  	97
	Section 9.03.	  	Covenant Defeasance.	  	98
	Section 9.04.	  	Conditions to Legal or Covenant Defeasance.	  	99
	Section 9.05.	  	Deposited Money and U.S. Government Securities To Be Held in Trust; Other Miscellaneous Provisions.	  	100
	Section 9.06.	  	Repayment to the Company.	  	101
	Section 9.07.	  	Reinstatement.	  	101

  

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	 	  	 	  	Page

	 ARTICLE 10.
  

	 AMENDMENT, SUPPLEMENT AND WAIVER
  

	Section 10.01.	  	Without Consent of Holders of Notes.	  	102
	Section 10.02.	  	With Consent of Holders of Notes.	  	102
	Section 10.03.	  	Compliance with Trust Indenture Act.	  	104
	Section 10.04.	  	Revocation and Effect of Consents.	  	104
	Section 10.05.	  	Notation on or Exchange of Notes.	  	104
	Section 10.06.	  	Trustee To Sign Amendments, etc.	  	105
	 ARTICLE 11.
  

	 SATISFACTION AND DISCHARGE
  

	Section 11.01.	  	Satisfaction and Discharge.	  	105
	Section 11.02.	  	Application of Trust.	  	106
	 ARTICLE 12.
  

	 MISCELLANEOUS
  

	Section 12.01.	  	Trust Indenture Act Controls.	  	106
	Section 12.02.	  	Notices.	  	106
	Section 12.03.	  	Communication by Holders of Notes with Other Holders of Notes.	  	108
	Section 12.04.	  	Certificate and Opinion as to Conditions Precedent.	  	108
	Section 12.05.	  	Statements Required in Certificate or Opinion.	  	108
	Section 12.06.	  	Rules by Trustee and Agents.	  	109
	Section 12.07.	  	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	109
	Section 12.08.	  	Governing Law.	  	109
	Section 12.09.	  	No Adverse Interpretation of Other Agreements.	  	109
	Section 12.10.	  	Successors.	  	109
	Section 12.11.	  	Severability.	  	110
	Section 12.12.	  	Counterpart Originals.	  	110
	Section 12.13.	  	Table of Contents, Headings, etc.	  	110
			
	EXHIBITS	  	 	  	 
			
	Exhibit A:	  	FORM OF NOTE	  	 
	Exhibit B:	  	FORM OF CERTIFICATE OF TRANSFER	  	 
	Exhibit C:	  	FORM OF CERTIFICATE OF EXCHANGE	  	 
	Exhibit D:	  	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR	  	 
	Exhibit E:	  	FORM OF GUARANTEE	  	 

  

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 CROSS-REFERENCE TABLE* 
  
 Trust Indenture Act 
  

			
	 TIA Section

	  	 Indenture Section

	310(a)(1)	  	7.10
	      (a)(2)	  	7.10
	      (a)(3)	  	N.A.
	      (a)(4)	  	N.A.
	      (a)(5)	  	7.10
	      (b)	  	7.10
	      (c)	  	N.A.
	311(a)	  	7.11
	      (b)	  	7.11
	      (c)	  	N.A.
	312(a)	  	2.06
	      (b)	  	12.03
	      (c)	  	12.03
	313(a)	  	7.06
	      (b)(2)	  	7.06
	      (c)	  	7.06; 12.02
	      (d)	  	7.06
	314(a)	  	4.03; 4.04(a); 12.02
	      (c)(1)	  	12.04
	      (c)(2)	  	12.04
	      (c)(3)	  	N.A.
	      (e)	  	12.05
	      (f)	  	N.A.
	315(a)	  	7.01
	      (b)	  	7.05; 12.02
	      (c)	  	7.01
	      (d)	  	7.01
	      (e)	  	6.11
	316(a)(last sentence)	  	2.10
	      (a)(1)(A)	  	6.05
	      (a)(1)(B)	  	6.04
	      (a)(2)	  	N.A.
	      (b)	  	6.07
	      (c)	  	2.12
	317(a)(1)	  	6.08
	      (a)(2)	  	6.09
	      (b)	  	2.05
	318(a)	  	12.01
	      (b)	  	N.A.
	      (c)	  	12.01

 N.A. means not applicable. 

	*	This Cross-Reference Table is not part of this Indenture. 

 INDENTURE, dated as of November 4, 2004 (the “Indenture”), between IMCO Recycling Escrow
Inc., a Delaware corporation, and LaSalle Bank National Association, a national banking association, as trustee. 
  
 The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the holders of the Company’s 9%
Senior Notes due 2014 (such notes as issued hereunder for original issuance on the Issue Date, and, if and when issued hereunder, such additional notes as issued for original issue after the Issue Date, the “Initial Notes”) and, if
and when issued, each series of the Company’s 9% Senior Notes due 2014 to be issued in exchange for any Initial Notes in an Exchange Offer or upon transfer pursuant to a Shelf Registration Statement (the “Exchange Notes” and,
together with the Initial Notes, the “Notes”): 
  
 ARTICLE 1. 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE

  
 Section 1.01. Definitions. 
  
 “144A Global Note” means a global note in substantially the
form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the outstanding
principal amount of the Notes sold in reliance on Rule 144A. 
  
 “Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary or assumed in connection with the acquisition of assets from such Person and
in each case not incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary or such acquisition, merger or consolidation. 
  
 “Additional Assets” means: 
  
 (1) any property or assets (other than Indebtedness and
Capital Stock) to be used by the Company or a Restricted Subsidiary in a Related Business; 
  
 (2) the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company
or a Restricted Subsidiary; or 
  
 (3) Capital
Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary; 
  
 provided, however, that, in the case of clauses (2) and (3), such Restricted Subsidiary is primarily engaged in a Related Business. 

 “Additional Interest” means all additional interest then owing pursuant to Section 4 of
the Registration Rights Agreement or the comparable section of any registration rights agreement entered into in connection with the issuance of any Additional Notes. 
  
 “Additional Interest” shall have the meaning assigned such term in the Registration Rights Agreement.

  
 “Affiliate” means, with respect to any
specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have
meanings correlative of the foregoing; provided that beneficial ownership of 15% or more of the Voting Stock of a Person shall be deemed to be control. 
  

“Agent” means any Registrar, Paying Agent or co-registrar. 
  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for any beneficial interests
in any Global Note, the rules and the procedures of the Depositary that apply to such transfer or exchange. 
  
 “Asset Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases or subleases entered
into in the ordinary course of business), assignment or other transfer for value by the Company or any of the Restricted Subsidiaries (including any Sale and Leaseback Transaction) of (i) any Capital Stock of any Restricted Subsidiary (other than
director’s qualifying shares) or (ii) any other property or assets of the Company or any Restricted Subsidiary of the Company (each referred to for purposes of this definition as a “disposition”), including any disposition by means of
a merger, consolidation or similar transaction. 
  
 Notwithstanding the preceding, the following items shall not be deemed to be Asset Sales: 
  
 (1) a disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Wholly Owned Subsidiary
(other than a Receivables Entity); provided that in the case of a sale by a Restricted Subsidiary to another Restricted Subsidiary, the Company directly or indirectly owns an equal or greater percentage of the Common Stock of the transferee
than of the transferor; 
  
 (2) the sale of Cash
Equivalents in the ordinary course of business; 
  
 (3) a disposition of inventory in the ordinary course of business; 
  
 (4) a disposition of obsolete, retired or worn out equipment or equipment that is no longer useful in the conduct of the business of the Company and the Restricted Subsidiaries and that is disposed of in each case in
the ordinary course of business; 
  

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 (5) transactions permitted under Section 5.01 hereof; 
  
 (6) an issuance of Capital Stock by a Restricted Subsidiary
to the Company or to a Wholly Owned Subsidiary (other than a Receivables Entity); 
  
 (7) for purposes of Section 4.15 hereof only, the making of a Permitted Investment or a disposition subject to Section 4.07 hereof;

  
 (8) an Asset Swap effected in compliance with
Section 4.15 hereof; 
  
 (9) sales of accounts
receivable and related assets or an interest therein of the type specified in the definition of “Qualified Receivables Transaction” to a Receivables Entity; 
  
 (10) dispositions of assets having an aggregate fair market value during any calendar year not exceeding
$500,000; 
  
 (11) dispositions in connection
with Permitted Liens; 
  
 (12) dispositions of
receivables in connection with (i) a Qualified Receivables Transaction and (ii) the compromise, settlement or collection of receivables in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar
arrangements; 
  
 (13) the licensing or
sublicensing of intellectual property or other general intangibles and licenses, leases or subleases of other property in the ordinary course of business which do not materially interfere with the business of the Company and the Restricted
Subsidiaries; and 
  
 (14) foreclosure on assets.

  
 “Asset Swap” means concurrent purchase and
sale or exchange of Related Business Assets between the Company or any of the Restricted Subsidiaries and another Person; provided that any cash received must be applied in accordance with Section 4.15 hereof. 
  
 “Attributable Indebtedness” in respect of a Sale and
Leaseback Transaction means, as at the time of determination, the present value (discounted at the interest rate borne by the Notes, compounded semi-annually) of the total obligations of the lessee for rental payments during the remaining term of
the lease included in such Sale and Leaseback Transaction (including any period for which such lease has been extended). 
  
 “Average Life” means, as of the date of determination, with respect to any Indebtedness or Preferred Stock, the quotient obtained by
dividing (1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Preferred Stock
multiplied by the amount of such payment by (2) the sum of all such payments. 
  

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 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the
relief of debtors. 
  
 “Board of
Directors” means, as to any Person, the board of directors (or similar governing body) of such Person or any duly authorized committee thereof. 
  
 “Board Resolution” means, with respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such
Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
  
 “Borrowing Base” means, as of the date of determination, an amount equal to the sum, without duplication,
of (1) 85% of the net book value of the Company’s and its Guarantors’ accounts receivable at such date (other than any accounts receivable pledged or otherwise transferred or encumbered in connection with a Qualified Receivables
Transaction) and (2) the lesser of 75% of the net book value or 85% of the net orderly liquidation value of the Company’s and the Guarantors’ inventories at such date. Net book value shall be determined in accordance with GAAP and shall be
that reflected on the most recent available balance sheet (it being understood that the accounts receivable and inventories of an acquired business may be included if such acquisition has been completed on or prior to the date of determination).

  
 “Capital Stock” means 
  
 (1) with respect to any Person that is a corporation, any
and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person, and all options, warrants or other rights to
purchase or acquire any of the foregoing; and 
  
 (2) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person, and all options, warrants or other rights to purchase or acquire any of the foregoing. 
  
 “Capitalized Lease Obligations” means, as to any Person, the
obligations of such Person under a lease which are required to be classified and accounted for as capital lease obligations for financial reporting purposes in accordance with GAAP and, for purposes of this definition, the amount of Indebtedness
represented by such obligations will be the capitalized amount of such obligations at the time any determination thereof is to be made as determined in accordance with GAAP, and the Stated Maturity thereof will be the date of the last payment of
rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty. 
  
 “Cash Equivalents” means: 
  
 (1) securities issued or directly and fully guaranteed or insured by the United States Government or any agency or instrumentality of the
United States (provided that the full faith and credit of the United States is pledged in support thereof), having maturities of not more than one year from the date of acquisition; 
  

 -4- 

 (2) marketable general obligations issued by any state of the United States of America or
any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit rating of “A” or better from either Standard &
Poor’s Ratings Services or Moody’s Investors Service, Inc.; 
  
 (3) demand deposits, trust accounts, certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances having maturities of not more than one year from the date of
acquisition thereof issued by any commercial bank the long-term debt of which is rated at the time of acquisition thereof at least “A” or the equivalent thereof by Standard & Poor’s Ratings Services, or “A” or the
equivalent thereof by Moody’s Investors Service, Inc., and having combined capital and surplus in excess of $500.0 million; 
  
 (4) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses (1), (2) and
(3) entered into with any bank meeting the qualifications specified in clause (3) above; 
  
 (5) commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent thereof by Standard &
Poor’s Ratings Services or “P-2” or the equivalent thereof by Moody’s Investors Service, Inc., or carrying an equivalent rating by a nationally recognized rating agency, if both of the two named rating agencies cease publishing
ratings of investments, and in any case maturing within one year after the date of acquisition thereof; 
  
 (6) interests in any investment company or money market fund which invests 95% or more of its assets in instruments of the type specified
in clauses (1) through (5) above; and 
  
 (7)
securities, bank accounts, investments, interests and other assets that are purchased by a Foreign Subsidiary and that are (i) comparable in nature, but not in risk or identity of issuer, to the foregoing but reflecting local business, governmental
and capital markets conditions in the country in which the applicable Foreign Subsidiary is doing business or maintaining cash, (ii) reasonably necessary for the short term management of the cash of Foreign Subsidiaries, and (iii) prudent
investments for a Foreign Subsidiary under the applicable circumstances in the country in which such Foreign Subsidiary is doing business. 
  
 “Change of Control” means: 
  
 (1) any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act) is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that such person or group shall be deemed to have “beneficial ownership” of all shares that any such person or 
  

 -5- 

 group has the right to acquire, whether such right is exercisable immediately or only after the passage
of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company (or its successor by merger, consolidation or purchase of all or substantially all of its assets) (for the purposes of this clause, such
person or group shall be deemed to beneficially own any Voting Stock of the Company held by a parent entity, if such person or group “beneficially owns” (as defined above), directly or indirectly, more than 50% of the voting power of the
Voting Stock of such parent entity); or 
  
 (2)
the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors; or 
  
 (3) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of
related transactions, of all or substantially all of the assets of the Company and the Restricted Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act); or 
  
 (4) the adoption by the stockholders of the Company of a
plan or proposal for the liquidation or dissolution of the Company; 
  
 provided, that in no event, shall the Commonwealth Merger or the Escrow Corp Merger or any transaction contemplated thereby or, if any, the recomposition of the Board of Directors resulting therefrom, in each case as described in the
Offering Memorandum, constitute a Change of Control. 
  
 “Commodity Agreements” means any agreement or arrangement designed to protect the Company and the Restricted Subsidiaries from fluctuations in the cost of any commodity used by the Company and the Restricted Subsidiaries.

  
 “Common Stock” of any Person means any and
all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date, and includes,
without limitation, all series and classes of such common stock. 
  
 “Commonwealth” means Commonwealth Industries, Inc., a Delaware corporation. 
  
 “Company” means (i) prior to the Effective Date, IMCO Recycling Escrow Inc., and (ii) from and after the Effective Date, IMCO Recycling
Inc., until a successor replaces it and thereafter, means the successor and for purposes of any provision contained herein and required by the TIA, each obligor on the indenture securities. 
  
 “Consolidated Coverage Ratio” means as of any date of
determination, with respect to any Person, the ratio of (x) the aggregate amount of Consolidated EBITDA of such Person for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which
financial statements are in existence to (y) Consolidated Interest Expense for such four fiscal quarters; provided, however, that: 
  
 (1) if the Company or any Restricted Subsidiary: 
  
 (a) has incurred any Indebtedness since the beginning of such period that remains outstanding on such date of determination or if the
transaction giving rise to the need to calculate the Consolidated Coverage Ratio is an incurrence of Indebtedness, Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated after giving effect on a pro forma
basis to such Indebtedness as if such Indebtedness had been incurred on the first day of such period (except that in making such computation, the amount of Indebtedness under any revolving credit facility outstanding on the date of such calculation
will be deemed to be (i) the average daily balance of such Indebtedness during such four fiscal quarters or such shorter period for which such facility was outstanding or (ii) if such facility was created after the end of such four fiscal quarters,
the average daily balance of such Indebtedness during the period from the date of creation of such facility to the date of such calculation) and the discharge of any other Indebtedness repaid, repurchased, defeased or otherwise discharged with the
proceeds of such new Indebtedness as if such discharge had occurred on the first day of such period; or 
  

 -6- 

 (b) has repaid, repurchased, defeased or otherwise discharged any Indebtedness since the
beginning of the period that is no longer outstanding on such date of determination or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio involves a discharge of Indebtedness (in each case other than Indebtedness
incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and the related commitment terminated), Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated after giving effect on
a pro forma basis to such discharge of such Indebtedness, including with the proceeds of such new Indebtedness, as if such discharge had occurred on the first day of such period; 
  
 (2) if since the beginning of such period the Company or any Restricted Subsidiary will have made any Asset
Sale or disposed of any company, division, operating unit, segment, business, group of related assets or line of business or if the transaction giving rise to the need to calculate the Consolidated Coverage Ratio is such an Asset Sale: 

 
 (a) the Consolidated EBITDA for such period will be
reduced by an amount equal to the Consolidated EBITDA (if positive) directly attributable to the assets which are the subject of such Asset Sale for such period or increased by an amount equal to the Consolidated EBITDA (if negative) directly
attributable thereto for such period; and 
  
 (b)
Consolidated Interest Expense for such period will be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of the Company or any Restricted Subsidiary repaid, repurchased, defeased or otherwise
discharged with respect to the Company and its continuing Restricted Subsidiaries in connection with such Asset Sale for such period (or, if 
  

 -7- 

 the Capital Stock of any Restricted Subsidiary is sold, the Consolidated Interest Expense for such period
directly attributable to the Indebtedness of such Restricted Subsidiary to the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such sale); 
  
 (3) if since the beginning of such period the Company or any
Restricted Subsidiary (by merger or otherwise) will have made an Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary or is merged with or into the Company) or an acquisition of assets, including any
acquisition of assets occurring in connection with a transaction causing a calculation to be made hereunder, which constitute all or substantially all of a company, division, operating unit, segment, business, group of related assets or line of
business, Consolidated EBITDA and Consolidated Interest Expense for such period will be calculated after giving pro forma effect thereto (including the incurrence of any Indebtedness) as if such Investment or acquisition occurred on the first
day of such period; and 
  
 (4) if since the
beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period) will have incurred any Indebtedness or discharged any
Indebtedness or made any Asset Sale or any Investment or acquisition of assets that would have required an adjustment pursuant to clause (2) or (3) above if made by the Company or a Restricted Subsidiary during such period, Consolidated EBITDA and
Consolidated Interest Expense for such period will be calculated after giving pro forma effect thereto as if such Asset Sale or Investment or acquisition of assets occurred on the first day of such period. 
  
 For purposes of this definition, whenever pro forma effect is to be
given to any calculation under this definition, the pro forma calculations will be determined in good faith by a responsible financial or accounting officer of the Company (including pro forma expense and cost reductions calculated on
a basis consistent with Regulation S-X under the Securities Act). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest expense on such Indebtedness will be calculated as if the rate in effect
on the date of determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of 12 months). If any
Indebtedness that is being given pro forma effect bears an interest rate at the option of the Company, the interest rate shall be calculated by applying such optional rate chosen by the Company. 
  
 “Consolidated EBITDA” for any period means, without
duplication, the Consolidated Net Income for such period, plus the following to the extent deducted in calculating such Consolidated Net Income: 
  
 (1) Consolidated Interest Expense; 
  
 (2) Consolidated Income Taxes; 
  
 (3) consolidated depreciation expense; 
  

 -8- 

 (4) consolidated amortization expense or impairment charges recorded in connection with
the application of Financial Accounting Standard No. 142, “Goodwill and Other Intangibles”; and 
  
 (5) other non-cash charges reducing Consolidated Net Income, including an amount not to exceed $1.0 million with respect to the write-off
of financing costs in connection with the refinancing of Indebtedness with the proceeds from the sale of the Notes (but, in any event, excluding any such non-cash charge to the extent it represents an accrual of or reserve for cash charges in any
future period or amortization of a prepaid cash expense that was paid in a prior period not included in the calculation). 
  
 Notwithstanding the preceding sentence, clauses (2) through (5) relating to amounts of a Restricted Subsidiary of a Person will be added to Consolidated
Net Income to compute Consolidated EBITDA of such Person only to the extent (and in the same proportion) that the net income (loss) of such Restricted Subsidiary was included in calculating the Consolidated Net Income of such Person and, to the
extent the amounts set forth in clauses (2) through (5) are in excess of those necessary to offset a net loss of such Restricted Subsidiary or if such Restricted Subsidiary has net income for such period included in Consolidated Net Income, only if
a corresponding amount would be permitted at the date of determination to be dividended to the Company by such Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements,
instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Restricted Subsidiary or its stockholders. 
  
 “Consolidated Income Taxes” means, with respect to any Person for any period, taxes imposed upon such Person or other payments required
to be made by such Person by any governmental authority which taxes or other payments are calculated by reference to the income or profits of such Person or such Person and its Restricted Subsidiaries (to the extent such income or profits were
included in computing Consolidated Net Income for such period), regardless of whether such taxes or payments are required to be remitted to any governmental authority. 
  
 “Consolidated Interest Expense” means, for any period, the total interest expense of the Company and its
consolidated Restricted Subsidiaries, whether paid or accrued, plus, to the extent not included in such interest expense: 
  
 (1) interest expense attributable to Capitalized Lease Obligations and the interest portion of rent expense associated with Attributable
Indebtedness in respect of the relevant lease giving rise thereto, determined as if such lease were a capitalized lease in accordance with GAAP and the interest component of any deferred payment obligations; 
  
 (2) amortization of debt discount and debt issuance cost
(provided that any amortization of bond premium will be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond premium has otherwise reduced Consolidated Interest Expense); provided that,
for purposes of calculating the Consolidated Coverage Ratio, there shall be excluded therefrom any non-cash amortization or write-off of deferred financing fees; 
  

 -9- 

 (3) non-cash interest expense; 
  
 (4) commissions, discounts and other fees and charges owed
with respect to letters of credit and bankers’ acceptance financing; 
  
 (5) the interest expense on Indebtedness of another Person that is guaranteed by such Person or one of the Restricted Subsidiaries or secured by a Lien on assets of such Person or one of the Restricted Subsidiaries;

  
 (6) net costs, after giving effect to the
effects of the underlying hedged transaction, associated with Interest Rate Agreements (including amortization of fees); provided, however, that if Interest Rate Agreements result in net benefits rather than net costs, such benefits
shall be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such net benefits are otherwise reflected in Consolidated Net Income; 
  
 (7) the consolidated interest expense of such Person and the Restricted Subsidiaries that was capitalized during such period; 

 
 (8) the product of (a) all dividends paid or payable, in
cash, Cash Equivalents or Indebtedness, or accrued during such period on any series of Disqualified Stock of such Person or on Preferred Stock of the Restricted Subsidiaries payable to a party other than the Company or a Wholly Owned Subsidiary,
times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state, provincial and local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated
basis and in accordance with GAAP; 
  
 (9)
Receivables Fees; and 
  
 (10) the cash
contributions to any employee stock ownership plan or similar trust to the extent such contributions are used by such plan or trust to pay interest or fees to any Person (other than the Company) in connection with Indebtedness incurred by such plan
or trust. 
  
 For the purpose of calculating the Consolidated
Coverage Ratio in connection with the incurrence of any Indebtedness described in the final paragraph of the definition of “Indebtedness,” the calculation of Consolidated Interest Expense shall include all interest expense (including any
amounts described in clauses (1) through (10) above) relating to any Indebtedness of the Company or any Restricted Subsidiary described in the final paragraph of the definition of “Indebtedness.” 
  
 For purposes of the foregoing, total interest expense will be determined (i)
after giving effect to any net payments made or received by the Company and its Subsidiaries with respect to Interest Rate Agreements and (ii) exclusive of amounts classified as other comprehensive income in the balance sheet of the Company.
Notwithstanding anything to the contrary contained herein, commissions, discounts, yield and other fees and charges incurred in connection with any transaction pursuant to which the Company or the Restricted Subsidiaries may sell, convey or
otherwise transfer or grant a security interest in any accounts receivable or related assets shall be included in Consolidated Interest Expense. 
  

 -10- 

 “Consolidated Net Income” means, for any period, the net income (loss) of the Company
and its consolidated Restricted Subsidiaries determined in accordance with GAAP; provided, however, that there will not be included in such Consolidated Net Income: 
  
 (1) any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that: 
  
 (i) subject to the limitations contained in clauses (3), (4)
and (5) below, the Company’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such period to the Company
or a Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend or other distribution to a Restricted Subsidiary, to the limitations contained in clause (2) below); and 
  
 (ii) the Company’s equity in a net loss of any such
Person (other than an Unrestricted Subsidiary) for such period will be included in determining such Consolidated Net Income to the extent such loss has been funded with cash from the Company or a Restricted Subsidiary; 
  
 (2) any net income (but not loss) of any Restricted
Subsidiary if such Subsidiary is then restricted, directly or indirectly, in the payment of dividends or the making of distributions by such Restricted Subsidiary to the Company, except that: 
  
 (a) subject to the limitations contained in clauses (3), (4)
and (5) below, the Company’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Restricted
Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause); and 
  
 (b) the Company’s equity in a net loss of any such
Restricted Subsidiary for such period will be included in determining such Consolidated Net Income; 
  
 (3) any gain (loss) realized upon the sale or other disposition of any property, plant or equipment of the Company or its consolidated
Restricted Subsidiaries (including pursuant to any Sale and Leaseback Transaction) which is not sold or otherwise disposed of in the ordinary course of business and any gain (loss) realized upon the sale or other disposition of any Capital Stock of
any Person; 
  
 (4) any extraordinary gain or
loss; 
  

 -11- 

 (5) the cumulative effect of a change in accounting principles; and 
  
 (6) gains or losses arising from the repurchase, repayment
or redemption of Indebtedness with the proceeds from the sale of the Notes. 
  
 “Continuing Directors” means as of any date of determination, any member of the Board of Directors of the Company who (i) was a member of such Board of Directors on the Issue Date or (ii) was
nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board at the time of such nomination. 
  
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.02
hereof or such other address as to which the Trustee may give notice to the Company. 
  
 “Credit Agreement” means a credit agreement to be entered into by the Company whose principal substantive terms are, in all material respects, substantially equivalent to those described in the
Commitment Letter, dated September 28, 2004, by and among the Company and PNC Bank, National Association, Deutsche Bank Trust Company Americas and Citicorp USA, Inc., together with the related documents thereto (including, without limitation, any
guarantee agreements and security documents), in each case as such agreements may be amended (including any amendment and restatement thereof), extended, renewed, restated, supplemented or otherwise modified (in whole or in part, and without
limitation as to amount, terms, conditions, covenants and other provisions) from time to time, including one or more credit agreements, loan agreements, indentures or similar agreements extending the maturity of, refinancing, replacing or otherwise
restructuring (including increasing the amount of available borrowings thereunder or adding Restricted Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or
agreements or any successor or replacement agreement or agreements and whether by the same or any other agent, lender or group of lenders, and whether involving the same or different group of the Company and Restricted Subsidiaries as principal
obligors or guarantors. 
  
 “Credit Facility”
means, with respect to the Company or any Guarantor, one or more debt facilities (including, without limitation, the Credit Agreement) or commercial paper facilities with banks or other institutional lenders providing for revolving credit loans,
term loans, Qualified Receivables Transactions, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in
each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time (and whether or not with the original administrative agent and lenders or another administrative agent or agents or other
lenders and whether provided under the original Credit Agreement or any other credit or other agreement or indenture). 
  
 “Credit Facility Collateral Documents” means any agreements, security agreements, pledges, agency agreements and other instruments and
documents creating or perfecting Liens and executed and delivered pursuant to any Credit Facility. 
  

 -12- 

 “Currency Agreement” means any foreign exchange contract, currency swap agreement or
other similar agreement or arrangement designed to protect the Company or any Restricted Subsidiary of the Company against fluctuations in currency exchange rates. 
  
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor
thereto. 
  
 “Default” means an event or
condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default. 
  
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06
hereof, in substantially the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
  
 “Depositary” means, with respect to the Notes issuable or
issued in whole or in part in global form, the person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture. 
  
 “Disqualified
Capital Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any
event (other than an event which would constitute a Change of Control), (i) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or (ii) is redeemable at the option of the holder thereof (except in each case,
upon the occurrence of a Change of Control), in each case, on or prior to the final maturity date of the Notes. 
  
 “Domestic Restricted Subsidiary” means a Restricted Subsidiary incorporated or otherwise organized or existing under the laws of the
United States, any state thereof or the District of Columbia. 
  
 “DTC” means The Depository Trust Company. 
  
 “Effective Date” means the effective date of the IMCO Assumption. 
  
 “Equity Offering” means a public or private sale for cash by the Company of its Common Stock, or options, warrants or rights with respect to its Common Stock, other than public offerings with respect
to the Company’s Common Stock, or options, warrants or rights, registered on Form S-4 or S-8. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974 and regulations promulgated thereunder. 
  
 “Escrow Agent” means LaSalle Bank National Association in
its capacity as escrow agent. 
  

 -13- 

 “Escrow Agreement” means the agreement between the Company and the Escrow Agent dated as
of November 4, 2004. 
  
 “Escrow Corp” means IMCO
Recycling Escrow Inc. 
  
 “Escrow Corp Merger”
means the merger of Escrow Corp with and into IMCO. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 
  
 “Exchange Notes” has the meaning set forth in the preamble of this Indenture. 
  
 “Exchange Offer” has the meaning set forth in the
Registration Rights Agreement. 
  
 “Exchange Offer
Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
  
 “Foreign Subsidiary” means a Restricted Subsidiary that is not organized under the laws of the United States of America or any state
thereof or the District of Columbia. 
  
 “GAAP”
means generally accepted accounting principles in the United States of America as in effect on the Issue Date, including those 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 may be approved by a significant segment of the accounting profession. All ratios and computations
based on GAAP contained in this Indenture will be computed in conformity with GAAP. 
  
 “Global Note Legend” means the legend set forth in Section 2.06(g)(ii), which is required to be placed on all Global Notes issued under this Indenture. 
  
 “Global Notes” means, individually and collectively, each of
the Restricted Global Notes and the Unrestricted Global Notes in the form of Exhibit A hereto issued in accordance with Section 2.01, 2.06(b)(iv), 2.06(c) or 2.06(f) hereof. 
  
 “Guarantee” means a guarantee of the Notes by a Guarantor pursuant to this Indenture and in the form of the
guarantee endorsed on the form of note attached as Exhibit A to this Indenture and any additional guarantee of the Notes to be executed by any of the Company’s Subsidiaries pursuant to Section 8.02 hereof. 
  
