Document:

Purchase Agreement, dated December 16, 2009,

 Exhibit 10.1 
 EXECUTION VERSION 
 $465,000,000 
 Edgen Murray Corporation 
 12.250% Senior Secured Notes due 2015 
 Purchase Agreement 
 December 16, 2009 
 J.P. Morgan
Securities Inc. 
 Jefferies & Company, Inc. 
 As Representatives of the 
 several Initial Purchasers listed 
 in Schedule 1 hereto 
 c/o J.P.
Morgan Securities Inc. 
 270 Park Avenue 
 New York, New York 10017 
 Ladies and Gentlemen: 
 Edgen Murray Corporation, a Nevada corporation (the “Company”), proposes to issue and sell to the several initial purchasers listed in Schedule 1 hereto (the “Initial
Purchasers”), for whom you are acting as representative (the “Representatives”), $465,000,000 principal amount of its 12.250% Senior Secured Notes due 2015 (the “Securities”). The Securities will be issued
pursuant to an Indenture to be dated as of the Closing Date (as defined below) (the “Indenture”) among the Company, Edgen Murray II, L.P., a Delaware limited partnership (the “Guarantor” or
“Holdings”), and The Bank of New York Mellon, as trustee (the “Trustee”), and will be guaranteed on a senior secured basis by the Guarantor (the “Guarantee”). 
 The Securities will be sold to the Initial Purchasers without being registered under the Securities Act of 1933, as amended (the
“Securities Act”), in reliance upon an exemption therefrom. The Company and the Guarantor have prepared a preliminary offering memorandum dated December 9, 2009 (the “Preliminary Offering Memorandum”) and will
prepare an offering memorandum dated the date hereof (the “Offering Memorandum”) setting forth information concerning the Company and the Securities. Copies of the Preliminary Offering Memorandum have been, and copies of the
Offering Memorandum will be, delivered by the Company to the Initial Purchasers pursuant to the terms of this Agreement. The Company hereby confirms that it has authorized the use of the Preliminary Offering Memorandum, the other Time of Sale
Information (as defined below) and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement. Capitalized terms used but not defined herein shall have
the meanings given to such terms in the Preliminary Offering Memorandum. 

 The Securities and the Guarantee will be secured, subject to Permitted Exceptions (as
defined below), by first-priority liens in certain of the Company’s and the Guarantor’s principal United States assets (other than the Second Priority Collateral (as defined below), certain foreign collateral and certain excluded assets),
including, but not limited to, Intellectual Property (as defined below) owned by the Company, the Guarantor and its restricted subsidiaries, the owned real property, fixtures and equipment now owned or hereafter acquired (in the case of real estate,
if acquired in fee and if the estimated fair market value thereof is equal to or greater than $1.0 million) by the Company and the Guarantor and capital stock of the restricted subsidiaries of the Guarantor (which, in the case of foreign
subsidiaries, will be limited to 65% of the stock of each first-tier foreign subsidiary, and except that the collateral will not include any capital stock of any direct or indirect subsidiary of the Guarantor to the extent that the pledge of such
capital stock would result in the Guarantor or any of its direct or indirect subsidiaries being required to file separate financial statements with the Commission)(the “First Priority Collateral”). 
 The Securities and the Guarantee will also be secured, subject to Permitted Exceptions (as defined below), by second-priority liens on the
assets of the Company and the Guarantor that secure that certain Revolving Credit Agreement dated as of May 11, 2007 among the Company, the subsidiaries party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A. as administrative
agent and U.S. collateral agent (the “ABL Credit Facility”) on a first-priority lien basis, including, but not limited to cash and cash equivalents, deposit and securities accounts, inventory, accounts receivable, other personal
property relating to such inventory and accounts receivable and all proceeds therefrom, in each case now owned or hereafter acquired (the “Second Priority Collateral”). 
 The First Priority Collateral and the Second Priority Collateral are referred to herein collectively as the “Collateral.”

 The portion of the Collateral relating to real property and fixtures shall be described in the mortgages, deeds of trust or
deeds to secure debt delivered pursuant to Section 4(p) hereof in form and substance reasonably satisfactory to the Representatives (collectively, the “Mortgages”) with respect to each property listed on Annex G hereto (each, a
“Mortgaged Property” and, collectively, the “Mortgaged Properties”) and the Pledge and Security Agreement to be dated the Closing Date (the “Security Agreement” and, together with the Mortgages, the
“Collateral Documents”) with respect to the Collateral other than real property, each to be delivered to the Trustee, granting a first priority security interest with respect to the First Priority Collateral, and a second priority
security interest with respect to the Second Priority Collateral, in each case, subject to Permitted Exceptions, for the benefit of the Trustee and each holder of the Securities and the successors and assigns of the foregoing. The rights of the
holders of the Securities with respect to the Collateral shall be further governed by the Intercreditor Agreement to be dated the Closing Date (the “Intercreditor Agreement”) among the Company, the Guarantor, JPMorgan Chase Bank,
N.A. as administrative agent and U.S. collateral agent under the ABL Credit Facility and The Bank of New York Mellon, as collateral agent (the “Collateral Agent”). 
 At or prior to the time when sales of the Securities were first made (the “Time of Sale”), the following information shall
have been prepared (collectively, the “Time of Sale Information”): the Preliminary Offering Memorandum, as supplemented and amended by the written communications listed on Annex A hereto. 
  

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 Holders of the Securities (including the Initial Purchasers and their direct and indirect
transferees) will be entitled to the benefits of a Registration Rights Agreement, to be dated the Closing Date (as defined below) and substantially in the form attached hereto as Exhibit A (the “Registration Rights Agreement”),
pursuant to which the Company and the Guarantor will agree to file one or more registration statements with the Securities and Exchange Commission (the “Commission”) providing for the registration under the Securities Act of the
Securities or the Exchange Securities referred to (and as defined) in the Registration Rights Agreement. 
 The Company hereby
confirms its agreement with the several Initial Purchasers concerning the purchase and resale of the Securities, as follows: 
 1. Purchase and Resale of the Securities. (a) The Company agrees to issue and sell the Securities to the several Initial Purchasers as provided in this Agreement, and each Initial Purchaser, on the basis of the representations,
warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Company the respective principal amount of Securities set forth opposite such Initial Purchaser’s
name in Schedule 1 hereto at a price equal to 96.809% of the principal amount thereof, plus accrued interest, if any, from December 23, 2009 to the Closing Date. The Company will not be obligated to deliver any of the Securities except upon
payment for all the Securities to be purchased as provided herein. 
 (b) The Company understands that the Initial Purchasers
intend to offer the Securities for resale on the terms set forth in the Time of Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that: 
 (i) it is a qualified institutional buyer within the meaning of Rule 144A under the Securities Act (a “QIB”)
and an accredited investor within the meaning of Rule 501(a) under the Securities Act; 
 (ii) it has not
solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities
Act (“Regulation D”) or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act; and 
 (iii) it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as part of their initial offering except: 
 (A) within the United States to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A under
the Securities Act (“Rule 144A”) and in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A; or

 (B) in accordance with the restrictions set forth in Annex C hereto. 
  

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 (c) Each Initial Purchaser acknowledges and agrees that the Company and, for purposes of the
opinions to be delivered to the Initial Purchasers pursuant to Sections 6(f)(i) and 6(g), counsel for the Company and counsel for the Initial Purchasers, respectively, may rely upon the accuracy of the representations and warranties of the Initial
Purchasers, and compliance by the Initial Purchasers with their agreements, contained in paragraph (b) above (including Annex C hereto), and each Initial Purchaser hereby consents to such reliance. 
 (d) The Company acknowledges and agrees that the Initial Purchasers may offer and sell Securities to or through any affiliate of an Initial
Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser. 
 (e)
The Company and the Guarantor acknowledge and agree that the Initial Purchasers are acting solely in the capacity of an arm’s length contractual counterparty to the Company and the Guarantor with respect to the offering of Securities
contemplated hereby (including in connection with determining the terms of the offering) and not as financial advisors or fiduciaries to, or agents of, the Company, the Guarantor or any other person. Additionally, neither the Representatives nor any
other Initial Purchaser is advising the Company, the Guarantor or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company and the Guarantor shall consult with their own advisors concerning
such matters and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and neither the Representatives nor any other Initial Purchaser shall have any responsibility or liability to
the Company or the Guarantor with respect thereto. Any review by the Representatives or any Initial Purchaser of the Company, the Guarantor, and the transactions contemplated hereby or other matters relating to such transactions will be performed
solely for the benefit of the Representatives or such Initial Purchaser, as the case may be, and shall not be on behalf of the Company, the Guarantor or any other person. 
 2. Payment and Delivery. (a) Payment for and delivery of the Securities will be made at the offices of Simpson Thacher & Bartlett LLP at 10:00 A.M. New York City time, on
December 23, 2009, or at such other time or place on the same or such other date, not later than the fifth business day thereafter, as the Representatives and the Company may agree upon in writing. The time and date of such payment and delivery
is referred to herein as the “Closing Date”. 
 (a) Payment for the Securities shall be made by wire transfer in
immediately available funds to the account(s) specified by the Company to the Representatives against delivery to the nominee of The Depository Trust Company, for the account of the Initial Purchasers, of one or more global notes representing the
Securities (collectively, the “Global Note”), with any transfer taxes payable in connection with the sale of the Securities duly paid by the Company. The Global Note will be made available for inspection by the Representatives not
later than 1:00 P.M., New York City time, on the business day prior to the Closing Date. 
  

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 3. Representations and Warranties of the Company and the Guarantor. The Company and
the Guarantor jointly and severally represent and warrant to each Initial Purchaser that: 
 (a) Preliminary Offering
Memorandum, Time of Sale Information and Offering Memorandum. The Preliminary Offering Memorandum, as of its date, did not, the Time of Sale Information, at the Time of Sale, did not, and at the Closing Date, will not, and the Offering
Memorandum, in the form first used by the Initial Purchasers to confirm sales of the Securities and as of the Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Company and the Guarantor make no representation or warranty with respect to any statements or omissions made in reliance upon
and in conformity with information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use in the Preliminary Offering Memorandum, the Time of Sale Information or
the Offering Memorandum. 
 (b) Additional Written Communications. The Company (including its agents and representatives,
other than the Initial Purchasers in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication that constitutes an offer to
sell or solicitation of an offer to buy the Securities (each such communication by the Company or its agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below) an “Issuer Written
Communication”) other than (i) the Preliminary Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex B hereto, which
constitute part of the Time of Sale Information, and (iv) any electronic road show or other written communications, in each case used in accordance with Section 4(c). Each such Issuer Written Communication, when taken together with the
Time of Sale Information, did not, and at the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; provided that the Company makes no representation and warranty with respect to any statements or omissions made in each such Issuer Written Communication in reliance upon and in conformity with information
relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use in any Issuer Written Communication. 
 (c) Financial Statements. The financial statements and the related notes thereto included in each of the Time of Sale Information and
the Offering Memorandum present fairly in all material respects the consolidated financial position of Holdings and its subsidiaries as of the dates indicated and the consolidated results of their operations and the consolidated changes in their
cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles applied on a consistent basis throughout the periods covered thereby; the other financial information
included in each of the Time of Sale Information and the Offering Memorandum has been derived from the accounting records of Holdings and its subsidiaries and presents fairly in all material respects the information shown thereby. 
 (d) No Material Adverse Change. Since the date of the most recent financial statements of Holdings included in each of the Time of
Sale Information and the Offering Memorandum, (i) there has not been any change in the capital stock, partnership units or limited liability company interests, as applicable (in each case, other than as a result of the exercise of partnership
unit options or the issuance of restricted partnership units in the ordinary course), or

  

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long-term debt of Holdings or any of its subsidiaries, or any dividend or distribution of any kind declared, set aside for payment, paid or made by Holdings on any class of partnership units, or
any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, properties, management, financial position, results of operations or the prospects of the Company and its subsidiaries
taken as a whole; (ii) other than in the ordinary course of business, neither Holdings nor any of its subsidiaries has entered into any transaction or agreement that is material to Holdings and its subsidiaries taken as a whole or incurred any
liability or obligation, direct or contingent, that is material to Holdings and its subsidiaries taken as a whole; and (iii) neither Holdings nor any of its subsidiaries has sustained any material loss or interference with its business from
fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or governmental or regulatory authority, except in the case of (i),
(ii) or (iii), as otherwise disclosed in the Time of Sale Information. 
 (e) Organization and Good Standing.
Holdings and each of its subsidiaries have been duly organized and are validly existing and in good standing (to the extent such concept is applicable) under the laws of their respective jurisdictions of organization, are duly qualified to do
business and are in good standing (to the extent such concept is applicable) in each jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all
limited partnership, corporate, limited liability company or the like power and authority necessary to own or hold their respective properties and to conduct the businesses in which they are engaged, except where the failure to be so qualified, in
good standing or have such power or authority would not, individually or in the aggregate, have a material adverse effect on the business, properties, management, financial position, results of operations or the prospects of Holdings and its
subsidiaries taken as a whole or on the performance by the Company and the Guarantor of their obligations under the Securities and the Guarantee (a “Material Adverse Effect”). Holdings does not own or control, directly or
indirectly, any corporation, association, partnership, limited liability company or other entity other than the subsidiaries listed in Schedule 2 to this Agreement. 
 (f) Capitalization. As of the date therein indicated, Holdings had partnership units issued and outstanding as set forth in each of the Time of Sale Information and the Offering Memorandum under
the heading “Capitalization”; and all the outstanding shares of capital stock or other equity interests of each subsidiary of Holdings have been duly and validly authorized and issued, are fully paid and non-assessable (except, in the case
of any foreign subsidiary, for directors’ qualifying shares) and are owned directly or indirectly by Holdings (except as indicated on Schedule 2 hereto), free and clear of any lien, charge, encumbrance, security interest, restriction on voting
or transfer or any other claim of any third party, other than capital stock or other equity interest pledged as Collateral or pledged as collateral under the ABL Credit Facility or the Credit Facilities. 
 (g) Due Authorization. The Company and the Guarantor have full right, power and authority to execute and deliver this Agreement, the
Securities, the Indenture (including each Guarantee set forth therein), each Collateral Document, the Intercreditor Agreement, the Exchange Securities and the Registration Rights Agreement (collectively, the “Transaction
Documents”), in each case to the extent a party thereto and to perform their respective

  

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obligations hereunder and thereunder; and all corporate or limited partnership action required to be taken by the Company and the Guarantor for the due and proper authorization, execution and
delivery of each of the Transaction Documents and the consummation of the transactions contemplated thereby has been duly and validly taken. 
 (h) The Indenture. The Indenture has been duly authorized by the Company and the Guarantor and, when duly executed and delivered in accordance with its terms by each of the parties thereto, will
constitute a valid and legally binding agreement of the Company and the Guarantor enforceable against the Company and the Guarantor in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency or similar
laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability (collectively, the “Enforceability Exceptions”); and on the Closing Date, the Indenture will conform in all
material respects to the requirements of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”), and the rules and regulations of the Commission applicable to an indenture that is qualified thereunder. 

(i) The Securities and the Guarantee. The Securities have been duly authorized by the Company and, when duly executed,
authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company enforceable against the
Company in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture; and the Guarantee has been duly authorized by the Guarantor and, when the Securities have been duly executed,
authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, will be a valid and legally binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, subject to the
Enforceability Exceptions, and will be entitled to the benefits of the Indenture. 
 (j) The Exchange Securities. On the
Closing Date, the Exchange Securities (including the related guarantee) will have been duly authorized by the Company and the Guarantor and, when duly executed, authenticated, issued and delivered as contemplated by the Registration Rights
Agreement, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of the Company, as issuer, and the Guarantor, as guarantor, enforceable against the Company and the Guarantor in accordance with
their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture. 
 (k) Purchase
and Registration Rights Agreements. This Agreement has been duly authorized, executed and delivered by the Company and the Guarantor; and the Registration Rights Agreement has been duly authorized by the Company and the Guarantor and on the
Closing Date will be duly executed and delivered by the Company and the Guarantor and, when duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of the Company
and the Guarantor enforceable against the Company and the Guarantor in accordance with its terms, subject to the Enforceability Exceptions, and except that rights to indemnity and contribution thereunder may be limited by applicable law and public
policy. 
  