 “Guarantor” means (1) each Domestic Restricted Subsidiary of
the Company other than Imsamet of Arizona or a Receivables Entity; and (2) each of the Company’s Restricted Subsidiaries that in the future executes a supplemental indenture in which such Restricted Subsidiary agrees to be bound by the terms of
this Indenture as a Guarantor; provided that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its respective Guarantee is released in accordance with the terms of the Indenture. 
  

 -14- 

 “Hedging Obligations” of any Person means the obligations of such Person pursuant to any
Interest Rate Agreement, Currency Agreement or Commodity Agreement. 
  
 “Holder” means the Person in whose name a Note is registered on the Registrar’s books. 
  
 “IMCO” means IMCO Recycling Inc., a Delaware corporation. 
  
 “IMCO Assumption” means the assumption by IMCO of the obligations of the Company under this Indenture, the
Notes, the Purchase Agreement and the Escrow Agreement pursuant to the terms of the Escrow Agreement. 
  
 “incur” means create, incur, issue, assume, guarantee or otherwise become liable, directly or indirectly, contingently or otherwise, for
any Indebtedness. The term “incurrence” when used as a noun shall have a correlative meaning. The accretion of principal of a non-interest bearing or other discount security shall not be deemed the incurrence of Indebtedness. 

 
 “Indebtedness” means with respect to any Person on any
date of determination, without duplication, 
  
 (1) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money; 
  
 (2) the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments; 
  
 (3) the principal component of
all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar instruments (including reimbursement obligations with respect thereto except to the extent such reimbursement obligation relates to a trade
payable and such obligation is satisfied within 30 days of incurrence); 
  
 (4) the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (except trade payables), which purchase price is due more than six months after the date of
placing such property in service or taking delivery and title thereto; 
  
 (5) Capitalized Lease Obligations and all Attributable Indebtedness of such Person; 
  
 (6) the principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other
repurchase of any Disqualified Capital Stock or, with respect to any Subsidiary that is not a Guarantor, any Preferred Stock; 
  
 (7) the principal component of all Indebtedness of other Persons secured by a Lien on any asset of 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 
  

 -15- 

 (a) the fair market value of such asset at such date of determination and (b) the amount of such
Indebtedness of such other Person; 
  
 (8) the
principal component of Indebtedness of other Persons to the extent guaranteed by such Person; and 
  
 (9) to the extent not otherwise included in this definition, net obligations of such Person under Commodity Agreements, Currency
Agreements and Interest Rate Agreements (the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such obligation that would be payable by such Person at such time).

  
 The amount of Indebtedness of any Person at any date will be the outstanding
balance at such date of all unconditional obligations as described above and the maximum liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at such date. 
  
 In addition, “Indebtedness” of any Person shall include
Indebtedness described in the preceding paragraph that would not appear as a liability on the balance sheet of such Person if: 
  
 (1) such Indebtedness is the obligation of a partnership or joint venture that is not a Restricted Subsidiary (a “Joint
Venture”); 
  
 (2) such Person or a
Restricted Subsidiary of such Person is a general partner of the Joint Venture (a “General Partner”); and 
  
 (3) there is a recourse, by contract or operation of law, with respect to the payment of such Indebtedness to property or assets of such
Person or a Restricted Subsidiary of such Person; and then such Indebtedness shall be included in an amount not to exceed: 
  
 (a) the lesser of (i) the net assets of the General Partner and (ii) the amount of such obligations to the extent that there is recourse,
by contract or operation of law, to the property or assets of such Person or a Restricted Subsidiary of such Person; or 
  
 (b) if less than the amount determined pursuant to clause (a) immediately above, the actual amount of such Indebtedness that is recourse
to such Person or a Restricted Subsidiary of such Person, if the Indebtedness is evidenced by a writing and is for a determinable amount. 
  
 “Indenture” means this Indenture, as amended or supplemented from time to time in accordance with Article 10 hereof. 
  
 “Independent Financial Advisor” means a firm (1) which does
not, and whose directors, officers and employees or Affiliates do not, have a direct or indirect financial interest in the Company and (2) which, in the judgment of the Board of Directors of the Company, is otherwise independent and qualified to
perform the task for which it is to be engaged. 
  

 -16- 

 “Indirect Participant” means a person who holds a beneficial interest in a Global Note
through a Participant. 
  
 “Initial Notes” has
the meaning set forth in the preamble of this Indenture. 
  
 “Initial Purchasers” means Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and PNC Capital Markets, Inc. 
  
 “Institutional Accredited Investor” means an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under
the Securities Act. 
  
 “Interest Rate Agreement”
means, in respect of a Person, any agreement or arrangement designed to protect against fluctuations in interest rates accruing on Indebtedness for which it or any of its Subsidiaries is liable. 
  
 “Investment” means, with respect to any Person, all
investments by such Person in other Persons (including Affiliates) in the form of any direct or indirect advance, loan (other than advances or extensions of credit to customers in the ordinary course) or other extension of credit (including by way
of guarantee or similar arrangement, but excluding any debt or extension of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), or any purchase or acquisition of any Capital Stock, bonds, notes, debentures or other similar instruments or evidences of Indebtedness issued by, such Person; provided that none of the
following will be deemed to be an Investment: 
  
 (1) Hedging Obligations entered into in the ordinary course of business and in compliance with this Indenture; 
  
 (2) endorsements of negotiable instruments and documents in the ordinary course of business; and 
  
 (3) an acquisition of assets, Capital Stock or other
securities by the Company or a Subsidiary for consideration to the extent such consideration consists of Common Stock of the Company. 
  
 For purposes of Section 4.07 hereof: 
  
 (1) “Investment” will include the portion (proportionate to the Company’s equity interest in a Restricted Subsidiary to be
designated as an Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; provided, however, that upon a
redesignation of such Subsidiary as a Restricted Subsidiary, the Company will be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Company’s
“Investment” in such Subsidiary at the 
  

 -17- 

 time of such redesignation less (b) the portion (proportionate to the Company’s equity interest in
such Subsidiary) of the fair market value of the net assets (as conclusively determined by the Board of Directors of the Company in good faith) of such Subsidiary at the time that such Subsidiary is so redesignated a Restricted Subsidiary; and

  
 (2) any property transferred to or from an
Unrestricted Subsidiary will be valued at its fair market value at the time of such transfer, in each case as determined in good faith by the Board of Directors of the Company. 
  
 “Issue Date” means November 4, 2004. 
  
 “Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all
Holders of the Initial Notes for use by such Holders in connection with the Exchange Offer. 
  
 “Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement or lease in the nature
thereof). 
  
 “Merger” means the merger of
Commonwealth with and into Merger Sub pursuant to the Merger Agreement. 
  
 “Merger Agreement” means the Agreement and Plan of Merger dated as of June 16, 2004 by and among IMCO, Merger Sub and Commonwealth. 
  
 “Merger Date” means the date of closing of the Commonwealth Merger and the Escrow Corp Merger. 
  
 “Merger Sub” means Silver Fox Acquisition Company, an
indirect and wholly owned subsidiary of IMCO. 
  
 “Net
Cash Proceeds” means, with respect to any Asset Sale or Asset Swap, the cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net
proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring person of Indebtedness or other
obligations relating to the properties or assets that are the subject of such Asset Sale or received in any other non-cash form) therefrom, in each case net of: 
  
 (1) all legal, accounting, investment banking, title and recording tax expenses, commissions and other fees
and expenses incurred, and all Federal, state, provincial, foreign and local taxes required to be paid or accrued as a liability under GAAP (after taking into account any available tax credits or deductions and any tax sharing agreements), as a
consequence of such Asset Sale; 
  
 (2) all
payments made on any Indebtedness which is secured by any assets subject to such Asset Sale, in accordance with the terms of any Lien upon such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Sale, or by
applicable law be repaid out of the proceeds from such Asset Sale; 
  

 -18- 

 (3) all distributions and other payments required to be made to minority interest holders
in Subsidiaries or joint ventures as a result of such Asset Sale; and 
  
 (4) the deduction of appropriate amounts to be provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with the assets disposed of in such Asset Sale and retained by the
Company or any Restricted Subsidiary after such Asset Sale. 
  
 “Non-Recourse Debt” means Indebtedness of a Person: 
  
 (1) as to which neither the Company nor any Restricted Subsidiary (a) provides any guarantee or credit support of any kind (including any undertaking, guarantee, indemnity, agreement or instrument that would
constitute Indebtedness) or (b) is directly or indirectly liable (as a guarantor or otherwise); 
  
 (2) no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an
Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or any Restricted Subsidiary to declare a default under such other Indebtedness or cause the payment thereof to be
accelerated or payable prior to its Stated Maturity; and 
  
 (3) the explicit terms of which provide there is no recourse against any of the assets of the Company or the Restricted Subsidiaries, except that Standard Securitization Undertakings shall not be considered recourse.

  
 “Notes” has the meaning assigned to it in the
preamble to this Indenture. 
  
 “Offering” means
the offering of the Original Notes by the Company pursuant to the Company’s Offering Memorandum dated October 29, 2004. 
  
 “Offering Memorandum” means (i) the final offering memorandum of IMCO dated October 29, 2004 in respect of the Offering and (ii) any
similar document of the Company subsequent to the Issue Date with respect to the offering of Initial Notes other than the Original Notes. 
  
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, and Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice-President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on behalf of the Company by at least two Officers
of the Company, or by an Officer and either an Assistant Treasurer or an Assistant Secretary of the Company, that meets the requirements of Section 12.05 hereof. 
  

 -19- 

 “Opinion of Counsel” means an opinion of legal counsel who is reasonably acceptable to
the Trustee, that meets the requirements of Section 12.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
  
 “Pari Passu Indebtedness” means any Indebtedness of the Company or any Guarantor that ranks equally in
right of payment with the Notes or the Guarantee of such Guarantor, as applicable. 
  
 “Participant” means, with respect to the Depositary, a person who has an account with the Depositary. 
  
 “Participating Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 
  
 “Permitted Investment” means an Investment by the Company or
any Restricted Subsidiary in: 
  
 (1) a
Restricted Subsidiary (other than a Receivables Entity) or a Person which will, upon the making of such Investment, become a Restricted Subsidiary (other than a Receivables Entity); provided, however, that the primary business of such
Restricted Subsidiary is a Related Business and provided, further, however, that this clause (1) shall not permit any investment by the Company or a Domestic Restricted Subsidiary in a Foreign Subsidiary other than cash or Cash Equivalents or
transfers of other property in the ordinary course of business or consistent with past practice; 
  
 (2) another Person if as a result of such Investment such other Person is merged or consolidated with or into, or transfers or conveys all
or substantially all its assets to, the Company or a Restricted Subsidiary (other than a Receivables Entity); provided, however, that such Person’s primary business is a Related Business; 
  
 (3) receivables owing to the Company or any Restricted
Subsidiary created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any
such Restricted Subsidiary deems reasonable under the circumstances; 
  
 (4) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses in accordance with GAAP and that are made in the ordinary course of
business; 
  
 (5) Investments in the Company by
any Restricted Subsidiary; provided that any Indebtedness evidencing such Investment and held by a Restricted Subsidiary that is not a Guarantor is unsecured and subordinated in right to payment, pursuant to a written agreement, to the
Company’s obligations under the Notes and this Indenture; 
  
 (6) cash and Cash Equivalents; 
  

 -20- 

 (7) loans and advances to employees, directors and officers (other than loans to
executive officers not permitted by applicable law) of the Company and the Restricted Subsidiaries made in the ordinary course of business consistent with past practices of the Company or such Restricted Subsidiary; 
  
 (8) Currency Agreements, Commodity Agreements and Interest
Rate Agreements, and related Hedging Obligations, in each case entered into in the ordinary course of business and entered into and incurred in compliance with Section 4.09 hereof; 
  
 (9) additional Investments not to exceed $20.0 million outstanding at any one time (with the fair market
value of such Investments being measured at the time made and without giving effect to subsequent changes in value); 
  
 (10) Capital Stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing to the
Company or any Restricted Subsidiary or in satisfaction of judgments or pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of a debtor; 
  
 (11) Investments made as a result of the receipt of non-cash consideration from an Asset Sale made in
compliance with Section 4.15 hereof; 
  
 (12)
guarantees issued in accordance with Section 4.09 hereof; 
  
 (13) Investments by the Company or a Restricted Subsidiary in a Receivables Entity or any Investment by a Receivables Entity in any other Person, in each case, in connection with a Qualified Receivables Transaction;
provided, however, that any Investment in any such Person is in the form of a Purchase Money Note, or any equity interest or interests in Receivables and related assets generated by the Company or a Restricted Subsidiary and transferred to
any Person in connection with a Qualified Receivables Transaction or any such Person owning such Receivables; 
  
 (14) Investments in existence on the Issue Date; and 
  
 (15) any Asset Swap made in accordance with Section 4.15 hereof. 
  
 “Permitted Liens” means, with respect to any Person:

  
 (1) Liens on any assets, real or personal,
tangible or intangible, of the Company securing Indebtedness and other obligations under the Credit Facility and related Hedging Obligations and liens on assets, real or personal, tangible or intangible, of Restricted Subsidiaries securing
guarantees of Indebtedness and other obligations of the Company under the Credit Facility permitted to be incurred under this Indenture under the provisions described in clause (b)(i) under Section 4.09 hereof; 
  
 (2) 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 
  

 -21- 

 which such Person is a party, or deposits to secure public or statutory obligations of such Person or
deposits of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import or customs duties or for the payment of rent, in each case incurred in the
ordinary course of business; 
  
 (3) Liens
imposed by law, including carriers’, warehousemen’s, suppliers’, materialmen’s, repairmen’s and mechanics’ Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings if a
reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made in respect thereof; 
  
 (4) Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or which are being contested
in good faith by appropriate proceedings provided appropriate reserves required pursuant to GAAP have been made in respect thereof; 
  
 (5) Liens in favor of issuers of surety, bid, appeal or performance bonds or letters of credit or bankers’ acceptances issued
pursuant to the request of and for the account of such Person in the ordinary course of its business; provided, however, that such letters of credit do not constitute Indebtedness; 
  
 (6) encumbrances, ground leases, easements or reservations
of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes of zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in
title and similar encumbrances) 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 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; 
  
 (7) Liens securing Hedging Obligations so long as the related Indebtedness is, and is permitted to be under this Indenture, secured by a
Lien on the same property securing such Hedging Obligation; 
  
 (8) leases, licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) which do not materially interfere with the ordinary conduct of the business of
the Company or any of its Restricted Subsidiaries; 
  
 (9) judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings which may have been duly initiated for the review of such judgment have not been finally terminated or
the period within which such proceedings may be initiated has not expired; 
  
 (10) Liens for the purpose of securing the payment of all or a part of the purchase price of, or Capitalized Lease Obligations, purchase money obligations or other payments incurred to finance the acquisition,
improvement or construction of, assets or property acquired or constructed in the ordinary course of business; provided that: 
  
 (a) the aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be incurred under this Indenture and
does not exceed the cost of the assets or property so acquired or constructed; and 
  

 -22- 

 (b) such Liens are created within 180 days of construction or acquisition of such assets
or property and do not encumber any other assets or property of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto and the proceeds of any such assets; 
  
 (11) Liens arising solely by virtue of any statutory or
common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that: 
  
 (a) such deposit account is not a dedicated cash collateral
account and is not subject to restrictions against access by the Company in excess of those set forth by regulations promulgated by the Federal Reserve Board; and 
  
 (b) such deposit account is not intended by the Company or any Restricted Subsidiary to provide collateral
to the depositary institution; 
  
 (12) Liens
arising from Uniform Commercial Code financing statement filings regarding (i) operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business and (ii) goods consigned or entrusted to or bailed with a
Person in connection with the processing, reprocessing, recycling or tolling of such goods; 
  
 (13) Liens existing on the Issue Date; 
  
 (14) Liens on property or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary; provided, however,
that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming a Restricted Subsidiary; provided, further, however, that any such Lien may not extend to any other property owned
by the Company or any Restricted Subsidiary; 
  
 (15) Liens on property at the time the Company or a Restricted Subsidiary acquired the property, including any acquisition by means of a merger or consolidation with or into the Company or any Restricted Subsidiary; provided, however,
that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such acquisition; provided, further, however, that such Liens may not extend to any other property owned by the Company or any Restricted
Subsidiary; 
  
 (16) Liens securing Indebtedness
or other obligations of a Restricted Subsidiary owing to the Company or a Wholly Owned Subsidiary (other than a Receivables Entity); 
  

 -23- 

 (17) Liens securing the Notes and the Guarantees or any obligations owing to the Trustee
under this Indenture; 
  
 (18) Liens securing
Refinancing Indebtedness incurred to refinance Indebtedness that was previously so secured, provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof) that secured (or, under the written arrangements under which the original Liens arose, could secure) the Indebtedness being refinanced or is in respect of property that is the security for a Permitted Lien
hereunder; 
  
 (19) any interest or title of a
lessor under any Capitalized Lease Obligation or operating lease; 
  
 (20) Liens in favor of customs and revenue authorities to secure the payment of customs duties in connection with the exporting or importing of goods; 
  
 (21) Liens on assets transferred to a Receivables Entity or on assets of a Receivables Entity, in either
case incurred in connection with a Qualified Receivables Transaction; 
  
 (22) Liens on the Capital Stock or assets, real or personal, tangible or intangible, of a Foreign Subsidiary, and securing Indebtedness and other obligations and guarantees permitted to be incurred under this
Indenture under the provisions described in clause (b)(11) under Section 4.09 hereof; 
  
 (23) Liens securing Indebtedness (other than Subordinated Indebtedness of the Company or of any Guarantor) in an aggregate principal
amount not to exceed $20.0 million at any one time outstanding; 
  
 (24) Liens existing with respect to the (x) Uhrichsville, Ohio facility pursuant to Exhibit G to the Supply Agreement by and among Commonwealth Aluminum Corporation, IMCO Recycling of Ohio Inc. and IMCO Recycling
Inc., dated as of April 1, 1999, as in effect on the Issue Date or on terms materially consistent therewith, and (y) Saginaw, Michigan facility pursuant to Exhibit 5 to the Long Term Agreement between General Motors Corporation and Alchem Aluminum
Inc., dated as of February 26, 1999, as in effect on the Issue Date or on terms materially consistent therewith; 
  
 (25) Liens on any assets, real or personal, tangible or intangible, of the Company securing Indebtedness and other obligations under the
Senior Secured Note Issuance and Liens on assets, real or personal, tangible or intangible, of Restricted Subsidiaries securing guarantees of Indebtedness and other obligations of the Company under the Senior Secured Note Issuance, in each case
securing Senior Secured Notes outstanding on the Issue Date and up to $25.0 million of additional Senior Secured Notes issued from time to time thereunder and, for the avoidance of doubt, including in each case the exchange notes issued in exchange
therefor; 
  

 -24- 

 (26) Liens encumbering deposits made to secure obligations arising from statutory,
regulatory, contractual or warranty requirements of the Company or any of the Restricted Subsidiaries, including rights of offset and set-off; and 
  
 (27) Liens on assets of a Restricted Subsidiary that is not a Guarantor to secure Indebtedness of such Restricted Subsidiary that is
otherwise permitted under this Indenture. 
  
 “Person” means an individual, partnership, limited liability company, corporation, association, joint-stock company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision
thereof, or any other entity. 
  
 “Preferred
Stock” of any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
  
 “Private Placement Legend” means the legend set forth in
Section 2.06(g)(i) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
  
 “Purchase Date” means, with respect to any Note to be repurchased, the date fixed for such repurchase by or pursuant to this Indenture.

  
 “Purchase Money Note” means a promissory note
of a Receivables Entity evidencing the deferred purchase price of Receivables (and related assets) and/or a line of credit, which may be irrevocable, from the Company or any Restricted Subsidiary in connection with a Qualified Receivables
Transaction with a Receivables Entity, which deferred purchase price or line is repayable from cash available to the Receivables Entity, other than amounts required to be established as reserves pursuant to agreements, amounts paid to investors in
respect of interest, principal and other amounts owing to such investors and amounts owing to such investors and amounts paid in connection with the purchase of newly generated Receivables. 
  
 “Purchase Price” means the amount payable for the repurchase
of any Note on a Purchase Date, exclusive of accrued and unpaid interest and Additional Interest (if any) thereon to the Purchase Date, unless otherwise specifically provided. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Qualified Capital Stock” means any Capital Stock that is
not Disqualified Capital Stock. 
  
 “Qualified Receivables
Transaction” means any transaction or series of transactions that may be entered into by the Company or any of the Restricted Subsidiaries pursuant to which the Company or any of the Restricted Subsidiaries may sell, convey or otherwise
transfer to (1) a Receivables Entity (in the case of a transfer by the Company or any of the Restricted Subsidiaries) and (2) any other Person (in the case of a transfer by a Receivables Entity), or may grant a security interest in, any Receivables
(whether now existing or arising in the future) of the 
  

 -25- 

 Company or any of the Restricted Subsidiaries, and any assets related thereto including, without limitation, all
collateral securing such Receivables, all contracts and all guarantees or other obligations in respect of such accounts receivable, the proceeds of such Receivables and other assets which are customarily transferred, or in respect of which security
interests are customarily granted, in connection with asset securitizations involving Receivables. 
  
 “Receivable” means a right to receive payment arising from a sale or lease of goods or the performance of services by a Person pursuant
to an arrangement with another Person pursuant to which such other Person is obligated to pay for goods or services under terms that permit the purchase of such goods and services on credit and shall include, in any event, any items of property that
would be classified as an “account,” “chattel paper,” “payment intangible” or “instrument” under the Uniform Commercial Code as in effect in the State of New York and any “supporting obligations” as
so defined. 
  
 “Receivables Entity” means a
Wholly Owned Subsidiary (or another Person in which the Company or any Restricted Subsidiary makes an Investment and to which the Company or any Restricted Subsidiary transfers Receivables and related assets) which engages in no activities other
than in connection with the financing of Receivables and which is designated by the Board of Directors of the Company (as provided below) as a Receivables Entity: 
  
 (1) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which: 

 
 (a) is guaranteed by the Company or any Restricted
Subsidiary (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings); 
  

(b) is recourse to or obligates the Company or any Restricted Subsidiary in any way other than pursuant to Standard Securitization
Undertakings; or 
  
 (c) subjects any property or
asset of the Company or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings; 
  
 (2) with which neither the Company nor any Restricted
Subsidiary has any material contract, agreement, arrangement or understanding (except in connection with a Purchase Money Note or Qualified Receivables Transaction) other than on terms no less favorable to the Company or such Restricted Subsidiary
than those that might be obtained at the time from Persons that are not Affiliates of the Company, other than fees payable in the ordinary course of business in connection with servicing Receivables; and 
  
 (3) to which neither the Company nor any Restricted
Subsidiary has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 
  
 Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a
Board Resolution of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing conditions. 
  

 -26- 

 “Receivables Fees” means any fees or interest paid to purchasers or lenders providing
the financing in connection with a Qualified Receivables Transaction, a factoring agreement or other similar agreement, including any such amounts paid by discounting the face amount of Receivables or participations therein transferred in connection
with a Qualified Receivables Transaction, a factoring agreement or other similar arrangement, regardless of whether any such transaction is structured as on-balance sheet or off-balance sheet or through a Restricted Subsidiary or an Unrestricted
Subsidiary. 
  
 “Redemption Date” means, with
respect to any Note to be redeemed, the date fixed for such redemption by or pursuant to this Indenture. 
  
 “Redemption Price” means the amount payable for the redemption of any Note on a Redemption Date, exclusive of accrued and unpaid interest
and Additional Interest (if any) thereon to the Redemption Date, unless otherwise specifically provided. 
  
 “Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, refund, replace, repay, prepay, redeem,
defease or retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings.

  
 “Refinancing Indebtedness” means Indebtedness
that is incurred to refund, refinance, replace, exchange, renew, repay or extend (including pursuant to any defeasance or discharge mechanism) (collectively, “refinance,” “refinances,” and
“refinanced” shall have a correlative meaning) any Indebtedness existing on the date of this Indenture or incurred in compliance with this Indenture (including Indebtedness of the Company that refinances Indebtedness of any
Restricted Subsidiary and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of another Restricted Subsidiary) including Indebtedness that refinances Refinancing Indebtedness; provided, however, that: 
  
 (1) (a) if the Stated Maturity of the Indebtedness being
refinanced is earlier than the Stated Maturity of the Notes, the Refinancing Indebtedness has a Stated Maturity no earlier than the Stated Maturity of the Indebtedness being refinanced or (b) if the Stated Maturity of the Indebtedness being
refinanced is later than the Stated Maturity of the Notes, the Refinancing Indebtedness has a Stated Maturity at least 91 days later than the Stated Maturity of the Notes; 
  
 (2) the Refinancing Indebtedness has an Average Life at the time such Refinancing Indebtedness is incurred
that is equal to or greater than the Average Life of the Indebtedness being refinanced; 
  
 (3) such Refinancing Indebtedness is incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate
issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value) then outstanding of the Indebtedness being refinanced 
  

 -27- 

 (plus, without duplication, any additional Indebtedness incurred to pay interest or premiums required by
the instruments governing such existing Indebtedness and fees incurred in connection therewith); and 
  
 (4) if the Indebtedness being refinanced is subordinated in right of payment to the Notes or the Guarantees, such Refinancing Indebtedness
is subordinated in right of payment to the Notes or the Guarantees on terms at least as favorable to the holders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.

  
 “Registration Rights Agreement” means (i) the
certain registration rights agreement dated as of the Issue Date by and among IMCO, the guarantors named therein and the Initial Purchasers relating to the Offering, and (ii) any similar agreement that the Company and other parties may enter into in
relation to any other Initial Notes, in each case as such agreement may be amended, modified or supplemented from time to time. 
  
 “Regulation S” means Regulation S promulgated under the Securities Act. 
  
 “Regulation S Global Note” means a Global Note in substantially the form of Exhibit A hereto bearing the
Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in
reliance on Rule 903 of Regulation S. 
  
 “Related
Business” means any business which is the same as or related, ancillary or complementary to any of the businesses of the Company and the Restricted Subsidiaries on the date of this Indenture, including, without limiting the generality of
the foregoing, the manufacture, sales, distribution or modification of metals, metal products or goods using metals, and any services related to any of the foregoing. 
  
 “Related Business Assets” means assets used or useful in a Related Business. 
  
 “Responsible Officer,” when used with respect to the
Trustee, means any officer within the Corporate Trust Department of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular subject. 
  
 “Restricted Definitive Note” means a Definitive Note bearing
the Private Placement Legend. 
  
 “Restricted Global
Note” means a permanent Global Note in substantially the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is
deposited with or on behalf of and registered in the name of the Depositary or a nominee of the Depositary, representing a series of Notes that bear the Private Placement Legend. 
  

 -28- 

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

  
 “Restricted Period” means the 40-day
distribution compliance period as defined in Regulation S. 
  
 “Restricted Subsidiary” means any Subsidiary of the Company which at the time of determination is not an Unrestricted Subsidiary. 
  
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “Rule 903” means Rule 903 promulgated under the Securities
Act. 
  
 “Rule 904” means Rule 904 promulgated
the Securities Act. 
  
 “Sale and Leaseback
Transaction” means any arrangement relating to property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary transfers such property to a Person, and the Company or a Restricted Subsidiary leases it from such
Person. 
  
 “SEC” means the United States
Securities and Exchange Commission. 
  
 “Securities
Act” means the Securities Act of 1933, as amended. 
  
 “Senior Secured Notes” means IMCO’s 10 3/8% Senior Secured Notes due 2010.

  
 “Senior Secured Notes Documents” means
the Senior Secured Notes, the indenture relating thereto and all other documents related to such notes or indenture. 
  
 “Senior Secured Notes Issuance” means the transaction pursuant to which the original $210.0 million aggregate principal amount of Senior
Secured Notes were issued and sold, and thereafter exchanged, including the guarantees issued therefor and the Liens granted in property as contemplated thereby to secure the obligations then and thereafter existing or arising under such notes and
all related and ancillary documents, including the related indenture and security documents. 
  
 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement. 
  
 “Significant Subsidiary” means any Restricted Subsidiary that satisfies the criteria for a
“significant subsidiary” set forth in Rule 1.02(w) of Regulation S-X under the Exchange Act. 
  
 “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Company or any
Restricted Subsidiary which are reasonably customary in securitization of Receivables transactions. 
  

 -29- 

 “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 shall not include any date on which the payment of principal of such security is
due and payable as a result of any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof. 
  
 “Subordinated Indebtedness” means Indebtedness of the Company or any Guarantor that is subordinated or
junior in right of payment to the Notes or the Guarantee of such Guarantor, as the case may be. 
  
 “Subsidiary” of any Person means (a) any corporation, association or other business entity (other than a partnership, joint venture,
limited liability company or similar entity) of which more than 50% of the total ordinary 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 (or persons performing similar functions) or (b) any partnership, joint venture, limited liability company or similar entity of which more than 50% of the capital accounts, distribution rights, total equity and voting interests or
general or limited partnership interests, as applicable, are, in the case of clauses (a) and (b), at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more Subsidiaries of such Person or (3) one or
more Subsidiaries of such Person. Unless otherwise specified herein, each reference to a Subsidiary will refer to a Subsidiary of the Company. 
  
 “TIA” means the Trust Indenture Act of 1939, as amended. 
  
 “Trustee” means the Person named as such in the Preamble until a successor replaces it in accordance with
the applicable provisions of this Indenture and thereafter means such successor serving hereunder. 
  
 “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement
Legend. 
  
 “Unrestricted Global Note” means a
permanent Global Note in substantially the form of Exhibit A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on
behalf of and registered in the name of the Depositary or a nominee of the Depositary, representing a series of Notes that do not bear the Private Placement Legend. 
  
 “Unrestricted Subsidiary” means: 
  
 (1) any Subsidiary of the Company that at the time of determination shall be designated an Unrestricted
Subsidiary by the Board of Directors of the Company in accordance with Section 4.13; and 
  
 (2) any Subsidiary of an Unrestricted Subsidiary. 
  

 -30- 

 “U.S. Government Securities” shall mean securities which are (i) direct obligations of
the United States of America for the payment of which its full faith and credit is pledged or (ii) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which
is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a
bank or trust company as custodian with respect to any such U.S. Government Securities or a specific payment of interest on or principal of any such U.S. Government Securities held by such custodian for the account of the holder of a 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 Securities or the specific payment of interest on or principal of the U.S. Government Securities evidenced by such depository receipt. 
  
 “Voting Stock” of a corporation means all classes of Capital Stock of such corporation then outstanding and normally entitled to vote in
the election of directors. 
  
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or
other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by (2)
the then outstanding principal amount of such Indebtedness. 
  
 “Wholly Owned Subsidiary” means a Restricted Subsidiary, all of the Capital Stock of which (other than directors’ qualifying shares) is owned by the Company or another Wholly Owned Subsidiary. 
  
 Section 1.02. Other Definitions. 
  

			
	 Term

	 	 Defined in Section

	 “Additional Notes”
	 	Section 2.02(d)
	 “Affiliate Transaction”
	 	Section 4.10
	 “Authentication Order
	 	Section 2.02
	 “Benefited Party”
	 	Section 8.01
	 “Change of Control Offer”
	 	Section 4.16
	 “Change of Control Payment”
	 	Section 4.16
	 “Change of Control Payment Date”
	 	Section 4.16
	 “Covenant Defeasance”
	 	Section 9.03
	 “Event of Default”
	 	Section 6.01
	 “Excess Net Cash Proceeds”
	 	Section 4.15
	 “incur”
	 	Section 4.09
	 “Indemnitee”
	 	Section 7.07
	 “Indenture”
	 	Preamble
	 “Legal Defeasance”
	 	Section 9.02

  

 -31- 

			
	 Term

	 	 Defined in Section

	 “Net Proceeds Offer”
	 	Section 4.15
	 “Net Proceeds Offer Amount”
	 	Section 4.15
	 “Net Proceeds Offer Payment Date”
	 	Section 4.15
	 “Net Proceeds Offer Trigger Date”
	 	Section 4.15
	 “Offer Amount”
	 	Section 3.09
	 “Offer Period”
	 	Section 3.09
	 “Original Notes”
	 	Section 2.02(d)
	 “Paying Agent”
	 	Section 2.03
	 “Protected Purchaser”
	 	Section 2.07(a)
	 “Purchase Date”
	 	Section 3.09
	 “Registrar”
	 	Section 2.03
	 “Repurchase Offer”
	 	Section 3.09
	 “Secured Notes Offer”
	 	Section 4.15
	 “Special Mandatory Redemption”
	 	Section 3.08
	 “Surviving Entity”
	 	Section 5.01

  

	Section	1.03. Incorporation by Reference of Trust Indenture Act. 

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

 
 (b) The following TIA terms used in this Indenture have the following
meanings: 
  
 “indenture securities” means the Notes;

  
 “indenture security holder” means a Holder of a
Note; 
  
 “indenture to be qualified” means this
Indenture; 
  
 “indenture trustee” or
“institutional trustee” means the Trustee; and 
  
 “obligor” on the Notes means the Company and any successor obligor upon the Notes. 
  
 (c) All other terms used in this Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by SEC rule under
the TIA have the meanings so assigned to them. 
  
 Section 1.04. Rules of
Construction. 
  
 Unless the context otherwise requires:

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

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 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance
with GAAP; 
  
 (c) “or” is not
exclusive; 
  
 (d) words in the singular include
the plural, and in the plural include the singular; 
  
 (e) “including” means “including without limitation”; provisions apply to successive events and transactions; 
  
 (f) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or successor sections
or rules adopted by the SEC from time to time; 
  
 (g) references in this Indenture to “Article” and “Section” shall be to the Articles and Sections of this Indenture unless expressly indicated otherwise; and 
  
 (h) the use in this Indenture of the words “herein”, “hereof” and “hereunder”,
and words of similar impart, shall be construed to refer to this Indenture in its entirety and not to any particular provision. 
  
 ARTICLE 2. 
  
 THE NOTES 
  
 Section
2.01. Form and Dating. 
  
 (a) General. The Notes and
the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its
authentication. The Notes shall be in denominations of $1,000 and integral multiples thereof. The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable,
the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note or any notation of Guarantee thereon conflicts
with the express provisions of this Indenture, the provisions of this Indenture, to the extent not prohibited by applicable law, shall govern and be controlling. 
  
 (b) Form of Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto
(including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but without the
Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified 
  

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 therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to
time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee, the Depository or the Custodian, at the direction of the Trustee, in accordance with instructions given
by the Holder thereof as required by Section 2.06 hereof. 
  
 (c)
Subject to compliance with the provisions of Section 4.09, the Company may issue Additional Notes under this Indenture. 
  
 Section 2.02. Execution and Authentication. 
  
 (a) One Officer shall sign the Notes for the Company by manual or facsimile signature. The Company’s seal may be reproduced on the Notes and may be
in facsimile form. 
  
 (b) If an Officer whose signature is on a
Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 
  
 (c) A Note shall not be valid until authenticated by the manual or facsimile signature of a Responsible Officer of the Trustee. The signature of a
Responsible Officer of the Trustee in the certificate of authentication on a Note shall be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 (d) The Trustee shall, upon a written order of the Company signed by an Officer (an “Authentication
Order”), authenticate (i) the Initial Notes for original issue on the Issue Date in the aggregate principal amount of $125,000,000 (the “Original Notes”), (ii) from time to time after the Issue Date, subject to compliance
with the provisions of Section 4.09, an unlimited aggregate principal amount of additional Initial Notes (the “Additional Notes”) for original issue, and (iii) any Exchange Notes from time to time for issue only in exchange for a
like principal amount of Initial Notes, in each case upon a written order of the Company in the form of an Officers’ Certificate. Each such Officers’ Certificate shall specify (x) the amount of Notes to be authenticated and the date on
which the Notes are to be authenticated, (y) whether the Notes are Initial Notes or Exchange Notes and (z) the amount of Notes to be issued in global form or definitive form. There shall be no limit on the aggregate principal amount of Notes that
may be outstanding at any time. 
  
 (e) The Notes (including any
Additional Notes) shall be considered collectively as a single class for all purposes of this Indenture. Holders of the Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none
of the Holders of the Initial Notes or the Exchange Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 
  
 (f) The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent
may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an
Affiliate of the Company. 
  

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 Section 2.03. Registrar and Paying Agent. 
  
 (a) The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
  
 (b) The Company initially appoints DTC to act as Depositary with respect to the Global Notes. 
  
 (c) The Company initially appoints the Trustee to act as the Registrar and
Paying Agent and to act as Custodian with respect to the Global Notes. 
  
 (d) The Global Notes shall be initially registered in the name of Cede & Co., nominee of DTC. 
  
 Section 2.04. Paying Agent To Hold Money in Trust. 
  
 The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the
payment of principal of, and premium, Additional Interest, if any, or interest on, the Notes, and shall notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying
Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall
have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or
reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 
  
 Section 2.05. 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 all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the
Registrar, the Company shall furnish to the Trustee at least seven Business Days or such shorter time as the Trustee may allow before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and
as of such date, as the Trustee may reasonably require of the names and addresses of the Holders of Notes, including the aggregate principal amount of Notes held by each Holder. 
  

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 Section 2.06. Transfer and Exchange. 
  
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary
to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. Global Notes will
be exchanged by the Company for Definitive Notes if (i) the Depositary (x) notifies the Company that it is unwilling or unable to continue to act as depositary for the Global Notes and the Company thereupon fails to appoint a successor Depositary,
or (y) has ceased to be a clearing agency registered under the Exchange Act and the Company fails to appoint a successor, and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice from
the Depositary, (ii) the Company, at its option, to the extent not prohibited by DTC, notifies the Trustee that it elects to cause the issuance of Definitive Notes, or (iii) there has occurred and is continuing an Event of Default. Upon the
occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in
Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the
form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in Sections 2.06(a) and 10.05 hereof, although beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 2.06(b), (c), (d) or (f) hereof. 
  
 (b) Transfer and
Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes
also 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 Note. Beneficial interests in any Restricted
Global Note may be transferred to persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided,
however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. person or for the account or benefit of a U.S. person (other than any Initial
Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be
delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 
  

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 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i) above, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an
Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be
transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B), subject to Section 2.06(a), (1) a written order from
a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. Upon consummation
of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of
Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes
or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
  
 (iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in
any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) above and the Registrar
receives the following: 
  
 (A) if the transferee
shall take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 
  
 (B) if the transferee shall take delivery in the form of a
beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 
  
 (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests
in the Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) above and: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the corresponding Registration Rights
Agreement and the Holder of the 
  

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 beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a
transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a person participating in the distribution of the Exchange Notes or (3) a person who is an affiliate (as defined in Rule 144) of the Company;

  
 (B) such transfer is effected pursuant to the
Shelf Registration Statement in accordance with the corresponding Registration Rights Agreement; 
  
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the corresponding Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C
hereto, including the certifications in item (1)(a) thereof; or 
  
 (2) if the Holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a person who shall take delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subparagraph (D), if the Registrar, the Company or the Trustee so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to the Registrar or the Company, if applicable, to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein
and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when a Restricted Global Note has not yet been issued, the Company
shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of
beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
  
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
  

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 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 
  
 (i) Beneficial Interests in Restricted Global Notes to Restricted
Definitive Notes. Restricted Global Notes and beneficial interests therein shall be exchangeable for Definitive Notes if (i) the Depositary (x) notifies the Company that it is unwilling or unable to continue to act as depositary for the
Restricted Global Notes and the Company thereupon fails to appoint a successor Depositary, or (y) has ceased to be a clearing agency registered under the Exchange Act and the Company fails to appoint a successor, and, in either case, a successor
Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary, (ii) the Company, at its option, to the extent not prohibited by DTC, notifies the Trustee that it elects to cause the issuance of
Definitive Notes or (iii) there shall have occurred and be continuing an Event of Default with respect to the Notes. In all such cases, Definitive Notes delivered in exchange for any Restricted Global Note or beneficial interests therein shall be
registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with the Applicable Procedures). 
  

In such event, the Trustee shall cause the Restricted Global Notes to be canceled accordingly pursuant to Section 2.11 hereof, and the Company shall
execute and the Trustee shall authenticate and deliver to the person designated a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Notes to the persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section
2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  
 (ii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A Holder of a beneficial interest in a Restricted Global
Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the corresponding Registration Rights Agreement and the Holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the Letter of Transmittal that it is
not (1) a broker-dealer, (2) a person participating in the distribution of the Exchange Notes or (3) a person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
corresponding Registration Rights Agreement; 
  
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the corresponding Registration Rights Agreement; or 
  

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 (D) the Registrar receives the following: 
  
 (1) if the Holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a Definitive Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
  
 (2) if the Holder of such beneficial interest in a
Restricted Global Note proposes to transfer such beneficial interest to a person who shall take delivery thereof in the form of a Definitive Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit
B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subparagraph (D), if the Registrar, the Company or the Trustee so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar, the
Trustee or the Company, if applicable, to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act. 
  
 (iii)
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. Unrestricted Global Notes and beneficial interests therein shall be exchangeable for Definitive Notes if (i) the Depositary (x) notifies the Company that it
is unwilling or unable to continue as depositary for the Unrestricted Global Notes, or (y) has ceased to be a clearing agency registered under the Exchange Act and the Company fails to appoint a successor, and, in either case, a successor Depositary
is not appointed by the Company within 90 days after the date of such notice from the Depositary, (ii) the Company, at its option, to the extent not prohibited by DTC, notifies the Trustee that it elects to cause the issuance of Definitive Notes or
(iii) there shall have occurred and be continuing an Event of Default with respect to the Notes. In all such cases, Definitive Notes delivered in exchange for any Unrestricted Global Note or beneficial interests therein will be registered in the
names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with the Applicable Procedures). In such event, the Trustee shall cause the Unrestricted Global Notes to be canceled accordingly pursuant to
Section 2.11 hereof, and the Company shall execute and, upon receipt of an Authentication Order in accordance with Section 2.02 with respect to such Note, the Trustee shall authenticate and deliver to the person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall be registered in such name or names and in such authorized denomination or
denominations as the Holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the persons in whose names
such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall not bear the Private Placement Legend. 
  

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 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 
  
 (i) Restricted Definitive Notes to Beneficial Interests in Restricted
Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a person who takes delivery thereof in the form
of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
  
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
  
 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. person in an offshore transaction in accordance with Rule 903 or
Rule 904 under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
  
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144 under the Securities Act to a person who is an affiliate (as defined in Rule 144) of the Company, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;

  
 (E) if such Restricted Definitive Note is
being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in
Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; or 
  
 (F) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof, 
  
 the Trustee shall cancel the Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the
144A Global Note, in the case of clause (C) above, the Regulation S Global Note, in the case of clauses (D) through (F) above, the appropriate Restricted Global Note in accordance with Section 2.11 hereof. 
  
 (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted
Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the corresponding Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies
in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a person participating in the distribution of the Exchange Notes or (3) a person who is an affiliate (as defined in Rule 144) of the Company; 
  

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 (B) such transfer is effected pursuant to the Shelf Registration in accordance with the
corresponding Registration Rights Agreement; 
  
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the corresponding Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the Holder of such Definitive Notes proposes to
exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
  
 (2) if the Holder of such Definitive Notes proposes to
transfer such Notes to a person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

  
 and, in each such case set forth in this subparagraph (D), if
the Registrar, the Trustee or the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar, the Trustee or the Company, if applicable, to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
  
 (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

  
 If any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subparagraphs (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted 
  

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 Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance
with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
  
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes.
Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or
exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by his 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 2.06(e): 
  
 (i) Restricted Definitive Notes to Restricted Definitive
Notes. Any Restricted Definitive Note may be transferred to and registered in the name of persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
  
 (A) if the transfer shall be made pursuant to Rule 144A
under the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and 
  

(B) if the transfer shall be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (2) thereof; and 
  
 (C) if the transfer shall be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
  
 (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder
thereof for an Unrestricted Definitive Note or transferred to a person or persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
  

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the corresponding Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a person participating in the distribution of the Exchange
Notes or (3) a person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the corresponding Registration Rights
Agreement; 
  

 -43- 

 (C) any such transfer is effected by a Participating Broker-Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the corresponding Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
  
 (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subparagraph (D), if the Registrar, the Trustee or the Company so requests, an Opinion of Counsel in form
reasonably acceptable to the Registrar, the Trustee and the Company, if applicable, to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such
Notes to a person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the transfer of the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof. 
  
 (f) Exchange
Offer. Upon the occurrence of the Exchange Offer in accordance with the corresponding Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall
authenticate (i) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by persons that certify in the applicable
Letters of Transmittal that (x) they are not broker-dealers, (y) they are not participating in a distribution of the Exchange Notes and (z) they are not affiliates (as defined in Rule 144) of the Company, and accepted for exchange in the Exchange
Offer and (ii) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer. Concurrently with the issuance of such Notes, the Trustee
shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and, upon receipt of an Authentication Order in accordance with Section 2.02 with respect to such Notes,
the Trustee shall authenticate and deliver to the persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal amount. 
  

 -44- 

 (g) Legends. The following legends shall appear on the face of all Global Notes and Definitive
Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
  
 (i) Private Placement Legend. 
  
 (A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or
substitution thereof) shall bear the legend in substantially the following form: 
  
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR
FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT
A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT
(AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE
UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, (i) IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH
ACCREDITED INVESTOR FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT AND (ii) PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S.
BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, (F) IN ACCORDANCE WITH ANOTHER

  

 -45- 

 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL
IF THE COMPANY SO REQUESTS) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN
CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE IF THIS SECURITY, IF THE PROPOSED TRANSFER IS PURSUANT TO CLAUSES (C), (D), (E) OR (F), THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND
THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE 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. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

  
 (B) Notwithstanding the foregoing, any Global
Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private
Placement Legend. 
  
 (ii) Global Note
Legend. Each Global Note shall bear a legend in substantially the following form: 
  
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER
ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.” 

 

 -46- 

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

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

  
 (i) To permit registrations of transfers and exchanges, the
Company shall execute and, upon receipt of an Authentication Order in accordance with Section 2.02 with respect to such Notes, the Trustee shall authenticate Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s
request. 
  
 (ii) No service charge shall be made to a Holder of a
beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but 
  

 -47- 

 the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in
connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 4.16 and 10.05 hereof). 
  
 (iii) The Registrar shall not be required to register the transfer of or exchange any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part. 
  
 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
  
 (v) The Company shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of
business 15 days before the day of any selection of Notes for redemption or purchase under Section 3.02 hereof and ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Note so selected for
redemption or purchase in whole or in part, except the unredeemed portion of any Note being redeemed in part or (c) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
  
 (vi) Prior to due presentment for the registration of a transfer of any Note,
the Trustee, any Agent and the Company may deem and treat the person in whose name any Note is registered on the registry relating to the Notes as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on
such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
  
 (vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
  
 (viii) All certifications, certificates and Opinions of Counsel required to
be submitted to the Registrar, the Company and the Trustee pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
  
 Notwithstanding anything herein to the contrary, as to any certifications and certificates delivered to the Trustee or the
Registrar pursuant to this Section 2.06, the Trustee’s and the Registrar’s duties shall be limited to confirming that any such certifications and certificates delivered to it are in the form of Exhibits B or C hereto. Neither the Trustee
nor the Registrar shall be responsible for confirming the truth or accuracy of any representations or warranties made in any such certifications or certificates. 
  
 Section 2.07. Replacement Notes. 
  
 (a) If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the
Company shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the 
  

 -48- 

 Uniform Commercial Code are met, such that the Holder (x) satisfies the Company or the Trustee that such Note has been
lost, destroyed or wrongfully taken within a reasonable time after such Holder has knowledge of such loss, destruction or wrongful taking and the Registrar has not registered a transfer prior to receiving such notification, (y) makes such request to
the Company or Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “Protected Purchaser”) and (z) satisfies any other reasonable requirements of the
Trustee; provided, however, if after the delivery of such replacement Note, a Protected Purchaser of the Note for which such replacement Note was issued presents for payment or registration such replaced Note, the Trustee or the Company shall
be entitled to payment or registration such replaced Note, the Trustee or the Company shall be entitled to recover such replacement Note from the Person to whom it was issued and delivered or any Person taking therefrom, except a Protected
Purchaser, and shall be entitled to recover upon the security or indemnity provided therefore to the extent of any loss, damage, cost or expense incurred by the Company or the Trustee in connection therewith. if required by the Trustee or the
Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee, the Paying Agent and the Registrar from any loss which any of them may suffer if a Note is replaced,
and, in the absence of notice to the Company, any Guarantor or the Trustee that such Note has been acquired by a bona fide purchaser, the Company shall execute and upon receipt of an Authentication Order the Trustee shall authenticate and make
available for delivery, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding. 
  
 (b) In case any such mutilated, destroyed, lost or stolen Note has become or
is about to become due and payable (whether at maturity or by redemption, purchase or otherwise), the Company in its discretion may, instead of issuing a New Note, pay such Note. 
  
 (c) Upon the issuance of any Note under this Section, the Company may require that such Holder pay a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of counsel and of the Trustee) in connection therewith. 
  
 (d) Subject to the proviso in Section 2.07(a) every Note issued pursuant to
this Section in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Company, any Guarantor (if applicable) and any other obligor upon the Notes, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder. 
  
 (e) The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
  
 Section 2.08. Outstanding Notes. 
  
 (a) The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for
cancellation, those reductions in 
  

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 the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in
this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
  
 (b) If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be
outstanding and interest on that Note ceases to accrue unless the Trustee receives proof satisfactory to it that the replaced Note is held by a Protected Purchaser. 
  
 (c) If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and
interest on it ceases to accrue. 
  
 (d) If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date, purchase date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no
longer outstanding and shall cease to accrue interest. 
  
 Section 2.09.
Treasury Notes. 
  
 In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company,
shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned shall be so
disregarded. 
  
 Section 2.10. Temporary Notes. 
  
 Until certificates representing Notes are ready for delivery, the Company
may prepare and the Trustee, upon receipt of an Authentication Order in accordance with Section 2.02 with respect to such Notes, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have
variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and, upon receipt of an Authentication Order in accordance with Section
2.02 with respect to such Notes, the Trustee shall authenticate definitive Notes in exchange for temporary Notes. After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the
temporary Notes at the office or agency of the Company designated for such purpose pursuant to Section 4.02 without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Company shall execute and, upon receipt
of an Authentication Order in accordance with Section 2.02 with respect to such Notes, the Trustee shall authenticate and deliver in exchange therefor a like principal amount of Definitive Notes of authorized denominations. 
  
 Holders of temporary Notes shall be entitled to all of the benefits of this
Indenture. 
  

 -50- 

 Section 2.11. Cancellation. 
  
 (a) The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward
to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. Upon direction by the Company, the Trustee, and no one else, shall cancel all Notes surrendered for registration of transfer, exchange, payment,
replacement or cancellation and shall destroy cancelled Notes (subject to the record retention requirements of the Exchange Act). Certification of the destruction of all cancelled Notes shall be delivered to the Company. The Company may not issue
new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
  
 (b) At such time as all beneficial interests in a Global Note have either been exchanged for Definitive Notes, transferred, redeemed, repurchased or
canceled, such Global Note shall be returned by DTC to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes,
transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee
(if it is then the Custodian for such Global Note) with respect to such Global, Note, by the Trustee or the Custodian, to reflect such redemption. 
  
 Section 2.12. Defaulted Interest. 
  
 If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in writing within 20 days
of such special record date of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date; provided,
however, that no such special record date shall be less than 5 days prior to the related payment date for such defaulted interest. At least 10 days before the special record date, the Company (or, upon the written request of the Company, the
Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  
 Section 2.13. CUSIP Numbers. 
  
 The Company in issuing the Notes may use “CUSIP”, “Common
Code” and “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP”, “Common Code” and “ISIN” numbers in notices of redemption or purchase 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 Notes or as contained in any notice of a redemption and that reliance may be placed only on the
other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee of any change in the “CUSIP”, “Common
Code” and “ISIN” numbers. 
  

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 ARTICLE 3. 
  
 REDEMPTION AND PREPAYMENT 
  
 Section 3.01. Notices to Trustee. 
  
 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee, at least 45
days (unless a shorter period shall be agreed to by the Trustee in writing) but not more than 75 days before a redemption date (but in any event prior to the notice provided pursuant to Section 3.03 hereof), an Officers’ Certificate setting
forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price. 
  
 Section 3.02. Selection of Notes to Be Redeemed. 
  
 If less than all of the Notes are to be redeemed at any time, the Trustee
shall select the Notes to be redeemed among the Holders of the Notes in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a pro rata
basis, by lot or in accordance with any other method the Trustee considers fair and appropriate; provided, however, that if a partial redemption is made with the proceeds of an Equity Offering, the Trustee will select the Notes only on a
pro rata basis or on as nearly a pro rata basis as is practicable (subject to DTC procedures). Any such determination by the Trustee shall be conclusive. In the event of partial redemption by lot, the particular Notes to be redeemed
shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. 
  
 The Trustee shall promptly notify the Company in writing of the Notes
selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $1,000 or whole multiples of $1,000; except that (a) if
all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed and (b) no Notes of a principal amount of less than $1,000 shall be redeemed in part.
Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
  
 Section 3.03. Notice of Redemption. 
  
 Subject to the provisions of Sections 3.07 and 3.08 hereof, at least 30 days but not more than 60 days before a redemption date, the Company shall mail or
cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. 
  

 -52- 

 The notice shall identify the Notes to be redeemed and shall state: 
  
 (a) the redemption date; 
  
 (b) the redemption price; 
  
 (c) if any Note is being redeemed in part only, the portion
of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note;

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

  
 (e) that Notes called for redemption must be
surrendered to the Paying Agent to collect the redemption price; 
  
 (f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the redemption date; 
  
 (g) the paragraph of the Notes or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; and 
  
 (h) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
  
 If any of the Notes to be redeemed is in the form of a Global Note, then the Company shall modify such notice to the extent
necessary to accord with the Applicable Procedures of the Depositary applicable to such redemption. 
  
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however,
that the Company shall have delivered to the Trustee at least 30 days (unless a shorter period shall be agreed to by the Trustee in writing) but not more than 60 days prior to the redemption date, an Officers’ Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
  
 Section 3.04. Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption shall become irrevocably due and payable on the
redemption date at the redemption price. A notice of redemption may not be conditional. 
  
 A notice of redemption shall be deemed to be given when mailed, whether or not the Holder receives the notice. In any event, failure to give such notice, or any defect in such notice, shall not affect the validity of
the proceedings for the redemption of the Notes held by Holders to whom such notice was properly given. 
  

 -53- 

 Section 3.05. Deposit of Redemption Price. 
  
 On or prior to the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to
pay the redemption price of and accrued interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the
amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be redeemed. 
  
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or
the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the person in whose name such Note was
registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal from the redemption date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
  
 Section 3.06. Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Company shall issue
and, upon receipt of an Authentication Order in accordance with Section 2.02 with respect to such Notes, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of
the Note surrendered. 
  
 Section 3.07. Optional Redemption. 
  
 (a) Except as described below, the Notes are not redeemable before November
15 2009. Thereafter, the Company may redeem the Notes at its option, in whole or, from time to time, in part, upon not less than 30 nor more than 60 days’ notice, at the following redemption prices (expressed as percentages of the principal
amount thereof) if redeemed during the twelve-month period commencing on November 15 of the year set forth below: 
  

				
	 Year

	  	Percentage

	 
	 2009
	  	104.500	%
	 2010
	  	103.000	%
	 2011
	  	101.500	%
	 2012 and thereafter
	  	100.000	%

  
 In addition, the
Company must pay accrued and unpaid interest on the Notes redeemed. 
  
 Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
  

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 (b) At any time, or from time to time, on or prior to November 15, 2007, the Company may, at its option,
use the net cash proceeds of one or more Equity Offerings to redeem up to 35% of the principal amount of the Notes issued under the Indenture at a redemption price of 109% of the principal amount thereof plus accrued and unpaid interest thereon, if
any, to the date of redemption; provided that 
  
 (1) at least 65% of the principal amount of Notes issued under the Indenture remains outstanding immediately after any such redemption; and 
  
 (2) the Company makes such redemption not more than 90 days after the consummation of any such Equity Offering. 
  
 Section 3.08. Special Mandatory Redemption. 
  
 In the event that, pursuant to paragraph 7 of the Notes, the Company shall
be required to redeem (the “Special Mandatory Redemption”) all of the outstanding Notes, such Special Mandatory Redemption shall be made pursuant to the provisions of the Escrow Agreement. 
  
 Section 3.09. Repurchase at the Option of Holders. 
  
 In the event that, pursuant to Section 4.15 or Section 4.16 hereof, the
Company shall be required to commence an offer to all Holders to purchase Notes (a “Repurchase Offer”), and they shall follow the procedures specified below. 
  
 The Repurchase Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except to
the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Company shall purchase at the
purchase price (as determined in accordance with Section 4.15 or Section 4.16 hereof), the principal amount of Notes required to be purchased pursuant to Section 4.15 or Section 4.16 hereof, in the aggregate (the “Offer Amount”) or,
if less than the Offer Amount has been tendered, all Notes tendered in response to such Repurchase Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 
  
 If the Purchase Date is on or after an interest record date and on or before
the related interest payment date, any accrued and unpaid interest shall be paid to the person in whose name a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes
pursuant to such Repurchase Offer. 
  
 Upon the commencement of a
Repurchase Offer, the Company shall send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes
pursuant to such Repurchase Offer. The Repurchase Offer shall be made to all Holders. The notice, which shall govern the terms of such Repurchase Offer, shall state: 
  
 (a) that the Repurchase Offer is being made pursuant to this Section 3.09 and Section 4.15 or Section 4.16,
as the case may be, hereof, and the length of time the Repurchase Offer shall remain open; 
  

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 (b) the Offer Amount, the purchase price and the Purchase Date; 
  
 (c) that any Note not tendered or accepted for payment shall
continue to accrue interest; 
  
 (d) that, unless
the Company default in making such payment, any Note accepted for payment pursuant to the Repurchase Offer shall cease to accrue interest after the Purchase Date; 
  
 (e) that Holders electing to have a Note purchased pursuant to any Repurchase Offer may elect to have Notes
purchased in integral multiples of $1,000 only; 
  
 (f) that Holders electing to have a Note purchased pursuant to any Repurchase Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or
transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice before the Purchase Date; 
  
 (g) that Holders shall be entitled to withdraw their election if the Company, the Depositary or the Paying
Agent, as the case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes the Holder delivered for purchase and a statement that
such Holder is withdrawing his election to have such Notes purchased; and 
  
 (h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Notes shall be selected for purchase pursuant to the terms of this Section 3.08, and that Holders whose Notes
were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
  
 On or before the Purchase Date, the Company shall, to the extent lawful, accept for payment, pursuant to the terms of this
Section 3.09, the Offer Amount of Notes or portions thereof tendered pursuant to the Repurchase Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating
that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five
Business days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and
the Trustee, upon receipt of an Authentication Order in accordance with Section 2.02 with respect to such Note, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note
surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Repurchase Offer as soon as practicable after the Purchase Date. 
  

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 The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any other
securities laws and regulations thereunder to the extent that such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to the Repurchase Offer. To the extent that the provisions of Rule 14e-1 under the Exchange
Act or any securities laws or regulations conflict with the provisions of this Section 3.09 or with Section 4.15 or Section 4.16 hereof, the Company will comply with the applicable securities laws and regulations and will not be deemed to have
breached its obligations under those sections of this Indenture. 
  
 Any redemption pursuant to Article 3 hereof shall be subject to the provisions of Section 2.01. Notes called for redemption become due and payable on the date fixed for redemption. Interest will cease to accrue on the Notes or portions
thereof being redeemed on and after the redemption date, unless the Company defaults in the payment of the redemption or repurchase price. 
  
 ARTICLE 4. 
  
 COVENANTS 
  
 Section
4.01. Payment of Notes. 
  
 (a) The Company shall pay or
cause to be paid the principal of, premium, if any, Additional Interest, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, Additional Interest, if any, and interest shall be
considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and
sufficient to pay all principal, premium, if any, Additional Interest, if any, and interest then due. The Company shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts set forth in the corresponding
Registration Rights Agreement. 
  
 (b) The Company shall pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, at the rate borne by the Notes to the extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  
 Section 4.02. Maintenance of Office or Agency. 
  