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 (l) Collateral Documents. Each of the Collateral Documents and the Intercreditor
Agreement has been duly authorized by the Company and the Guarantor, in each case, to the extent a party thereto, and, when duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally
binding agreement of the Company and the Guarantor, in each case, to the extent a party thereto, enforceable against the Company and the Guarantor, to the extent a party thereto, in accordance with its terms, subject to the Enforceability
Exceptions. The Collateral conforms in all material respects to the description thereof contained in the Time of Sale Information and the Offering Memorandum. 
 (m) Mortgages. Upon execution and delivery, the Mortgages will be effective to grant a legal, valid and enforceable mortgage lien on each mortgagor’s right, title and interest in the property
described therein. When the Mortgages are duly recorded in the proper recorders’ offices or appropriate public records and the mortgage recording fees and taxes, if any, in respect thereof are paid and compliance is otherwise had with the
formal requirements of state law applicable to the recording of real estate mortgages generally, each such Mortgage shall constitute a validly perfected and enforceable first priority lien and security interest in the related portion of the
Mortgaged Property constituting real property or fixtures for the benefit of the Trustee and the holders of the Securities, subject only to the encumbrances and exceptions to title expressly permitted in the Mortgages or Indenture (including those
liens expressly permitted to be incurred or which exist on the Collateral pursuant to the Indenture or the Collateral Documents) or expressly set forth as an exception to the policies of title insurance obtained to insure the lien of each Mortgage
with respect to each of the Mortgaged Properties (such encumbrances and exceptions, the “Mortgage Permitted Exceptions”), and to the Enforceability Exceptions. 
 (n) Security Agreement. The Security Agreement, when duly executed and delivered in accordance with its terms by each of the parties
thereto, will be effective to grant a valid and enforceable security interest, in favor of the Collateral Agent for the benefit of the Trustee and the holders of the Securities, in each grantor’s right, title and interest in the Collateral
described in the Security Agreement (other than the Mortgaged Properties), subject to the Enforceability Exceptions. 
 (o)
Personal Property Collateral. Upon the proper filing of financing statements, or Mortgages, or to the extent applicable, appropriate filings in the U.S. Patent and Trademark Office and the U.S. Copyright Office in order to perfect the security
interest in the United States registrations or applications for registration of Intellectual Property which is owned by the Company and the Guarantor and part of the Collateral, as applicable, with respect to the Collateral described in the Security
Agreement and the fixtures and certain personal property described in the Mortgages (the “Personal Property Collateral”), in each case, in the proper recording office, the security interests granted thereby will constitute valid,
perfected first priority liens and security interests in the Personal Property Collateral of each grantor or mortgagor, as applicable, constituting First Priority Collateral and valid, perfected second priority liens and security interests in the
Personal Property Collateral of each grantor or mortgagor, as applicable, constituting Second Priority Collateral, for the benefit of the Trustee and the holders of the Securities, enforceable in accordance with the terms contained therein, to the
extent such security interests can be perfected by filing a financing statement under the Uniform Commercial Code (“UCC”) of the jurisdiction of organization of such grantor or by filing a mortgage under the local law of the jurisdiction
in which the fixtures are located, and subject only to the encumbrances and exceptions to title expressly permitted in the Security

  

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Agreement or Indenture (including those liens expressly permitted to exist or to be incurred or which exist on the Collateral pursuant to the Indenture or the Collateral Documents) (such
encumbrances and exceptions, together with the Mortgage Permitted Exceptions, the “Permitted Exceptions”), and to the Enforceability Exceptions. 
 (p) Ownership of Collateral. Holdings and its subsidiaries collectively own, have rights in, or have the power and authority to collaterally assign rights in, the Collateral, free and clear of any
liens other than the Permitted Exceptions, liens pursuant to the ABL Credit Facility and, unless paid in full as contemplated in Section 6(p) hereto, liens pursuant to the Credit Facilities (as defined below). 
 (q) Descriptions of the Transaction Documents. Each Transaction Document conforms in all material respects to the description thereof
contained in each of the Time of Sale Information and the Offering Memorandum. 
 (r) No Violation or Default. Neither
Holdings nor any of its subsidiaries is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default,
in the due performance or observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Holdings or any of its subsidiaries is a party or by which Holdings
or any of its subsidiaries is bound or to which any of the property or assets of Holdings or any of its subsidiaries is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator
or governmental or regulatory authority, except, in the case of clauses (ii) and (iii) above, for any such default or violation that would not, individually or in the aggregate, have a Material Adverse Effect. 
 (s) No Conflicts. The execution, delivery and performance by the Company and the Guarantor of each of the Transaction Documents to
which each is a party, the issuance and sale of the Securities (including the Guarantee) and compliance by the Company and the Guarantor with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents will
not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of Holdings or
any of its subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Holdings or any of its subsidiaries is a party or by which Holdings or any of its subsidiaries is bound or to which
any of the property or assets of Holdings or any of its subsidiaries is subject, except that consent is required under the ABL Credit Facility and, unless paid in full as contemplated in Section 6(p) hereto, the Credit Facilities and except
liens, charges or encumbrances created or imposed pursuant to the Collateral Documents and the ABL Credit Facility and the Credit Facilities, (ii) result in any violation of the provisions of the charter or by-laws or similar organizational
documents of Holdings or any of its subsidiaries or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of
clauses (i) and (iii) above, for any such conflict, breach, violation or default that would not, individually or in the aggregate, have a Material Adverse Effect. 
  

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 (t) No Consents Required. No consent, approval, authorization, order, registration or
qualification of or with any court or arbitrator or governmental or regulatory authority is required for the execution, delivery and performance by the Company and the Guarantor of each of the Transaction Documents to which each is a party, the
issuance and sale of the Securities (including the Guarantee) and compliance by the Company and the Guarantor with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents, except that consent is required
under the ABL Credit Facility and, unless paid in full as contemplated in Section 6(p) hereto, the Credit Facilities and except for such consents, approvals, authorizations, orders and registrations or qualifications as may be required
(i) under applicable state securities laws in connection with the purchase and resale of the Securities by the Initial Purchasers, (ii) with respect to the Exchange Securities (including the related guarantees) under the Securities Act,
the Trust Indenture Act and applicable state securities laws as contemplated by the Registration Rights Agreement, and (iii) to perfect the Collateral Agent’s security interests granted pursuant to the Collateral Documents. 
 (u) Legal Proceedings. Except as described in each of the Time of Sale Information and the Offering Memorandum, there are no legal,
governmental or regulatory investigations, actions, suits or proceedings pending to which Holdings or any of its subsidiaries is a party or to which any property of Holdings or any of its subsidiaries is the subject that, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect; and, to the best knowledge of the Company and the Guarantor, no such investigations, actions, suits or proceedings are threatened by any governmental or regulatory authority
or by others. 
 (v) Independent Accountants. Deloitte & Touche LLP, who have certified certain financial
statements of Holdings and its subsidiaries, are independent public accountants with respect to Holdings and its subsidiaries within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public
Accountants and its interpretations and rulings thereunder. 
 (w) Title to Real and Personal Property. Holdings and its
subsidiaries have good and marketable title in fee simple (in the case of owned real property) to, or have valid rights to lease or otherwise use, all items of real and personal property that are material to the respective businesses of Holdings and
its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except Permitted Exceptions, liens pursuant to the Credit Facilities (unless paid in full as contemplated in Section 6(p)
hereto) and those that (1) do not materially interfere with the use made and proposed to be made of such property by Holdings and its subsidiaries, or (ii) would not, individually or in the aggregate, have a Material Adverse Effect.

 (x) Title to Intellectual Property. To the best knowledge of the Company and the Guarantor, (I) Holdings and its
subsidiaries own or possess adequate rights to use all material patents, patent applications, trademarks, service marks, trade names, trademark registrations and applications, service mark registrations and applications, internet domain names,
copyrights, copyright registrations and applications, licenses and, trade secrets, know how and other proprietary or confidential information (collectively, the “Intellectual Property”) used in the conduct of the respective
businesses of the Company, Holdings and its subsidiaries; and (ii) the conduct of their respective businesses as currently conducted does not infringe or conflict in any

  

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material respect with any Intellectual Property rights of others. Holdings and its subsidiaries do not have any unresolved, written notice of any claim of infringement of or conflict with any
Intellectual Property rights of others that would, individually or in the aggregate, have a Material Adverse Effect. 
 (y)
No Undisclosed Relationships. No relationship, direct or indirect, exists between or among Holdings or any of its subsidiaries, on the one hand, and the directors, officers, stockholders or other affiliates of Holdings or any of its
subsidiaries, on the other, that would be required by the Securities Act to be described in a registration statement to be filed with the Commission and that is not so described in each of the Time of Sale Information and the Offering Memorandum.

 (z) Investment Company Act. Neither Holdings nor any of its subsidiaries is, and after giving effect to the offering
and sale of the Securities and the application of the proceeds thereof as described in each of the Time of Sale Information and the Offering Memorandum none of them will be, an “investment company” within the meaning of the Investment
Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “Investment Company Act”). 
 (aa) Taxes. Holdings and its subsidiaries have paid all federal, state, local and foreign taxes, other than those being contested in good faith by appropriate proceedings and with respect to which
adequate reserves for taxes have been established in accordance with generally accepted accounting principles, and filed all material tax returns required to be filed through the date hereof; and except as otherwise disclosed in each of the Time of
Sale Information and the Offering Memorandum, there is no material tax deficiency that has been, or would reasonably be expected to be, asserted against Holdings or any of its subsidiaries or any of their respective properties or assets. 

(bb) Licenses and Permits. Holdings and its subsidiaries possess all licenses, certificates, permits and other authorizations
issued by, and have made all declarations and filings with, the appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their
respective businesses as described in each of the Time of Sale Information and the Offering Memorandum, except where the failure to possess or make the same would not, individually or in the aggregate, have a Material Adverse Effect; and except as
described in each of the Time of Sale Information and the Offering Memorandum, neither Holdings nor any of its subsidiaries has received notice of any revocation or modification of any such license, certificate, permit or authorization or has any
reason to believe that any such license, certificate, permit or authorization will not be renewed in the ordinary course. 
 (cc) No Labor Disputes. No labor disturbance by or dispute with employees of Holdings or any of its subsidiaries exists or, to the best knowledge of the Company and the Guarantor, is contemplated or threatened and neither the Company
nor the Guarantor is aware of any existing or imminent labor disturbance by, or dispute with, the employees of any of Holdings’ or any of Holdings’ subsidiaries’ principal suppliers, contractors or customers, except as would not have
a Material Adverse Effect. 
  

 11 

 (dd) Compliance With Environmental Laws. (i) Holdings and its subsidiaries
(x) are, and at all prior times were, in compliance with any and all applicable federal, state, local and foreign laws, rules, regulations, requirements, decisions and orders relating to the protection of human health or safety, the
environment, natural resources, hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental Laws”), (y) have received and are in compliance with all permits, licenses, certificates or other
authorizations or approvals required of them under applicable Environmental Laws to conduct their respective businesses, and (z) have not received notice of any actual or potential liability under or relating to any Environmental Laws,
including for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, and have no knowledge of any event or condition that would reasonably be expected to result in any such
notice, and (ii) neither Holdings nor its subsidiaries have costs or liabilities associated with compliance with Environmental Laws, except in the case of each of (i) and (ii) above, for any such failure to comply, or failure to
receive required permits, licenses or approvals, or cost or liability, as would not, individually or in the aggregate, have a Material Adverse Effect; and (iii) except as described in each of the Time of Sale Information and the Offering
Memorandum, (x) there are no proceedings that are pending or, to the best knowledge of the Company and the Guarantor, threatened against Holdings or any of its subsidiaries under any Environmental Laws in which a governmental entity is also a
party, other than such proceedings regarding which it is reasonably believed no monetary sanctions of $100,000 or more will be imposed, (y) Holdings and its subsidiaries have no knowledge of any events, activities or conditions regarding
compliance with Environmental Laws, or liabilities or other obligations under Environmental Laws or concerning hazardous or toxic substances or wastes, pollutants or contaminants, that could reasonably be expected to have a Material Adverse Effect,
and (z) none of Holdings and its subsidiaries anticipates material capital expenditures relating to any Environmental Laws for the current or succeeding fiscal year. 
 (ee) Compliance With ERISA. (i) Each employee benefit plan, within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), for
which Holdings or any member of its “Controlled Group” (defined as any organization which is a member of a controlled group of corporations within the meaning of Section 414(b) or (c) of the Internal Revenue Code of 1986, as
amended (the “Code”)) would have any liability (each, a “Plan”) has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA
and the Code; (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred with respect to any Plan excluding transactions effected pursuant to a statutory or administrative
exemption; (iii) no Plan has failed, or is reasonably expected to fail, to satisfy the minimum funding standards (within the meaning of Section 302 of ERISA or Section 412 of the Code) applicable to such Plan and no Plan has filed, or
is reasonably expected to file, pursuant to Section 412 of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard; (iv) except as could not reasonably be expected to result in a Material
Adverse Effect with respect to any Plan subject to Section 430 of ERISA or Title IV of ERISA the fair market value of the assets of each Plan exceeds the present value of all benefits accrued under such Plan (determined based on those
assumptions used to fund such Plan); (v) no “reportable event” (within the meaning of Section 4043(c) of ERISA) has occurred or is reasonably expected to occur; and (vi) except as could not reasonably be expected to result
in a Material Adverse Effect neither Holdings nor any member of the Controlled Group has incurred,

  

 12 

 
nor reasonably expects to incur, any liability under applicable non-U.S, laws or Title IV of ERISA or otherwise (other than contributions to the Plan or premiums to the PBGC, in the ordinary
course and without default) in respect of a Plan (including a “multiemployer plan,” within the meaning of Section 4001(a)(3) of ERISA). 
 (ff) Accounting Controls. Holdings and its subsidiaries maintain systems of internal accounting controls sufficient to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, including, but not limited to internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted
accounting principles and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as disclosed in each of the Time of Sale Information and the Offering Memorandum, there are no material weaknesses or significant
deficiencies in Holdings’ internal controls. 
 (gg) Insurance. Except as would not reasonably be expected to have a
Material Adverse Effect or as disclosed in the Time of Sale Information and the Offering Memorandum, Holdings and its subsidiaries have insurance covering their respective properties, operations, personnel and businesses, including business
interruption insurance, which insurance is in amounts and insures against such losses and risks as are adequate to protect Holdings and its subsidiaries and their respective businesses; and neither Holdings nor any of its subsidiaries has
(i) received notice from any insurer or agent of such insurer that capital improvements or other expenditures are required or necessary to be made in order to continue such insurance or (ii) any reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage at reasonable cost from similar insurers as may be necessary to continue its business. 
 (hh) No Unlawful Payments. Neither Holdings nor any of its subsidiaries nor, to the best knowledge of the Company and the Guarantor,
any director, officer, agent, employee or other person acting on behalf of Holdings or any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977;
or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment. 
 (ii) Compliance with
Money Laundering Laws. The operations of Holdings and its subsidiaries are and have been conducted at all times in material compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions
Reporting Act of 1970, as amended, the applicable money laundering statutes of all applicable jurisdictions, the applicable rules and regulations thereunder and any applicable related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving Holdings or any of its
subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of Holdings, threatened. 
  

 13 

 (jj) Compliance with OFAC. None of Holdings, any of its subsidiaries or, to the
knowledge of Holdings, any director, officer, agent, employee or affiliate of Holdings or any of its subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury
(“OFAC”); and the Company will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other
person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 
 (kk) Solvency. On and immediately after the Closing Date, Holdings and the Company (after giving effect to the issuance of the Securities and the other transactions related thereto as described in
each of the Time of Sale Information and the Offering Memorandum) will be Solvent. As used in this paragraph, the term “Solvent” means, with respect to a particular date, that on such date (i) the fair value of the assets of each of
Holdings and the Company, at a fair saleable valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair saleable value of the property of each of Holdings and the Company will be greater than
the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii) each of Holdings and the Company
will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; (iv) each of Holdings and the Company will not have unreasonably small capital with which to
conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted after the Closing Date, (v) assuming consummation of the issuance of the Securities as contemplated by this Agreement, the Time of
Sale Information and the Offering Memorandum, neither Holdings nor the Company intends to and neither Holdings nor the Company believes that it or any of its subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking
into account the timing of and amounts of cash to be received by it or any such subsidiary and the timing of the amounts of cash to be payable on or in respect of its indebtedness or the indebtedness of any such subsidiary. 
 (ll) No Restrictions on Subsidiaries. Except where such restrictions would not reasonably be expected to have a Material Adverse
Effect and except as restricted by the ABL Credit Facility and the Credit Facilities, no subsidiary of Holdings is currently prohibited, directly or indirectly, under any agreement or other instrument to which it is a party or is subject, from
paying any dividends to Holdings or the Company, from making any other distribution on such subsidiary’s capital stock, from repaying to Holdings or the Company any loans or advances to such subsidiary from Holdings or the Company or from
transferring any of such subsidiary’s properties or assets to Holdings or the Company or any other subsidiary of Holdings. 
 (mm) No Broker’s Fees. Neither Holdings nor any of its subsidiaries is a party to any contract, agreement or understanding with any person (other than this Agreement) that would give rise to a valid claim against any of them or
any Initial Purchaser for a brokerage commission, finder’s fee or like payment in connection with the offering and sale of the Securities. 
  