 (a) The Company shall maintain in the, an office or agency (which may be an office of the Trustee or an affiliate of the
Trustee, Registrar or co-registrar) where Notes may be surrendered for payment, registration of transfer or for exchange and where notices and demands 
  

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 to or upon the Company in respect of the Notes and this Indenture may be served. The Company 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 Company 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. 
  
 (b) The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations. The Company 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 Company hereby designates the Trustee’s office at LaSalle Bank
National Association, 135 S. LaSalle Street, Suite 1960, Chicago IL 60603, Attn: Greg Clarke, Corporate Trust Administration as one such office or agency of the Company in accordance with Section 2.03. 
  
 Section 4.03. Reports to Holders. 
  
 (a) Notwithstanding that the Company may not be subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, to the extent permitted by the Exchange Act, the Company will file with the SEC, and make available to the Trustee and the registered holders of the Notes, the annual reports and the
information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) that are specified in Sections 13 and 15(d) of the Exchange Act within the time periods specified
therein. In the event that the Company is not permitted to file such reports, documents and information with the SEC pursuant to the Exchange Act, the Company will nevertheless make available such Exchange Act information to the Trustee and to the
holders of the Notes as if the Company was subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act within the time periods specified therein. 
  
 (b) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual
financial information required by the preceding paragraph shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes to the financial statements, and in Management’s Discussion and
Analysis of Results of Operations and Financial Condition, of the financial condition and results of operations of the Company and the Restricted Subsidiaries. 
  

(c) In addition, the Company and the Guarantors, for so long as any Notes remain outstanding, at any time they are not required to file the reports
required by Sections 4.03(a) and (b), will furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
  

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 Section 4.04. Compliance Certificate. 
  
 (a) The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’
Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether each of the Company
and its Restricted Subsidiaries has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to his or her knowledge the Company has kept, observed,
performed and fulfilled each and every covenant contained in this Indenture and that no Default or Event of Default has occurred (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he
or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or
interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
  
 (b) So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants,
the year-end financial statements delivered pursuant to Section 4.03(a) above shall be accompanied by a written statement of the Company’s independent public accountants (who shall be a firm of established national reputation) that in making
the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Article 4 or Article 5 hereof or, if any such violation has
occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any person for any failure to obtain knowledge of any such violation. 
  
 (c) The Company shall, so long as any of the Notes are outstanding, deliver
to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

  
 Section 4.05. Taxes. 
  
 The Company shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the
Holders of the Notes. 
  
 Section 4.06. Stay, Extension and Usury Laws.

  
 The Company covenants (to the extent that it may lawfully
do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants
or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, 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 has been enacted. 
  

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 Section 4.07. Limitation on Restricted Payments. 
  
 The Company will not, and will not cause or permit any of the Restricted Subsidiaries to, directly or indirectly:

  
 (i) declare or pay any dividend or make any
distribution on or in respect of the Company’s Capital Stock to holders of such Capital Stock (other than dividends or distributions payable in Qualified Capital Stock of the Company or in options, warrants or other rights to purchase such
Capital Stock of the Company); 
  
 (ii) purchase,
redeem or otherwise acquire or retire for value any Capital Stock of the Company; 
  
 (iii) make any principal payment on, or purchase, repurchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value,
prior to scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness (other than the payment on, or purchase, repurchase, redemption, defeasance, prepayment, decrease or other acquisition or
retirement of Subordinated Indebtedness of the Company or any Guarantor purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of payment on, or
purchase, repurchase, redemption, defeasance, prepayment, decrease or other acquisition or retirement); or 
  
 (iv) make any Investment (other than Permitted Investments) (each of the foregoing actions set forth in clauses (i), (ii), (iii) and (iv)
being referred to as a “Restricted Payment”); 
  
 if at the time of such
Restricted Payment, 
  
 (i) a Default or an Event
of Default shall have occurred and be continuing (or would result therefrom); or 
  
 (ii) the Company is not able to incur at least $1.00 of additional Indebtedness pursuant to paragraph (a) under Section 4.09 hereof; or

  
 (iii) the aggregate amount of Restricted
Payments (including such proposed Restricted Payment) made subsequent to the Issue Date (the amount expended for such purposes, if other than in cash, being the fair market value of such property as determined in good faith by the Board of Directors
of the Company) would exceed the sum of 
  
 (v)
50% of the cumulative Consolidated Net Income (or if cumulative Consolidated Net Income shall be a deficit, minus 100% of such deficit) of the Company for the period (treated as one accounting period) from the beginning of the first fiscal quarter
commencing after the fiscal quarter in which the Issue Date occurred to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for which financial statements are in existence; plus 
  

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 (w) 100% of the aggregate net cash proceeds received by the Company from any Person
(other than a Subsidiary of the Company) from the issuance and sale subsequent to the Issue Date of Qualified Capital Stock of the Company or warrants, options or other rights to acquire Qualified Capital Stock of the Company (but excluding any debt
security that is convertible into, or exchangeable for, Qualified Capital Stock); plus 
  
 (x) without duplication of any amounts included in clause (iii)(w) above, 100% of the aggregate net cash proceeds of any equity
contribution received by the Company in respect to its Capital Stock subsequent to the Issue Date (excluding, in the case of clauses (iii)(w) and (x), any net cash proceeds from an Equity Offering to the extent used to redeem the Notes in compliance
with the provisions set forth under Section 3.07(b) hereof); plus 
  
 (y) the amount by which Indebtedness of the Company or any of the Restricted Subsidiaries is reduced on the Company’s balance sheet upon the conversion or exchange (other than by a Subsidiary of the Company)
subsequent to the Issue Date of any Indebtedness of the Company or any of the Restricted Subsidiaries convertible or exchangeable for Qualified Capital Stock of the Company (less the amount of any cash, or the fair market value of any property,
distributed by the Company upon such conversion or exchange); plus 
  
 (z) without duplication, the sum of: 
  
 (1) the net reduction in the Investments (other than Permitted Investments) made by the Company or any of the Restricted Subsidiaries in any Person subsequent to the Issue Date resulting from repurchases or
redemptions of such Investments by such Person, proceeds realized upon the sale of such Investments to an unaffiliated purchaser or repayments of loans or advances or other transfers of assets (including by way of dividend or distribution) by such
Person; 
  
 (2) upon redesignation of an
Unrestricted Subsidiary as a Restricted Subsidiary (valued in each case as provided in the definition of “Investment”), not to exceed, in the case of any Unrestricted Subsidiary, the aggregate amount of all such Investments made subsequent
to the Issue Date in such Unrestricted Subsidiary; and 
  
 (3) amounts returned in cash or with respect to such Investments made subsequent to the Issue Date through interest payments, dividends or other similar distributions; 
  
 which amount in each case under this clause (z) was included in the
calculation of the amount of Restricted Payments; provided, however, that no amount will be included under clause (z) to the extent it is already included in Consolidated Net Income. 
  

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 Notwithstanding the foregoing, the provisions set forth in the immediately preceding paragraph do not
prohibit: 
  
 (1) any purchase, repurchase,
redemption, defeasance or other acquisition, cancellation or retirement of Capital Stock, Disqualified Stock or Subordinated Indebtedness of the Company or any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent
sale of, Qualified Capital Stock of the Company (other than Capital Stock issued or sold to a Subsidiary or an employee stock ownership plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by
loans from or guaranteed by the Company or any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination); provided, however, that (i) such purchase, repurchase, redemption, defeasance,
acquisition, cancellation or retirement will be excluded in subsequent calculations of the amount of Restricted Payments and (ii) the net cash proceeds from such sale of Capital Stock will be excluded from clauses (iii)(w) and (iii)(x) of the
preceding paragraph; 
  
 (2) any purchase,
repurchase, redemption, defeasance or other acquisition, cancellation or retirement of Subordinated Indebtedness of the Company or any Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale or incurrence of,
Subordinated Indebtedness of the Company or any purchase, repurchase, redemption, defeasance or other acquisition, cancellation or retirement of Subordinated Indebtedness or any Guarantor made by exchange for, or out of the proceeds of the
substantially concurrent sale or incurrence of, Subordinated Indebtedness of any Guarantor that, in each case, is permitted to be incurred pursuant to Section 4.09 hereof and that in each case constitutes Refinancing Indebtedness; provided,
however, that such purchase, repurchase, redemption, defeasance, acquisition, cancellation or retirement will be excluded in subsequent calculations of the amount of Restricted Payments; 
  
 (3) any purchase, repurchase, redemption, defeasance or
other acquisition, cancellation or retirement of Disqualified Stock of the Company or a Restricted Subsidiary made by exchange for, or out of the proceeds of the substantially concurrent sale of, Disqualified Stock of the Company or such Restricted
Subsidiary, as the case may be, that, in each case, is permitted to be incurred pursuant to Section 4.09 hereof and that in each case constitutes Refinancing Indebtedness; provided, however, that such purchase, repurchase, redemption,
defeasance, acquisition, cancellation or retirement will be excluded in subsequent calculations of the amount of Restricted Payments; 
  
 (4) so long as no Default or Event of Default has occurred and is continuing, any purchase or redemption of Subordinated Indebtedness of
the Company or a Guarantor from Net Cash Proceeds to the extent permitted under Section 4.15; provided, however, that such purchase or redemption will be excluded in subsequent calculations of the amount of Restricted Payments; 
  

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 (5) dividends paid within 60 days after the declaration if at such date of declaration
such dividend would have complied with this provision; provided, however, that such dividends will be included in subsequent calculations of the amount of Restricted Payments; 
  
 (6) so long as no Default or Event of Default has occurred and is continuing, 
  
 (a) the purchase, redemption or other acquisition,
cancellation or retirement for value of Capital Stock, or options, warrants, equity appreciation rights or other rights to purchase or acquire Capital Stock of the Company or any Restricted Subsidiary or any parent of the Company held by any
existing or former directors, employees or management of the Company or any Subsidiary of the Company or their assigns, estates or heirs, in each case in connection with the repurchase provisions under employee stock option or stock purchase
agreements or other agreements to compensate management employees or directors; provided that such redemptions or repurchases pursuant to this clause will not exceed $2.5 million in the aggregate during any calendar year; provided,
however, that such repurchase or redemption will be included in subsequent calculations of the amount of Restricted Payments; 
  
 (b) loans or advances to employees or directors of the Company or any Subsidiary of the Company, in each case as permitted by applicable
law, the proceeds of which are used to purchase Capital Stock of the Company, in an aggregate amount not in excess of $3.0 million at any one time outstanding; provided, however, that such loans or advances will be included in
subsequent calculations of the amount of Restricted Payments; and 
  
 (c) so long as no Default or Event of Default has occurred and is continuing, the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company issued in accordance with
the terms of the Indenture to the extent such dividends are included in the definition of “Consolidated Interest Expense”; provided, however, that such dividends will be excluded in subsequent calculations of the amount of
Restricted Payments; 
  
 (7) repurchases of
Capital Stock deemed to occur upon the exercise of stock options, warrants or other convertible securities if such Capital Stock represents a portion of the exercise price thereof; provided, however, that such repurchases will be excluded in
subsequent calculations of the amount of Restricted Payments; 
  

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 (8) the purchase, repurchase, redemption, defeasance or other acquisition, cancellation
or retirement for value of any Subordinated Indebtedness of the Company or any Subsidiary of the Company (i) at a purchase price not greater than 101% of the principal amount of such Subordinated Indebtedness in the event of a Change of Control in
accordance with provisions similar to the provisions described under Section 4.16 or (ii) at a purchase price not greater than 100% of the principal amount thereof in accordance with provisions similar to Section 4.15; provided that prior to
or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition, cancellation or retirement, the Company has made the Change of Control Offer or Net Proceeds Offer, as applicable, as provided in such provisions with
respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment in connection with such Change of Control Offer or Net Proceeds Offer; 
  
 (9) Restricted Payments in an amount not to exceed $20.0 million; provided, however, that such
Restricted Payments will be included in subsequent calculations of the amount of Restricted Payments; and 
  
 (10) the redemption, repurchase, defeasance or other discharge or other acquisition of the 10 3/4% Senior Subordinated Notes Due 2006 of
Commonwealth Industries, Inc. or any portion thereof. 
  
 The
amount of all Restricted Payments (other than cash) shall be the fair market value on the date of such Restricted Payment of the asset or assets, as the case may be, or securities proposed to be paid, transferred or issued by the Company or such
Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair market value of any cash Restricted Payment shall be its face amount and any non-cash Restricted Payment shall be determined conclusively by the Board of
Directors of the Company acting in good faith whose resolution with respect thereto shall be delivered to the Trustee, such determination to be based upon an opinion or appraisal issued by an accounting, appraisal or investment banking firm of
national standing if such fair market value is estimated in good faith by the Board of Directors of the Company to exceed $15.0 million. Not later than the date of making any Restricted Payment pursuant to the first paragraph of this covenant, the
Company shall deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 4.07 were computed, together with a copy of any
fairness opinion or appraisal required by the Indenture. 
  
 Section 4.08.
Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 
  
 The Company will not, and will not cause or permit any of the Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or
restriction on the ability of any Restricted Subsidiary to: 
  
 (1) pay dividends or make any other distributions on or in respect of its Capital Stock; 
  

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 (2) make loans or advances to the Company or any other Restricted Subsidiary or to pay
any Indebtedness or other obligation owed to the Company or any other Restricted Subsidiary; or 
  
 (3) transfer any of its property or assets to the Company or any other Restricted Subsidiary, 
  
 except in each case for such encumbrances or restrictions arising or existing under, pursuant
to, or by reason of any of the following: 
  
 (a)
applicable law, rule, regulation or order; 
  
 (b) this Indenture; 
  
 (c) in the case
of clause (3) of the first paragraph of this Section 4.08, (i) a lease, license or similar contract, which restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject thereto or the assignment or
transfer of any such lease, license or other contract, (ii) mortgages, deeds of trust, pledges or other security agreements, the entry into which does not result in a Default, securing Indebtedness of the Company or a Restricted Subsidiary, which
restricts the transfer of the property subject to such mortgages, deeds of trust, pledges or other security agreements, or (iii) customary provisions restricting dispositions of real property interests set forth in any reciprocal easements of the
Company or any Restricted Subsidiary; 
  
 (d) any
agreement relating to Acquired Indebtedness or acquired Capital Stock, which is not applicable to any Person, or the properties or assets of any Person, other than the Person so acquired, the properties or assets or Capital Stock of the Person so
acquired; 
  
 (e) agreements existing on the
Issue Date to the extent and in the manner such agreements are in effect on the Issue Date; 
  
 (f) the Credit Agreement and the Secured Notes Documents; 
  
 (g) restrictions on the transfer of assets subject to any Lien permitted under the Indenture imposed by the
holder of such Lien; 
  
 (h) any agreement to,
directly or indirectly, sell or otherwise dispose of assets or Capital Stock permitted under the Indenture to any Person pending the closing of such sale; 
  
 (i) customary provisions in joint venture agreements and other similar agreements (in each case relating solely to the respective joint
venture or similar entity or the equity interests therein) entered into in the ordinary course of business; 
  

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 (j) (i) purchase money obligations for property acquired in the ordinary course of
business and (ii) Capitalized Lease Obligations permitted under the Indenture, in each case, which impose encumbrances or restrictions of the nature described in clause (3) of the first paragraph of this Section 4.08 on the property so acquired;

  
 (k) any Purchase Money Note or other
Indebtedness or contractual requirement incurred with respect to a Qualified Receivables Transaction relating exclusively to a Receivables Entity that, in the good faith determination of the Board of Directors of the Company, are necessary to effect
such Qualified Receivables Transaction; 
  
 (l)
net worth provisions in leases and other agreements entered into by the Company or any Restricted Subsidiary in the ordinary course of business; and 
  
 (m) an agreement governing Indebtedness incurred to Refinance the Indebtedness issued, assumed or incurred pursuant to an agreement
referred to in clauses (b), (d), (e), (f) and (g) above; provided, however, that the provisions relating to such encumbrance or restriction contained in any such Indebtedness are no less favorable to the Company in any material respect as
determined by the Board of Directors of the Company in their reasonable and good faith judgment than the provisions relating to such encumbrance or restriction contained in agreements referred to in such clauses (b), (d), (e), (f) and (g).

  
 Section 4.09. Limitation on Incurrence of Additional Indebtedness.

  
 (a) The Company will not, and will not permit any of the
Restricted Subsidiaries to, directly or indirectly, create, incur, assume, guarantee, acquire, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively, “incur”) any
Indebtedness; provided, however, that if no Default or Event of Default shall have occurred and be continuing at the time of, or would occur after giving effect to, the incurrence of such Indebtedness, the Company or any of the Restricted
Subsidiaries that is or, upon such incurrence, becomes a Guarantor may incur Indebtedness (including, without limitation, Acquired Indebtedness) and any Restricted Subsidiary that is not or will not, upon such incurrence, become a Guarantor may
incur Acquired Indebtedness, in each case if on the date of the incurrence of such Indebtedness, after giving effect to the incurrence thereof, the Consolidated Coverage Ratio of the Company would have been at least 2.0 to 1.0. 
  
 The Company will not, and will not permit any Guarantor to, directly or
indirectly, incur any Indebtedness which by its terms (or by the terms of any agreement governing such Indebtedness) is expressly subordinated in right of payment to any other Indebtedness of the Company or such Guarantor, as the case may be, unless
such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinate to the Notes or the applicable Guarantee, as the case may be, to the same extent and in the same manner as such
Indebtedness is subordinated to other Indebtedness of the Company or such Guarantor, as the case may be. For purposes of the foregoing, no Indebtedness will be deemed to be subordinated in right of payment to any other Indebtedness of the Company or
any Guarantor 
  

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 solely by virtue of such Indebtedness being unsecured or by virtue of the fact that the holders of such Indebtedness have
entered into one or more intercreditor agreements giving one or more of such holders priority over the other holders in the collateral held by them. 
  
 (b) Section 4.09(a) will not prohibit the incurrence of the following Indebtedness: 
  
 (i) Indebtedness of the Company and the Guarantors incurred pursuant to the Credit Facility and the
principal component of amounts outstanding under Qualified Receivables Transactions in an aggregate amount up to the greater of (a) the Borrowing Base and (b) $325.0 million less (in the case of this clause (b)) all mandatory prepayments of
principal thereof permanently reducing the commitments thereunder; 
  
 (ii) guarantees by the Company, Guarantors and Foreign Subsidiaries (or any of them) of Indebtedness incurred in accordance with the provisions of the Indenture; provided that in the event such Indebtedness
that is being guaranteed is Subordinated Indebtedness of the Company or of a Guarantor, as the case may be, then the related guarantee shall be subordinated in right of payment to the Guarantee; 
  
 (iii) Indebtedness of the Company owing to and held by any
Restricted Subsidiary (other than a Receivables Entity) or Indebtedness of a Restricted Subsidiary owing to and held by the Company or any other Restricted Subsidiary (other than a Receivables Entity); provided, however, 
  
 (A) if the Company is the obligor on such Indebtedness, such
Indebtedness is expressly subordinated to the prior payment in full in cash of all obligations with respect to the Notes; or 
  
 (B) if a Guarantor is the obligor on such Indebtedness and the Company or a Guarantor is not the obligee, such Indebtedness is
subordinated in right of payment to the Guarantees of such Guarantor; and 
  
 (1) any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being beneficially held by a Person other than the Company or a Restricted Subsidiary (other than a
Receivables Entity); or 
  
 (2) any sale or
other transfer of any such Indebtedness to a Person other than the Company or a Restricted Subsidiary (other than a Receivables Entity); 
  
 shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Subsidiary, as the case may be. 
  
 (iv) Indebtedness represented by (a) the Notes and the
Guarantees issued on the Issue Date, the exchange notes and exchange guarantees evidencing the same Indebtedness as the Notes and the Guarantees issued in a registered exchange offer pursuant to 
  

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 the Registration Rights Agreement, (b) any Indebtedness (other than the Indebtedness described in clauses
(i), (ii), (iii), (vi), (viii), (ix), (x), (xi) and (xii)) outstanding on the Issue Date and (c) any Refinancing Indebtedness incurred in respect of any Indebtedness described in this clause (4) or clause (5) or incurred pursuant to paragraph (a) of
this covenant; 
  
 (v) Indebtedness of a Person
incurred and outstanding on the date on which such Person was acquired by the Company or a Restricted Subsidiary and became a Restricted Subsidiary or part of a Restricted Subsidiary or the Company or merged, consolidated, amalgamated or liquidated
with or into a Restricted Subsidiary or the Company (other than Indebtedness incurred (a) to provide all or any portion of the funds utilized to consummate the transaction or series of related transactions pursuant to which such Person became a
Restricted Subsidiary or was otherwise acquired by the Company or a Restricted Subsidiary or merged, consolidated, amalgamated or liquidated with or into a Restricted Subsidiary or (b) otherwise in connection with, or in contemplation of, such
acquisition); provided, however, that at the time such Restricted Subsidiary is acquired by the Company, the Company would have been able to incur $1.00 of additional Indebtedness pursuant to paragraph (a) of this covenant after giving effect
to the incurrence of such Indebtedness pursuant this clause (v); 
  
 (vi) Indebtedness under Currency Agreements, Commodity Agreements and Interest Rate Agreements; provided, that in the case of Currency Agreements and Commodity Agreements, such agreements are related to
business transactions of the Company or its Restricted Subsidiaries entered into in the ordinary course of business or in the case of Currency Agreements, Commodity Agreements and Interest Rate Agreements, such agreements are entered into for bona
fide hedging purposes of the Company or its Restricted Subsidiaries (as determined in good faith by the Board of Directors or senior management of the Company) and substantially correspond (in case of Interest Rate Agreements) in terms of notional
amount, duration, currencies and interest rates, as applicable, to Indebtedness of the Company or its Restricted Subsidiaries incurred without violation of the Indenture; 
  
 (vii) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by
Capitalized Lease Obligations, real property financings, conditional sale obligations, obligations under title retention agreements or purchase money obligations with respect to assets other than Capital Stock or other Investments, in each case
incurred for the purpose of financing all or any part of the purchase price, leasing, or cost of acquisition, construction, development or improvement of property or assets used in the business of the Company or such Restricted Subsidiary, in an
aggregate principal amount not to exceed $15.0 million at any time outstanding; 
  
 (viii) Indebtedness incurred in respect of workers’ compensation claims, self-insurance obligations, performance, surety, appeal and
similar bonds, bankers’ acceptances, and completion guarantees provided by the Company or a Restricted Subsidiary in the ordinary course of business; 
  

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 (ix) Indebtedness arising from agreements of the Company or a Restricted Subsidiary
providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or Capital Stock of a Restricted Subsidiary, provided that the
maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the gross proceeds actually received by the Company and its Restricted Subsidiaries in connection with such disposition; 
  
 (x) Indebtedness arising from the honoring by a bank or
other financial institution of a check, draft or similar instrument (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business, provided, however, that such Indebtedness is extinguished
within five business days of incurrence; 
  
 (xi)
Indebtedness of Foreign Subsidiaries incurred for working capital financing in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness incurred pursuant to this clause (xi) and then
outstanding, will not exceed $45.0 million at any one time outstanding; 
  
 (xii) in addition to the items referred to in clauses (i) through (xi) above, Indebtedness of the Company and the Guarantors in an aggregate outstanding principal amount which when taken together with the principal
amount of all other Indebtedness incurred pursuant to this clause (xii) and then outstanding, will not exceed $30.0 million at any time outstanding; and 
  
 (xiii) Indebtedness represented by Commonwealth Industries, Inc.’s existing 10.75% Senior Subordinated Notes due 2006 to the extent
outstanding on the Merger Date; provided that no later than as of the Merger Date, such Senior Subordinated Notes shall have been irrevocably called for redemption and shall be redeemed and discharged within 31 days after the Merger Date.

  
 The Company will not incur any indebtedness under the
preceding paragraph if the proceeds thereof are used, directly or indirectly, to refinance any Subordinated Indebtedness of the Company unless such Indebtedness will be subordinated to the Notes to at least the same extent as such Subordinated
Indebtedness. No Guarantor will incur any indebtedness if the proceeds thereof are used, directly or indirectly, to refinance any Subordinated Indebtedness of such Guarantor unless such Indebtedness will be subordinated to the obligations of such
Guarantor under its Guarantee to at least the same extent as such Subordinated Indebtedness. No Restricted Subsidiary other than a Guarantor may incur any Indebtedness if the proceeds are used to refinance Indebtedness of the Company. 
  
 All intercompany debt shall be unsecured and subordinate in right of payment
to the Notes. 
  
 For purposes of determining compliance with, and
the outstanding principal amount of any particular Indebtedness incurred pursuant to and in compliance with, this covenant: 
  
 (1) in the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in the first and second
paragraphs of this covenant, the Company, in its sole discretion, will classify (or later reclassify) all or any portion of such item of Indebtedness and only be required to include the amount (or portion thereof) and type of such Indebtedness in
one of such clauses; 
  

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 (2) all Indebtedness outstanding on the date of the Indenture under the Credit Agreement
shall be deemed initially incurred on the Issue Date under Section 4.09(b)(i) and not Section 4.09(a) or Section 4.09(b)(iv); 
  
 (3) 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; 
  
 (4) if obligations in respect of letters of credit are incurred pursuant to a Credit Facility and are being treated as incurred pursuant to Section 4.09(b)(i) and the letters of credit relate to other Indebtedness,
then such other Indebtedness shall not be included; 
  
 (5) the principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary that is not a Guarantor, will be equal to the greater of the maximum mandatory redemption or
repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference thereof; 
  
 (6) Indebtedness permitted by this covenant need not be permitted solely by reference to one provision permitting such Indebtedness but
may be permitted in part by one such provision and in part by one or more other provisions of this covenant permitting such Indebtedness; and 
  
 (7) the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the
liability in respect thereof determined in accordance with GAAP. 
  
 Accrual of interest, accrual of dividends, the accretion of accreted value, the payment of interest in the form of additional Indebtedness and the payment of dividends in the form of additional shares of Preferred Stock or Disqualified
Stock will not be deemed to be an incurrence of Indebtedness for purposes of this covenant. The amount of any Indebtedness outstanding as of any date shall be (i) the accreted value thereof in the case of any Indebtedness issued with original issue
discount and (ii) the principal amount or liquidation preference thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness. 
  
 In addition, the Company will not permit any of its Unrestricted Subsidiaries to incur any indebtedness or issue any shares
of Disqualified Stock, other than Non-Recourse Debt. If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary as of such date (and, if
such Indebtedness is not permitted to be incurred as of such date under this Section 4.09, the Company shall be in Default of this covenant). 
  

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 For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of
Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term
Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the
principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that the Company may incur
pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different
currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such refinancing.

  
 Section 4.10. Limitations on Transactions with Affiliates. 

 
 (a) The Company will not, and will not permit any of the Restricted
Subsidiaries to, directly or indirectly, enter into or conduct any transaction or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with any of its
Affiliates (each an “Affiliate Transaction”), other than (x) Affiliate Transactions excluded from the application of this covenant as set forth in paragraph (b) below and (y) Affiliate Transactions on terms that are no less
favorable to the Company or such Restricted Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company or such
Restricted Subsidiary. 
  
 An Affiliate Transaction involving
aggregate consideration in excess of $5.0 million shall be approved by the Board of Directors of the Company or such Restricted Subsidiary, as the case may be, such approval to be evidenced by a Board Resolution stating that such Board of Directors
has determined that such transaction complies with the foregoing provisions. If an Affiliate Transaction involves aggregate consideration in excess of $10.0 million, the Company or such Restricted Subsidiary, as the case may be, shall, prior to or
contemporaneous with the consummation thereof, obtain an opinion from an Independent Financial Advisor that such Affiliate Transaction is not materially less favorable than those that might reasonably have been obtained in a comparable transaction
at such time on an arm’s-length basis from a Person that is not an Affiliate. 
  
 (b) The restrictions and the Board approval and fairness opinion requirements set forth in this Section 4.10(a) shall not apply to: 
  
 (1) the payment of reasonable and customary fees and compensation paid to, and indemnity provided on behalf
of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary; 
  

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 (2) transactions between or among the Company and any one or more of the Restricted
Subsidiaries (other than a Receivables Entity) or between or among Restricted Subsidiaries (other than a Receivables Entity); 
  
 (3) the performance of obligations of the Company or any Restricted Subsidiary under the terms of any agreement that is in effect as of or
on the Issue Date or any amendment, modification, supplement, extension or renewal, from time to time, thereto or any transaction contemplated thereby (including pursuant to any amendment, modification, supplement, extension or renewal, from time to
time, thereto) in any replacement agreement thereto, so long as any such amendment, modification, supplement, extension or renewal, or replacement agreement, is not more disadvantageous to the Holders in any material respect than the agreements in
effect on the Issue Date; 
  
 (4) Restricted
Payments permitted by Section 4.07; 
  
 (5) sales
or other transfers or dispositions of accounts receivable and other related assets customarily transferred in an asset securitization transaction involving accounts receivable to a Receivables Entity in a Qualified Receivables Transaction, and
acquisitions of Permitted Investments in connection with a Qualified Receivables Transaction; 
  
 (6) any issuances of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of,
employment agreements and other compensation arrangements, options to purchase Capital Stock of the Company, restricted stock plans, long-term incentive plans, stock appreciation plans, participations plans or similar employee benefit plans or
indemnity, or any combination of the foregoing, provided on behalf of officers and employees approved by the Board of Directors of the Company; 
  
 (7) loans or advances to employees, officers or directors in the ordinary course of business of the Company or any of the Restricted
Subsidiaries, in each case to the extent not prohibited by applicable law, but in any event not to exceed $3.0 million in the aggregate outstanding at any one time with respect to all such loans and advances made since the Issue Date; and

  
 (8) guarantees issued by the Company or a
Restricted Subsidiary for the benefit of the Company or a Restricted Subsidiary, as the case may be, in accordance with the covenant described under Section 4.09 hereof. 
  
 Notwithstanding anything described under this Section 4.10 to the contrary, the merger of Escrow Corp with and into IMCO,
the assumption by IMCO of obligations of Escrow Corp in connection therewith and the guarantee by the Guarantors of such obligations assumed by IMCO, in each case as described herein shall be permitted under this Indenture. 
  

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 Section 4.11. Limitation on Liens. 
  