 14 

 (nn) Rule 144A Eligibility. On the Closing Date, the Securities will not be of the
same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Preliminary Offering Memorandum and the Offering
Memorandum, as of its respective date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the
Securities Act. 
 (oo) No Integration. Neither the Company nor any of its affiliates (as defined in Rule 501(b) of
Regulation D, but excluding Jefferies & Company, Inc., as to which no representation is made) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as
defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act. 
 (pp) No General Solicitation or Directed Selling Efforts. None of the Company or any of its affiliates or any other person acting on
its or their behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered or sold, the Securities by means of any form of general solicitation or general advertising within the
meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act or (ii) engaged in any directed selling efforts within the meaning of Regulation S under the
Securities Act (“Regulation S”), and all such persons have complied with the offering restrictions requirement of Regulation S. 
 (qq) Securities Law Exemptions. Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 1(b) (including Annex C hereto) and their compliance
with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by the Initial Purchasers in the manner
contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act. 
 (rr) No Stabilization. Neither the Company nor the Guarantor has taken, directly or indirectly, any action designed to or that could
reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. 
 (ss) Margin
Rules. Neither the issuance, sale and delivery of the Securities nor the application of the proceeds thereof by the Company as described in each of the Time of Sale Information and the Offering Memorandum will violate Regulation T, U or X of the
Board of Governors of the Federal Reserve System or any other regulation of such Board of Governors. 
 (tt) Forward-Looking
Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21 E of the Exchange Act) contained in any of the Time of Sale Information or the Offering Memorandum has been made or
reaffirmed without a reasonable basis or has been disclosed other than in good faith. 
  

 15 

 (uu) Statistical and Market Data. Nothing has come to the attention of the Company or
Holdings that has caused the Company or Holdings to believe that the statistical and market-related data included in each of the Time of Sale Information and the Offering Memorandum is not based on or derived from sources that are reliable and
accurate in all material respects. 
 (vv) Insider Transactions. There are no outstanding loans, advances (except normal
advances for business expenses in the ordinary course of business) or guarantees of indebtedness by Holdings or the Company to or for the benefit of any of the officers or directors of Holdings or the Company or any of their respective family
members, except as disclosed in the Time of Sale Information and the Offering Memorandum. 
 4. Further Agreements of the
Company and the Guarantor. The Company and the Guarantor jointly and severally covenant and agree with each Initial Purchaser that: 
 (a) Delivery of Copies. The Company will deliver, without charge, to the Initial Purchasers as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer
Written Communication and the Offering Memorandum (including all amendments and supplements thereto) as the Representatives may reasonably request. 
 (b) Offering Memorandum, Amendments or Supplements. Prior to the completion of the initial offering by the Initial Purchasers of the Securities and before finalizing the Offering Memorandum or
making or distributing any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum, the Company will furnish to the Representatives and counsel for the Initial Purchasers a copy of the proposed Offering Memorandum
or such amendment or supplement for review, and will not distribute any such proposed Offering Memorandum, amendment or supplement to which the Representatives reasonably object. 
 (c) Additional Written Communications. Before making, preparing, using, authorizing, approving or referring to any Issuer Written
Communication, the Company will furnish to the Representatives and counsel for the Initial Purchasers a copy of such written communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to
which the Representatives reasonably object. 
 (d) Notice to the Representatives. The Company will advise the
Representatives promptly, and confirm such advice in writing, (i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication
or the Offering Memorandum or the initiation or threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities as a result of which any of the
Time of Sale Information, any Issuer Written Communication or the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in the light of the circumstances existing when such Time of Sale Information, Issuer Written Communication or the Offering Memorandum is delivered to a purchaser, not misleading; and (iii) of the receipt by

  

 16 

 
the Company of any notice with respect to any suspension of the qualification of the Securities for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such
purpose; and the Company will use its reasonable best efforts to prevent the issuance of any such order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or
suspending any such qualification of the Securities and, if any such order is issued, will use its reasonable best efforts to obtain as soon as possible the withdrawal thereof. 
 (e) Time of Sale Information. If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a
result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading or (ii) it is necessary to amend or supplement any of the Time of Sale Information to comply with law, the Company will immediately notify the Initial Purchasers thereof and forthwith
prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to any of the Time of Sale Information as may be necessary so that the statements in any of the Time of Sale Information as so amended
or supplemented will not, in light of the circumstances under which they were made, be misleading or so that any of the Time of Sale Information will comply with law. 
 (f) Ongoing Compliance of the Offering Memorandum. If at any time prior to the completion of the initial offering of the Securities (i) any event shall occur or condition shall exist as a
result of which the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances
existing when the Offering Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Offering Memorandum to comply with law, the Company will immediately notify the Initial Purchasers thereof and
forthwith prepare and, subject to paragraph (b) above, furnish to the Initial Purchasers such amendments or supplements to the Offering Memorandum as may be necessary so that the statements in the Offering Memorandum as so amended or
supplemented will not, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser, be misleading or so that the Offering Memorandum will comply with law. 
 (g) Blue Sky Compliance. The Company will cooperate with the Initial Purchasers to qualify the Securities for offer and sale under
the securities or Blue Sky laws of such jurisdictions in the United States and Canada as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for the offering and resale of the Securities;
provided that neither the Company nor the Guarantor shall be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify,
(ii) file any general consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject. 
 (h) Clear Market. During the period from the date hereof through and including the date that is 90 days after the Closing Date, the
Company and the Guarantor will not, without the prior written consent of the Representatives, offer, sell, contract to sell or otherwise dispose of any debt securities issued or guaranteed by the Company or the Guarantor and having a tenor of more
than one year. 
  

 17 

 (i) Use of Proceeds. The Company will apply the net proceeds from the sale of the
Securities as described in each of the Time of Sale Information and the Offering Memorandum under the heading “Use of proceeds”. 
 (j) Supplying Information. While the Securities remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Company and the
Guarantor will, during any period in which the Company is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities and prospective purchasers of the Securities designated by such
holders, upon the request of such holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (k) DTC. The Company will assist the Initial Purchasers in arranging for the Securities to be eligible for clearance and settlement through The Depository Trust Company (“DTC”).

 (l) No Resales by the Company. The Company will not, and will not permit any of its affiliates (as defined in Rule 144
under the Securities Act, but not including Jefferies & Company, Inc., as to which no covenant is made) to, resell any of the Securities that have been acquired by any of them, except for Securities purchased by the Company or any of its
affiliates and resold in a transaction registered under the Securities Act. 
 (m) No Integration. Neither the Company
nor any of its affiliates (as defined in Rule 501(b) of Regulation D, but not including Jefferies & Company, Inc., as to which no covenant is made) will, directly or through any agent, sell, offer for sale, solicit offers to buy or
otherwise negotiate in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act. 
 (n) No General Solicitation or Directed Selling Efforts. None of the Company or any of its affiliates or any other person acting on
its or their behalf (other than the Initial Purchasers, as to which no covenant is given) will (i) solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of
Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(2) of the Securities Act or (ii) engage in any directed selling efforts within the meaning of Regulation S, and all such persons will
comply with the offering restrictions requirement of Regulation S. 
 (o) No Stabilization. Neither the Company nor
the Guarantor will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities. 
  

 18 

 (p) Collateral Filings. Within the time periods set forth on Schedule 3, the Company
and the Guarantor shall deliver, furnish and/or cause to be furnished all of the documents set forth on Schedule 3. 
 5.
Certain Agreements of the Initial Purchasers. Each Initial Purchaser hereby represents and agrees that it has not and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that
constitutes an offer to sell or the solicitation of an offer to buy the Securities other than (i) the Preliminary Offering Memorandum and the Offering Memorandum, (ii) a written communication that contains no “issuer information”
(as defined in Rule 433(h)(2) under the Securities Act) that was not included (including through incorporation by reference) in the Preliminary Offering Memorandum or the Offering Memorandum, (iii) any written communication listed on Annex A or
prepared pursuant to Section 4(c) above (including any electronic road show), (iv) any written communication prepared by such Initial Purchaser and approved by the Company in advance in writing or (v) any written communication
relating to or that contains the terms of the Securities and/or other information that was included in the Preliminary Offering Memorandum or the Offering Memorandum. 
 6. Conditions of Initial Purchasers’ Obligations. The obligation of each Initial Purchaser to purchase Securities on the Closing Date as provided herein is subject to the performance by the
Company and the Guarantor of their respective covenants and other obligations hereunder and to the following additional conditions: 
 (a) Representations and Warranties. The representations and warranties of the Company and the Guarantor contained herein shall be true and correct on the date hereof and on and as of the Closing Date; and the statements of the
Company, the Guarantor and their respective officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date. 
 (b) No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement,
(i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by Holdings or any of its subsidiaries by any “nationally recognized statistical rating
organization”, as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities Act; and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its
outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by Holdings or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading).

 (c) No Material Adverse Change. Since the date of the most recent financial statements of Holdings included in the
Time of Sale Information, no event or condition of a type described in Section 3(d) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or
supplement thereto) and the Offering Memorandum (excluding any amendment or supplement thereto) the effect of which in the judgment of either J.P. Morgan Securities Inc. or Jefferies & Company, Inc. makes it impracticable or inadvisable to
proceed with the offering, sale or delivery of the Securities on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum. 
  

 19 

 (d) Officer’s Certificate. The Representatives shall have received on and as of
the Closing Date a certificate of an executive officer of the Company and the Guarantor, in such officer’s or officers’ capacity as such and not in his or her individual capacity, who has specific knowledge of the Company’s or the
Guarantor’s financial matters and is reasonably satisfactory to the Representatives (i) confirming that such officer has carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the best knowledge of such
officer, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct, (ii) confirming that (A) the other representations and warranties of the Company and the Guarantor in this Agreement that do not include any
qualification regarding materiality are true and correct in all material respects and that the other representations and warranties of the Company and the Guarantor in this Agreement that include qualifications regarding materiality are true and
correct, and (B) that the Company and the Guarantor have complied with all agreements and satisfied all conditions in all material respects on their part to be performed or satisfied hereunder at or prior to the Closing Date and (iii) to
the effect set forth in paragraphs (b) and (c) above. 
 (e) Comfort Letters. On the date of this Agreement and
on the Closing Date, Deloitte & Touche LLP shall have furnished to the Representatives, at the request of the Company, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance
reasonably satisfactory to the Representatives, containing statements and information of the type customarily included in accountants’ “comfort letters” to initial purchasers with respect to the financial statements and certain
financial information contained in each of the Time of Sale Information and the Offering Memorandum; provided that the letter delivered on the Closing Date shall use a “cut-off’ date no more than three business days prior to the
Closing Date. 
 (f) Opinion and 10b-5 Statement of Counsel for the Company. (i) Dechert LLP, counsel for the
Company, shall have furnished to the Representatives, at the request of the Company, its written opinion and 10b-5 statement, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the
Representatives, substantially in the form set forth in Annex D hereto; (ii) Brownstein Hyatt Farber Schreck, LLP, counsel for the Company as to matters of Nevada law, shall have furnished to the Representatives, at the request of the Company,
its written opinion dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives, substantially in the form set forth in Annex E hereto; (iii) Glenn P. Marcel, general
counsel of the Company, shall have furnished to the Representatives, at the request of the Company, his written opinion dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the
Representatives, substantially in the form set forth in Annex F hereto. 
 (g) Opinion and 10b-5 Statement of Counsel for the
Initial Purchasers. The Representatives shall have received on and as of the Closing Date an opinion and 10b-5 statement of Simpson Thacher & Bartlett LLP, counsel for the Initial Purchasers, with respect to such matters as the
Representatives may reasonably request, and such counsel shall have received such documents and information as they may reasonably request to enable them to pass upon such matters. 
  

 20 

 (h) No Legal Impediment to Issuance. No action shall have been taken and no statute,
rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities or the issuance of the
Guarantee; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or the issuance of the Guarantee. 
 (i) Good Standing. The Representatives shall have received on and as of the Closing Date satisfactory evidence of the good standing
of the Company and Holdings in their respective jurisdictions of organization and their good standing in such other jurisdictions as the Representatives may reasonably request, in each case in writing or any standard form of telecommunication, from
the appropriate governmental authorities of such jurisdictions. 
 (j) Registration Rights Agreement. The Initial
Purchasers shall have received a counterpart of the Registration Rights Agreement that shall have been executed and delivered by a duly authorized officer of the Company and the Guarantor. 
 (k) DTC. The Securities shall be eligible for clearance and settlement through DTC. 
 (l) Collateral Filings. Except as otherwise contemplated by the Security Agreement, each document (including any UCC financing
statement) required by the Security Agreement, or under applicable law, in each case, to be filed, registered or recorded, or delivered for filing on or prior to the Closing Date, in order to create in favor of the Trustee, for the benefit of the
holders of the Securities, a perfected first priority lien and security interest in the Personal Property Collateral constituting First Priority Collateral and a perfected second priority lien and security interest in the Personal Property
Collateral constituting Second Priority Collateral, which is conveyed by the Security Agreement and which can be perfected by the making of such filings, registrations or recordations, prior and superior to the right of any other person (other than
Permitted Exceptions, liens pursuant to the Credit Facilities, unless paid in full as contemplated in Section 6(p) hereto, and, in the case of the Second Priority Collateral, the first priority liens securing the obligations under the ABL
Credit Facility), shall be in proper form for filing, registration or recordation. 
 (m) Collateral Accounts. Prior to
the Closing Date, the Representatives shall have received reasonably satisfactory evidence that any and all collateral accounts have been established to the extent required by the terms of the Indenture and the Security Agreement. 
 (n) Insurance. On or prior to the Closing Date, the Representatives shall have received satisfactory evidence that the Company and
the Guarantor maintain insurance with respect to the Collateral as specified by applicable terms of the Indenture. 
 (o)
Stock Certificates. On or prior to the Closing Date, certificates representing all of the capital stock of the subsidiaries of Holdings, to the extent required to be pledged as the First Priority Collateral under the Security Agreement, shall
have been delivered to the Collateral Agent. 
  

 21 

 (p) Credit Facilities. On or prior to the Closing Date, (i) all the obligations
of the borrowers under that certain First Lien Credit Agreement dated as of May 11, 2007 among Holdings, the Company, Edgen Murray Cayman Corporation, Lehman Commercial Paper, Inc., as Syndication Agent, Administrative Agent and UK Security
Agent, and various lenders (the “First Lien Credit Facility”) and that certain Second Lien Credit Agreement dated as of May 11, 2007 among Holdings, the Company, Lehman Commercial Paper, Inc., as Syndication Agent and
Administrative Agent, and various lenders (together with the First Lien Credit Facility, the “Credit Facilities”) shall have been paid in full and the commitments thereunder shall have been terminated, and (ii) the guarantee
obligations and the security interests in the collateral relating to the Credit Facilities shall have been released. 
 (q)
ABL Credit Facility. Concurrently with or prior to the Closing Date, (a) the Company shall have entered into an amendment to the ABL Credit Facility consistent in all material respects with the terms described in the Time of Sale
Information; and (b) the Representatives shall have received conformed counterparts thereof. 
 (r) Collateral
Documents. The Initial Purchasers shall have received conformed counterparts of the Collateral Documents (except as otherwise provided herein with respect to timing of the delivery of the Mortgages), each duly executed and delivered by each
party thereto, each in forms and substance reasonably satisfactory to the Representatives. 
 (s) Intercreditor
Agreement. The Initial Purchasers shall have received conformed counterparts of the Intercreditor Agreement duly executed and delivered by each party thereto, in form and substance reasonably satisfactory to the Representatives. 
 (t) Additional Documents. On or prior to the Closing Date, the Company and the Guarantor shall have furnished to the Representatives
such further certificates and documents as the Representatives may reasonably request. 
 All opinions, letters, certificates
and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers. 
 7. Indemnification and Contribution. 
 (a) Indemnification of the Initial Purchasers. The Company and the Guarantor jointly and severally agree to indemnify and hold harmless each Initial Purchaser, its affiliates, directors and
officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities
(including, without limitation, legal fees and other expenses reasonably incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based
upon, any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or
supplement thereto) or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not

  

 22 

 
misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission
made in reliance upon and in conformity with any information relating to any Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use therein. 
 (b) Indemnification of the Company. Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless the
Company, the Guarantor, each of their respective directors and officers and each person, if any, who controls the Company or the Guarantor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same
extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with any information relating to such Initial Purchaser furnished to the Company in writing by such Initial Purchaser through the Representatives expressly for use in the Preliminary Offering Memorandum, any of the
other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto), it being understood and agreed that the only such information consists of the following: the statements contained
(I) in the fourth and fifth sentences of the tenth paragraph, and (ii) in the first and sixth sentences of the twelfth paragraph, in each case under the heading “Plan of distribution” in the Time of Sale Information and in the
Offering Memorandum and, with respect to each Initial Purchaser, such Initial Purchaser’s name as it appears on the cover thereof. 
 (c) Notice and Procedures. If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of
which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “Indemnified Person”) shall promptly notify the person against whom such indemnification may be sought (the
“Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it
has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may
have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying
Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to
indemnification pursuant to this. Section 7 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as
incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the
Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have
reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding

  

 23 

 
(including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one
separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such reasonable fees and expenses shall be reimbursed as they are incurred. Any such separate firm for any Initial Purchaser, its affiliates, directors and
officers and any control persons of such Initial Purchaser shall be designated in writing by the Representatives and any such separate firm for the Company, the Guarantor, their respective directors and officers and any control persons of the
Company and the Guarantor shall be designated in writing by the Company. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified
Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance
with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is
or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory
to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified
Person. 
 (d) Contribution. If the indemnification provided for in paragraphs (a) and (b) above is unavailable
to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute
to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantor on the one
hand and the Initial Purchasers on the other from the offering of the Securities or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative
benefits referred to in clause (i) but also the relative fault of the Company and the Guarantor on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such losses, claims, damages
or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Guarantor on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions
as the gross proceeds (after deducting discounts and commissions) received by the Company from the sale of the Securities and the total discounts and commissions received by the initial Purchasers in connection therewith, as provided in this
Agreement, bear to the aggregate offering price of the Securities. The relative fault of the Company and the Guarantor on the one hand and the Initial

  

 24 

 
Purchasers on the other 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 Company or any Guarantor or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 (e) Limitation on Liability. The Company, the Guarantor and the Initial Purchasers agree that it would not be just and
equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not take
account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed
to include, subject to the limitations set forth above, any reasonable legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall
an Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Initial Purchaser with respect to the offering of the Securities exceeds the amount of any damages that
such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute pursuant to this Section 7 are several in proportion to their
respective purchase obligations hereunder and not joint. 
 (f) Non-Exclusive Remedies. The remedies provided for in this
Section 7 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 8. Termination. This Agreement may be terminated in the absolute discretion of either J.P. Morgan Securities Inc. or Jefferies & Company, Inc., by written notice to the Company, if after
the execution and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall have been suspended or materially limited on the New York Stock Exchange or the over-the-counter market; (ii) trading of any
securities issued or guaranteed by the Company or the Guarantor shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New
York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the reasonable judgment of
either J.P. Morgan Securities Inc. or Jefferies & Company, Inc., is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery, of the Securities on the terms and in the manner contemplated
by this Agreement, the Time of Sale Information and the Offering Memorandum. 
 9. Defaulting Initial Purchaser.
(a) If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the Securities that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such

  

 25 

 
Securities by other persons satisfactory to the Company on the terms contained in this Agreement. lf, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial
Purchasers do not arrange for the purchase of such Securities, then the Company shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities
on such terms. If other persons become obligated or agree to purchase the Securities of a defaulting Initial Purchaser, either the non-defaulting Initial Purchasers or the Company may postpone the Closing Date for up to five full business days in
order to effect any changes that in the opinion of counsel for the Company or counsel for the Initial Purchasers may be necessary in the Time of Sale Information, the Offering Memorandum or in any other document or arrangement, and the Company
agrees to promptly prepare any amendment or supplement to the Time of Sale Information or the Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this
Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase. 
 (b) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers
by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the
Securities, then the Company shall have the right to require each non-defaulting Initial Purchaser to purchase the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro
rata share (based on the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder) of the Securities of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made.

 (c) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or
Initial Purchasers by the non-defaulting Initial Purchasers and the Company as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased exceeds one-eleventh of the aggregate principal amount of
all the Securities, or if the Company shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers. Any termination of this Agreement
pursuant to this Section 9 shall be without liability on the part of the Company or the Guarantor, except that the Company and the Guarantor will continue to be liable for the payment of expenses as set forth in Section 10 hereof and
except that the provisions of Section 7 hereof shall not terminate and shall remain in effect. 
 (d) Nothing contained
herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Company, the Guarantor or any non-defaulting Initial Purchaser for damages caused by its default. 
 10. Payment of Expenses. (a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is
terminated, the Company and the Guarantor jointly and severally agree to pay or cause to be paid all costs and expenses incident to the performance of their respective obligations hereunder, including without limitation, (i) the costs incident
to the authorization, issuance, sale, preparation and delivery of the Securities and any

  

 26 

 
taxes payable in that connection; (ii) the costs incident to the preparation and printing of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written
Communication and the Offering Memorandum (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing and distributing each of the Transaction Documents and the fees and expenses incurred with
respect to creating and perfecting the security interest in the Collateral as contemplated by the Collateral Documents (including the related reasonable fees and expenses of counsel for the Initial Purchasers for all periods prior to and after the
Closing Date); (iv) the fees and expenses of the Company’s and the Guarantor’s counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or qualification and determination of
eligibility for investment of the Securities under the laws of such jurisdictions as the Representatives may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the related reasonable fees and expenses of
counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee and any paying agent (including related fees and expenses of any counsel to such parties);
(viii) all expenses and application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; and (ix) all expenses incurred by the Company in connection with any “road show” presentation to
potential investors. 
 (b) If (i) this Agreement is terminated pursuant to Section 8, (ii) the Company for any
reason fails to tender the Securities for delivery to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted under this Agreement, the Company and the Guarantor jointly and severally
agrees to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the reasonable fees and expenses of their counsel) reasonably incurred by the Initial Purchasers in connection with this Agreement and the offering
contemplated hereby. 
 11. Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their respective successors and any controlling persons referred to herein, and the affiliates, officers and directors of each Initial Purchaser referred to in Section 7 hereof. Nothing in this Agreement is
intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Securities from any Initial Purchaser shall be deemed to
be a successor merely by reason of such purchase. 
 12. Survival. The respective indemnities, rights of contribution,
representations, warranties and agreements of the Company, the Guarantor and the Initial Purchasers contained in this Agreement or made by or on behalf of the Company, the Guarantor or the Initial Purchasers pursuant to this Agreement or any
certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Company,
the Guarantor or the Initial Purchasers. 
 13. Certain Defined Terms. For purposes of this Agreement, (a) except
where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “business day” means any day other than a day on which banks are permitted
or required to be closed in New York City; (c) the term “Exchange Act” means the Securities Exchange Act of 1934, as amended; (d) the term “subsidiary” has the meaning set forth in Rule 405 under the
Securities Act; and (e) the term “written communication” has the meaning set forth in Rule 405 under the Securities Act. 
  

 27 

 14. Miscellaneous. (a) Authority of the Representatives. Any action by
the Initial Purchasers hereunder may be taken by J.P. Morgan Securities Inc. on behalf of the Initial Purchasers, and any such action taken by J.P. Morgan Securities Inc. shall be binding upon the Initial Purchasers. 
 (b) Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed
or transmitted and confirmed by any standard form of telecommunication. Notices to the Initial Purchasers shall be given to the Representatives c/o J.P. Morgan Securities Inc., 270 Park Avenue, New York, New York 10017 (fax: (212)-270-1063);
Attention: Gerry Murray. Notices to the Company and the Guarantor shall be given to them at Edgen Murray Corporation, 18444 Highland Road, Baton Rouge, Louisiana, 70809, (fax: (225)-756-7953); Attention: David L. Laxton, III. 
 (c) Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 (d) Counterparts. This Agreement may be signed in counterparts (which may include counterparts delivered by any
standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 
 (e) Amendments or Waivers. No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall
be in writing and signed by the parties hereto. 
 (f) Headings. The headings herein are included for convenience of
reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement. 
 If the
foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below. 
  

 28 

			
	Very truly yours,
	
	EDGEN MURRAY CORPORATION
		
	By	 	 /s/ David L. Laxton, III

	Name:	 	David L. Laxton, III
	Title:	 	Executive Vice President,
		 	Chief Financial Officer and Secretary
	
	GUARANTOR:
	
	EDGEN MURRAY II, L.P.
		
	By	 	 /s/ David L. Laxton, III

	Name:	 	David L. Laxton, III
	Title:	 	Executive Vice President,
		 	Chief Financial Officer and Secretary

 [Signature Page to Purchase Agreement] 

			
	Accepted:
	
	J.P. MORGAN SECURITIES INC.
	JEFFERIES & COMPANY, INC,
	
	 For themselves and on behalf of the
 several Initial Purchasers listed
 in Schedule 1 hereto.

	
	J.P. MORGAN SECURITIES INC,
		
	By	 	 /s/ David A. Dwyer

		 	Authorized Signatory
		 	David A. Dwyer
		 	Executive Director
	
	JEFFERIES & COMPANY, INC.
		
	By	 	 /s/ Craig Zaph

		 	Authorized Signatory

 [Signature Page to
Purchase Agreement] 

 Schedule 1 
  

				
	 Initial Purchaser
	  	Principal Amount
	 J.P. Morgan Securities Inc.
	  	$	186,000,000
	 Jefferies & Company, Inc.
	  	$	186,000,000
	 Barclays Capital Inc.
	  	$	46,500,000
	 HSBC Securities (USA) Inc.
	  	$	46,500,000
		  	 	 
	 Total
	  	$	465,000,000

  

 31 

 Schedule 2 
 Subsidiaries 
  

	1.	Edgen Murray Limited (Bermuda) (100%) 

  

	2.	Edgen Murray Corporation (Nevada) (100%) 

  

	3.	Edgen Murray Cayman Corporation (Cayman Islands) (100%) 

  

	4.	Edgen Murray Canada Inc. (Canada) (100%) 

  

	5.	Pipe Acquisition Ltd. (United Kingdom) (100%) 

  

	6.	Edgen Murray Europe Ltd. (United Kingdom) (100%) 

  

	7.	Edgen Murray Pte. Ltd. (Singapore) (100%) 

  

	8.	Edgen Murray FZE (United Arab Emirates) (100%) 

  

	9.	EMBZ I, L.L.C. (South Dakota) (100%) 

  

	10.	EMBZ II, L.L.C. (South Dakota) (100%) 

  

	11.	Edgen Murray do Brasil LTDA (Brazil) (100%) 

  

	12.	Edgen Murray Bahrain WLL (Bahraini joint venture) (70%) 

  

 32 

 Schedule 3 
 POST-CLOSING MATTERS 
 A. Within sixty (60) days after the
Closing Date the Initial Purchasers and the Trustee shall have received each of the following documents, which shall be reasonably satisfactory in form and substance to the Initial Purchasers, the Trustee and each of their respective counsel with
respect to the Collateral, as appropriate: 
  

	 	(i)	Insurance. Policies or certificates of insurance covering the property and assets of the Company and the Guarantor, which policies or certificates shall be in
form and substance reasonably acceptable to the Representatives and reflect the Collateral Agent for its benefit and the benefit of the Trustee and the holders of the Securities, as additional insured and loss payee and mortgagee and shall otherwise
bear endorsements of the character reasonably acceptable to the Representative. 

  

	 	(ii)	Mortgages. Fully executed counterparts of Mortgages for each of the Mortgaged Properties, together with evidence that counterparts of all the Mortgages have been
delivered to such title insurer as shall be reasonably acceptable to the Representatives (the “Title Company”) for recording in all applicable jurisdictions to the extent necessary or, in the reasonable opinion of the
Representative, desirable to effectively create a valid and enforceable first priority mortgage lien on each Mortgaged Property in favor of the Collateral Agent for its benefit and the benefit of the Trustee and the holders of the Securities,
securing the obligations related to the Securities (provided that in jurisdictions that impose mortgage recording taxes, such Mortgages shall not secure indebtedness in an amount exceeding 100% of the fair market value of such Mortgaged Property, as
reasonably determined, in good faith, by the Company and reasonably acceptable to the Representative), subject to the Mortgage Permitted Exceptions. 

  

	 	(iii)	Counsel Opinions . Opinions limited to enforceability of the Mortgages addressed to the Initial Purchasers and the Collateral Agent, of local counsel in each
jurisdiction where the Mortgaged Property is located. 

  

	 	(iv)	Title Insurance. With respect to each Mortgaged Property, a policy of title insurance (or commitment to issue such a policy having the effect of a policy of
title insurance) insuring (or committing to insure) the lien of the applicable Mortgage as a valid and enforceable first priority mortgage or deed of trust lien on the real property described therein, in an amount equal to 100% of the fair market
value of such Mortgaged Property as reasonably determined, in good faith, by the Company and reasonably acceptable to the Representative, (such policies collectively, the “Mortgage Policies”) issued by such Title Company, which
reasonably assures the Collateral Agent that the Mortgages on such Mortgaged Properties are valid and enforceable mortgage liens on the respective Mortgaged Properties, free and clear of all defects and encumbrances except Mortgage Permitted
Exceptions and liens with junior priority and such Mortgage Policies shall otherwise be in form and substance reasonably satisfactory to the Representatives and shall include such title endorsements and affirmative coverages as the Collateral Agent
shall reasonably request, to the extent available. 

  

 33 

	 	(v)	Survey. The Company and the Guarantor shall deliver to the Title Company and the Collateral Agent any and all surveys as may be reasonable to cause the Title
Company to issue the title insurance required pursuant to clause (iv) above. 

  

	 	(vi)	Mortgaged Property Indemnification. With respect to each Mortgaged Property, such affidavits, certificates, instruments of indemnification and other items
(including a so-called “gap” indemnification) as shall be required to induce the Title Company to issue the Mortgage Policy/ies and endorsements contemplated above. 

  

	 	(vii)	Collateral Fees and Expenses. Evidence acceptable to the Representatives of payment by the Company of all Mortgage Policy premiums, search and examination
charges, mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgages, fixture filings and issuance of the Mortgage Policies referred to above. 

  

 34 

 ANNEX A 
 Additional Time of Sale Information 
  

	1.	Term sheet containing the terms of the securities, substantially in the form of Annex B. 

  

 35 

 ANNEX B 
 Pricing Term Sheet 
 Pricing Term Sheet 
  

					
	Issuer:	  	Edgen Murray Corporation
		
	Security description:	  	Senior Secured Notes
		
	Distribution:	  	144A/Reg S with Registration Rights
		
	Size:	  	$465,000,000
		
	Offering price:	  	99.059%
		
	Gross proceeds:	  	$460,624,350
		
	Maturity:	  	January 15, 2015
		
	Coupon:	  	12.250%
		
	Yield to maturity:	  	12.500%
		
	Spread to Treasury:	  	+1014 bps
		
	Benchmark:	  	UST 4% due. 2/15/2015
		
	Interest Payment Dates:	  	January 15 and July 15, commencing July 15, 2010
		
	Clawback:	  	Up to 35% at 112.25% plus accrued and unpaid interest
		
	Until:	  	January 15, 2013
		
	Optional redemption:	  	Make-whole call @ T+50 bps prior to January 15, 2013, then:

  

					
	 On or after:
	  	Price:	 	 
	 January 15, 2013
	  	106.125%	 
	 January 15, 2014 and thereafter
	  	100.000%	 

  

					
	Change of control:	  	Putable at 101% of principal plus accrued and unpaid interest
		
	Trade date:	  	December 16, 2009
		
	Settlement:	  	T+5; December 23, 2009
		
	CUSIP:	  	144A: 280148AA5
		
		  	REG S: U2781UAA9
		
	ISIN:	  	144A: US280148AA58
		
		  	REG S: USU2781 UAA98
		
	Denominations/Multiple:	  	2,000 × 1,000
		
	Ratings:	  	Caa1/B
		
	Bookrunners:	  	J.P. Morgan Securities Inc.
		