 The Company will not, and will not cause or permit any of the Restricted Subsidiaries to, directly or indirectly, create,
incur, assume or permit or suffer to exist any Liens (other than Permitted Liens) upon any property or assets of the Company or any of the Restricted Subsidiaries whether owned on the Issue Date or acquired after the Issue Date, which Lien is
securing any Indebtedness. 
  
 Notwithstanding the foregoing, the
Company may incur or cause or permit the incurrence of any such Lien with respect to any such property or assets, if contemporaneously with the incurrence of such Liens effective provision is made to secure the Indebtedness due under the Indenture
and the Notes or, in respect of Liens on any Restricted Subsidiary’s property or assets, any Guarantee of such Restricted Subsidiary, equally and ratably with (or prior to in the case of Liens with respect to Subordinated Indebtedness of the
Company or any Guarantor, as the case may be) the Indebtedness secured by such Lien for so long as such Indebtedness is so secured. 
  
 Section 4.12. Additional Guarantees. 
  
 If, after the date of the Escrow Corp Merger, (i) the Company or any of the Restricted Subsidiaries transfers any property to any Domestic Restricted
Subsidiary that is not a Guarantor (other than Imsamet of Arizona or a Receivables Entity), or (ii) the Company or any of the Restricted Subsidiaries shall organize, acquire or otherwise invest in a Domestic Restricted Subsidiary that is not a
Guarantor (other than Imsamet of Arizona or a Receivables Entity), and in each case, as of the end of any fiscal quarter of the Company thereafter, such Domestic Restricted Subsidiary has total assets with a book value in excess of $500,000, then,
on and after the date of the Escrow Corp Merger, such Domestic Restricted Subsidiary shall execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee pursuant to which such Restricted Subsidiary shall
unconditionally guarantee all of the Company’s obligations under the Notes and the Indenture on the terms set forth in this Indenture. 
  
 Section 4.13. Designation of Restricted and Unrestricted Subsidiaries. 
  
 (a) The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary or a Person
becoming a Subsidiary through merger or consolidation or Investment therein) to be an Unrestricted Subsidiary only if: 
  
 (1) such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of or have any Investment in, or own or hold
any Lien on any property of, any other Subsidiary of the Company which is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; 
  

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 (2) all the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of
designation, and will at all times thereafter, consist of Non-Recourse Debt; 
  
 (3) such designation and the Investment of the Company in such Subsidiary comply with Section 4.07 hereof; 
  
 (4) such Subsidiary, either alone or in the aggregate with all other Unrestricted Subsidiaries, does not operate, directly or indirectly,
all or substantially all of the business of the Company and its Subsidiaries; 
  
 (5) such Subsidiary is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation: 
  
 (a) to subscribe for additional Capital Stock of such Person; or 
  
 (b) to maintain or preserve such Person’s financial
condition or to cause such Person to achieve any specified levels of operating results; and 
  
 (6) on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is not a party to any agreement, contract,
arrangement or understanding with the Company or any Restricted Subsidiary with terms substantially less favorable to the Company than those that might have been obtained from Persons who are not Affiliates of the Company. 
  
 (b) Any such designation under Section 4.13(a) by the Board of Directors of
the Company shall be evidenced to the Trustee by filing with the Trustee a Board Resolution of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complies with the foregoing conditions.
If, at any time, any Unrestricted Subsidiary would fail to meet the foregoing requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such
Subsidiary shall be deemed to be incurred as of such date. 
  
 (c)
The Board of Directors of the Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be
continuing or would occur as a consequence thereof and the Company could incur at least $1.00 of additional Indebtedness under Section 4.09(a) on a pro forma basis taking into account such designation. 
  
 Section 4.14. Corporate Existence. 
  
 Subject to Article 5 hereof, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect (i) its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the
same may be amended from time to time) of the Company or any such Restricted Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided, however, that the Company

  

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 shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence
of any of its Restricted Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole, and that the loss
thereof is not adverse in any material respect to the Holders of the Notes. 
  
 Section 4.15. Limitation on Asset Sales. 
  
 (a)
The Company will not, and will not permit any of the Restricted Subsidiaries to, consummate an Asset Sale unless 
  
 (1) the Company or the applicable Restricted Subsidiary, as the case may be, receives consideration at least equal to the fair market
value (such fair market value to be determined on the date of contractually agreeing to such Asset Sale), as determined in good faith by the Board of Directors (including as to the value of all non-cash consideration), of the assets subject to such
Asset Sale (notwithstanding the foregoing, the consideration received by the Company or any of its Restricted Subsidiaries from the sale of the Saginaw, Michigan facility on terms materially consistent with the terms, as in effect as of October 6,
2003, set forth in Exhibit 5 to the Long Term Agreement as in effect as of October 6, 2003 between General Motors Corporation and Alchem Aluminum Inc., dated as of February 26, 1999, shall, in each case, be deemed to be fair market value for
purposes of this paragraph); 
  
 (2) at least 75%
of the consideration received by the Company or the applicable Restricted Subsidiary, as the case may be, from such Asset Sale shall be in the form of cash, Cash Equivalents or Additional Assets, or any combination of the foregoing; and for purposes
of this covenant, the term cash shall include the following: without duplication, (i) the amount of any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any Restricted
Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Guarantee of a Guarantor) and Indebtedness in each case that are assumed by the transferee of any such assets; and (ii) securities, notes or other
obligations received by the Company or any Restricted Subsidiary from the Asset Sale which are promptly converted by the Company or such Restricted Subsidiary into cash; and 
  
 (3) an amount equal to 100% of the Net Cash Proceeds from such Asset Sale shall be applied by the Company or
such Restricted Subsidiary, as the case may be: 
  
 (i) first, to the extent required by the terms of the Senior Secured Notes or the indenture governing the Senior Secured Notes, to the requisite collateral account and otherwise subject to, and as required by, the provisions related
thereto, in such notes and indenture, or if not so required, to the extent the Company or any Restricted Subsidiary, as the case may be, elects (or is required by the terms of any Indebtedness), to prepay, repay, purchase, repurchase, redeem,
retire, defease or otherwise acquire Indebtedness of the Company (other than any Disqualified Stock or Subordinated Indebtedness of the Company) or Indebtedness of a Wholly-Owned Subsidiary (other than any Disqualified Stock or Subordinated

  

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 Indebtedness of a Guarantor), in each case other than Indebtedness owed to the Company or an Affiliate of
the Company, within 365 days from the later of the date of such Asset Sale or the receipt of such Net Cash Proceeds; provided, however, that, in connection with any prepayment, repayment, purchase, redemption, retirement, defeasance or
other acquisition of Indebtedness pursuant to this clause (a), the Company or such Restricted Subsidiary will retire such Indebtedness and will cause the related commitment (if any) to be permanently reduced in an amount equal to the principal
amount so prepaid, repaid, purchased, repurchased, redeemed, retired, defeased or otherwise acquired; and 
  
 (ii) second, to the extent of the balance of such Net Cash Proceeds after application in accordance with clause (a), to the extent
the Company or such Restricted Subsidiary elects, to invest, or enter into a definitive contract to invest, in Additional Assets within 365 days from the later of the date of such Asset Sale or the receipt of such Net Cash Proceeds, provided,
that any investment contemplated by such a definitive contract timely entered into shall be completed within a date one year and six months after the later of the date of such Asset Sale or receipt of Net Cash Proceeds 
  
 Pending the final application of such Net Cash Proceeds, the Company may
temporarily reduce Indebtedness or otherwise invest such Net Cash Proceeds in any manner not prohibited by this Indenture. Any Net Cash Proceeds that are not applied or invested as provided in Section 4.15(a)(3) on the 366th day, or such date one
year, six months and a day, as the case may be, after the later of an Asset Sale or receipt of Net Cash Proceeds therefrom, or, if applicable, such earlier date, if any, as the Board of Directors of the Company or of such Restricted Subsidiary
determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in Sections 4.15(a)(3)(i) and (ii), shall constitute “Excess Net Cash Proceeds.” When the aggregate Excess Net Cash Proceeds exceeds $5.0 million
(each such occurrence, a “NetProceeds Offer Trigger Date,” and the amount of such Excess Net Cash Proceeds on a corresponding Net Proceeds Offer Trigger Date, the “Net Proceeds Offer Amount”), the Company
will be required to make an offer (the “Net Proceeds Offer”) to all Holders and, to the extent required by the terms of other Pari Passu Indebtedness, to all holders of such Pari Passu Indebtedness, on a date (the “Net
Proceeds Offer Payment Date”) not less than 30 nor more than 45 days following the applicable Net Proceeds Offer Trigger Date, to purchase, on a pro rata basis, that amount of Notes (and Pari Passu Indebtedness) equal to the Net
Proceeds Offer Amount at a purchase price equal to 100% of the principal amount of the Notes (and Pari Passu Indebtedness) to be purchased, plus accrued and unpaid interest thereon, if any, to the date of purchase; provided that, to the
extent any such Excess Net Cash Proceeds are required, by the terms of the Senior Secured Notes or the indenture governing the Senior Secured Notes, to be used to make an offer to purchase the Senior Secured Notes and the Senior Secured Notes or the
indenture governing the Senior Secured Notes do not permit such offer to be made on a pro rata basis to Holders of the Notes, the Company (1) will on such day which is not less than 30 nor more than 45 days following the applicable Net
Proceeds Offer Trigger Date, make an offer to purchase Senior Secured Notes on the terms of the Senior Secured Notes and the indenture governing the Senior Secured Notes (a “Secured Notes Offer”) and (2) upon the expiration of such
offer to purchase Senior Secured Notes and the occurrence of a Net Proceeds Offer Trigger Date that occurs on or after such expiration 
  

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 after giving effect to the remaining amount of such excess proceeds, will use any remaining Excess Net Cash Proceeds to
make an offer to purchase Notes and Pari Passu Indebtedness (other than Senior Secured Notes) as set forth above. 
  
 Each Net Proceeds Offer, other than a Secured Notes Offer, will be mailed to the record Holders as shown on the register of Holders within 25 days
following an applicable Net Proceeds Offer Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in Section 3.09. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or
in part in integral multiples of $1,000 in exchange for cash. To the extent Holders properly tender Notes and holders of Pari Passu Indebtedness properly tender such Pari Passu Indebtedness in an amount exceeding the Net Proceeds Offer Amount, the
tendered Notes and Pari Passu Indebtedness will be purchased on a pro rata basis based on the aggregate amounts of Notes and Pari Passu Indebtedness tendered (and the Trustee shall select the tendered Notes of tendering Holders on a pro
rata basis based on the amount of Notes tendered.) A Net Proceeds Offer shall remain open for a period of 20 business days or such longer period as may be required by law. If any Excess Net Cash Proceeds remain after the consummation of any Net
Proceeds Offer, the Company may use those Net Cash Proceeds for general corporate purposes, subject to the covenants contained in this Indenture. Upon completion of each Net Proceeds Offer, the amount of Excess Net Cash Proceeds will be rest at
zero. 
  
 (b) The Company will not, and will not permit any
Restricted Subsidiary to, engage in any Asset Swaps, unless: 
  
 (1) at the time of entering into such Asset Swap and immediately after giving effect to such Asset Swap, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

  
 (2) in the event such Asset Swap involves the
transfer by the Company or any Restricted Subsidiary of assets having an aggregate fair market value, as determined by the Board of Directors of the Company in good faith for any such transaction, in excess of $5.0 million, the terms of such Asset
Swap have been approved by a majority of the members of the Board of Directors of the Company; and 
  
 (3) in the event such Asset Swap involves the transfer by the Company or any Restricted Subsidiary of assets having an aggregate fair
market value, as determined by the Board of Directors of the Company in good faith for any such transaction, in excess of $10.0 million, the Company has received a written opinion from an Independent Financial Advisor that such Asset Swap is fair to
the Company or such Restricted Subsidiary, as the case may be, from a financial point of view. 
  
 The Company will comply with the requirements of Section 14(e) under the Exchange Act and any other securities laws and regulations to the extent such laws and regulations are applicable in connection with the
repurchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any securities laws or regulations conflict with Section 4.15 of this Indenture, the Company shall comply with the applicable securities laws and regulations
and shall not be deemed to have breached its obligations under Section 4.15 of this Indenture by virtue thereof. 
  

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 Section 4.16. Offer to Purchase upon Change of Control. 
  
 (a) Upon the occurrence of a Change of Control, each Holder shall have the
right to require the Company to make an offer (a “Change of Control Offer”) to each Holder to purchase all or any part, equal to $1,000 or an integral multiple of $1,000, of such Holder’s Notes at a purchase price in cash equal
to 101% of the aggregate principal amount of Notes purchased, plus accrued and unpaid interest and Additional Interest, if any, on Notes purchased to the date fixed for purchase (the “Change of Control Payment”). 
  
 (b) Within 30 days following the date upon which the Change of Control
occurred, the Company must send, by first class mail, a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute the Change of Control and offering to repurchase the Notes on the date specified in
the notice, which date shall be no earlier than 30 days and no later than 45 days from the date the notice is mailed (the “Change of Control Payment Date”), other than as may be required by law. Such notice shall govern the terms of
the Change of Control Offer. The Company shall comply with the requirements of 14(e) under the Exchange Act and any other securities laws and regulations to the extent those laws and regulations are applicable in connection with the repurchase of
the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with this Section 4.16, the Company shall comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under this Section 4.16 by virtue thereof. 
  
 (c) On the Change of Control Payment Date, the Company shall, to the extent lawful, (i) accept for payment all Notes or portions of Notes properly tendered under the Change of Control Offer; (ii) deposit with the
Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of the Notes so tendered; and (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate
stating the aggregate principal amount of Notes or portions of the Notes being purchased by the Company. 
  
 (d) The Paying Agent shall deliver promptly to each Holder of Notes so tendered the Change of Control Payment for such Notes, and, upon receipt of an
Authentication Order in accordance with Section 2.02 with respect to such Notes, the Trustee shall promptly authenticate and deliver, or cause to be transferred by book entry, to each Holder a new Note equal in principal amount to any unpurchased
portion of the Notes surrendered, provided, however, that each new Note shall be in a principal amount of $1,000 or an integral multiple of $1,000. 
  
 (e) The Change of Control provisions described in this Section 4.16 shall be applicable whether or not any other provisions of this Indenture are
applicable. 
  
 (f) The Company 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 4.16 and purchases all Notes validly tendered
and not withdrawn under the Change of Control Offer. 
  
 (g)
Holders electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the Note, with the form entitled “Option of Holder to 
  

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 Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice
prior to the close of business on the third business day prior to the Change of Control Payment Date. 
  
 Section 4.17. Limitation on Activities of Escrow Corp. 
  
 Notwithstanding anything in this Indenture to the contrary, prior to the Escrow Corp Merger, Escrow Corp will not engage in any business operations or other activities, including, without limitation, incurring
Indebtedness, making Restricted Payments, consummating Asset Sales and entering into Affiliate Transactions, other than those contemplated in connection with the Escrow Corp Merger, the Escrow Agreement and the issuance of the Notes. 
  
 Section 4.18. [Intentionally Omitted]. 
  
 Section 4.19. Payments for Consent. 
  
 The Company will not, and will not permit any of the Restricted Subsidiaries
to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of the Indenture or the Notes unless
such consideration is offered to be paid or is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
  
 Section 4.20. Conduct of Business. 
  
 The Company will not, and will not permit any of the Restricted Subsidiaries
to, engage in any businesses other than a Related Business. 
  
 ARTICLE 5. 
  
 SUCCESSORS 
  
 Section 5.01. Merger, Consolidation and Sale of Assets. 
  
 (a) The Company will not, in a single transaction or series of related
transactions, consolidate with, or merge with or into, any Person, or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise
dispose of) all or substantially all of the Company’s assets (determined on a consolidated basis for the Company and the Restricted Subsidiaries) whether as an entirety or substantially as an entirety to any Person unless: 
  
 (1) either: 
  
 (a) the Company shall be the surviving or continuing
corporation; or 
  

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 (b) the Person (if other than the Company) formed by such consolidation or into which
the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition such properties and assets of the Company and of the Company’s Restricted Subsidiaries substantially as an entirety (the
“Surviving Entity”): 
  
 (x)
shall be a corporation organized and validly existing under the laws of the United States or any State thereof or the District of Columbia; and 
  
 (y) shall expressly assume, by supplemental indenture (in form and substance satisfactory to the Trustee), executed and delivered to the
Trustee, the due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes and the performance of every covenant of the Notes, the Indenture and the Registration Rights Agreement on the part of the Company to be
performed or observed; 
  
 (2) immediately after
giving effect to such transaction and, if applicable, the assumption by the Surviving Entity contemplated by clause (1)(b)(y) above (including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in
connection with or in respect of such transaction), the Company or such Surviving Entity, as the case may be, shall be able to incur at least $1.00 of additional Indebtedness pursuant to paragraph (a) of Section 4.09; 
  
 (3) immediately after giving effect to such transaction and,
if applicable, the assumption by the Surviving Entity contemplated by clause (1)(b)(y) above (including, without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred and any Lien granted in
connection with or in respect of the transaction), no Default or Event of Default shall have occurred and be continuing; and 
  
 (4) the Company or the Surviving Entity, as the case may be, shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply
with the applicable provisions of this Indenture. 
  
 For purposes of this Section
5.01, the transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries, in a single or a series of related
transactions, which properties and assets, if held by the Company instead of such Restricted Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the
transfer of all or substantially all of the properties and assets of the Company. 
  

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 The Surviving Entity shall succeed to, and be substituted for, and may exercise every right and power of,
the Company under the Indenture and the Notes with the same effect as if such surviving entity had been named as such. 
  
 (b) Any Restricted Subsidiary may consolidate with, merge into or transfer all or part of its properties and assets to the Company, and the Company may
merge with an Affiliate incorporated solely for the purpose of reincorporating the Company in another jurisdiction, in each case without complying with the Sections 5.01(a)(1), (2) and (3); and, in the case of a Restricted Subsidiary that merges
into the Company, the Company will not be required to comply with Section 5.01(a)(4). 
  
 Notwithstanding anything in the covenant described under this Section 5.01 to the contrary, the merger of Escrow Corp with and into IMCO Recycling Inc. as described in the Offering Memorandum shall be permitted under
this Indenture. 
  
 Section 5.02. Successor Corporation Substituted.

  
 Upon any consolidation or merger, or any sale,
assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the Company is
merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition,
the provisions of this Indenture referring to the “Company” shall refer instead to the successor corporation and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as
if such successor person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Notes or any other amounts owing hereunder or
under the Notes in the case of a sale or lease of all or substantially all of the Company’s assets that meets the requirements of Section 5.01 hereof. 
  
 ARTICLE 6. 
  
 DEFAULTS AND REMEDIES 
  
 Section 6.01. Events of Default. 
  
 Each of the
following events constitutes an “Event of Default”: 
  
 (a) the failure to pay interest on any Notes when the same becomes due and payable and such default continues for 30 days; 
  
 (b) the failure to pay the principal of, or premium, if any, on any Notes, when such principal or premium becomes due and payable, at maturity, upon
redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer and including the failure to make a special mandatory redemption when required by Section
3.08); 
  

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 (c) a default in the observance or performance of any other covenant or agreement described under Article
4 contained in this Indenture which default continues for 30 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding
principal amount of the Notes (except in the case of a default with respect to Section 5.01, which will constitute an Event of Default with such notice requirement but without such passage of time requirement); 
  
 (d) the failure to pay at final maturity (giving effect to any applicable
grace periods and any extensions thereof) the stated principal amount of any Indebtedness of the Company or any Restricted Subsidiary (other than Indebtedness owed to the Company or a Restricted Subsidiary), or the acceleration of the final stated
maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 20 days of receipt by the Company or such Restricted Subsidiary of notice of any such acceleration), if, in either case, the aggregate
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final stated maturity or which has been accelerated (in each case with respect to which the 20-day
period described above has elapsed), aggregates $10.0 million or more at any time; 
  
 (e) one or more judgments in an aggregate amount in excess of $10.0 million (net of any amounts that a reputable and creditworthy insurance company has acknowledged liability for in writing) shall have been rendered
against the Company, any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Company and the Restricted Subsidiaries), would constitute a Significant
Subsidiary, and such judgments remain undischarged, unpaid, unwaived or unstayed for a period of 60 days after such judgment or judgments become final and non-appealable; 
  
 (f) a court of competent jurisdiction enters a decree or order under Bankruptcy Law for 
  
 (i) relief against the Company or any of its Significant
Subsidiaries in an involuntary case; 
  
 (ii)
appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any of its Significant Subsidiaries or for all or substantially all of the property and assets of the Company or any of its
Significant Subsidiaries; or 
  
 (iii) the
winding up or liquidation of the affairs of the Company or any of its Significant Subsidiaries and; 
  
 in each case, such decree or order shall remain unstayed and in effect for a period of [90] consecutive days; 
  

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 (g) the Company or any of its Significant Subsidiaries, pursuant to or within the meaning
of applicable Bankruptcy Law: 
  
 (i) commences a
voluntary case or proceeding, or consents to the entry of an order for relief in an involuntary case, 
  
 (ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of the Company or such Significant Subsidiary or for all or substantially all of the property and assets of the Company or such Significant Subsidiary, 
  
 (iii) makes any general assignment for the benefit of creditors; or 
  
 (h) any Guarantee of a Significant Subsidiary ceases to be in full force and
effect (other than by reason of release of a Guarantor in accordance with the terms of this Indenture) or any Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is
found to be invalid or any Guarantor that is a Significant Subsidiary denies its liability under its Guarantee. 
  
 Section 6.02. Acceleration. 
  
 (a) If an Event of Default (other than an Event of Default specified in Section 6.01(f) or (g) hereof with respect to the Company) shall occur and be
continuing, the Trustee, by written notice to the Company, or the Holders of at least 25% in principal amount of outstanding Notes, by notice in writing to the Company and the Trustee, may declare the principal of and accrued interest on all the
Notes to be due and payable, in each case, specifying the respective Event of Default and that it is a “notice of acceleration,” and the same shall become immediately due and payable. 
  
 (b) if an Event of Default specified in Section 6.01(f) or (g) hereof with
respect to the Company occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all of the outstanding Notes shall ipso facto become and be immediately due and payable without any
declaration or other act on the part of the Trustee or any Holder. 
  
 (c) At any time after a declaration of acceleration with respect to the Notes as described in Section 6.02, the Holders of a majority in principal amount of the Notes by written notice to the Company and to the Trustee, may rescind and
cancel such declaration of acceleration and its consequences if: 
  
 (i) all existing Events of Default, other than the nonpayment of principal or interest that has become due solely because of such acceleration, have been cured or waived; and 
  
 (ii) such rescission would not conflict with any judgment or
decree of a court of competent jurisdiction; 
  

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 provided, however, if a declaration of acceleration because an Event of Default described in Section 6.01(d) has
occurred and is continuing, such declaration of acceleration shall be automatically annulled, without any requisite consent of any Holder or the Trustee, if the event of default or payment default triggering such Event of Default shall be remedied
or cured or waived by the requisite holders of the relevant Indebtedness within 20 days after such declaration of acceleration, and if (i) such annulment would not conflict with any judgment or decree of a court of competent jurisdiction and (ii)
all existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived; and provided, further, however, no rescission
made pursuant to the foregoing shall affect any subsequent Default or impair any right consequent to such subsequent Default. 
  
 Section 6.03. Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and
interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
  
 The Trustee may maintain a proceeding to enforce its rights and to pursue its remedies under the Notes and this Indenture even if the Trustee does not
possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
  
 Section 6.04. Waiver of Past Defaults. 
  
 The Holders of a majority in principal amount of the Notes may waive any existing Default or Event of Default under this Indenture, and its consequences,
except a default in the payment of the principal or interest on any Notes. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto. 
  
 Section 6.05. Control by Majority. 
  
 Subject to all provisions of the Indenture and applicable law, holders of a majority in aggregate principal amount of the then outstanding Notes have the
right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with
law or this Indenture that the Trustee determines may involve the Trustee in personal liability or that the Trustee determines in good faith may be unduly prejudicial to the rights of other Holders of Notes not joining in the giving of such
direction and may take any other action it deems proper that is not inconsistent with any such direction received for Holders of Notes. 
  

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 Section 6.06. Limitation on Suits. 
  
 A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 
  
 (a) the Holder of a Note gives to the Trustee written notice
of a continuing Event of Default; 
  
 (b) the
Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy; 
  
 (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense; 
  
 (d)
the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
  
 (e) during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a
direction inconsistent with the request. 
  
 A Holder of a Note
may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note or to enforce any right under this Indenture, except in the manner herein provided and for the equal
and ratable benefit of all Holders. 
  
 Section 6.07. Rights of Holders of
Notes To Receive Payment. 
  
 Notwithstanding any other
provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and Additional Interest, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection
with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  

	Section	6.08. Collection Suit by Trustee. 

  
 If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as
Trustee of an express trust against the Company for the whole amount of principal of, premium and Additional Interest, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 Section 6.09. Trustee May File Proofs of Claim. 
  
 The Trustee is authorized to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee (including any 
  

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 claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07
hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding,
shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, and to secure the payment of same, the Trustee is hereby granted an interest security in, any and all distributions, dividends, money,
securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of
any Holder in any such proceeding. 
  
 Section 6.10. Priorities.

  
 If the Trustee collects any money pursuant to this
Article, it shall pay out the money in the following order: 
  
 First: to the Trustee, its agents and attorneys for amounts due under Sections 6.09 and 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the
Trustee, its agents or attorneys and the costs and expenses of collection; 
  
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Notes for principal, premium and Additional Interest, if any and interest, respectively; and 
  
 Third: to the Company or to such party as a court of competent jurisdiction shall direct. 
  
 The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10. 
  
 Section 6.11. Undertaking for Costs.

  
 In any suit for the enforcement of any right or remedy
under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs 
  

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 of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and
disbursements 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 of a Note pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
  
 Section 6.12. Restoration of Rights and Remedies. 
  
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to
the Trustee or to such Holder, then, and in every such case, subject to any determination in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter
all rights and remedies of the Company, Trustee and the Holders shall continue as though no such proceeding had been instituted, except that the rights of the Trustee to receive compensation, reimbursement of any of its expenses or
indemnification from the Holders in connection with such proceeding in accordance with the terms of the Indenture or any separate agreement or understanding between the Trustees and the Holders shall not be affected by this Section 6.12. 

 
 Section 6.13. Rights and Remedies Cumulative. 
  
 Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or wrongfully taken Notes in Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall,
to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  
 Section 6.14. Delay or Omission Not Waiver. 
  
 No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an
acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

  

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 ARTICLE 7. 
  
 TRUSTEE 
  
 Section 7.01. Duties of Trustee. 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his own affairs. 
  
 (b) Except during the continuance of an Event of Default of which the Trustee has actual knowledge : 
  
 (i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee undertakes to
perform, and need perform, only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (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. However, the Trustee shall
examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
  
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that: 
  
 (i) this paragraph does not limit the
effect of paragraph (b) of this Section; 
  
 (ii)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (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 hereof. 
  
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a),
(b), (c), (e) and (f) of this Section and Section 7.02. 
  
 (e) No
provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders,
unless such Holder shall have offered to the Trustee security and indemnity satisfactory to the Trustee against any loss, liability or expense. 
  

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 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  
 Section 7.02. Rights of Trustee. 
  
 (a) In connection with its rights and duties under this Indenture, the Trustee may conclusively rely and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, Note, or other document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need
not investigate any fact or matter stated in the document. 
  
 (b)
Before the Trustee acts or refrains from acting, it may require an Officers’ 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 such Officers’
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered
or omitted by it hereunder in good faith and in reliance thereon. 
  
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized
or within the rights or powers conferred upon it by this Indenture or takes or omits to take in accordance with the written direction of the Holders of a majority in principal amount of the outstanding Notes relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. 
  
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by
an Officer of the Company. 
  
 (f) Subject to Section 7.01, the
Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request, order or direction of any of the Holders, unless such Holders shall have offered to the Trustee security or reasonable indemnity
reasonably satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 
  
 (g) 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, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, 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 Company personally or by agent or attorney. 
  

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 (h) Except with respect to Section 4.01, the Trustee shall have no duty to inquire as to the performance
of the Company’s covenants set forth in Article 4. The Trustee shall not be deemed to have knowledge of any Default or Event of Default except (i) any Event of Default occurring pursuant to Sections 6.01(a), 6.01(b) and 4.01 or (ii) any Default
or Event of Default of which the Trustee shall have received written notification in the manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge of the Default or Event of Default. 

 
 Section 7.03. Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or
pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such
conflict within 90 days, apply to the SEC for permission to continue as Trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
  
 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 or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this
Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other
document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
  
 Section 7.05. Notice of Defaults. 
  
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee
of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
  
 Section 7.06. Reports by Trustee to Holders of the Notes. 
  
 Within 60 days after each May 15th beginning with May 15, 2005, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the
Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee
also shall comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA § 313(c). 
  

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 A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Company
and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange. 
  
 Section 7.07. Compensation and Indemnity. 
  
 The Company shall pay to the Trustee from time to time such compensation for
its acceptance of this Indenture and services hereunder as shall be agreed upon in writing by the Company and the Trustee. The Trustee’s compensation shall not be limited by any law on compensation of a Trustee of an express trust. The Company
shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements
and expenses of the Trustee’s agents and counsel. 
  
 The
Company shall indemnify, defend and hold harmless the Trustee and its shareholders, incorporators, directors, officers, employees, representatives and agents (each an “Indemnitee”) against any and all losses, liabilities or expenses
(including reasonable fees and disbursements of counsel) incurred by any of them arising out of or in connection with the acceptance or administration of the Trustee’s duties under this Indenture, including the costs and expenses of enforcing
this Indenture against the Company (including this Section 7.07) and defending any of themselves against any claim (whether asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any
of the Trustee’s powers or duties hereunder, except to the extent any such loss, liability or expense or a portion thereof may be attributable to the Trustee’s negligence or bad faith. An Indemnitee shall notify the Company promptly of any
claim for which that Indemnitee may seek indemnity. Failure by the Indemnitee to so notify the Company shall not relieve the Company of its obligations hereunder. Subject to receipt of the consent of the party to be defended, which consent shall not
be unreasonable withheld or delayed, the Company shall defend the claim and the Trustee shall cooperate in the defense. The Indemnitees may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company
need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld or delayed. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by an Indemnitee through
that Indemnitee’s own willful misconduct, negligence or bad faith. 
  