		  	Jefferies & Company, Inc.
		
	Co-Managers	  	Barclays Capital Inc.
		
		  	HSBC Securities (USA) Inc.
		
	Gross spread:	  	2.250%
		
	Use of proceeds:	  	The Company intends to use all of the net proceeds to us from the offering, together with available cash, for the repayment in full of its first and second lien term
loans. The Company intends to make intercompany loans to one or more of its non-U.S. subsidiaries to facilitate the repayment of their portion of the first and second lien term loans.
		
	Additional comments:	  	 The summary historical financial data included in the preliminary offering
 memorandum dated December 9, 2009 is amended by the inclusion of the following information relating to revenue and Adjusted EBITDA for each of the
three-month periods ended March 31, June 30, September 30 and December 31 of 2008, March 31, June 30 and September 30 of 2009, and each of the last twelve-month periods ended March 31, June 30, September 30 and December 31 of 2008, and March 31,
June 30 and September 30 of 2009.

  

 36 

																								
	  	 	 (in millions)
	  	Q1’08	  	Q2’08	  	Q3’08	  	Q4’08	  	Q1’09	  	Q2’09	  	Q3’09
	 	 Revenue
	  	$	258	  	$	309	  	$	333	  	$	365	  	$	235	  	$	219	  	$	149
	 	 Adjusted EBITDA
	  	$	29	  	$	43	  	$	56	  	$	57	  	$	33	  	$	24	  	$	12
	 	 LTM Revenue
	  	$	981	  	$	1,079	  	$	1,162	  	$	1,266	  	$	1,242	  	$	1,152	  	$	968
	 	 LTM Adjusted EBITDA
	  	$	115	  	$	128	  	$	156	  	$	185	  	$	189	  	$	170	  	$	127
			
		 	The optional redemption provisions in the “Description of notes” section and elsewhere in the preliminary offering memorandum will be amended by deleting all
references to the ability of the Company to redeem up to 10% of aggregate principal amount of the Notes at a repurchase price equal to 103% of their principal amount during any twelve month period.	  		

  

 37 

 ANNEX C 
 Restrictions on Offers and Sales Outside the United States 
 In
connection with offers and sales of Securities outside the United States: 
 (a) Each Initial Purchaser acknowledges that the
Securities have not been registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject to, the
registration requirements of the Securities Act. 
 (b) Each Initial Purchaser, severally and not jointly, represents, warrants
and agrees that: 
 (i) Such Initial Purchaser has offered and sold the Securities, and will offer and sell the
Securities, (A) as part of their distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only in accordance with Regulation S under the Securities
Act (“Regulation S”) or Rule 144A or any other available exemption from registration under the Securities Act. 
 (ii) None of such Initial Purchaser or any of its affiliates or any other person acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities,
and all such persons have complied and will comply with the offering restrictions requirement of Regulation S. 
 (iii) At or prior to the confirmation of sale of any Securities sold in reliance on Regulation S, such Initial Purchaser will have sent to each distributor, dealer or other person receiving a selling concession, fee or other remuneration
that purchases Securities from it during the distribution compliance period a confirmation or notice to substantially the following effect: 
 “The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering of the Securities and the date of original
issuance of the Securities, except in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities Act. Terms used above have the meanings given to them by Regulation S.” 
 (iv) Such Initial Purchaser has not and will not enter into any contractual arrangement with any distributor with respect to
the distribution of the Securities, except with its affiliates or with the prior written consent of the Company. 
 Terms used in paragraph
(a) and this paragraph (b) and not otherwise defined in this Agreement have the meanings given to them by Regulation S. 
  

 38 

 (c) Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:

 (i) it has only communicated or caused to be communicated and will only communicate or cause to be
communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the United Kingdom Financial Services and Markets Act 2000 (the “FSMA”)) received by it in connection with the
issue or sale of any Securities in circumstances in which Section 21(1) of the FSMA does not apply to the Company or the Guarantor; and 
 (ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom.

 (d) Each Initial Purchaser acknowledges that no action has been or will be taken by the Company that would permit a public
offering of the Securities, or possession or distribution of any of the Time of Sale Information, the Offering Memorandum, any Issuer Written Communication or any other offering or publicity material relating to the Securities, in any country or
jurisdiction where action for that purpose is required. 
  

 39 

 ANNEX D 
 Forms of Opinion and 10b-5 of Dechert LLP 
 J.P. Morgan Securities Inc.

 Jefferies & Company, Inc., 
 as Representatives of the Initial Purchasers named in Schedule I to the Purchase Agreement referred to below 
 c/o J.P. Morgan Securities Inc. 
 270 Park Avenue 
 New York, New York 10017 
 Re: Edgen Murray II, L.P. 
 Gentlemen and Ladies: 
 We have acted as special counsel to Edgen Murray II, LP., a Delaware limited partnership (the “Guarantor” or
“Holdings”), and Edgen Murray Corporation, a Nevada corporation (the “Company” and, together with Holdings, the “Opinion Parties”), in connection with the issuance and sale by the Company of $465,000,000 aggregate
principal amount of its 12.250% Senior Secured Notes due 2015 (the “Securities”) to the several initial purchasers (the “Initial Purchasers”) named in the Purchase Agreement, dated December 16, 2009 (the “Purchase
Agreement”), by and among the Company, Holdings and the Initial Purchasers. This opinion is delivered to you pursuant to Section 6(f) of the Purchase Agreement. Capitalized terms used in this opinion letter and not otherwise defined herein
shall have the meanings specified in the Purchase Agreement. 
 We have examined originals (or copies of executed originals) of
the transaction documents described on Schedule I hereto (collectively, the “Transaction Documents”), the Delaware Financing Statement (as defined below) as well as the following: 
 (a) the Company’s Time of Sale Information, which includes the Company’s Preliminary Offering Memorandum, dated December 9,
2009, as supplemented by the written communications listed on Annex A to the Purchase Agreement; 
 (b) the Company’s
Offering Memorandum, dated the date hereof; 
 (c) the Certificate of Limited Partnership of Holdings, as certified by the
Secretary of State of the State of Delaware; 
 (d) the Amended and Restated Agreement of Limited Partnership of Holdings, as
certified by David L. Laxton, III, Secretary of Holdings; 
 (e) resolutions of the General Partner of Holdings, adopted
December 8, 2009, as certified by David L. Laxton, III, Secretary of Holdings; 
 (f) the certificate of David L. Laxton,
III, Secretary of Holdings, dated the date hereof; and 
  

 40 

 (g) a certificate, dated December 14, 2009, from the Secretary of State of the State of
Delaware as to Holdings’ existence and good standing in Delaware (the “Delaware Certificate”). 
 In making such
examination and rendering the opinions set forth below, we have assumed the genuineness of all signatures (other than those of officers of the Opinion Parties), the authenticity of all documents submitted to us as originals and the conformity to
authentic original documents of all documents submitted to us as certified, conformed or photostatic copies of such documents. 
 In rendering the opinions set forth below, we have also assumed that (a) each of the parties to the Transaction Documents (other than Holdings) has duly and validly authorized the Transaction Documents; (b) each of the parties to
the Transaction Documents (other than the Opinion Parties) has duly and validly executed and delivered the Transaction Documents; (c) each of the parties to the Transaction Documents (other than Holdings) is validly existing and in good
standing under the laws of the jurisdiction of its organization or formation; (d) each of the parties to the Transaction Documents (other than Holdings) has the requisite corporate, limited liability company or limited partnership power and
authority, as applicable, and has taken the corporate, limited liability company or limited partnership action, as applicable, necessary to authorize the execution and delivery of the Transaction Documents and to consummate the transactions
contemplated thereby; (e) the Transaction Documents constitute the valid and binding obligations of each party thereto (other than the Opinion Parties), enforceable against such other party in accordance with their respective terms; and
(f) each of the parties to the Transaction Documents (other than the Opinion Parties) has received all agreed upon consideration for each Transaction Document to which it purports to be a party. 
 In rendering the opinions set forth below, we have also assumed that the Opinion Parties have acquired “rights” in and to the
Collateral and that “value” has been given, each within the meaning of Section 9-203 of the Uniform Commercial Code of the State of New York (the “NY UCC”) consistent with and sufficient for the purposes of the Transaction
Documents, and that the same will be true of each item of Collateral acquired or arising after the date hereof. 
 Our opinions
set forth herein are based on our consideration of only those statutes, rules, regulations and judicial decisions which, in our professional experience, are normally applicable to transactions of the type contemplated by the Transaction Documents.

 With respect to certain factual matters material to our opinions, we have relied upon representations and warranties of the
Opinion Parties in the Transaction Documents, and certificates or comparable documents of officers of the Opinion Parties, public officials and other authorized persons and we have made no independent inquiry into the accuracy of such
representations or certificates. Whenever our opinion in this letter with respect to the existence or absence of facts is qualified by the phrase “to our knowledge” or “known to us,” we are referring to the current actual
knowledge of Dechert LLP attorneys who have rendered substantive legal services to the Opinion Parties in connection with the transactions contemplated in the Transaction Documents which knowledge has been obtained by such attorneys in such
capacity. Except to the extent expressly set forth in this letter, we have not undertaken any independent investigation to determine the existence or absence of those facts, and no inference as to the knowledge of the existence or absence of those
facts should be drawn from our representation of the Opinion Parties. 
  

 41 

 Based upon the foregoing and subject to the assumptions and qualifications set forth above
and hereinafter, we are of the opinion that: 
 1. Holdings has been duly organized and is validly existing and in good standing
under the laws of the State of Delaware and has the limited partnership power and limited partnership authority necessary to own its properties and conduct its business as described in each of the Time of Sale Information and the Offering
Memorandum, except where the failure to be so qualified or have such power or authority would not, individually or in the aggregate, have a Material Adverse Effect. 
 2. Holdings has the limited partnership power and the limited partnership authority to execute and deliver each of the Transaction Documents to which it is a party and to perform its obligations
thereunder; and all limited partnership action required to be taken for the due and proper authorization, execution and delivery of each of the Transaction Documents to which Holdings is a party and the consummation of the transactions contemplated
thereby to be consummated by Holdings has been duly and validly taken by Holdings. 
 3. The Indenture has been duly authorized,
executed and delivered by Holdings and duly executed and delivered by the Company, and, assuming due execution and delivery thereof by the Trustee, constitutes a valid and binding agreement of Holdings and the Company enforceable against Holdings
and the Company in accordance with its terms. The Indenture conforms in all material respects with the requirements of the Trust Indenture Act and the rules and regulations of the Commission applicable to an Indenture that is qualified thereunder.

 4. When the Securities have been duly executed by the Company and delivered by the Company to the Trustee for authentication,
and when duly authenticated as provided in the Indenture and delivered against payment therefor by the Initial Purchasers in accordance with the Purchase Agreement, the Securities will be duly and validly issued and will constitute valid and binding
obligations of the Company enforceable against the Company in accordance with their terms, and will be entitled to the benefits of the Indenture; and the Guarantee has been duly authorized by the Guarantor and, when the Securities have been duly
executed, authenticated, issued and delivered as provided in the Indenture and paid for by the Initial Purchasers in accordance with the Purchase Agreement, will be a valid and binding obligation of the Guarantor, enforceable against the Guarantor
in accordance with its terms, and will be entitled to the benefits of the Indenture. 
 5. When the Exchange Securities have
been duly authorized by the Company, duly executed, authenticated and issued against surrender of the Securities in accordance with the Indenture and delivered in accordance with the Registration Rights Agreement, the Exchange Offer and the
Indenture, the Exchange Securities will be duly and validly issued and will be valid and binding obligations of the Company, enforceable against the Company in accordance with their terms, and will be entitled to the benefits of the Indenture. The
guarantee of the Exchange Securities has been duly authorized by the Guarantor and, when duly executed and issued in accordance with the terms of the Indenture and the Exchange Securities are duly executed, authenticated and issued against surrender
of the Securities in accordance with the Indenture and delivered in accordance with the Registration Rights Agreement, will be a valid and binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, and will
be entitled to the benefits of the Indenture. 
  

 42 

 6. The Purchase Agreement has been duly authorized, executed and delivered by the Guarantor
and duly executed and delivered by the Company; and the Registration Rights Agreement has been duly authorized, executed and delivered by the Guarantor and duly executed and delivered by the Company and, when duly executed and delivered by the other
parties thereto, will constitute a valid and binding agreement of the Company and the Guarantor enforceable against the Company and the Guarantor in accordance with its terms. 
 7. Assuming the accuracy of the representations and warranties of the parties to the Purchase Agreement, the compliance by such parties with
their agreements contained in the Purchase Agreement, the accuracy of, and compliance with, the representations, warranties and agreements deemed made in accordance with the Purchase Agreement, the Time of Sale Information, the Offering Memorandum
and the Indenture by purchasers to whom the Initial Purchasers initially resell the Securities, the execution, delivery and performance by the Guarantor and the Company of each of the Transaction Documents to which it is a party, the issuance and
sale of the Securities and of the Guarantee and compliance by the Guarantor and the Company with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents to be consummated by the Guarantor and the Company
will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of
Holdings or its subsidiaries pursuant to the terms of, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument listed on Schedule II to which Holdings or its subsidiaries is a party or by which Holdings or its
subsidiaries is bound or to which any of the property or assets of Holdings or its subsidiaries is subject, except liens, charges or encumbrances created or imposed pursuant to the Collateral Documents, (ii) result in any violation of the
provisions of the certificate of limited partnership or limited partnership agreement of Holdings or (iii) violate any United States federal law, rule or regulation or provision of the Delaware Revised Uniform Limited Partnership Act, in each
case applicable to Holdings and the Company, or, to our knowledge, any judgment or order of any United States federal or New York state court, regulatory body, administrative agency, governmental body, arbitrator or other authority having
jurisdiction over Holdings and the Company or any property or assets of Holdings and the Company, except, in the case of clauses (i) and (iii) above, for any such conflict, breach, violation or default that would not, individually or in
the aggregate, have a Material Adverse Effect. 
 8. Assuming the accuracy of the representations and warranties of the parties
to the Purchase Agreement, the compliance by such parties with their agreements contained in the Purchase Agreement, the accuracy of, and compliance with, the representations, warranties and agreements deemed made in accordance with the Purchase
Agreement, the Time of Sale Information, the Offering Memorandum and the Indenture by purchasers to whom the Initial Purchasers initially resell the Securities, no consent, approval, authorization, registration or qualification of or filing with or
order of any United States federal or New York court or governmental agency or body, or any court, governmental agency or body under the Delaware Revised Uniform Limited Partnership Act having jurisdiction over the Guarantor is required in
connection with the execution, delivery and performance by the Guarantor of the Transaction Documents to which the Guarantor is a party or the consummation of the transactions contemplated thereby to be consummated by the Guarantor, except
(i) such as have been made or obtained, (ii) in the case of compliance with the terms of the Registration Rights Agreement,

  

 43 

 
such as will be obtained or made under the Securities Act and the Trust Indenture Act, (iii) such as may be required under the blue sky or securities laws of any state or foreign
jurisdiction in connection with the purchase and distribution of the Securities (and related guarantee) by the Initial Purchasers in the manner contemplated in the Purchase Agreement, the Time of Sale Information, the Offering Memorandum and the
Registration Rights Agreement, as to which we express no opinion, (iv) to create, maintain or perfect the Collateral Agent’s security interests granted pursuant to the Collateral Documents and (v) those that may be needed in
connection with the exercise of certain remedies under the Transaction Documents; and (vi) where the failure to make or obtain such consent, approval, authorization, order or filing would not have a material adverse effect on (x) the
Company’s ability to issue and sell the Securities or the consummation of the other transactions contemplated by the Transaction Documents or (y) the rights of the holders of the Securities or of the Initial Purchasers. 
 9. The statements in each of the Time of Sale Information and the Offering Memorandum under the heading “Certain Tax
Considerations”, to the extent such statements constitute summaries of United States federal income tax law and regulations or legal conclusions with respect thereto, are accurate summaries of the matters described therein in all material
respects. The statements set forth in each of the Time of Sale Information and the Offering Memorandum under the headings “Description of certain indebtedness,” “Description of notes” and “Exchange offer; registration
rights,” insofar as such statements purport to summarize certain provisions of the Transaction Documents and other agreements described therein, provide a fair summary of such provisions in all material respects. 
 10. Neither Holdings nor the Company is, and immediately after giving effect to the offering and sale of the Securities and the application
of the proceeds thereof as described in each of the Time of Sale Information and the Offering Memorandum, neither of them will be, an “investment company” under the Investment Company Act. 
 11. Assuming the accuracy of the representations and warranties of the parties to the Purchase Agreement, the compliance by such parties
with their agreements contained in the Purchase Agreement, the accuracy of, and compliance with, the representations, warranties and agreements deemed made in accordance with the Purchase Agreement, the Time of Sale Information, the Offering
Memorandum and the Indenture by purchasers to whom the Initial Purchasers initially resell the Securities no registration of the Securities under the Act, and no qualification of the Indenture under the Trust Indenture Act, are required for either
(i) the issuance and sale of the Securities by the Company to the Initial Purchasers or (ii) the offer and initial resale by the Initial Purchasers of the Securities, in each case, in the manner contemplated by the Purchase Agreement (it
being understood that no opinion shall be expressed as to any resale subsequent to the initial resale of the Securities). 
 12.
Each of the Security Agreement, the Grant of Security Interest in [Trademark/Patent/Copyright Rights] and the Intercreditor Agreement has been duly authorized, executed and delivered by the Guarantor and duly executed and delivered by the Company,
and, assuming that each of the Security Agreement, the Grant of Security Interest in [Trademark/Patent/Copyright Rights] and the Intercreditor Agreement is a valid and binding obligation of each of the parties thereto other than the Opinion Parties,
each of the Security Agreement, the Grant of Security Interest in [Trademark/Patent/Copyright Rights] and the Intercreditor Agreement constitutes a valid and binding obligation of the Company and the Guarantor, enforceable against the Company and
the Guarantor in accordance with its terms. 
  

 44 

 13. The Security Agreement creates in favor of the Collateral Agent for the ratable benefit
of the holders of the Securities a security interest in all right, title and interest of the Company and the Guarantor in those items and types of Collateral described in Section [    ] of the Security Agreement in which a
security interest may be created under Article 9 of the NY UCC (the “Article 9 Collateral”). 
 14. The Delaware
financing statement, a copy of which is attached as Schedule III hereto (the “Delaware Financing Statement”) is in proper form for filing under the Uniform Commercial Code as in effect in the State of Delaware (the “DE UCC”).
Upon the proper filing of the Delaware Financing Statement for the Guarantor in the office of the Secretary of State of the State of Delaware, together with the payment of any required filing fees, the security interest and lien in favor of the
Collateral Agent for the ratable benefit of the holders of the Securities will be perfected to the extent a security interest in the applicable Collateral pledged by Holdings may be perfected by filing a financing statement under the DE UCC.

 15. Assuming that the Collateral Agent has possession of the stock certificates evidencing the shares of stock described in
the Security Agreement (collectively, the “Pledged Securities”), together with the properly completed stock powers endorsing the Pledged Securities and executed by the owner of such shares, in blank in the State of New York, the security
interest of the Collateral Agent therein will be perfected, with the consequence of perfection by control accorded by Article 9 of the NY UCC. In addition, assuming that the Collateral Agent has taken such Pledged Stock in good faith without notice
of any adverse claim within the meaning of Article 8 of the NY UCC, the lien granted to the Collateral Agent will be free from any adverse claim within the meaning of Article 8 of the NY UCC. 
 16. The recordation of the assignment of security interest in U.S. trademarks, patents and copyrights pursuant to the Security Agreement in
the United States Patent and Trademark Office or United States Copyright Office, as the case may be, within three months from the date of the Security Agreement along with the filing of the Delaware Financing Statement, together with the payment of
any required filing fees, will be effective, under applicable law, to perfect the security interests granted to the Collateral Agent under the Security Agreement in the United States trademarks, patents and copyrights owned of record by the
Guarantor and registered with the United States Patent and Trademark Office or United States Copyright Office and described in such assignments, as the case may be, as against any subsequent lien holder. No opinion is expressed as to whether such
filings would be effective to perfect such security interests against subsequent purchasers for value without notice. 
 The
foregoing opinions are subject to the following qualifications: 
 (a) The opinions expressed herein are limited by principles
of equity (regardless of whether considered in a proceeding in equity or at law) that may limit the availability of certain rights and remedies and do not reflect the effect of bankruptcy (including preferences), insolvency, fraudulent conveyance,
receivership, reorganization, moratorium and other laws or decisions relating to or affecting debtors’ obligations or creditors’ rights generally and, as to rights of indemnification and contribution, by principles of public policy. The
opinions

  

 45 

 
expressed above also do not reflect the effect of laws and equitable doctrines (including requirements that the parties to agreements act reasonably and in good faith and, with respect to
collateral, in a commercially reasonable manner, and give reasonable notice prior to exercising rights and remedies) or the effect of the exercise of discretion of the court before which any proceeding may be brought, which may limit the
availability of any particular remedy but which will not, in our judgment (but subject to the other qualifications and limitations in this opinion letter), make the remedies available to the Collateral Agent under the Transaction Documents, taken as
a whole, inadequate for the practical realization of the benefits of the security provided for in the Transaction Documents, except for the economic consequence of any delay that may be imposed thereby or result therefrom, and except that we express
no opinion as to the rights of any of the parties to the Transaction Documents to accelerate the due dates of any payment due thereunder or to exercise other remedies available to them on the happening of a non-material breach of any such document
or agreement. 
 (b) Without limiting the generality of the foregoing, we express no opinion with respect to: (1) the
availability of specific performance or other equitable remedies for noncompliance with any of the provisions contained in the Transaction Documents; (2) the enforceability of provisions contained in the Transaction Documents relating to the
effect of laws which may be enacted in the future; (3) the enforceability of provisions in the Transaction Documents purporting to waive the effect of applicable laws to the extent such waivers are prohibited by such applicable laws;
(4) the effectiveness of any power-of-attorney given under the Transaction Documents that is intended to bind successors and assigns that have not granted such powers by a power-of-attorney specifically executed by them; (5) provisions
related to waivers of remedies (or the delay or omission of enforcement thereof), disclaimers, liability limitations or limitations on the obligations of the Collateral Agent in circumstances in which a failure of condition or default by any party
is not material; (6) the indemnification and contribution provisions of the Transaction Documents if and to the extent that such provisions contravene public policy or might require indemnification or payments with respect to any litigation
against a party to a Transaction Document determined adversely to the other party(ies) to such litigation, or any loss, cost or expense arising out of an indemnified party’s gross negligence or willful misconduct or any violation by an
indemnified party of statutory duties, general principles of equity or public policy; (7) any self-help provisions; (8) provisions in the Transaction Documents that purport to establish evidentiary standards; (9) provisions in the
Transaction Documents that provide that certain rights or obligations are absolute or unconditional; (10) the right of the Collateral Agent to set off against funds held in any account maintained with the Collateral Agent by an Opinion Party
and which account is designated, or contains funds that the Collateral Agent is aware have been set aside, for special purposes, such as payroll, trust and escrow accounts, or which funds are subject to special agreement between the Collateral Agent
and an Opinion Party precluding or limiting rights to set off funds; (11) provisions that provide for the enforceability of the remaining terms and provisions of the applicable Transaction Document in circumstances in which certain other terms
and provisions of such Transaction Document are illegal or unenforceable; (12) provisions that restrict access to or waive legal or equitable remedies or access to courts; (13) provisions that affect or confer jurisdiction (other than on
the courts of New York); (14) provisions that permit the Collateral Agent to act in its sole discretion or to be exculpated from liability for its actions to the extent not permitted by law; (15) any provision of the Transaction Documents
that may be construed as a forfeiture or penalty; (16) any provision of the Transaction Documents that purports to provide

  

 46 

 
that the terms thereof may not be varied or waived except in writing or that the express terms thereof supersede any inconsistent course of performance and/or usage of the trade; or (17) the
effect of the laws of any jurisdiction (other than New York) in which the Collateral Agent is located that limits the interest, fees or other charges it may impose with respect to the Securities or use of money or other credit. 
 (c) We express no opinion as to the creation, attachment, validity, binding effect, enforceability, perfection, priority or other effect of
perfection or non-perfection of any security interest in (1) the proceeds of any collateral other than in accordance with, and subject to the limitations set forth in, Section 9-315 of the NY UCC, (2) commingled goods arising from any
collateral other than in accordance with, and subject to the limitations set forth in, Section 9-336 of the NY UCC, (3) consumer goods, (4) commercial tort claims, (5) rights to demand payment or performance under a letter of
credit, (6) as-extracted collateral, (7) farm products, (8) manufactured homes, (9) standing timber or timber to be cut, (10) cooperative apartment interests, (11) any item of collateral which is subject to restriction
on or prohibition against transfer (except to the extent limited by Sections 9-401, 9-406, 9-407, 9-408 or 9-409 of the NY UCC) contained in an agreement, instrument, document or applicable law governing or evidencing or otherwise relating to such
item, (12) any obligations of the United States of America or any agency or instrumentality thereof or (13) any collateral covered by a certificate of title. 
 (d) We express no opinion as to the creation or perfection of any security interest in any portion of the Collateral to the extent that, pursuant to §9-109(c) or (d) of the NY UCC, Article 9 of
the UCC does not apply thereto. We express no opinion as to the effect of any rule adopted by any clearing corporation (as defined in NY UCC §8-102(5)) governing rights and obligations among such clearing corporation and its participants.

 (e) We have made no examination of and express no opinion with respect to: (1) the title to, ownership of or rights in
personal property or fixtures; (2) the validity or ownership of any trademarks, patents or licenses; (3) the existence or absence of any liens, charges or encumbrances on any Collateral other than those described in paragraphs 13, 14, 15
and 16 above; (4) except as expressly set forth in paragraph 14, 15 and 16 above, the perfection of any lien or security interest; and (5) except as set forth in paragraph 16 above, the priority of any security interest. In addition, any
opinion herein concerning the creation or perfection of any security interest does not address the sufficiency to create such security interest of any supergeneric description of collateral whether in whole or part as personal property or using
words of similar import. 
 (f) No opinion is rendered as to any federal, state or local laws, rules, or regulations of
(1) antitrust or unfair competition; (2) any state securities or “blue sky” laws; (3) environmental matters; (4) tax matters (except as set forth in paragraph 9); (5) zoning, subdivision, land use or other matters
affecting the use, occupancy or operation of the Collateral; (6) ERISA laws, rules and regulations; (7) cities, townships, municipalities or other special local non-state governmental authorities; or (8) insurance, banking or
financial institutions. In addition, no opinion is rendered herein as to applicability to or effect on any of the matters covered herein of the laws or regulations that apply specifically to the type of business conducted by any of the Opinion
Parties or the regulatory status of any party to the Transaction Documents. 
  

 47 

 (g) Our opinion set forth in paragraph 1 above relating to good standing and valid existence
is based solely upon our review of the Delaware Certificate. 
 (h) In giving our opinion set forth in paragraph 8, we express
no opinion with respect to any action, consent, approval, filing or registration such as may be required as a result of the regulatory status or other facts or circumstances specifically relating to the Collateral Agent, Trustee or any Initial
Purchaser. 
 (i) Our opinion as to the enforceability of the choice of New York law as the governing law is subject to the
qualification that a court may decline to enforce the choice of law provisions in the Transaction Documents on the grounds of comity or because United States constitutional requirements are not satisfied. 
 (j) We express no opinion on whether any action with respect to the Pledged Securities (or the registration or perfection of any lien
granted thereon) issued by any entity incorporated or organized in a jurisdiction outside of the United States needs to be taken in connection with the Pledge and Security Agreement. Without limiting the foregoing, we express no opinion concerning
the laws of any non-U.S. jurisdiction. 
 We express no opinion as to the laws of any jurisdiction other than those of the
United States of America, the State of New York, the Delaware Revised Uniform Limited Partnership Act and, to the limited extent described in the next paragraph, the DE UCC. 
 We do not purport to be experts in the DE UCC, nor did we review official codifications of the DE UCC. We did, however, review a standard
compilation of the version of the DE UCC, and our opinions with respect thereto are based solely on the ‘foregoing procedure and not upon any other review of the laws of the State of Delaware. 
 This opinion speaks only as of the date hereof. We have no obligation to advise the addressees (or any third party) of any changes in the
law or facts that may occur after the date of this opinion. 
 The opinions expressed herein are limited to the matters
expressly stated herein and are given solely for your benefit and may not be relied upon by, or assigned to, any other person for any purpose, and may not be circulated, quoted, filed with or furnished to any governmental agency or other person or
entity, or otherwise referred to (with or without specific reference to our firm), in whole or in part, without our prior written consent in each instance. 
 Very truly yours, 
  

 48 

 SCHEDULE I 
 Transaction Documents 
 Purchase Agreement 
 Indenture 
 Intercreditor Agreement 
 Securities 
 Registration Rights Agreement

 Pledge and Security Agreement 
 Grant
of Security Interest in [Patent/Trademark/Copyright Rights] 
  

 49 

 SCHEDULE II 
 No Conflicts 
 1. Credit Agreement, dated as of
May 11, 2007, by and among Edgen Murray Corporation, Edgen Murray Canada, Inc. and Edgen Murray Europe Limited, the other Loan Parties party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A., Toronto
Branch and J.P. Morgan Europe Limited. 
 2. First Amendment to Credit Agreement, dated as of June 8, 2007, by and among
Edgen Murray Corporation, Edgen Murray Canada, Inc. and Edgen Murray Europe Limited, the other Loan Parties party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A., Toronto Branch and J.P. Morgan Europe
Limited. 
 3. Second Amendment to Credit Agreement, dated as of August 8, 2007, by and among Edgen Murray Corporation,
Edgen Murray Canada, Inc. and Edgen Murray Europe Limited, the other Loan Parties party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A., Toronto Branch and J.P. Morgan Europe Limited. 
 4. Third Amendment to Credit Agreement, dated as of August 12, 2008, by and among Edgen Murray Corporation, Edgen Murray Canada, Inc.
and Edgen Murray Europe Limited, the other Loan Parties party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A., Toronto Branch and J.P. Morgan Europe Limited. 
 5. Fourth Amendment to Credit Agreement, dated as of September 17, 2008, by and among Edgen Murray Corporation, Edgen Murray Canada,
Inc. and Edgen Murray Europe Limited, the other Loan Parties party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A., Toronto Branch and J.P. Morgan Europe Limited. 
 6. Fifth Amendment to Credit Agreement, dated as of December [    ], 2009, by and among Edgen Murray Corporation, Edgen
Murray Canada, Inc. and Edgen Murray Europe Limited, the other Loan Parties party thereto, the Lenders party thereto, JPMorgan Chase Bank, N.A., JPMorgan Chase Bank, N.A., Toronto Branch and J.P. Morgan Europe Limited. 
 7. Intercreditor Agreement, dated as of May 11, 2007, by and among Edgen Merger Co., Edgen Murray Cayman Corporation, Edgen Murray
Canada Inc., Edgen Murray Corporation, Edgen Murray Europe Limited, Edgen Murray II, L.P., certain subsidiaries of Edgen Murray II, L.P., JPMorgan Chase Bank, NA, JPMorgan Chase Bank, N.A., Toronto Branch, J.P. Morgan Europe Limited and Lehman
Commercial Paper Inc. 
  