 The obligations of the Company under this Section 7.07 shall survive the resignation or removal of the Trustee and the satisfaction and discharge of this Indenture. 
  
 To secure the Company’s payment obligations in this Section, the Trustee shall have a Lien and is hereby granted a
security interest prior in right of payment prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and
discharge of this Indenture. 
  

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 When the Trustee incurs expenses or renders services after an Event of Default specified in Section
6.01(g) or (h) hereof occurs, the expenses and the compensation for the services (including the fees, disbursements and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

 
 The Trustee shall comply with the provisions of TIA § 313(b)(2) to
the extent applicable. 
  
 Section 7.08. Replacement of Trustee.

  
 A resignation or removal of the Trustee and appointment
of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
  
 The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of Notes of a
majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
  
 (a) the Trustee fails to comply with Section 7.10 hereof; 
  
 (b) the Trustee is adjudged a bankrupt or an insolvent or an
order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
  
 (c) a custodian or public officer takes charge of the Trustee or its property; or 
  
 (d) the Trustee becomes incapable of acting. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to
replace the successor Trustee appointed by the Company. 
  
 If a
successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of Notes of at least 10% in principal amount of the then outstanding Notes may petition any
court of competent jurisdiction for the appointment of a successor Trustee. 
  
 If the Trustee, after written request by any Holder of a Note who has been a Holder of a Note for at least six months, fails to comply with Section 7.10, such Holder of a Note may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the
successor Trustee shall have all the rights, powers and duties 
  

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 of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders of the Notes.
Subject to the Lien provided for in Section 7.07 hereof, the retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided, however, that all sums owing to the retiring Trustee hereunder shall
have been paid and the property so transferred shall remain subject to the Lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall
continue for the benefit of the retiring Trustee. 
  
 Section 7.09. Successor
Trustee by Merger, etc. 
  
 If the Trustee consolidates,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or national banking corporation, the successor corporation or national banking corporation without any further act shall be the
successor Trustee. 
  
 Section 7.10. Eligibility; Disqualification.

  
 There shall at all times be a Trustee hereunder that is a
corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate Trustee power, that is subject to supervision or examination by federal or state
authorities and that has (or the bank holding company of which it is an Affiliate has) a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of
TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b) provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities or
certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusions set forth in TIA Section 310(b)(1) are met. 
  
 Section 7.11. Preferential Collection of Claims Against Company. 
  
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who
has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
  
 ARTICLE 8. 
  
 NOTE GUARANTEES 
  
 Section 8.01. Guarantees. 
  
 (a) Subject to this Article 8 and concurrently with the Escrow Corp Merger,
each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder 
  

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 of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of
the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (i) the principal of, premium, if any, and interest on the Notes will be promptly paid in full when due, subject to any
applicable grace period, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other payment obligations of the Company to the Holders or the
Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other payment obligations,
that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at stated maturity, by acceleration pursuant to Section 6.02 hereof or otherwise.
Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment
and not a guarantee of collection. 
  
 (b) Each Guarantor hereby
agrees that its obligations with regard to such Guarantee shall be joint and several, unconditional, irrespective of the validity or enforceability of the Notes or the obligations of the Company under this Indenture, the absence of any action to
enforce the same, the recovery of any judgment against the Company or any other obligor with respect to this Indenture, the Notes or the obligations of the Company under this Indenture or the Notes, any action to enforce the same or any other
circumstances (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor further, to the extent permitted by law, waives and relinquishes all claims, rights and
remedies accorded by applicable law to guarantors and agrees not to assert or take advantage of any such claims, rights or remedies, including but not limited to: (i) any right to require any of the Trustee, the Holders or the Company (each a
“Benefited Party”), as a condition of payment or performance by such Guarantor, to (A) proceed against the Company, any other guarantor (including any other Guarantor) of the obligations under the Guarantees or any other person, (B)
proceed against or exhaust any security held from the Company, any such other guarantor or any other person, (C) proceed against or have resort to any balance of any deposit account or credit on the books of any Benefited Party in favor of the
Company or any other person, or (D) pursue any other remedy in the power of any Benefited Party whatsoever; (ii) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Company including any
defense based on or arising out of the lack of validity or the unenforceability of the obligations under the Guarantees or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Company from any cause
other than payment in full of the obligations under the Guarantees; (iii) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than
that of the principal; (iv) any defense based upon any Benefited Party’s errors or omissions in the administration of the obligations under the Guarantees, except behavior which amounts to bad faith; (v)(A) any principles or provisions of law,
statutory or otherwise, which are or might be in conflict with the terms of the Guarantees and any legal or equitable discharge of such Guarantor’s obligations hereunder, (B) the benefit of any statute of limitations affecting such
Guarantor’s liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments and counterclaims and (D) promptness, diligence and any requirement that any 
  

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 Benefited Party protect, secure, perfect or insure any security interest or lien or any property subject thereto; (vi)
notices, demands, presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of the Guarantees, notices of default under the Notes or any agreement or instrument related thereto,
notices of any renewal, extension or modification of the obligations under the Guarantees or any agreement related thereto, and notices of any extension of credit to the Company and any right to consent to any thereof; (vii) to the extent permitted
under applicable law, the benefits of any “One Action” rule and (viii) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or sureties, or which may conflict with the
terms of the Guarantees. Except as set forth in this Article 8 or in Article 9 or Article 11, each Guarantor hereby covenants that its Guarantee will not be discharged except by complete performance of the obligations contained in its Guarantee and
this Indenture. 
  
 (c) If any Holder or the Trustee is required
by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder,
and the order or direction attendant thereto does not provide otherwise, then any Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
  
 (d) Each Guarantor agrees that it shall not be entitled to exercise any right of subrogation in relation to the Holders in
respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (i) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Section 6.02 hereof for the purposes of any Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby and (ii) in the event of any declaration of acceleration of such obligations as provided in Section 6.02 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors
for the purpose of any such Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the applicable Guarantee. 

 
 Section 8.02. Additional Guarantees. 
  
 If any Domestic Restricted Subsidiary becomes obligated pursuant to Section
4.12 hereof, then the Company shall cause any such Domestic Restricted Subsidiary to, within ten Business Days following the date on which any such Domestic Restricted Subsidiary became so obligated, (a) execute and deliver to the Trustee a
Supplemental Indenture in form reasonably satisfactory to the Trustee pursuant to which such Domestic Restricted Subsidiary shall unconditionally guarantee, on a senior unsecured basis, all of the Company’s obligations under the Notes and this
Indenture on the terms set forth herein and therein and (b) deliver to the Trustee an Opinion of Counsel that, subject to customary assumptions and exclusions, such supplemental indenture has been duly executed and delivered by such Domestic
Restricted Subsidiary. Any Domestic Restricted Subsidiary that becomes a Guarantor shall remain a Guarantor unless (i) designated an Unrestricted Subsidiary by the Company in accordance with this Indenture; (ii) is otherwise released from its
obligations as a Guarantor pursuant to Section 8.05 hereof; or (iii) the circumstances giving rise to the obligation to provide a guarantee under Section 4.12 no longer exist. 
  

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 Section 8.03. Limitation on Guarantor Liability. 
  
 Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties
that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor under this Article 8 shall be limited to the maximum amount as will,
after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by
or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 8, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance. 
  
 Section 8.04. Merger and Consolidation of Guarantors. 
  
 To the extent that a Guarantor is not released in accordance with the
provisions of this Indenture, the Company will not permit any Guarantor to consolidate with or merge with or into any Person (other than the Company or another Guarantor) and will not permit the conveyance, transfer or lease of substantially all of
the assets of any Guarantor unless immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing and: 
  
 (1) (A) the resulting, surviving or transferee Person will be a corporation, partnership, trust or limited
liability company organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, and such Person (if not such Guarantor) will expressly assume, by supplemental indenture, executed and delivered
to the Trustee in form reasonably satisfactory to the Trustee, all the obligations of such Guarantor under its Guarantee; and (B) the Company will have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that such condition, merger or transfer and such supplemental indenture (if any) comply with the Indenture; or 
  
 (2) the transaction is made in compliance with Section 4.15. 
  
 Notwithstanding anything in this Section 8.04 or Article 5 to the contrary, the Merger of Escrow Corp. with and into IMCO as
described in the initial Offering Memorandum shall be permitted under this Indenture. 
  
 In case of any such sale or other disposition, consolidation, merger, sale or conveyance and upon the assumption by the successor person, by supplemental indenture, executed and delivered to the Trustee and
satisfactory in form to the Trustee, of the Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of 
  

 -96- 

 this Indenture to be performed by the Guarantor, such successor person shall succeed to and be substituted for the
Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor person thereupon may cause to be signed any or all of the Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee. All the Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued in accordance with the
terms of this Indenture as though all of such Guarantees had been issued at the date of the execution hereof. 
  
 Section 8.05. Release. 
  
 (a) In the event a Guarantor is sold or disposed of (whether by merger, consolidation, the sale of its Capital Stock or the sale of all or substantially all of its assets (other than by lease)), and whether or not the Guarantor is the
surviving Person in such transaction, to a Person that is not the Company or a Restricted Subsidiary (other than a Receivables Entity), such Guarantor will be released from its obligations under its Guarantee if: 
  
 (1) the sale or other disposition is in compliance with this
Indenture, including Section 4.15; and 
  
 (2)
all of the obligations of such Guarantor under the Credit Agreement and related documentation and any agreements relating to any other Indebtedness of the Company or the Restricted Subsidiaries terminate upon consummation of such transaction.

  
 In addition, a Guarantor will be released from its obligations under this
Indenture and its Guarantee (i) if the Company designates such Guarantor as an Unrestricted Subsidiary in accordance with Section 4.13, (ii) upon the liquidation or dissolution of such Guarantor or (iii) upon Legal Defeasance set forth in Article 9.

  
 ARTICLE 9. 
  
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 9.01. Option To Effect Legal Defeasance or Covenant Defeasance. 
  
 The Company may, at its option and at any time, elect to have either Section
9.02 or 9.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 9. 
  
 Section 9.02. Legal Defeasance and Discharge. 
  
 Upon the Company’s exercise under Section 9.01 hereof of the option applicable to this Section 9.02, the Company and the Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 9.04 hereof, be deemed to have been discharged from their obligations 
  

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 with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to the
“outstanding” only for the purposes of Section 9.05 hereof and the other Sections of this Indenture referred to in clauses (a) through (d) below, and to have satisfied all their other obligations under such Notes and this Indenture (and
the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 
  
 (a) the rights of Holders to receive payments in respect of
the principal of, premium, if any, and interest on the Notes when such payments are due; 
  
 (b) the Company’s obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payments; 
  
 (c) the rights, powers, trust, duties and immunities of the Trustee and the Company’s obligations in connection therewith; and

  
 (d) the Legal Defeasance provisions of this
Article 9. 
  
 Subject to compliance with this Article 9, the
Company may exercise its option under this Section 9.02, notwithstanding the prior exercise of its option under Section 9.03 hereof. 
  
 Section 9.03. Covenant Defeasance. 
  
 Upon the Company’s exercise under Section 9.01 hereof of the option applicable to this Section 9.03, the Company and the Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 9.04 hereof, be released from their obligations under the covenants contained in Sections 3.08, 4.05, 4.07 through 4.13, 4.15 through 4.17 and 4.19 through 4.20 hereof, and Section 5.01(a)(2)
with respect to the outstanding Notes on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document, and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the
Company’s exercise under Section 9.01 hereof of the option applicable to this Section 9.03, subject to the satisfaction of the conditions set forth in Section 9.04 hereof, Sections 6.01(c), 6.01(d), 6.01(e) and 6.01(h) hereof shall not
constitute Events of Default. 
  

 -98- 

 Section 9.04. Conditions to Legal or Covenant Defeasance. 
  
 The following are the conditions precedent to the application of either
Section 9.02 or 9.03 hereof to the outstanding Notes: 
  
 In
order to exercise either Legal Defeasance or Covenant Defeasance: 
  
 (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders cash in U.S. dollars, non-callable U.S. Government Securities, or a combination thereof, in such amounts as will be
sufficient, in the opinion of a nationally recognized firm of independent public accountants selected by the Company, to pay the principal of, premium, if any, and interest on the Notes on the stated date for payment thereof or on the applicable
redemption date, as the case may be; 
  
 (2) in
the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 
  
 (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

  
 (b) since the date of this Indenture, there
has been a change in the applicable federal income tax law, 
  
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
  
 (3) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel in the United States
reasonably acceptable to the Trustee confirming that the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and Covenant Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
  
 (4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or an Event of
Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings); 
  

 -99- 

 (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or
violation of, or constitute a default under the indenture (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings) or any other material
agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
  
 (6) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company
with the intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; 
  
 (7) the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 
  
 (8) the Company shall have delivered to the Trustee an
Opinion of Counsel to the effect that, assuming no intervening bankruptcy of the Company between the date of deposit and the 91st day following the date of deposit and that no Holder is an insider of the Company, after the 91st day following the
date of deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally. 
  
 Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above with respect to a Legal Defeasance need
not be delivered if all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) will become due and payable on the maturity date 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 Company. 
  
 Section 9.05. Deposited Money and U.S. Government Securities To Be Held in Trust; Other Miscellaneous Provisions. 
  
 Subject to Section 9.06 hereof, all money and U.S. Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 9.05 only, the “Trustee”) pursuant to Section 9.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of
such Notes and this Indenture, to the payment, either directly or through any Paying Agent (other than the Company) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal or
Redemption Price of, and Additional Interest, if any, interest on, the Notes, that such money need not be segregated from other funds except to the extent required by law. 
  

 -100- 

 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash or U.S. Government Securities deposited pursuant to Section 9.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders
of the outstanding Notes. 
  
 Anything in this Article 9 to the
contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or U.S. Government Securities held by it as provided in Section 9.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 9.04(a) hereof), are in excess of the amount thereof that would then be
required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  
 Section 9.06. Repayment to the Company. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal, Redemption Price or Purchase Price of, or Additional Interest, if any, or interest on
any Note and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall
thereafter look only to the Company for payment thereof as a general creditor, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, at the expense of the Company, may cause to be published once, in The New York Times and The Wall Street Journal
(national editions), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days after the date of such notification or publication, any unclaimed balance of such money then remaining will
be repaid to the Company. 
  
 Section 9.07. Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any United States dollars
or U.S. Government Securities in accordance with Section 9.02 or 9.03 hereof, as the case may be, by reason of any order of judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations of the Company under this Indenture, and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 9.02 or 9.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Section 9.02 or 9.03 hereof, as the case may be; provided, however, that, if the Company makes any payment with respect to any Note following the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  

 -101- 

 ARTICLE 10. 
  
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 Section 10.01. Without Consent of Holders of Notes. 
  
 Notwithstanding Section 10.02 of this Indenture, from time to time, the Company, the Guarantors and the Trustee may amend or supplement this Indenture or
the Notes without the consent of any Holder of a Note: 
  
 (a) to cure any ambiguity, defect or inconsistency; 
  
 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
  
 (c) to provide for the assumption of the Company’s obligations to the Holders of the Notes by a successor to the Company pursuant to
Article 5 hereof; 
  
 (d) to make any change that
would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the rights hereunder of any Holders in any material respect (it being agreed that changes in the Indenture, the Notes and the Guarantees
made to conform such documents to the descriptions thereof in the Offering Memorandum shall be deemed not to adversely affect the rights of any Holders of Notes); or 
  
 (e) to comply with requirements of the SEC in order to effect or maintain the qualification of this
Indenture under the TIA. 
  
 Upon the request of the Company
accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Company
in the execution of any amended or supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to
enter into such amended or supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
  
 Section 10.02. With Consent of Holders of Notes. 
  
 (a) Except as provided below in this Section 10.02, this Indenture and the Notes may be modified or amended with the consent of the Holders of at least a
majority in principal amount of the Notes including Additional Notes, if any, then outstanding voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to
Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Notes, except a payment default resulting solely from an
acceleration 
  

 -102- 

 that has been rescinded) or compliance with any provision of this Indenture or the Notes may be waived with the consent
of the Holders of a majority in principal amount of the then outstanding Notes, including Additional Notes, if any, voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the
Notes). However, without the consent of each Holder affected, an amendment under this Section 10.02 may not (with respect to any Notes held by a non-consenting Holder): 
  
 (i) reduce the amount of Notes whose Holders must consent to an amendment; 
  
 (ii) reduce the rate of or change or extend or have the
effect of changing or extending the time for payment of interest on any Notes; 
  
 (iii) reduce the principal of or change or have the effect of changing the Stated Maturity of any Notes, or change the date on which any
Notes may be subject to redemption or reduce the redemption price therefor; 
  
 (iv) make any Notes payable in money other than that stated in the Notes; 
  
 (v) make any change in provisions of this Indenture protecting the right of each Holder to receive payment of principal of and interest on
such Note on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 
  
 (vi) after the Company’s obligation to purchase Notes
arises thereunder, amend, change or modify in any material respect the obligation of the Company to make and consummate a Change of Control Offer in the event of a Change of Control or make and consummate a Net Proceeds Offer with respect to any
Asset Sale that has been consummated or, after such Change of Control has occurred or such Asset Sale has been consummated, modify any of the provisions or definitions with respect thereto; 
  
 (vii) modify or change any provision of this Indenture or
the related definitions affecting the ranking of the Notes or the Guarantees in a manner which adversely affects the Holders; or 
  
 (viii) release any Guarantor that is a Significant Subsidiary from any of its obligations under its Guarantee or this Indenture otherwise
than in accordance with the terms of this Indenture. 
  
 (b) Upon
the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of
the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Company in the execution of such amended or supplemental Indenture unless such amended or
supplemental Indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental
Indenture. 
  

 -103- 

 (c) It shall not be necessary for the consent of the Holders of Notes under this Section 10.02 to approve
the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 (d) After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of Notes affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or
waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes, including Additional Notes, if any, then outstanding voting as a single class may waive compliance in a particular instance by
the Company with any provision of this Indenture or the Notes. 
  
 (e) Without the consent of the Holders of 90% in principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange for the Notes), an amendment or waiver may not: 
  
 (i) change the provisions of Section 3.08; or 
  
 (ii) make any change in the Escrow Agreement that would
adversely affect the Holders. 
  
 Section 10.03. Compliance with Trust
Indenture Act. 
  
 Every amendment or supplement to this
Indenture or the Notes shall be set forth in an amended or supplemental Indenture that complies with the TIA as then in effect. 
  
 Section 10.04. Revocation and Effect of Consents. 
  
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may
revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and
thereafter binds every Holder. 
  
 Section 10.05. Notation on or Exchange of
Notes. 
  
 The Trustee may place an appropriate notation
about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, in accordance with Section 2.02 with respect to those
Notes, authenticate new Notes that reflect the amendment, supplement or waiver. 
  

 -104- 

 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of
such amendment, supplement or waiver. 
  
 Section 10.06. Trustee To Sign
Amendments, etc. 
  
 The Trustee shall sign any amended or
supplemental Indenture authorized pursuant to this Article Nine if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental Indenture
until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon, in addition to the documents
required by Section 10.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
  
 ARTICLE 11. 
  
 SATISFACTION AND DISCHARGE 
  
 Section 11.01. Satisfaction and Discharge. 
  
 This Indenture will be discharged and will cease to be of further effect (except as set forth below) as to all outstanding Notes, and the Company and the
Guarantors shall be deemed to have discharged their respective obligations with respect to such Notes and related Guarantees, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge
of this Indenture when: 
  
 (1) either:

  
 (a) all the Notes theretofore authenticated
and delivered (except lost, stolen or destroyed notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust) have been delivered to the Trustee for cancellation; or 
  
 (b) all Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or have been irrevocably called
for redemption pursuant to applicable provisions of this Indenture or (2) will become due and payable within one year or (3) are to be called for redemption within one year, under arrangements reasonably satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company or a Guarantor has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient to pay and discharge the entire

  

 -105- 

 Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of,
and premium, if any, and interest on, the Notes to the date of such deposit (in the case of Notes that have become due and payable) or to the Stated Maturity or redemption date, as the case may be, together with irrevocable instructions from the
Company directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 
  
 (2) the Company or a Guarantor has paid all other sums payable under this Indenture by the Company; and 
  
 (3) the Company has delivered to the Trustee an
Officers’ 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. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, the
Company’s obligations in Sections 2.03, 2.04, 2.06, 2.07, 7.07, 7.08, 12.02, 12.03 and 12.04, and the Trustee’s and Paying Agent’s obligations in Section 11.02 shall survive until the Notes are no longer outstanding. Thereafter, only
the Company’s obligations in Section 7.07 shall survive. 
  
 Section
11.02. Application of Trust. 
  
 All money deposited with the
Trustee pursuant to Section 11.01 shall be held in trust and, at the written direction of the Company, be invested prior to maturity in U.S. Government Securities, and applied by the Trustee in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the persons entitled thereto, of the principal (and premium, if any) and interest for the payment of which money has been deposited with the
Trustee; but such money need not be segregated from other funds except to the extent required by law. 
  
 ARTICLE 12. 
  
 MISCELLANEOUS 
  
 Section 12.01. Trust Indenture Act Controls.

  
 If any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by TIA § 318(c), the imposed duties shall control. 
  
 Section 12.02. Notices. 
  
 Any notice or communication by the Company or the Trustee to the others is duly given if in writing and delivered in person or mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight
air courier guaranteeing next-day delivery, to the others’ address. 
  

 -106- 

 If to the Company: 
  
 IMCO Recycling Inc. 
 5215 North O’Connor Blvd., Suite 1500 
 Irving, Texas 75039 
 Attention: Jeffrey S. Mecom, Vice President, Legal 
  
 With a copy to: 
  
 Fulbright & Jaworski L.L.P. 
 1301
McKinney, Suite 5100 
 Houston, Texas 77010-3095 
 Attention: Marc H. Folladori 
  
 If to the Trustee: 
  
 LaSalle Bank National Association

 135 S. LaSalle Street, Suite 1960 
 Chicago, Illinois 60603 
 Attention: Greg Clarke, Corporate Trust 
  
 Phone: (312) 904-5532 
  
 Fax: (312) 904-2236 
  
 The Company or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications. 

 
 All notices and communications (other than those sent to Holders) shall be
deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and
the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  
 Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any person described in TIA § 313(c), to the extent required by the TIA. 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. 
  
 Except for a notice to the Trustee, which is deemed given only when received, and except as otherwise provided in this Indenture, if a notice or
communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
  

 -107- 

 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each
Agent at the same time. 
  
 Where this Indenture provides for
notice in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
  
 In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then
such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
  

	Section	12.03. Communication by Holders of Notes with Other Holders of Notes. 

  

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company,
the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 Section 12.04. Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

  
 (a) an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and 
  
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been satisfied. 
  
 Section 12.05.
Statements Required in Certificate or Opinion. 
  
 Each
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall
include: 
  
 (a) a statement that the person
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; 
  

 -108- 

 (c) a statement that, in the opinion of such person, he or she 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 satisfied; and 
  
 (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied. 
  

	Section	12.06. Rules by Trustee and Agents. 

  
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions. 
  
 Section 12.07. No Personal Liability of
Directors, Officers, Employees and Stockholders. 
  
 No
recourse for the payment of the principal of, premium, if any, or interest or Additional Interest, if any, on any of the Notes, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company or of any Guarantor contained in this Indenture or in any of the Notes, or because of the creation of any Indebtedness represented thereby, shall be had against any incorporator or past, present or future director, officer,
employee, controlling person or stockholder of the Company or of any Guarantor. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may
not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
  
 Section 12.08. Governing Law. 
  
 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  
 Section 12.09. No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other person. Any
such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 12.10. Successors. 
  
 All agreements of
the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
  

 -109- 

 Section 12.11. Severability. 
  
 In case any provision in this Indenture or in the Notes 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. 
  
 Section 12.12. Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 Section 12.13. Table of Contents, Headings, etc. 
  
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 [Signatures on following pages] 
  

 -110- 

 SIGNATURES 
  
 Dated as of November 4, 2004 
  

			
	LASALLE BANK NATIONAL ASSOCIATION,
	 	 	as Trustee
		
	By:	 	 /s/ Gregory S. Clarke

	 	 	Name: Gregory S. Clarke
	 	 	Title: Vice President
	
	IMCO RECYCLING ESCROW INC.
		
	By:	 	 /s/ Robert S. Holian

	 	 	Name: Robert S. Holian
	 	 	Title: Vice President

  

 S-1 

 EXHIBIT A 
 (Face of Note) 
  
 9% Senior Notes
due 2014 
  
 CUSIP [        ] 

 

			
	 No. [    ]
	 	$                    

  
 IMCO RECYCLING
ESCROW INC. 
  
 promises to pay to Cede & Co. or registered assigns, the
principal sum set forth in the Schedule of Increases and Decreases attached to this Security on November 15, 2014. 
  
 Interest Payment Dates: May 15 and November 15, commencing May 15, 2005. 
  
 Record Dates: May 1 and November 1. 
  

			
	IMCO RECYCLING ESCROW INC.
		
	By:	 	  

	 	 	Name:
	 	 	Title:

  
 This is one of the Global

 Notes referred to in the 
 within-mentioned Indenture

  
 LaSalle Bank National Association, as Trustee 
  

			
	By:	 	  

	 	 	Authorized Signatory
	
	Dated: [                    ]

  

 A-1 

 (Back of Note) 
  

9% Senior Notes due 2014 
  
 [THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF,
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR
WRITTEN CONSENT OF THE COMPANY. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR
IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY
OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1 
  
 [THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1)
REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE
SECURITIES 

	1	Used on Global Note only. 

  

 A-2 

 ACT OR (C) IT IS AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3), OR (7) UNDER THE
SECURITIES ACT (AN “ACCREDITED INVESTOR”), (2) AGREES THAT IT WILL NOT WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B)
INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, (i) IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
SUCH ACCREDITED INVESTOR FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT AND (ii) PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S.
BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, IF AVAILABLE, (F) IN ACCORDANCE WITH ANOTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO
EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN TWO YEARS AFTER THE ORIGINAL ISSUANCE IF THIS SECURITY, IF THE PROPOSED TRANSFER IS
PURSUANT TO CLAUSES (C), (D), (E) OR (F), THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY REASONABLY REQUIRE 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. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND
“U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.]2

  
 Capitalized terms used herein shall have the meanings assigned
to them in the Indenture referred to below unless otherwise indicated. 

	2	Used only for Initial Notes. 

  

 A-3 

 1. INTEREST. IMCO Recycling Escrow Inc., a Delaware corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 9% per annum until maturity and shall pay the Additional Interest, if any, payable pursuant to Section [4] of the Registration Rights Agreement referred to
below. The Company shall pay interest and Additional Interest, if any, semi-annually on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment
Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including November 4, 2004; provided, however, that if there is no existing Default in
the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided,
further, that the first Interest Payment Date shall be May 15, 2005. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on
demand at a rate borne by this Note then in effect; it shall pay interest (including post-petition interest in any, proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any (without regard to any
applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 2. METHOD OF PAYMENT. The Company shall pay principal,
premium, if any, interest and Additional Interest, if any, on the Notes to the persons who are registered Holders of Notes at the close of business on the May 1 or November 1 next preceding the interest payment date, even if such Notes are cancelled
after such record date and on or before such interest payment date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes shall be payable by wire transfer of immediately available funds to the registered
Holder of the relevant Global Note and, with respect to certificated Notes, by wire transfer of immediately available funds in accordance with instructions provided by the registered holders of certificated Notes or, if no such instructions are
specified, by mailing a check to each such Holder’s registered address. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

  
 3. PAYING AGENT
AND REGISTRAR. Initially, LaSalle Bank National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without
notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
  
 4. INDENTURE. The Company issued the Notes under an Indenture dated as of November 4, 2004 (“Indenture”) between the Company and the Trustee. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred
to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are not limited
in aggregate principle amount. The Company may issue Additional Notes under the Indenture. 
  

 A-4 

 5. OPTIONAL REDEMPTION. The Company may redeem any or
all of the Notes at any time on or after November 15, 2009, upon not less than 30 nor more than 60 days’ prior notice in amounts of $1,000 or an integral multiple thereof at the Redemption Prices (expressed as a percentage of the principal
amount) set forth below, if redeemed during the 12-month period beginning November 15 of the years indicated below: 
  

				
	 Year

	  	Redemption Price

	 
	 2009
	  	104.500	%
	 2010
	  	103.000	%
	 2011
	  	101.500	%
	 2012 and thereafter
	  	100.000	%

  
 in each case together with accrued and
unpaid interest and Additional Interest, if any, to the Redemption Date. 
  
 If less than all the Notes are to be redeemed, the Trustee will select the particular Notes or portions thereof to be redeemed by lot, pro rata or by any other method the Trustee shall deem fair and reasonable.

  
 6. OPTIONAL REDEMPTION
UPON EQUITY OFFERING. At any time, or from time to time, on or prior to November 15, 2007, the Company may, at its option, use the net cash proceeds of one or more Equity Offerings to
redeem up to 35% of the aggregate principal amount of the Notes issued under the Indenture at a redemption price equal to 109% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of redemption;
provided that at least 65% of the original principal amount of Notes issued under the Indenture remains outstanding immediately after any such redemption. In order to effect the foregoing redemption with the net cash proceeds of any Equity
Offering, the Company shall make such redemption not more than 90 days after the consummation of any such Equity Offering. 
  
 As used in the preceding paragraph, “Equity Offering” means a public or private sale for cash by the Company of its Common Stock, or
options, warrants or rights with respect to its Common Stock, other than public offerings with respect to the Company’s Common Stock, or options, warrants or rights, registered on Form S-4 or S-8. 
  
 7. SPECIAL MANDATORY REDEMPTION.
In the event that (i) the Merger and the IMCO Assumption are not consummated on or prior to January 31, 2005 or (ii) the Merger Agreement is terminated on or prior to January 31, 2005, for any reason, the Company shall cause the notice of special
mandatory redemption to be mailed no later than the next Business Day following January 31, 2005 or following the date the Merger Agreement is terminated and shall redeem all the Notes at the applicable Special Mandatory Redemption Price (as defined
in the Escrow Agreement) at the redemption date which will be seven Business Days following the date of the notice of redemption. 
  