 50 

 SCHEDULE III 
 Delaware Financing Statement 
  

 51 

 J.P. Morgan Securities Inc. 
 Jefferies & Company, Inc., 
 as Representatives of the Initial Purchasers named in Schedule I to the Purchase Agreement referred to below 
 c/o J.P. Morgan Securities Inc. 
 270 Park Avenue 
 New York, New York 10017 
 Re: Edgen Murray Corporation 
 Ladies and Gentlemen: 
 We have acted as counsel to Edgen Murray Corporation, a Nevada corporation (the “Company”), in connection with the issuance and
sale by the Company of $465,000,000 aggregate principal amount of 12.250% Senior Secured Notes due 2015 (the “Offered Securities”) (which are guaranteed by Edgen Murray II, L.P., a Delaware limited partnership (the “Guarantor”))
to the initial purchasers named in the Purchase Agreement, dated December 16, 2009 (the “Purchase Agreement”), by and among the Company, the Guarantor, J.P. Morgan Securities Inc. (“J.P. Morgan”), Jefferies &
Company, Inc. (“Jefferies”), Barclays Capital (“Barclays”) and HSBC (“HSBC” and, together with J.P. Morgan, Jefferies and Barclays, the “Initial Purchasers”), subject to the terms and conditions contained in
the Purchase Agreement. The most recent offering memorandum relating to the Offered Securities generally distributed to investors is the confidential preliminary offering memorandum dated December 9, 2009 (the “Preliminary Offering
Memorandum”). The final offering memorandum containing the offering price and other final terms of the Offered Securities is the confidential offering memorandum dated December 16, 2009 (the “Offering Memorandum”). Except as
otherwise indicated, capitalized terms used but not defined in this letter have the meanings ascribed to them in the Purchase Agreement. 
 Nothing herein shall be construed to cause us to be considered “experts” within the meaning of Section 11 of the Securities Act. 
 In the course of preparation by the Company of the Preliminary Offering Memorandum and the Offering Memorandum, we participated in
conferences with officers and other representatives of the Company, representatives of the independent public accountants for the Company, representatives of the Initial Purchasers and representatives of counsel for the Initial Purchasers, at which
the contents of the Preliminary Offering Memorandum and the Offering Memorandum and related matters were discussed. The purpose of our professional engagement was not to establish or confirm factual matters set forth in the Preliminary Offering
Memorandum and the Offering Memorandum, and we have not undertaken any obligation to verify independently any of those factual matters. Moreover, many of the determinations required to be made in the preparation of the Preliminary Offering
Memorandum and the Offering Memorandum involve matters of a non-legal nature. Accordingly, we are not passing upon and assume no responsibility for the accuracy, completeness or fairness of the statements contained in the Preliminary Offering
Memorandum or the Offering Memorandum (except to the extent expressly set forth in the numbered paragraph 10 of our opinion letter to you of even date issued in respect of the Offered Securities). 
  

 52 

 Subject to the foregoing, we confirm to you that, on the basis of the information we gained
in the course of performing the services referred to above, no facts have come to our attention that have caused us to believe that (i) the Offering Memorandum, as of its date and the date hereof, contained or contains an untrue statement of a
material fact or omitted or omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; and (ii) the Preliminary Offering Memorandum, and the
documents specified in Annex A to this letter, as of [TIME] [a.m.] [p.m.] Eastern time, on [DATE] (which you have advised us is a time prior to the time of first sale of the Offered Securities to any Initial Purchaser), when considered together with
the information set forth on Annex B to this letter, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made,
not misleading (it being understood that in each case we express no belief with respect to the financial statements, schedules or other financial information or data, or statistical data derived therefrom, included in or omitted from any of the
foregoing). 
 We assume no obligation to advise you of any changes in the foregoing after the delivery of this letter. This
letter has been prepared solely for your use in your capacity as Initial Purchasers in connection with the closing under the Purchase Agreement on the date hereof, and may not be relied upon by any other person, firm or entity for any purpose
(including any person, firm or other entity that acquires the Offered Securities from you), and may not be circulated, quoted, filed with or furnished to any governmental agency or other person or entity, or otherwise referred to with or without
specific reference to our firm, in whole or in part, without our prior written consent in each instance. 
 Very truly yours,

  

 53 

 Annex A 
 Pricing Term Sheet 
  

 54 

 Annex B 
 Pricing Term Sheet 
  

 55 

 ANNEX E 
 Form of Opinion of Brownstein Hyatt Farber Schreck, LLP 
 J.P. Morgan Securities Inc.

 Jefferies & Company, Inc. 
 As Representatives of the several 
     Initial Purchasers listed in Schedule 1 
     to the Purchase Agreement referred to below 
 c/o J.P. Morgan Securities Inc. 
 270 Park Avenue 
 New York, New York 10017 
 Ladies and Gentlemen:

 We have acted as special Nevada counsel to Edgen Murray Corporation, a Nevada corporation (the “Company”), in
connection with the issue and sale by the Company of $465,000,000 aggregate principal amount of the Company’s 12.250% Senior Secured Notes due 2015 (the “Securities”) under that certain Indenture, dated as of December
    , 2009 (the “Indenture”), by and among the Company, Edgen Murray II, LP., a Delaware limited liability partnership (the “Guarantor”) and The Bank of New York Mellon, as trustee (in such
capacity, the “Trustee”), and pursuant to that certain Purchase Agreement, dated December     , 2009 (the “Purchase Agreement”), by and among the Company, the Guarantor, J.P. Morgan Securities
Inc., Jefferies & Company, Inc. and the several other Initial Purchasers listed in Schedule I thereto (collectively, the “Initial Purchasers”), as described in the offering memorandum dated December
    , 2009 (the “Offering Memorandum”). This opinion letter is being issued and delivered to you at the request of the Company and pursuant to Section 6(f)(ii) of the Purchase Agreement. Capitalized
terms used herein, unless otherwise defined, shall have the meanings ascribed to them in the Purchase Agreement. 
 For the
purpose of rendering this opinion letter, we have examined originals, or copies certified or otherwise identified to our satisfaction as being true copies of the following records, documents, instruments and certificates: 
 (i) the Purchase Agreement; 
 (ii) the Indenture, including the Note Guarantee (as defined in the Indenture); 
 (iii) the Securities; 
 (iv) the Registration Rights Agreement;

 (v) the form of the Exchange Securities; 
 (vi) the Security Agreement; 
  

 56 

 (vii) that certain Grant of Security Interest in
[Trademark/Patent/Copyright] Rights, effective as of December     , 2009, made by the Company in favor of The Bank of New York Mellon, as collateral agent (the “IP Security Grant”); 
 (viii) the Intercreditor Agreement; 
 (ix) the Time of Sale Information, including the Preliminary Offering Memorandum; 
 (x) the Offering Memorandum; 
 (xi) the UCC1 financing statement to be filed in the office of the Nevada Secretary of State (the “Filing Office”) listing the Company as debtor and the Collateral Agent as secured party (the
“Financing Statement”); 
 (xii) the Articles of Incorporation and Bylaws of the Company, each as
amended to date (collectively, the “Governing Documents”); 
 (xiii) certain corporate records,
proceedings, minutes, consents, actions and resolutions of the board of directors, or committees thereof, and the sole stockholder of the Company, including, without limitation, the resolutions of the Company’s board of directors authorizing,
among other things, the execution and delivery by the Company of, and the performance by the Company of its obligations under, the Transaction Documents (as defined below) to which it is a party, and the consummation of the transactions contemplated
thereby (the “Transactions”); 
 (xiv) the Certificate of Existence with Status in Good Standing issued
by the Nevada Secretary of State as of December [22], 2009, with respect to the good standing in Nevada of the Company on that date (collectively, the “Good Standing Certificates”); and 
 (xv) the certificate of an officer of the Company, of even date herewith, with respect to certain factual matters, and all
other certificates delivered by or on behalf of the Company in connection with the closing of the Transactions (collectively, the “Certificates”). 
 The Purchase Agreement, the Indenture (including the Note Guarantee), the Securities, the Registration Rights Agreement, the Security Agreement, the IP Security Grant and the lntercreditor Agreement are
hereinafter collectively referred to as the “Operative Documents”. The Operative Documents and the Exchange Securities are hereinafter collectively referred to as the “Transaction Documents”. 
 We have made such legal and factual examinations and inquiries as we have deemed necessary or appropriate for purposes of this opinion
letter. We have been furnished with, and with your consent have relied upon, the Certificates and other certificates and assurances of officers and other representatives of the Company, and of public officials, as we have deemed necessary or
appropriate for the purpose of rendering the opinions set forth herein. As to questions of fact material to our opinions, we have relied upon the statements of fact and the

  

 57 

 
representations and warranties as to factual matters contained in the documents we have examined; however, except as otherwise expressly indicated, we have not been requested to conduct, nor have
we undertaken, any independent investigation to verify the content or veracity thereof or to determine the accuracy of any statement, and no inference as to our knowledge of any matters should be drawn from the fact of our representation of the
Company. 
 Without limiting the generality of the foregoing, in rendering this opinion letter, we have, with your permission,
assumed without independent verification that (i) the statements of fact and all representations and warranties of any party set forth in the documents we have examined are accurate, true and correct as to factual matters; (ii) the
obligations of each party set forth in the Transaction Documents are its valid and binding obligations, enforceable against such party in accordance with their respective terms, (iii) each natural person executing a document has sufficient
legal capacity to do so; (iv) all documents submitted to us as originals are authentic, the signatures on all documents that we examined are genuine, and all documents submitted to us as certified, conformed, photostatic, facsimile or
electronic copies conform to the original document; (v) all documents that we have examined accurately describe and contain the mutual understanding of the parties thereto and there are no oral or written agreements or understandings, and there
is no course of prior dealing between any of the parties, that would in any manner vary or supplement the terms and provisions of such documents, or of the relationships set forth therein, or which would constitute a waiver of any of the provisions
thereof by the actions or conduct of the parties or otherwise, or which would have an effect on the opinions rendered herein; (vi) all authorizations, approvals, actions and consents of or from, and all notices to and filings with, any
governmental or regulatory authority in a jurisdiction other than the State of Nevada, and from, to or with any third party, that are required in connection with the execution and delivery of the Transaction Documents, the performance of any
party’s obligations thereunder and the consummation of the Transactions, have been obtained, taken, received or made, and are in full force and effect; and (vii) all corporate records made available to us by the Company and all public
records we have reviewed are accurate and complete. 
 Whenever a statement herein is qualified by the phrase “to our
knowledge” or “known to us” or a similar phrase, we have, with your consent, advised you concerning only the conscious awareness of facts in the possession of those attorneys who are currently members of or associated with this firm
and who have performed legal services on behalf of the Company since May 11, 2007, and which knowledge is pertinent to the matters set forth herein. 
 As used herein, all references to (i) “statutes”, generally, are to the Nevada Revised Statutes in effect on the date hereof; (ii) “Applicable Nevada Law” are to those
statutes, rules and regulations of the State of Nevada as in effect on the date of this opinion letter which, in our experience, are customarily applicable both to transactions of the type contemplated by the Transaction Documents and to general
business entities which are not engaged in regulated business activities; (iii) “Nevada Governmental Authorities” are to the governmental and regulatory authorities, agencies and bodies, and the courts, of the State of Nevada;
(iv) “Applicable Nevada Order” are to any judgment, order or decree known to us, without investigation or inquiry, to have been issued by any Nevada Governmental Authorities under Applicable Nevada Law, which is presently in effect
and by which the Company is bound or to which it is subject; and (v) “UCC” and to sections thereof are to the Uniform Commercial Code of Nevada as in effect on the date hereof. 
  

 58 

 We are qualified to practice law in the State of Nevada. The opinions set forth herein are
expressly limited to the effect on the Transactions only of the internal laws of the State of Nevada, and we do not purport to be experts on, or to express any opinion with respect to the applicability thereto or effect thereon of, the laws of any
other jurisdiction. We express no opinion herein concerning, and we assume no responsibility as to laws or judicial decisions related to, or any orders, consents or other authorizations or approvals as may be required by, any federal laws, rules or
regulations, including any federal securities laws, rules or regulations, or any state securities or “Blue Sky” laws, rules or regulations. 
 Based upon the foregoing, and subject to the qualifications, limitations, exceptions and assumptions set forth herein, we are of the opinion that: 
 1. The Company is validly existing and in good standing under the laws of the State of Nevada and has the corporate power and authority to
own its properties and conduct its business as described in the Time of Sale Information and the Offering Memorandum. 
 2. The
outstanding shares of capital stock of the Company have been duly authorized and are validly issued, fully paid and non-assessable, and all such shares are owned by the Guarantor. 
 3. The Company has the corporate power and authority to execute and deliver each of the Transaction Documents to which it is a party and to
perform its obligations thereunder. The Company has duly authorized the execution and delivery of each of the Transaction Documents to which it is a party, the performance of its obligations thereunder, and the consummation of the Transactions.

 4. The Company has duly executed and delivered each of the Operative Documents to which it is a party. 
 5. The execution and delivery by the Company of the Operative Documents to which it is a party and the consummation of the Transactions
(including the issuance and sale of the Securities by the Company and the issuance of the Note Guarantee by the Guarantor) do not violate (a) the Governing Documents, (b) any Applicable Nevada Law, or (c) any Applicable Nevada Order.

 6. No approval, consent, order, authorization, designation, registration, declaration or filing from, by or with any Nevada
Governmental Authority is necessary under Applicable Nevada Law in connection with the execution and delivery by the Company of the Operative Documents to which it is a party or the consummation of the Transactions except (a) as set forth in
the Time of Sale Information and the Offering Memorandum, (b) for those obtained or made prior to the date hereof and that are in full force and effect, and (c) for such filings and recordings as may be required to be made in order to
perfect or maintain the perfection of liens and security interests in the collateral described in the Security Agreement and the IP Security Grant. 
  

 59 

 7. The Financing Statement is in proper form for filing in the Filing Office. To the extent
a valid security interest has been created under New York law in favor of the Collateral Agent, for the benefit of the Secured Parties (as defined in the Security Agreement), pursuant to the Security Agreement, in the Personal Property Collateral
(as defined below), upon the later of the attachment of the security interest and the proper filing of the Financing Statement in the Filing Office, the security interest in that portion of the personal property collateral described in the Security
Agreement and the Financing Statement in which the Company has rights and that is subject to the Uniform Commercial Code in effect in the State of New York (collectively, the “Personal Property Collateral”) will be perfected to the extent
a security interest in such Personal Property Collateral may be perfected by filing a financing statement in the Filing Office under the provisions of the UCC. 
 The foregoing opinions are subject to the following assumptions, exceptions and qualifications: 
 (A) We express no opinion as to: 
 (ii) title to any Personal
Property Collateral in which a security interest is granted, the nature or extent of the rights, title or interest of the Company in or to any of the Personal Property Collateral, or the priority of any security interest or lien created or purported
to be created in the Personal Property Collateral by the Security Agreement; 
 (iii) the creation of any
security interest or lien on any Personal Property Collateral or the perfection of any security interest or lien on Personal Property Collateral to which Article 9 of the UCC does not apply; 
 (iv) any provision that (a) purports to continue or reinstate any security interest or lien after all obligations
thereunder have been paid in full, or (b) purports to waive any requirement of Part 6 of Article 9 of the UCC, to the extent the same cannot be waived pursuant to Section 104.9602 of the UCC; 
 (v) any security interest or lien in Personal Property Collateral consisting of claims against any government or governmental
agency (including, without limitation, the United States of America or any state thereof or any agency or department of the United States of America or any state thereof); 
 (vi) the perfection of any security interest or lien in copyrights, patents, trademarks, service marks or other intellectual
property, or the proceeds thereof, other than under the UCC; 
 (vii) the ability of Collateral Agent, for the
benefit of the Secured Parties, to recover any deficiency following the disposition of the Personal Property Collateral to the extent such remedy is limited by Section 104.9626 of the UCC; or 
 (viii) any security interest or lien in Personal Property Collateral that consists or will consist of consumer goods,
equipment used in farming operations, farm products, crops, timber, minerals and the like (including oil and gas) or accounts or general intangibles resulting from the sale thereof. 
  