 8. MANDATORY REDEMPTION. Except as set forth in paragraph 7 above, the Company shall not be required to make mandatory
redemption payments with respect to the Notes. 
  

 A-5 

 9. PURCHASE AT OPTION OF
HOLDER. 
  
 (a) Upon the occurrence of a Change of
Control, each Holder shall have the right to require the Company to make an offer (a “Change of Control Offer”) to each Holder to purchase all or any part, equal to $1,000 or an integral multiple of $1,000, of such Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes purchased, plus accrued and unpaid interest and Additional Interest, if any, on Notes purchased to the date fixed for purchase (the “Change of Control
Payment”). 
  
 If the Company or a Restricted Subsidiary consummates any
Asset Sales, when the aggregate amount of Excess Net Cash Proceeds exceeds $5.0 million, the Company shall make a pro rata offer to purchase (an “Asset Sale Offer”) to all Holders of Notes and all holders of other
Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets to purchase the principal amount of Notes and
such other pari passu Indebtedness that may be purchased out of the Excess Net Cash Proceeds; notwithstanding the foregoing, to the extent any such Excess Net Cash Proceeds are required, by the terms of the Company’s Senior Secured Notes
due 2010 (the “Senior Secured Notes”) or the indenture governing the Senior Secured Notes, to be used to make an offer to purchase the Senior Secured Notes and the Senior Secured Notes or the indenture governing the Senior Secured
Notes do not permit such offer to be made on a pro rata basis to Holders of the Notes, the Company will, in accordance with the terms of the Indenture, (i) make an offer to purchase Senior Secured Notes on the terms of the Senior Secured
Notes and the indenture governing the Senior Secured Notes and (2) after giving effect to the remaining amount of such excess proceeds, use any remaining Excess Net Cash Proceeds to make an offer to purchase Notes and other pari passu
Indebtedness (other than Senior Secured Notes) as set forth above. The offer price in any Asset Sale Offer will be equal to 100% of principal amount plus accrued and unpaid interest to the date of purchase, and will be payable in cash. If any Excess
Net Cash Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Net Cash Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other pari passu
Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Net Cash Proceeds, the Trustee shall select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of each
Asset Sale Offer, the amount of Excess Net Cash Proceeds will be deemed to have been reset at zero. 
  
 10. NOTICE OF REDEMPTION. Notice of redemption shall be mailed at least 30 days but not
more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes and portions of Notes selected shall be in amounts of $1,000 or whole multiples of $1,000; except that (a) if all of the
Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed and (b) no Notes of a principal amount of less than $1,000 shall be redeemed in part. On and after
the redemption date interest ceases to accrue on Notes, or portions thereof called for redemption. 
  
 11. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons
in denominations of $1,000 and integral multiples of $1,000. The transfer of 
  

 A-6 

 Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may
require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a
selection of Notes to be redeemed or during the period between a record date and the corresponding interest payment date. 
  
 12. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all
purposes. 
  
 13. AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal
amount of the then outstanding Notes voting as a single class, and any existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then
outstanding Notes voting as a single class. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or
in place of certificated Notes, to provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation, or sale of substantially all of the Company’s assets, to make any change that would
provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the rights under the Indenture of any such Holder in any material respect (it being agreed that changes in the Indenture, the Notes and the
Guarantees made to conform such documents to the descriptions thereof in the Offering Memorandum shall not be deemed to adversely affect the rights of any Holders of Notes), or to comply with the requirements of the SEC in order to effect or
maintain the qualification of the Indenture under the Trust Indenture Act. 
  
 14. DEFAULTS AND REMEDIES. Events of Default include, in summary form: (a) default in the payment when due of principal of or premium, if any, on any Note when the
same becomes due and payable at maturity, upon acceleration, redemption or otherwise; (b) default in the payment when due of interest on, or Additional Interest with respect to, any Note, and such default continues for a period of 30 days; (c)
default in the observance or performance of any other covenant or agreement of the Company described in Article 4 of the Indenture (other than a default specified in clause (a) or (b) above) by the Company or any of its Restricted Subsidiaries and
such default or breach continues for a period of 30 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of 25% or more in aggregate outstanding principal
amount of the Notes (except in the case of a default with respect to Section 5.01 of the Indenture which shall constitute an Event of Default with such notice requirement but without such passage of time requirement) (d) default by the Company or
any of its Subsidiaries in the payment of final judgments aggregating in excess of $10.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; (e) except as permitted by the Indenture, any Guarantee shall be held in
any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any person acting on behalf of any Guarantor, shall deny or disaffirm 
  

 A-7 

 its obligations under its Guarantee; and (f) certain events of bankruptcy or insolvency with respect to the Company or
any of its Significant Subsidiaries. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable, subject to certain
conditions. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all outstanding Notes shall become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice
is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences
except a continuing Default or Event of Default in the payment of interest and premium, if any, on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and
the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
  
 15. TRUSTEE DEALINGS WITH COMPANY. The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

 
 16. NO RECOURSE AGAINST
OTHERS. No recourse for the payment of the principal of, premium, if any, or interest or Additional Interest, if any, on any of the Notes, or for any claim based thereon or otherwise in respect thereof, and no recourse under or
upon any obligation, covenant or agreement of the Company contained in the Indenture or in any of the Notes, or because of the creation of any Indebtedness represented thereby, shall be had against any incorporator or past, present or future
director, officer, employee, controlling person or stockholder of the Company. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
  
 17. AUTHENTICATION. This Note shall not
be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
  
 18. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (=
tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 19. ADDITIONAL RIGHTS OF
HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to
Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement dated as of November 4, 2004, between the Company and the parties named
on the signature pages thereof (the “Registration Rights Agreement”). 
  

 A-8 

 20. CUSIP NUMBERS. Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as
to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  
 The Company shall furnish to any Holder upon written request and without
charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to: 
  
 IMCO Recycling Inc. 
 [                    ] 
 [                    ] 
 [                    ] 
 [                    ] 
 Attention: [                    ] 
  

 A-9 

 ASSIGNMENT FORM 
  
 To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to

  

	
	___________________________________________________________________________________________________________

 (Insert assignee’s social security or tax I.D. no.) 
  

	
	
	___________________________________________________________________________________________________________
	
	___________________________________________________________________________________________________________
	
	___________________________________________________________________________________________________________
	
	___________________________________________________________________________________________________________

 (Print or type assignee’s name, address and zip code) 
  
 and irrevocably appoint
                                       
                                        
                                         
to transfer this Note on the books of the Company. The agent may substitute another to act for him. 
  

			
	___________________________________________________________________________________________________________
		
	Date:                     	  	 
	 	  	Your Signature:
                                        
    
		
	 	  	(Sign exactly as your name appears on the face of this Note)
		
	 	  	Signature Guarantee:
                                    

  

 A-10 

 OPTION OF HOLDER TO ELECT
PURCHASE 
  
 If you want to elect to have this
Note purchased by the Company pursuant to Section 4.15 or 4.16 of the Indenture, check the box below: 
  
  ̈ Section
4.15                     ̈ Section 4.16

  
 If you want to elect to have only part of the Note purchased
by the Company pursuant to Section 4.15 or Section 4.16 of the Indenture, state the amount you elect to have purchased: $             
  

			
	Date:                     	  	 
	 	  	Your Signature:
                                        
                        
		
	 	  	(Sign exactly as your name appears on the Note)
		
	 	  	Signature Guarantee:
                                        
                
		
	 	  	Tax Identification No.:
                                        
             

  

 A-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
  
 The initial principal amount of this Global Note is One Hundred Twenty-Five
Million Dollars ($125,000,000). The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global
Note, resulting in increases or decreases of the principal amount of this Global Note, have been made: 
  

									
	 Date of
 Exchange

	 	 Amount of
 decrease in
 Principal Amount
 of this Global
 Note

	 	 Amount of
 increase in
 Principal Amount
 of this Global
 Note

	  	 Principal Amount
 of this Global
 Note following
 such decrease
 (or increase)

	  	 Signature of
 authorized
 officer of
 Trustee or
 Custodian

  

 A-12 

 EXHIBIT E 
  

GUARANTEE 
  
 For value received, [each of] the undersigned hereby unconditionally guarantees, as principal obligor and not only as a surety, to the Holder of this Note
the cash payments in United States dollars of principal of, premium, if any, and interest on this Note (and including Additional Interest payable thereon) in the amounts and at the times when due and interest on the overdue principal, premium, if
any, and interest, if any, of this Note, if lawful, and the payment or performance of all other Obligations of the Company under the Indenture (as defined below) or the Note, to the Holder of this Note and the Trustee, all in accordance with and
subject to the terms and limitations of this Note, Article 8 of the Indenture and this Guarantee. This Guarantee will become effective in accordance with Article 8 of the Indenture and its terms shall be evidenced therein. The validity and
enforceability of this Guarantee shall not be affected by the fact that it is not affixed to any particular Note. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Indenture dated as of November 4, 2004,
among IMCO Recycling Escrow Inc., a Delaware corporation, as issuer (the “Company”), each of the Guarantors named therein and LaSalle Bank National Association, as trustee (the “Trustee”) (as amended or
supplemented, the “Indenture”). 
  
 THIS
GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE
REQUIRED THEREBY. Each Guarantor hereby agrees to submit to the jurisdiction of the courts of the State of New York in any action or proceeding arising out of or relating to this Guarantee. 
  
 This Guarantee is subject to release upon the terms set forth in the
Indenture. 
  

			
	[GUARANTOR(S)]
		
	By:	 	  

	 	 	Name:
	 	 	Title:
		
	By:	 	  

	 	 	Name:
	 	 	Title

  

 E-1REGISTRATION RIGHTS AGREEMENT

Table of Contents

 Exhibit 4.3 
  

  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of November 4,
2004 
  
 Among 
  
 IMCO RECYCLING INC. 
  
 and 
  
 THE GUARANTORS NAMED HEREIN 
  
 as Issuers, 
  
 and 
  
 DEUTSCHE BANK SECURITIES INC., 
 CITIGROUP GLOBAL MARKETS INC., 
 PNC CAPITAL MARKETS, INC., 
 MCDONALD INVESTMENTS INC., 
 NATCITY INVESTMENTS, INC., 
 WACHOVIA CAPITAL
MARKETS, LLC 
 AND 
 ABN AMRO
INCORPORATED 
  
 as Initial Purchasers 
  
 9% Senior Notes due 2014 
  

Table of Contents

 
TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

			
	1.	  	
Definitions	  	1
			
	2.	  	
Exchange Offer	  	5
			
	3.	  	
Shelf Registration	  	9
			
	4.	  	
Additional Interest	  	10
			
	5.	  	
Registration Procedures	  	11
			
	6.	  	
Registration Expenses	  	19
			
	7.	  	
Indemnification and Contribution	  	20
			
	8.	  	
Rules 144 and 144A	  	23
			
	9.	  	
Underwritten Registrations	  	24
			
	10.	  	
Miscellaneous	  	24

  

 i 

Table of Contents

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is dated as of November 4, 2004, among IMCO RECYCLING
INC., a Delaware corporation (“IMCO”), the subsidiaries of IMCO listed on the signature page hereto (collectively, and together with any entity that in the future executes a supplemental indenture pursuant to which such entity
agrees to guarantee the Notes (as hereinafter defined), the “Guarantors,” and together with IMCO, the “Issuers”) and DEUTSCHE BANK SECURITIES INC., CITIGROUP GLOBAL MARKETS INC., PNC CAPITAL MARKETS, INC., MCDONALD
INVESTMENTS INC., NATCITY INVESTMENTS, INC., WACHOVIA CAPITAL MARKETS, LLC and ABN AMRO INCORPORATED as initial purchasers (the “Initial Purchasers”). 
  
 This Agreement is entered into in connection with the Purchase Agreement by and among IMCO RECYCLING ESCROW INC., a Delaware
corporation (the “Company”), IMCO and the Initial Purchasers, dated as of October 29, 2004 (the “Purchase Agreement”), which provides for, among other things, the sale by the Company to the Initial Purchasers of
$125,000,000 aggregate principal amount of the Company’s 9% Senior Notes due 2014 (the “Notes”) guaranteed on an unsecured senior basis by the Guarantors (the “Guarantees”). The Notes are being sold in
connection with the consummation of the merger (the “Merger”) of Silver Fox Acquisition Company, an indirect wholly owned subsidiary of the Company (“Merger Sub”), with and into Commonwealth Industries, Inc., a
Delaware corporation (“Commonwealth”), pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) by and among IMCO, Merger Sub and Commonwealth dated as of June 16, 2004. In connection with the
consummation of the Merger, the Company will merge with and into IMCO, and IMCO will, as described in the Offering Memorandum (as defined herein), assume the obligations of the Company under the Notes and the related Indenture (as defined herein)
(the “IMCO Assumption”). Upon consummation of the IMCO Assumption, the Guarantors will guarantee IMCO’s obligations under the Notes and the Indenture. 
  
 The Notes and Guarantees are collectively referenced to herein as the “Securities.” In order to induce the
Initial Purchasers to enter into the Purchase Agreement, the Issuers have agreed to provide the registration rights set forth in this Agreement for the benefit of the Initial Purchasers and any subsequent holder or holders of the Notes. The
execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes under the Purchase Agreement. 
  
 The parties hereby agree as follows: 
  

	
1.	Definitions 

  
 As used in this Agreement, the following terms shall have the following meanings: 
  
 Additional Interest: See Section 4(a) hereof. 
  
 Advice: See the last paragraph of Section 5 hereof. 

Table of Contents

 Agreement: See the introductory paragraphs hereto. 
  
 Applicable Period: See Section 2(b) hereof. 
  
 Business Day: Any day that is not a Saturday, Sunday or a day on which
banking institutions in New York are authorized or required by law to be closed. 
  
 Commonwealth: See the introductory paragraphs hereto. 
  
 Company: See the introductory paragraphs hereto. 
  
 Effectiveness Date: With respect to (i) the Exchange Offer Registration Statement, the 150th day after the Merger Date and (ii) any Shelf Registration Statement, the 90th day after the Filing Date with respect
thereto; provided, however, that if the Effectiveness Date would otherwise fall on a day that is not a Business Day, then the Effectiveness Date shall be the next succeeding Business Day. 
  
 Effectiveness Period: See Section 3(a) hereof. 
  
 Event Date: See Section 4(b) hereof. 
  
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
  
 Exchange Notes: See Section 2(a) hereof. 
  
 Exchange Offer: See Section 2(a) hereof. 
  
 Exchange Offer Registration Statement: See Section 2(a) hereof. 
  
 Filing Date: (A) If no Registration Statement has been filed by the Issuers pursuant to this Agreement, the 60th day after the Merger Date; and (B) in any other case (which may be applicable notwithstanding the
consummation of the Exchange Offer), the 60th day after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof; provided, however, that if the Filing Date would otherwise fall on a day that is not a Business Day,
then the Filing Date shall be the next succeeding Business Day. 
  
 Guarantees: See the introductory paragraphs hereto. 
  
 Guarantors: See the introductory paragraphs hereto. 
  
 Holder: Any holder of a Registrable Note or Registrable Notes. 
  
 IMCO: See the introductory paragraphs hereto. 
  
 IMCO Assumption: See the introductory paragraphs hereto. 
  

 2 

Table of Contents

 Indenture: The Indenture, dated as of November 4, 2004, by and between the Company, and LaSalle
Bank National Association, as Trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 
  
 Information: See Section 5(o) hereof. 
  
 Initial Purchasers: See the introductory paragraphs hereto. 
  
 Initial Shelf Registration: See Section 3(a) hereof. 
  
 Inspectors: See Section 5(o) hereof. 
  
 Issue Date: November 4, 2004, the date of original issuance of the
Notes. 
  
 Issuers: See the introductory paragraphs hereto.

  
 Merger: See the introductory paragraphs hereto.

  
 Merger Agreement: See the introductory paragraphs
hereto. 
  
 Merger Date: The date on which the Merger is
consummated. 
  
 Merger Sub: See the introductory
paragraphs hereto. 
  
 NASD: See Section 5(s) hereof.

  
 Notes: See the introductory paragraphs hereto.

  
 Offering Memorandum: The final offering memorandum
describing the business and operations of the Company and the Issuers dated October 29, 2004 in respect of the offering of the Notes. 
  
 Participant: See Section 7(a) hereof. 
  
 Participating Broker-Dealer: See Section 2(b) hereof. 
  
 Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated association, union,
business association, firm or other legal entity. 
  
 Private
Exchange: See Section 2(b) hereof. 
  
 Private Exchange
Notes: See Section 2(b) hereof. 
  
 Prospectus: The
prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration
state- 
  

 3 

Table of Contents

 
ment in reliance upon Rule 430A under the Securities Act and any term sheet filed pursuant to Rule 434 under the Securities Act), as amended or supplemented
by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 Purchase Agreement: See the introductory paragraphs hereof.

  
 Records: See Section 5(o) hereof. 
  
 Registrable Notes: Each Note (and the related Guarantees) upon its
original issuance and at all times subsequent thereto, each Exchange Note (and the related Guarantees) as to which Section 2(c)(v) hereof is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Note (and
the related Guarantees) upon original issuance thereof and at all times subsequent thereto, until, in each case, the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Note as to which Section 2(c)(v) hereof
is applicable, the Exchange Offer Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been declared effective by the SEC and such Note, Exchange Note or such Private Exchange Note (and the related Guarantees), as
the case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes (and the related Guarantees) that may be resold
without restriction under state and federal securities laws, (iii) such Note, Exchange Note or Private Exchange Note (and the related Guarantees), as the case may be, ceases to be outstanding for purposes of the Indenture or (iv) such Note, Exchange
Note or Private Exchange Note (and the related Guarantees), as the case may be, may be resold without restriction pursuant to Rule 144(k) (as amended or replaced) under the Securities Act. 
  
 Registration Statement: Any registration statement of the Issuers that
covers any of the Notes, the Exchange Notes or the Private Exchange Notes (and the related Guarantees) filed with the SEC under the Securities Act, including the Prospectus, amendments and supplements to such registration statement, including
post-effective amendments, all exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
  
 Rule 144: Rule 144 under the Securities Act. 
  
 Rule 144A: Rule 144A under the Securities Act. 
  
 Rule 405: Rule 405 under the Securities Act. 
  
 Rule 415: Rule 415 under the Securities Act. 
  
 Rule 424: Rule 424 under the Securities Act. 
  
 SEC: The U.S. Securities and Exchange Commission. 
  
 Securities: See the introductory paragraphs hereto. 
  

 4 

Table of Contents

 Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
  
 Shelf Notice: See Section 2(c)
hereof. 
  
 Shelf Registration: See Section 3(b) hereof.

  
 Shelf Registration Statement: Any Registration
Statement relating to a Shelf Registration. 
  
 Subsequent
Shelf Registration: See Section 3(b) hereof. 
  
 TIA:
The Trust Indenture Act of 1939, as amended. 
  
 Trustee:
The trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes and Private Exchange Notes (and the related Guarantees). 
  
 Underwritten registration or underwritten offering: A registration in which securities of IMCO are sold to an
underwriter for reoffering to the public. 
  
 Except as otherwise
specifically provided, all references in this Agreement to acts, laws, statutes, rules, regulations, releases, forms, no-action letters and other regulatory requirements (collectively, “Regulatory Requirements”) shall be deemed to
refer also to any amendments thereto and all subsequent Regulatory Requirements adopted as a replacement thereto having substantially the same effect therewith; provided that Rule 144 shall not be deemed to amend or replace Rule 144A.

  
 
2. Exchange Offer 
  
 (a)
Unless the Exchange Offer would violate applicable law or any applicable interpretation of the staff of the SEC, the Issuers shall use their reasonable best efforts to file with the SEC, no later than the Filing Date, a Registration Statement (the
“Exchange Offer Registration Statement”) on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Notes for a like aggregate principal
amount of debt securities of IMCO (the “Exchange Notes”), guaranteed on an unsecured senior basis by the Guarantors, that have terms substantially identical in all material respects to the Notes, except that (i) the Exchange Notes
shall contain no restrictive legend thereon and (ii) interest thereon shall accrue from the last date on which interest was paid on the Notes or, if no such interest has been paid, from the Issue Date, and which are entitled to the benefits of the
Indenture or a trust indenture which is identical in all material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with the TIA) and which, in either case, has been
qualified under the TIA. The Exchange Offer shall comply with all applicable tender offer rules and regulations under the Exchange Act and other applicable laws. The Issuers shall use their reasonable best efforts to (x) cause the Exchange Offer
Registration Statement to be declared effective under the Securities Act on or before the Effectiveness Date; (y) keep the Exchange Offer open for at least 20 Business Days (or longer if required by applicable law) after the date that notice of the
Exchange Offer is mailed to 

  

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 Holders; and (z) consummate the Exchange Offer on or prior to the 195th day following the Merger Date; provided,
however, that if such 195th day would otherwise fall on a day that is not a Business Day, then such Exchange Offer must be consummated not later than the next succeeding Business Day. 
  
 Each Holder (including, without limitation, each Participating Broker-Dealer)
who participates in the Exchange Offer will be required to represent to the Issuers in writing (which may be contained in the applicable letter of transmittal) that: (i) any Exchange Notes acquired in exchange for Registrable Notes tendered are
being acquired in the ordinary course of business of the Person receiving such Exchange Notes, whether or not such recipient is such Holder itself; (ii) at the time of the commencement of the Exchange Offer neither such Holder nor, to the knowledge
of such Holder, any other Person receiving Exchange Notes from such Holder has an arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the
provisions of the Securities Act; (iii) neither the Holder nor, to the knowledge of such Holder, any other Person receiving Exchange Notes from such Holder is an “affiliate” (as defined in Rule 405) of IMCO; (iv) if such Holder is not a
broker-dealer, neither such Holder nor, to the knowledge of such Holder, any other Person receiving Exchange Notes from such Holder is engaging in or intends to engage in a distribution of the Exchange Notes; and (v) if such Holder is a
Participating Broker-Dealer, such Holder has acquired the Registrable Notes as a result of market-making activities or other trading activities and that it will comply with the applicable provisions of the Securities Act (including, but not limited
to, the prospectus delivery requirements thereunder). 
  
 Upon
consummation of the Exchange Offer in accordance with this Section 2, the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to Registrable Notes that are Private Exchange Notes, Exchange Notes as to
which Section 2(c)(v) is applicable and Exchange Notes held by Participating Broker-Dealers, and the Issuers shall have no further obligation to register Registrable Notes (other than Private Exchange Notes and Exchange Notes as to which clause
2(c)(v) hereof applies) pursuant to Section 3 hereof. 
  
 No
securities other than the Exchange Notes shall be included in the Exchange Offer Registration Statement. 
  
 (b) The Issuers shall include within the Prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan of
Distribution,” reasonably acceptable to the Initial Purchasers, which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status of any
broker-dealer that is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer (a “Participating Broker-Dealer”), whether such
positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies represent the prevailing views of the staff of the SEC. Such “Plan of Distribution” section shall also expressly permit, to the
extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus delivery requirements of the Securities Act, including, to the extent permitted by applicable policies and
regulations of the SEC, all Participating Broker-Dealers, and include a state- 

  

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 ment describing the means by which Participating Broker-Dealers may resell the Exchange Notes in compliance with the
Securities Act. 
  
 The Issuers shall use their reasonable best
efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the Exchange Notes; provided, however, that such period shall not be required to exceed 180 days
or such longer period if extended pursuant to the last paragraph of Section 5 hereof (the “Applicable Period”). 
  
 If, prior to consummation of the Exchange Offer, the Initial Purchasers hold any Securities acquired by them that have the status of an unsold allotment
in the initial distribution, the Issuers, upon the request of the Initial Purchasers, shall simultaneously with the delivery of the Exchange Notes issue and deliver to the Initial Purchasers, in exchange (the “Private Exchange”) for
such Securities held by any such Holder, a like principal amount of notes (the “Private Exchange Notes”) of IMCO, guaranteed by the Guarantors, that have terms substantially identical in all material respects to the Exchange Notes
except for the placement of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the Exchange Notes if permitted by the
CUSIP Service Bureau. 
  
 In connection with the Exchange Offer,
the Issuers shall: 
  
 (1) mail, or cause to be
mailed, to each Holder of record entitled to participate in the Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

 
 (2) use their reasonable best efforts to keep the
Exchange Offer open for not less than 20 Business Days after the date that notice of the Exchange Offer is mailed to Holders (or longer if required by applicable law); 
  
 (3) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan,
The City of New York; 
  
 (4) permit Holders to
withdraw tendered Securities at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer remains open; and 
  

(5) otherwise comply in all material respects with all applicable laws, rules and regulations. 
  

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 As soon as practicable after the close of the Exchange Offer and the Private Exchange, if any, the
Issuers shall: 
  
 (1) accept for exchange all
Registrable Notes validly tendered and not validly withdrawn pursuant to the Exchange Offer and the Private Exchange, if any; 
  
 (2) deliver to the Trustee for cancellation all Registrable Notes so accepted for exchange; and 
  
 (3) cause the Trustee to authenticate and deliver promptly to
each Holder of Securities, Exchange Notes or Private Exchange Notes, as the case may be, guaranteed by the Guarantors and equal in principal amount to the Securities of such Holder so accepted for exchange; provided that, in the case of any
Securities held in global form by a depositary, authentication and delivery to such depositary of one or more replacement Securities in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the
Indenture shall satisfy such authentication and delivery requirement. 
  
 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange Offer or Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the
staff of the SEC; (ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental agency which might materially impair the ability of the Issuers to proceed with the Exchange Offer or the Private Exchange,
and no material adverse development shall have occurred in any existing action or proceeding with respect to the Issuers; and (iii) all governmental approvals shall have been obtained, which approvals the Issuers deem necessary for the consummation
of the Exchange Offer or Private Exchange. 
  
 The Exchange Notes
and the Private Exchange Notes shall be issued under (i) the Indenture or (ii) an indenture identical in all material respects to the Indenture, with such changes as are necessary to comply with any requirements of the SEC to effect or maintain the
qualification thereof under the TIA, and which, in either case, has been qualified under the TIA or is exempt from such qualification and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the
Indenture. The Indenture or such indenture shall provide that the Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or
the Notes will have the right to vote or consent as a separate class on any matter. 
  
 (c) If, (i) because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuers are not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated
within 195 days of the Merger Date; provided, however, that if such 195th day would otherwise fall on a day that is not a Business Day, then such Exchange Offer must be consummated not later than the next succeeding Business Day, (iii)
the Initial Purchasers or any other holder of Private Exchange Notes so requests in writing to IMCO at any time after the consummation of the Exchange Offer, (iv) because of any change in law or in currently prevailing interpretation of the staff of
the SEC, a Holder is not permitted to participate in the Exchange Offer or (v) in the case of any Holder that participates in the Exchange Of- 

  

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fer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under state and federal securities laws
(other than due solely to the status of such Holder as an affiliate of the Issuers within the meaning of the Securities Act) and so notifies IMCO within 60 days after the consummation of the Exchange Offer, in the case of each of clauses (i) to and
including (v) of this sentence, then the Issuers shall promptly deliver to the Holders and the Trustee written notice thereof (the “Shelf Notice”) and, in lieu of (or in the case of the preceding clauses (iii) and (v), in addition
to) effecting registration of the Exchange Notes, shall file a Shelf Registration pursuant to Section 3 hereof. 
  
 
3. Shelf Registration 
  
 If at
any time a Shelf Notice is delivered as contemplated by Section 2(c) hereof, then: 
  
 (a) Shelf Registration. The Issuers shall as promptly as practicable file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the
Registrable Notes (the “Initial Shelf Registration”). The Issuers shall use their reasonable best efforts to file with the SEC the Initial Shelf Registration on or prior to the applicable Filing Date. The Initial Shelf Registration
shall be on Form S-3 or another appropriate form permitting registration of such Registrable Notes for resale by Holders in the manner or manners designated by them (including, without limitation, one or more underwritten offerings). The Issuers
shall not permit any securities other than the Registrable Notes and the guarantees thereof to be included in the Initial Shelf Registration or any Subsequent Shelf Registration (as defined below). 
  
 The Issuers shall use their reasonable best efforts to cause the Shelf
Registration to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the Initial Shelf Registration continuously effective under the Securities Act until the date that is two years from the Merger Date or
such shorter period ending when all Registrable Notes covered by the Initial Shelf Registration have been sold in the manner set forth and as contemplated in the Initial Shelf Registration or, if applicable, a Subsequent Shelf Registration (the
“Effectiveness Period”); provided, however, that the Effectiveness Period in respect of the Initial Shelf Registration shall be extended to the extent required to permit dealers to comply with the applicable prospectus
delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and shall be subject to reduction to the extent that the applicable provisions of Rule 144(k) are amended or revised to reduce the two year holding period
set forth therein. 
  
 (b) Withdrawal of Stop Orders;
Subsequent Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of all of the Securities
registered thereunder), the Issuers shall use their reasonable best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such cessation of effectiveness amend such Shelf
Registration Statement in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement pursuant to Rule 415 covering all of the Registrable Notes covered by and not sold
under the Initial Shelf Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent Shelf Registration”). If a Subsequent Shelf Registration is filed, the Issuers 

  

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 shall use their reasonable best efforts to cause the Subsequent Shelf Registration to be declared effective under the
Securities Act as soon as practicable after such filing and to keep such subsequent Shelf Registration continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the
Initial Shelf Registration or any Subsequent Shelf Registration was previously continuously effective. As used herein the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf Registration.

  
 (c) Supplements and Amendments. The Issuers shall
promptly supplement and amend the Shelf Registration if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested by the
Holders of a majority in aggregate principal amount of the Registrable Notes (or their counsel) covered by such Registration Statement with respect to the information included therein with respect to one or more of such Holders, or by any
underwriter of such Registrable Notes with respect to the information included therein with respect to such underwriter. 
  
 
4. Additional Interest 
  
 (a)
The Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill their obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with
precision. Accordingly, the Issuers agree to pay, jointly and severally, as liquidated damages, additional interest on the Notes (“Additional Interest”) under the circumstances and to the extent set forth below (each of which shall
be given independent effect): 
  
 (i) if (A)
neither the Exchange Offer Registration Statement nor the Initial Shelf Registration has been filed on or prior to the Filing Date applicable thereto or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer, the
Issuers are required to file a Shelf Registration and such Shelf Registration is not filed on or prior to the Filing Date applicable thereto, then, commencing on the day after any such required Filing Date, Additional Interest shall accrue on the
principal amount of the Notes at a rate of 0.25% per annum for the first 90 days immediately following such applicable Filing Date, and such Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of the immediately
following 90-day period; or 
  
 (ii) if (A)
neither the Exchange Offer Registration Statement nor the Initial Shelf Registration is declared effective by the SEC on or prior to the Effectiveness Date applicable thereto or (B) notwithstanding that the Issuers have consummated or will
consummate the Exchange Offer, the Issuers are required to file a Shelf Registration and such Shelf Registration is not declared effective by the SEC on or prior to the Effectiveness Date applicable to such Shelf Registration, then, commencing on
the day after such Effectiveness Date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days immediately following the day after such Effectiveness Date, and such Additional Interest
rate shall increase by an additional 0.25% per annum at the beginning of the immediately following 90-day period; or 
  

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 (iii) if (A) the Issuers have not exchanged Exchange Notes for all Notes validly tendered
in accordance with the terms of the Exchange Offer on or prior to the 195th day after the Merger Date or (B) if applicable, a Shelf Registration has been declared effective and such Shelf Registration ceases to be effective at any time during the
Effectiveness Period, then Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days commencing on (x) the 196th day after the Merger Date, in the case of (A) above, or (y) the day such
Shelf Registration ceases to be effective in the case of (B) above, and such Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of the immediately following 90-day period; 
  
 provided, however, that the Additional Interest rate on the Notes may not
accrue under more than one of the foregoing clauses (i)-(iii) at any one time and at no time shall the aggregate amount of Additional Interest accruing exceed in the aggregate 1.0% per annum; provided, further, however, that (1)
upon the filing of the applicable Exchange Offer Registration Statement or the applicable Shelf Registration as required hereunder (in the case of clause (i) above of this Section 4), (2) upon the effectiveness of the Exchange Offer Registration
Statement or the applicable Shelf Registration Statement as required hereunder (in the case of clause (ii) of this Section 4), or (3) upon the exchange of the Exchange Notes for all Notes tendered (in the case of clause (iii)(A) of this Section 4),
or upon the effectiveness of the applicable Shelf Registration Statement which had ceased to remain effective (in the case of (iii)(B) of this Section 4), Additional Interest on the Notes in respect of which such events relate as a result of such
clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. 
  
 (b) The Issuers shall notify the Trustee within one business day after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”).
Any amounts of Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable in cash semiannually on each May 15 and November 15 (to the holders of record on the May 1 and November 1 immediately preceding such
dates), commencing with the first such date occurring after any such Additional Interest commences to accrue. The amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the
Registrable Notes, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360 day year comprised of twelve 30 day months and, in the case
of a partial month, the actual number of days elapsed), and the denominator of which is 360. 
  
 
5. Registration Procedures 
  
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuers shall effect such registrations to permit the sale of the securities covered thereby in accordance with the intended method or
methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuers hereunder each of the Issuers shall: 
  

(a) Prepare and file with the SEC prior to the applicable Filing Date a Registration Statement or Registration Statements as prescribed by Section 2 or
3 hereof, and use its reasonable best efforts to cause each such Registration Statement to become effective and remain 
  

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 effective as provided herein; provided, however, that if (1) such filing is pursuant to Section 3 hereof or
(2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable
Period relating thereto from whom IMCO has received prior written notice that it will be a Participating Broker-Dealer in the Exchange Offer, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the
Issuers shall furnish to and afford the Holders of the Registrable Notes covered by such Registration Statement (with respect to a Registration Statement filed pursuant to Section 3 hereof) or each such Participating Broker-Dealer (with respect to
any such Registration Statement), as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and
all exhibits thereto) proposed to be filed (in each case at least five business days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in
aggregate principal amount of the Registrable Notes covered by such Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably object on a timely basis. 
  
 (b) Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement or
Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period, the Applicable Period or until consummation of the Exchange Offer, as the case
may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424; and comply with the provisions of the Securities Act and the Exchange Act
applicable to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by an
Participating Broker-Dealer covered by any such Prospectus. The Issuers shall be deemed not to have used their reasonable best efforts to keep a Registration Statement effective if any Issuer voluntarily takes any action that would result in selling
Holders of the Registrable Notes covered thereby or Participating Broker-Dealers seeking to sell Exchange Notes not being able to sell such Registrable Notes or such Exchange Notes during that period unless such action is required by applicable law
or permitted by this Agreement. 
  
 (c) If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom IMCO has received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable Notes (with
respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing underwriters, if any, as promptly
as possible, and, if requested by any such Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective
amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuers, one conformed 
  

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 copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents
incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary
prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by
Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement (including any underwriting agreement) contemplated by Section 5(n) hereof cease to be true and correct in all material respects, (iv) of the
receipt by any Issuer of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes to be sold by any Participating
Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known that makes any statement
made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to
such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to
make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Issuers’ determination that a post-effective amendment to a Registration Statement would be appropriate. 
  
 (d) Use its reasonable best efforts to prevent the issuance of any order
suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Notes or the Exchange Notes to be
sold by any Participating Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued, use its reasonable best efforts to obtain the withdrawal of any such order at the earliest practicable moment. 
  
 (e) If a Shelf Registration is filed pursuant to Section 3 and if requested
during the Effectiveness Period by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Notes being sold in connection with an underwritten offering or any Participating
Broker-Dealer, (i) as promptly as practicable incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders, any Participating Broker-Dealer or counsel for any
of them reasonably request to be included therein, (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after IMCO has received notification of the matters to be incorporated in such
prospectus supplement or post-effective amendment, and (iii) supplement or make amendments to such Registration Statement. 
  
 (f) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer 
  

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 who seeks to sell Exchange Notes during the Applicable Period, furnish to each selling Holder of Registrable Notes (with
respect to a Registration Statement filed pursuant to Section 3 hereof) and to each such Participating Broker-Dealer who so requests (with respect to any such Registration Statement) and to their respective counsel and each managing underwriter, if
any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents
incorporated or deemed to be incorporated therein by reference and all exhibits. 
  
 (g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes (with respect to a Registration Statement filed pursuant to Section 3 hereof),
or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their respective counsel, and the underwriters, if any, at the sole expense of the Issuers, as many copies of the Prospectus or
Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5,
the Issuers hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if
any, and dealers, if any, in connection with the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange Notes pursuant to, such Prospectus and any amendment or supplement thereto.

  
 (h) Prior to any public offering of Registrable Notes or any
delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, use its reasonable best efforts to register or qualify, and to
cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification
(or exemption from such registration or qualification) of such Registrable Notes for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the
managing underwriter or underwriters reasonably request in writing; provided, however, that where Exchange Notes held by Participating Broker-Dealers or Registrable Notes are offered other than through an underwritten offering, the
Issuers agree to cause their counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h), keep each such registration or qualification (or exemption therefrom) effective
during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Exchange Notes held by Participating
Broker-Dealers or the Registrable Notes covered by the applicable Registration Statement; provided, however, that no Issuer shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so
qualified, (B) take any action that would subject it to general service 
  

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 of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a
nominal dollar amount in any such jurisdiction where it is not then so subject. 
  
 (i) If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and the managing underwriter or underwriters, if any, to facilitate the timely preparation and
delivery of certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Notes to be in
such denominations (subject to applicable requirements contained in the Indenture) and registered in such names as the managing underwriter or underwriters, if any, or Holders may request. 
  
 (j) Use its reasonable best efforts to cause the Registrable Notes covered by
the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of
such Registrable Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers will cooperate in all reasonable respects with the filing of such Registration Statement and
the granting of such approvals. 
  
 (k) If (1) a Shelf
Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the SEC, at the
sole expense of the Issuers, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required
document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder (with respect to a Registration Statement filed pursuant to Section 3 hereof) or to the purchasers of the Exchange Notes to whom such
Prospectus will be delivered by a Participating Broker-Dealer (with respect to any such Registration Statement), any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (l) Use its reasonable best efforts to cause the Registrable Notes covered by a Registration Statement or the Exchange Notes, as the case may be, to be
rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement or the Exchange Notes, as the case may be, or the managing underwriter
or underwriters, if any. 
  
 (m) Prior to the effective date of
the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the
Registrable Notes. 
  

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 (n) In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration,
enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Securities, and take all such other actions as are reasonably requested by the managing underwriter or underwriters in order to expedite
or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect to the business of the Issuers (including any
acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to
underwriters in underwritten offerings of debt securities similar to the Securities, and confirm the same in writing if and when requested; (ii) obtain the written opinions of counsel to the Issuers, and written updates thereof in form, scope and
substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions reasonably requested in underwritten offerings; (iii) obtain “cold comfort”
letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if necessary, any other independent certified public
accountants of the Issuers, or of any business acquired by the Issuers, for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the
underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt securities similar to the Securities; and (iv) if an
underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable to the sellers and underwriters, if any, than those set forth in Section 7 hereof (or such other provisions and procedures
reasonably acceptable to Holders of a majority in aggregate principal amount of Registrable Notes covered by such Registration Statement and the managing underwriter or underwriters or agents, if any). The above shall be done at each closing under
such underwriting agreement, or as and to the extent required thereunder. 
  
 (o) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by any Initial Purchaser, any selling Holder of such Registrable Notes being sold (with respect to a
Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Notes, if any, and any attorney, accountant or other agent
retained by any such selling Holder or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, or underwriter (any such Initial Purchasers, Holders, Participating Broker-Dealers, underwriters,
attorneys, accountants or agents, collectively, the “Inspectors”), upon written request, at the offices where normally kept, during reasonable business hours, all pertinent financial and other records, pertinent corporate documents
and instruments of the Issuers and subsidiaries of the Issuers (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers,
directors and employees of the Issuers and any of their respective subsidiaries to supply all information (“Information”) reasonably requested by any such Inspector in connection with such due diligence 
  

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 responsibilities. Each Inspector shall agree in writing that it will keep the Records and Information confidential and
that it will not disclose any of the Records or Information that any Issuer determines, in good faith, to be confidential and notifies the Inspectors in writing are confidential unless (i) the disclosure of such Records or Information is necessary
to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records or Information is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) disclosure of
such Records or Information is necessary or advisable, in the opinion of counsel for any Inspector, in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out
of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records or Information has been made generally
available to the public other than by an Inspector or an “affiliate” (as defined in Rule 405) thereof; provided, however, that prior notice shall be provided as soon as practicable to IMCO of the potential disclosure of any
information by such Inspector pursuant to clauses (i) or (ii) of this sentence to permit the Issuers to obtain a protective order (or waive the provisions of this paragraph (o)) and that such Inspector shall take such actions as are reasonably
necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. 
  
 (p) Provide an indenture trustee for the Registrable Notes or the Exchange
Notes, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the first Registration Statement relating to the
Registrable Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes, to effect such changes (if any) to such indenture as may be required for such indenture to be so qualified
in accordance with the terms of the TIA; and execute, and use its reasonable best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC
to enable such indenture to be so qualified in a timely manner. 
  
 (q) Comply with all applicable rules and regulations of the SEC and make generally available to its securityholders with regard to any applicable Registration Statement, a consolidated earnings statement satisfying the provisions of Section
11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any fiscal quarter (or 90 days after the end of any 12-month period if such period is a fiscal
year) (i) commencing at the end of any fiscal quarter in which Registrable Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first
day of the first fiscal quarter of IMCO, after the effective date of a Registration Statement, which statements shall cover said 12-month periods. 
  
 (r) Upon consummation of the Exchange Offer or a Private Exchange, if requested by a Holder, obtain an opinion of counsel to the Issuers, in a form
customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer or the Private Exchange, as the case may be, that the Ex- 
  

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change Notes or Private Exchange Notes, as the case may be, the related guarantees and the related indenture constitute legal, valid and binding obligations
of the Issuers, enforceable against the Issuers in accordance with their respective terms, subject to customary exceptions and qualifications. If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Notes
by Holders to IMCO (or to such other Person as directed by IMCO), in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be, the Issuers shall mark, or cause to be marked, on such Registrable Notes that such Registrable
Notes are being cancelled in exchange for the Exchange Notes or the Private Exchange Notes, as the case may be; in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 
  

	(s)	Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Notes and
their respective counsel in connection with any filings required to be made with the National Association of Securities Dealers, Inc. (the “NASD”). 

  

	(t)	Use its reasonable best efforts to take all other steps necessary to effect the registration of the Exchange Notes and/or Registrable Notes covered by a Registration Statement
contemplated hereby. 

  
 The Issuers may require
each seller of Registrable Notes as to which any registration is being effected to furnish to the Issuers such information regarding such seller and the distribution of such Registrable Notes as the Issuers may, from time to time, reasonably
request. The Issuers may exclude from such registration the Registrable Notes of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request and the failure to include any such seller
shall not be deemed to be a default hereunder. Each seller as to which any Shelf Registration is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished
to the Issuers by such seller not materially misleading. 
  
 If
any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Issuers, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance reasonably
satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply
that such Holder will assist in meeting any future financial requirements of the Issuers, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in
force, the deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
  
 Each Holder of Registrable Notes and each Participating Broker-Dealer agrees
by its acquisition of such Registrable Notes or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any notice from IMCO of the happening of any event of the kind described in Section
5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such Holder will forthwith discontinue disposition of such Registrable Notes covered by such Registration Statement or Prospectus or Exchange Notes to be sold by such Holder or Participating
Broker-Dealer, as the case may be, until such Holder’s or Participating Broker-Dealer’s re- 

  

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ceipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing (the
“Advice”) by IMCO that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. In the event that the Issuers shall give any such notice, each of the Applicable Period
and the Effectiveness Period shall be extended by the number of days during such periods from and including the date of the giving of such notice to and including the date when each seller of Registrable Notes covered by such Registration Statement
or Exchange Notes to be sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice. 
  
 
6. Registration Expenses 
  
 All fees and expenses incident to the performance of or compliance with this Agreement by the Issuers shall be borne by the Issuers, whether or not the Exchange Offer Registration Statement or any Shelf Registration Statement is filed or
becomes effective or the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with the NASD in connection with an
underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange
Notes and determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the holders of Registrable Notes are located, in the case of the Exchange Notes, or (y) as provided
in Section 5(h) hereof, in the case of Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates for
Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, by the Holders of a
majority in aggregate principal amount of the Registrable Notes included in any Registration Statement or in respect of Registrable Notes or Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may
be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuers and, in the case of a Shelf Registration, reasonable fees and disbursements of one special counsel for all of the sellers of Registrable
Notes (exclusive of any counsel retained pursuant to Section 7 hereof), (v) fees and disbursements of all independent certified public accountants referred to in Section 5(n)(iii) hereof (including, without limitation, the expenses of any “cold
comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desire such insurance, (vii) fees and expenses of all other Persons retained by the Issuers, (viii) internal expenses of the
Issuers (including, without limitation, all salaries and expenses of officers and employees of the Issuers performing legal or accounting duties), (ix) the expense of any annual audit, (x) any fees and expenses incurred in connection with the
listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable and (xi) the expenses relating to printing, word processing and distributing all Registration
Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. Notwithstanding the foregoing or anything to the contrary in this Agreement, each Holder 

  

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shall pay all underwriting discounts and commissions of any underwriters with respect to any Registrable Notes sold by or on behalf of it. 
  
 
7. Indemnification and Contribution. 
  
 (a) The Issuers agree jointly and severally, to indemnify and hold harmless each Holder of Registrable Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, and each Person,
if any, who controls such Person or its affiliates within the meaning of Section 15 of the Act or Section 20 of the Exchange Act (each, a “Participant”) against any losses, claims, damages or liabilities to which any Participant may become
subject under the Securities Act, the Exchange Act or otherwise, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: 
  
 (i) any untrue statement or alleged untrue statement made by
any Issuer contained in any application or any other document or any amendment or supplement thereto executed by any Issuer based upon written information furnished by or on behalf of any Issuer filed in any jurisdiction in order to qualify the
Notes under the securities or “Blue Sky” laws thereof or filed with the SEC or any securities association or securities exchange (each, an “Application”); 
  
 (ii) any untrue statement or alleged untrue statement of any material fact contained in any Registration
Statement (or any amendment thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus; or 
  
 (iii) the omission or alleged omission to state, in any
Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if any of the Issuers shall have furnished any amendments or supplements thereto) or any preliminary prospectus or any Application or any other document or
any amendment or supplement thereto, a material fact required to be stated therein or necessary to make the statements therein not misleading; 
  
 and will reimburse, as incurred, the Participant for any legal or other expenses incurred by the Participant in connection with investigating, defending against or
appearing as a third-party witness in connection with any such loss, claim, damage, liability or action; provided, however, (i) none of the Issuers will be liable in any such case to the extent that any such loss, claim, damage, or
liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission made in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if any of the Issuers
shall have furnished any amendments or supplements thereto) or any preliminary prospectus or Application or any amendment or supplement thereto in reliance upon and in conformity with information relating to any Participant furnished to the Issuers
by such Participant specifically for use therein or (ii) that with respect to any untrue statement or omission of material fact made in any preliminary prospectus, the indemnity agreement contained in this Section 7(a) shall not inure to the benefit
of any Participant asserting any such loss, claim, damage or liability, to the extent that any such loss, claim, damage or liability of such Participant occurs under the circumstance where (w) the Issuers had previously furnished copies of the
Prospectus (as amended or supplemented) to such Participant, 

  

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(x) delivery of the Prospectus (as amended or supplemented) was required by the Act to be made to such Participant, (y) the untrue statement or omission of a
material fact contained in the preliminary prospectus was corrected in the Prospectus (as amended or supplemented) and (z) there was not sent or given to such Participant, at or prior to the written confirmation of the sale of such securities to
such Participant a copy of the Prospectus (as amended or supplemented), unless such failure to deliver or provide a copy of the Prospectus (as amended or supplemented) was a result of noncompliance by the Company with Section 5 of this Agreement.
The indemnity provided for in this Section 7 will be in addition to any liability that the Issuers may otherwise have to the indemnified parties. The Issuers shall not be liable under this Section 7 for any settlement of any claim or action effected
without their prior written consent, which shall not be unreasonably withheld. 
  
 (b) Each Participant, severally and not jointly, agrees to indemnify and hold harmless the Issuers, their directors, their officers and each person, if any, who controls the Issuers within the meaning of Section 15 of
the Act or Section 20 of the Exchange Act against any losses, claims, damages or liabilities to which the Issuers or any such director, officer or controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement or Prospectus, any amendment or
supplement thereto, or any preliminary prospectus, or (ii) the omission or the alleged omission to state therein a material fact necessary to make the statements therein not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information concerning such Participant, furnished to the Issuers by the Participant, specifically for use therein;
and subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any reasonable legal or other expenses incurred by the Issuers or any such director, officer or controlling person in connection with
investigating or defending against or appearing as a third party witness in connection with any such loss, claim, damage, liability or action in respect thereof. The indemnity provided for in this Section 7 will be in addition to any liability that
the Participants may otherwise have to the indemnified parties. The Participants shall not be liable under this Section 7 for any settlement of any claim or action effected without their consent, which shall not be unreasonably withheld. 

 
 (c) Promptly after receipt by an indemnified party under this Section 7
of notice of the commencement of any action for which such indemnified party is entitled to indemnification under this Section 7, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this
Section 7, notify the indemnifying party of the commencement thereof in writing; but the omission to so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent such failure
results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided
in paragraphs (a) and (b) above. In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein and, to the extent
that it may wish, jointly with any other indemnifying party similarly notified, to as- 

  

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 sume the defense thereof, with counsel reasonably satisfactory to such indemnified party; provided,
however, that if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the defendants in any such action include both the indemnified party and
the indemnifying party and the indemnified party shall have been advised by counsel that there may be one or more legal defenses available to it and/or other indemnified parties that are different from or additional to those available to the
indemnifying party, or (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after receipt by the indemnifying party of notice of the
institution of such action, then, in each such case, the indemnifying party shall not have the right to direct the defense of such action on behalf of such indemnified party or parties and such indemnified party or parties shall have the right to
select separate counsel to defend such action on behalf of such indemnified party or parties. After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and approval by such indemnified party
of counsel appointed to defend such action, the indemnifying party will not be liable to such indemnified party under this Section 7 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such
indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the proviso to the immediately preceding sentence (it being understood, however, that in connection
with such action the indemnifying party shall not be liable for the expenses of more than one separate counsel (in addition to local counsel) in any one action or separate but substantially similar actions in the same jurisdiction arising out of the
same general allegations or circumstances, designated by Participants who sold a majority in interest of the Registrable Notes and Exchange Notes sold by all such Participants in the case of paragraph (a) of this Section 7 or the Issuers in the case
of paragraph (b) of this Section 7, representing the indemnified parties under such paragraph (a) or paragraph (b), as the case may be, who are parties to such action or actions) or (ii) the indemnifying party has authorized in writing the
employment of counsel for the indemnified party at the expense of the indemnifying party. All fees and expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred. After such notice from the indemnifying party to such
indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party without the prior written consent of the indemnifying party (which consent shall not be
unreasonably withheld), unless such indemnified party waived in writing its rights under this Section 7, in which case the indemnified party may effect such a settlement without such consent. No indemnifying party shall, without the prior written
consent of the indemnified party, effect any settlement or compromise of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party, or indemnity could have been sought hereunder by any indemnified
party, unless such settlement (A) includes an unconditional written release of the indemnified party, in form and substance reasonably satisfactory to the indemnified party, from all liability on claims that are the subject matter of such proceeding
and (B) does not include any statement as to an admission of fault, culpability or failure to act by or on behalf of any indemnified party. 
  
 (d) In circumstances in which the indemnity agreement provided for in the preceding paragraphs of this Section 7 is unavailable to, or insufficient to
hold harmless, an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof), each indemnifying party, in order to provide for just and equitable contribution, shall 

  

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contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities (or actions in respect thereof)
in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the other from the offering of the Notes or (ii) if the allocation provided by the
foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or
omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative benefits received by the Issuers on the one hand and such Participant on the other shall be
deemed to be in the same proportion as the total proceeds from the offering (before deducting expenses) of the Notes received by IMCO bear to the total net profit received by such Participant in connection with the sale of the Notes. The relative
fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the
Issuers on the one hand, or the Participants on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission, and any other equitable
considerations appropriate in the circumstances. The parties agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in the first sentence of this paragraph (d). Notwithstanding any other provision of this paragraph (d), no Participant shall be obligated to make contributions hereunder that in the aggregate exceed
the total net profit received by such Participant in connection with the sale of the Notes, less the aggregate amount of any damages that such Participant has otherwise been required to pay by reason of the untrue or alleged untrue statements or the
omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation. For purposes of this paragraph (d), each person, if any, who controls a Participant within the meaning of Section 15 of the Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Participants, and
each director of any Issuer, each officer of any Issuer and each person, if any, who controls any Issuer within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall have the same rights to contribution as the Issuers.

  
 
8. Rules 144 and 144A 
  
 Each
of the Issuers covenants and agrees that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the
requirements of the Securities Act and the Exchange Act and, if at any time such Issuer is not required to file such reports, such Issuer will, upon the request of any Holder or beneficial owner of Registrable Notes, make available such information
necessary to permit sales pursuant to Rule 144A. Each of the Issuers further covenants and agrees, for so long as any Registrable Notes remain outstanding that it will take such further action as any Holder of Registrable Notes may reasonably
request, all to the extent required from time to time to enable such holder to sell Registrable Notes without registration under the Securities Act within the limitation of the exemptions provided by Rule 144(k) under the Securities Act and Rule
144A. 
  

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9. Underwritten Registrations 
  
 If any of the Registrable Notes covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders
of a majority in aggregate principal amount of such Registrable Notes included in such offering and shall be reasonably acceptable to the Issuers. 
  
 No Holder of Registrable Notes may participate in any underwritten registration hereunder unless such Holder (a) agrees to sell such Holder’s
Registrable Notes on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting
agreements and other documents required under the terms of such underwriting arrangements. 
  
 
10. Miscellaneous 
  
 (a)
No Inconsistent Agreements. None of the Issuers has, as of the date hereof, and none of the Issuers shall, after the date of this Agreement, entered into any agreement with respect to any of its securities that is inconsistent with the rights
granted to the Holders of Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the
holders of the Issuers’ other issued and outstanding securities under any such agreements. None of the Issuers will enter into any agreement with respect to any of their securities that will grant to any Person piggy-back registration rights
with respect to any Registration Statement. 
  
 (b) Adjustments
Affecting Registrable Notes. The Issuers shall not, directly or indirectly, take any action with respect to the Registrable Notes as a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable
Notes in a registration undertaken pursuant to this Agreement. 
  
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written
consent of (I) the Issuers, and (II)(A) the Holders of not less than a majority in aggregate principal amount of the then outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the
Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended,
modified or supplemented without the prior written consent of each Holder and each Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed
of pursuant to any Registration Statement) affected by any such amendment, modification or supplement. Notwithstanding the foregoing, a waiver or con- 
  

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sent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose securities
are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate principal
amount of the Registrable Notes being sold pursuant to such Registration Statement. 
  
 (d) Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or facsimile: 
  
 (i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar
under the Indenture, with a copy in like manner to the Initial Purchasers as follows: 
  
 Deutsche Bank Securities Inc. 
 60 Wall Street 
 New York, New York 10005 
 Facsimile No.:
(212) 797-4872 
 Attention: Corporate Finance Department 
  
 with a copy to: 
  
 Cahill Gordon & Reindel LLP 
 80 Pine
Street 
 New York, New York 10005 
 Facsimile No.: (212) 269-5420 
 Attention: William Gannett, Esq. 
  
 (ii) if to the Initial Purchasers, at the address specified in Section 10(d)(i); 
  
 (iii) if to the Issuers, at the address as follows:

  
 IMCO Recycling Inc. 
 c/o Commonwealth Industries, Inc. 
 PNC
Plaza — 19th Floor 
 500 West Jefferson Street 
 Louisville, Kentucky 40202 
 Facsimile No.: (502) 588-3923 
 Attention: Christopher R. Clegg 
  

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 with a copy to: 
  
 Fulbright & Jaworski L.L.P. 
 1301 McKinney, Suite 5100 
 Houston, Texas 77010 
 Facsimile No.: (713) 651-5246 
 Attention:
Marc H. Folladori 
  
 All such notices and communications shall be
deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier; and upon
written confirmation, if sent by facsimile. 
  
 Copies of all such
notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address and in the manner specified in such Indenture. 
  
 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and
assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers; provided, however, that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Notes in violation
of the terms of the Purchase Agreement or the Indenture. 
  
 (f)
Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto 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. 
  
 (g) Headings. The headings
in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD REQUIRE THE APPLICATION OF ANY OTHER LAW. 
  
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the
parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and
declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

 

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 (j) Securities Held by the Issuers or Their Affiliates. Whenever the consent or approval of
Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuers or their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining whether such
consent or approval was given by the Holders of such required percentage. 
  
 (k) Third-Party Beneficiaries. Holders of Registrable Notes and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons.

  
 (l) Entire Agreement. This Agreement, together with the
Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or
written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents, representatives, parents,
subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
  

 27 

Table of Contents

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

  

			
	IMCO RECYCLING INC.
		
	By:	 	 /s/ Robert R. Holian

	 	 	 Name: Robert R. Holian

	 	 	 Title: Senior Vice President

	
	 ALCHEM ALUMINUM, INC.
 ALCHEM ALUMINUM SHELBYVILLE INC.
 GULF REDUCTION CORPORATION
 IMCO ENERGY CORP.
 IMCO INTERNATIONAL, INC.
 IMCO INVESTMENT COMPANY
 IMCO OPERATIONS SERVICES COMPANY
 IMCO RECYCLING ESCROW INC.
 IMCO RECYCLING OF CALIFORNIA, INC.
 IMCO RECYCLING OF IDAHO INC.
 IMCO RECYCLING OF ILLINOIS INC.
 IMCO RECYCLING OF INDIANA INC.
 IMCO RECYCLING OF OHIO INC.
 IMCO RECYCLING OF UTAH INC.
 IMCO RECYCLING SERVICES COMPANY
 IMSAMET, INC.
 INDIANA ALUMINUM INC.
 INTERAMERICAN ZINC, INC.
 METALCHEM, INC.
 MIDWEST ZINC CORPORATION
 PITTSBURG ALUMINUM, INC.
 ROCK CREEK ALUMINUM, INC.
 SILVER FOX ACQUISITION COMPANY
 SILVER FOX HOLDING COMPANY
 U.S. ZINC CORPORATION
 U.S. ZINC EXPORT CORPORATION
 WESTERN ZINC CORPORATION

		
	By:	 	 /s/ Robert R. Holian

	 	 	 Name: Robert R. Holian

	 	 	 Title: Vice President

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	IMCO INDIANA PARTNERSHIP L.P.
	 By:
	 	 IMCO Energy Corp., its general partner

		
	By:	 	 /s Robert R. Holian

	 	 	 Name: Robert R. Holian

	 	 	 Title: Vice President

	
	IMCO MANAGEMENT PARTNERSHIP L.P.
	 By:
	 	 IMCO Recycling Inc., its general partner

		
	By:	 	 /s/ Robert R. Holian

	 	 	 Name: Robert R. Holian

	 	 	 Title: Senior Vice President

	
	IMCO RECYCLING OF MICHIGAN L.L.C.
	 By:
	 	 IMCO Recycling Inc., its manager

		
	By:	 	 /s/ Robert R. Holian

	 	 	 Name: Robert R. Holian

	 	 	 Title: Senior Vice President

		
	 By:
	 	 Alchem Aluminum, Inc., its member

		
	By:	 	 /s/ Robert R. Holian

	 	 	 Name: Robert R. Holian

	 	 	 Title: Vice President

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 The foregoing Agreement is hereby 
     confirmed and accepted by the Initial 
     Purchasers as of the date 
     first above written. 
  

			
	 DEUTSCHE BANK SECURITIES INC.,
     for itself and on behalf of the several Initial     Purchasers

		
	By:	 	 /s/ Edwin E. Roland

	 	 	 Name: Edwin E. Roland
 Title:
Director

		
	By:	 	 /s/ David S. Bailey

	 	 	 Name: David S. Bailey
 Title: Managing
Director

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