 60 

 (B) We have assumed that: 
 (i) with respect to the attachment of the security interest of the Collateral Agent, for the benefit of the Secured Parties,
in the Personal Property Collateral, value has been given, and the Company has sufficient rights to grant a security interest therein or the power to transfer rights in such Personal Property Collateral to a secured party; and 
 (ii) the description of the Personal Property Collateral in the Security Agreement is accurate and sufficient for purposes of
Section 104.9108 of the UCC. 
 (C) We call your attention to the fact that: 
 (i) in a transaction of this nature Section 104.9515 of the UCC requires the filing of continuation statements within
six months prior to the expiration of each five- year period following the original filing of the Financing Statement in order to continue its effectiveness; 
 (ii) in the case of proceeds of the Personal Property Collateral, a perfected security interest therein will become
unperfected on the 21st day after the security interest attaches to the proceeds unless the conditions required to maintain such perfection in accordance with Section 104.9315(4) of the UCC are satisfied; and 
 (iii) in the event of a change of the name of any party, an amendment to the Financing Statement will be required to be filed
pursuant to Section 104.9507(3) or 104.9511(2), as applicable, of the UCC. 
 (D) The opinions contained
herein are subject to the effect of bankruptcy, insolvency, reorganization, moratorium, anti-deficiency, and other similar laws now or hereafter in effect relating to or affecting the enforcement of creditors’ rights generally, the federal
Bankruptcy Code, the Uniform Fraudulent Transfer Act, as codified in Nevada Revised Statutes Chapter 112, and any other laws, rules and regulations relating to fraudulent conveyances and transfers. 
 The opinions expressed herein are based upon the Applicable Nevada Law in effect and the facts in existence as of the date of this opinion
letter. In delivering this opinion letter to you, we assume no obligation, and we advise you that we shall make no effort, to update the opinions set forth herein, to conduct any inquiry into the continued accuracy of such opinions, or to apprise
any addressee hereof, or its counsel, or its assignees of any facts, matters, transactions, events or occurrences taking place, and of which we may acquire knowledge, after the date of this letter, or of any change in any Applicable Nevada Law or
any facts occurring after the date of this letter, which may affect the opinions set forth herein. No opinions are offered or implied as to any matter, and no inference may be drawn, beyond the strict scope of the specific issues expressly addressed
by the opinions herein. 
 This opinion letter is rendered only to you in your capacity as Initial Purchasers pursuant to
Section 6(f)(ii) of the Purchase Agreement, and is solely for your benefit in connection with the consummation of the transactions contemplated thereby. This opinion letter may not be relied upon or used by you for any other purpose, or
otherwise circulated or furnished to, or relied

  

 61 

 
upon, quoted from, or referred to by any other person for any purpose without our prior written consent in each instance, except that, subject to all of the qualifications, assumptions,
exceptions, restrictions and limitations set forth herein, the Trustee may rely upon paragraphs 1, 3 and 4 of this opinion letter as if it were an addressee hereof on this date for all purposes relating to its acting as Trustee under the Indenture.

 Very truly yours, 
  

 62 

 Annex F 
 Form of Opinion of Glenn P. Marcel, General Counsel of the Company 
 J.P.
Morgan Securities Inc. 
 Jefferies & Company, Inc. 
 as Representatives of the Initial Purchasers named in Schedule Ito the Purchase Agreement referred to below 
 c/o J.P. Morgan Securities Inc. 
 270 Park Avenue 
 New York, New York 10017 
 Ladies and Gentlemen: 
 I am
General Counsel of Edgen Murray II, L.P., a Delaware limited partnership (“Holdings”). This letter is delivered to you in connection with the Purchase Agreement dated December 16, 2009 (the “Purchase Agreement”), by and
among you (the “Initial Purchasers”), Holdings and Edgen Murray Corporation, a Nevada corporation (the “Company” and together with Holdings, the “Opinion Parties”). Pursuant to the Purchase Agreement, the Company has
sold to the Initial Purchasers on the date hereof $465,000,000 aggregate principal amount of its 12.250% Senior Secured Notes due 2015. Capitalized terms used and not otherwise defined herein have the meanings specified in the Purchase Agreement.
This letter is delivered to you pursuant to the Purchase Agreement. 
 I have examined the Time of Sale Information, the
Offering Memorandum, and such other documents as I have deemed necessary or appropriate for purposes of the opinion expressed below. 
 Based upon the foregoing, I am of the opinion that, to the best of my knowledge, except as described in each of the Time of Sale Information and the Offering Memorandum, there are no legal, governmental or regulatory investigations,
actions, suits or proceedings pending to which Holdings or any of its subsidiaries is a party or to which any property of Holdings or any of its subsidiaries is subject that, individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect; and, to the best of my knowledge, no such investigations, actions, suits or proceedings are threatened by any governmental or regulatory authority or by others. 
 With respect to my opinion set forth above which is qualified by my “best knowledge,” such qualification means in the course of my
representation of the Opinion 
 Parties, no information has come to my attention that gives me actual knowledge that the
opinion is not accurate. 
 This opinion speaks only as of the date hereof. I assume no obligation to advise the addressees (or
any third party) of any changes in the law, documentation or facts that may occur after the date of this opinion. 
  

 63 

 This letter is solely for your information and shall not be quoted in whole or in part or
otherwise referred to in any document or furnished to any person without my prior written consent. 
 Very truly yours, 
 Glenn P. Marcel 
 General Counsel 
  

 64 

 ANNEX G 
 Mortgaged Property 
  

	1.	2421 North Line Road, Port Allen, Louisiana, 70767 

  

	2.	3595 Highway 60 W., Bartow, FL, 33831 

  

 65 

 Exhibit A 
 Form of Registration Rights Agreement 
 REGISTRATION RIGHTS AGREEMENT

 This REGISTRATION RIGHTS AGREEMENT dated December [23], 2009 (the “Agreement”) is entered into by and among
Edgen Murray Corporation, a Nevada corporation (the “Company”), Edgen Murray II, L.P., a Delaware limited partnership (the “Guarantor”), and J.P. Morgan Securities Inc. (“JPMorgan”), Jefferies & Company, Inc.,
Barclays Capital Inc. and HSBC Securities (USA) Inc. (the “Initial Purchasers”). 
 The Company, the Guarantor and the
Initial Purchasers are parties to the Purchase Agreement dated December 16, 2009 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $465,000,000 aggregate principal amount of the
Company’s 12250% Senior Secured Notes due 2015 (the “Securities”) which will be guaranteed on a senior secured basis by the Guarantor. As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company and
the Guarantor have agreed to provide to the Initial Purchasers and their direct and indirect transferees and the Market Maker (as defined herein) the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a
condition to the closing under the Purchase Agreement. 
 In consideration of the foregoing, the parties hereto agree as
follows: 
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 

“Additional Guarantor” shall mean any subsidiary of the Company that executes a Subsidiary Guarantee under the Indenture after
the date of this Agreement. 
 “Business Day” shall mean any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed. 
 “Closing Date” shall mean
December [23], 2009. 
 “Company” shall have the meaning set forth in the preamble and shall also include the
Company’s successors. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to
time. 
 “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof. 
 “Exchange Offer” shall mean the exchange offer by the Company and the Guarantor of Exchange Securities for Registrable Securities
pursuant to Section 2(a) hereof. 
  

 66 

 “Exchange Offer Registration” shall mean a registration under the Securities Act
effected pursuant to Section 2(a) hereof. 
 “Exchange Offer Registration Statement” shall mean an exchange offer
registration statement on Form 5-4 (or, if applicable, on another appropriate form) and all amendments and supplements to such registration statement, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits
thereto and any document incorporated by reference therein. 
 “Exchange Securities” shall mean senior secured notes
issued by the Company and guaranteed by the Guarantor under the Indenture containing terms identical to the Securities (except that the Exchange Securities will not be subject to restrictions on transfer or to any increase in annual interest rate
for failure to comply with this Agreement) and to be offered to Holders of Securities in exchange for Securities pursuant to the Exchange Offer. 
 “Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in
connection with the sale of the Securities or the Exchange Securities. 
 “Guarantor” shall have the meaning set forth
in the preamble and shall also include any Guarantor’s successors and any Additional Guarantors. 
 “Holders”
shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture; provided that for
purposes of Sections 4 and 5 of this Agreement, the term “Holders” shall include Participating Broker- Dealers and, where the context requires, the Market Maker. 
 “Indemnified Person” shall have the meaning set forth in Section 6(d) hereof. “Indemnifying Person” shall have the
meaning set forth in Section 6(d) hereof. 
 “Indenture” shall mean the Indenture relating to the Securities
dated as of December [23], 2009 among the Company, the Guarantor and The Bank of New York Mellon, as trustee, as the same may be amended from time to time in accordance with the terms thereof. 
 “Initial Purchasers” shall have the meaning set forth in the preamble. “Inspector” shall have the meaning set forth in
Section 3(a)(xiv) hereof. “Issuer Information” shall have the meaning set forth in Section 6(a) hereof. “JPMorgan” shall have the meaning set forth in the preamble. 
 “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable
Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company or any of its affiliates (other
than the Market Maker) shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Company shall issue any additional Securities under the
Indenture prior to consummation of the Exchange Offer or, if applicable, the effectiveness of any Shelf Registration Statement, such

  

 67 

 
additional Securities and the Registrable Securities to which this Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders
of a specified percentage of Registrable Securities has been obtained. 
 “Market Maker” shall have the meaning set
forth in Section 5(a) hereof. 
 “Market Maker’s Information” shall have the meaning set forth in
Section 5(d) hereof. 
 “Market Making Registration Statement” shall mean the registration statement referred to
in Section 5(a)(1) hereof and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any
document incorporated by reference therein. 
 “Participating Broker-Dealers” shall have the meaning set forth in
Section 4(a) hereof. 
 “Person” shall mean an individual, partnership, limited liability company, corporation,
trust or unincorporated organization, or a government or agency or political subdivision thereof. 
 “Prospectus”
shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any
prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such
prospectus, and in each case including any document incorporated by reference therein. 
 “Purchase Agreement” shall
have the meaning set forth in the preamble. “Registration Actions” shall have the meaning set forth in Section 2(d) hereof. 
 “Registrable Securities” shall mean the Securities; provided that the Securities shall cease to be Registrable Securities on the earliest to occur of (i) when a Registration Statement with
respect to such Securities has become effective under the Securities Act and such Securities have been exchanged or disposed of pursuant to such Registration Statement, (ii) when such Securities have been sold, or become freely tradeable by
non-affiliates without the need for current public information, pursuant to Rule 144 (or any similar provision then in force, but not Rule 144A) under the Securities Act, (iii) the date on which such Securities cease to be outstanding,
(iv) when the Exchange Offer has been completed (except with respect to Securities held by Persons that were not eligible to participate pursuant to the Exchange Offer) and (v) December [23], 2011, as such date may be extended pursuant to
Section 3(d) hereof. 
 “Registration Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company and the Guarantor with this Agreement, including without limitation: (i) all SEC, stock exchange or Financial Industry Regulatory Authority registration and filing fees, (ii) all fees and expenses incurred in
connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of one counsel for any Underwriters and Holders (which counsel shall be elected by the Majority Holders and which counsel may also be
counsel for the Initial Purchasers) in connection with blue sky qualification of any Exchange Securities or Registrable Securities), (iii) all expenses of the Company and the

  

 68 

 
Guarantor in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or
supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees
and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel as may be agreed by the Company and the Trustee, (vii) the fees and
disbursements of counsel for the Company and the Guarantor and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the Holders (which counsel shall be selected by the Majority Holders and which counsel may
also be counsel for the Initial Purchasers) and (viii) the fees and disbursements of counsel for the Market Maker and (ix) the fees and disbursements of the independent public accountants of the Company and the Guarantor, including the
expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in
clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder. 
 “Registration Statement” shall mean any registration statement of the Company and the Guarantor that covers any of the Exchange
Securities or Registrable Securities pursuant to the provisions of this Agreement, including, without limitation, the Market Making Registration Statement, and all amendments and supplements to any such registration statement, including
post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein. 
 “SEC” shall mean the United States Securities and Exchange Commission. “Securities” shall have the meaning set forth in
the preamble. 
 “Securities Act” shall mean the Securities Act of 1933, as amended from time to time. “Shelf
Effectiveness Period” shall have the meaning set forth in Section 2(b) hereof. “Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof. 
 “Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and the Guarantor that covers
all or a portion of the Registrable Securities (but no other securities unless approved by a majority of the Holders whose Registrable Securities are to be covered by such Shelf Registration Statement) on an appropriate form under Rule 415 under the
Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part
thereof, all exhibits thereto and any document incorporated by reference therein. 
 “Shelf Request” shall have the
meaning set forth in Section 2(b) hereof. 
 “Subsidiary Guarantees” shall mean the guarantees of the Securities
and Exchange Securities by the Guarantor under the Indenture. 
 “Suspension Period” shall have the meaning set forth
in Section 2(d) hereof. “Staff” shall mean the staff of the SEC. 
  

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 “Target Registration Date” shall have the meaning set forth in Section 2(d)
hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time. 

“Trustee” shall mean the trustee with respect to the Securities under the Indenture. “Underwriter” shall have the
meaning set forth in Section 3(e) hereof. 
 “Underwritten Offering” shall mean an offering in which Registrable
Securities are sold to an Underwriter for reoffering to the public. 
 2. Registration Under the Securities Act.
(a) To the extent not prohibited by any applicable law or applicable interpretations of the Staff, the Company and the Guarantor shall use their reasonable best efforts to (i) cause to be filed an Exchange Offer Registration Statement
covering an offer to the Holders to exchange all the Registrable Securities for Exchange Securities and (ii) have such Registration Statement remain effective until 180 days after the last Exchange Date for use by one or more Participating
Broker-Dealers. The Company and the Guarantor shall commence the Exchange Offer promptly after the Exchange Offer Registration Statement is declared effective by the SEC and use their reasonable best efforts to complete the Exchange Offer not later
than 60 days after such effective date and, in any event, not later than the Target Registration Date. 
 The Company and the
Guarantor shall commence the Exchange Offer by mailing the related Prospectus, appropriate letters of transmittal and other accompanying documents to each Holder stating, in addition to such other disclosures as are required by applicable law,
substantially the following: 
 (i) that the Exchange Offer is being made pursuant to this Agreement and that all
Registrable Securities validly tendered and not properly withdrawn will be accepted for exchange; 
 (ii) the
dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (the “Exchange Dates”); 
 (iii) that any Registrable Security not tendered will remain outstanding and continue to accrue interest (but not any
additional interest pursuant to Section 2(d)) but will not retain any rights under this Agreement, except as otherwise specified herein; 
 (iv) that any Holder electing to have a Registrable Security exchanged pursuant to the Exchange Offer will be required to (A) surrender such Registrable Security, together with the appropriate
letters of transmittal, to the institution and at the address (located in the Borough of Manhattan, The City of New York) and in the manner specified in the notice, or (B) effect such exchange otherwise in compliance with the applicable
procedures of the depositary for such Registrable Security, in each case prior to the close of business on the last Exchange Date; and 
 (v) that any Holder will be entitled to withdraw its election, not later than the close of business on the last Exchange Date, by (A) sending to the institution and at the

  

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address (located in the Borough of Manhattan, The City of New York) specified in the notice, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the
principal amount of Registrable Securities delivered for exchange and a statement that such Holder is withdrawing its election to have such Securities exchanged or (B) effecting such withdrawal in compliance with the applicable procedures of
the depositary for the Registrable Securities. 
 As a condition to participating in the Exchange Offer, a Holder will be
required to represent to the Company and the Guarantor that (i) any Exchange Securities to be received by it will be acquired in the ordinary course of its business, (ii) at the time of the commencement of the Exchange Offer it has no
arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act, (iii) it is not an “affiliate”
(within the meaning of Rule 405 under the Securities Act) of the Company or any Guarantor and (iv) if such Holder is a broker- dealer that will receive Exchange Securities for its own account in exchange for Registrable Securities that were
acquired as a result of market-making or other trading activities, then such Holder will provide such information as may be reasonably requested by the Company and deliver a Prospectus (or, to the extent permitted by law, make available a Prospectus
to purchasers) in connection with any resale of such Exchange Securities. 
 As soon as practicable after the last Exchange
Date, the Company and the Guarantor shall: 
 (i) accept for exchange Registrable Securities or portions thereof
validly tendered and not properly withdrawn pursuant to the Exchange Offer; and 
 (ii) deliver, or cause to be
delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and issue, and cause the Trustee to promptly authenticate and deliver to each Holder, Exchange Securities equal in
principal amount to the principal amount of the Registrable Securities tendered by such Holder. 
 The Company and the Guarantor
shall use their reasonable best efforts to complete the Exchange Offer as provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the
Exchange Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate any applicable law or applicable interpretations of the Staff. 
 (b) In the event that (i) the Company and the Guarantor determine that the Exchange Offer Registration provided for in
Section 2(a) above is not available or may not be completed as soon as practicable after the last Exchange Date because it would violate any applicable law or applicable interpretations of the Staff, (ii) the Exchange Offer is not for any
other reason completed by the Target Registration Date, (iii) upon receipt of a written request (a “Shelf Request”) prior to the 20th day following the consummation of the Exchange Offer from any Initial Purchaser representing that it
holds Registrable Securities that, on advice of counsel, are or were ineligible to be exchanged in the Exchange Offer, or (iv) upon receipt of written notice prior to the 20th day following the consummation of the Exchange Offer from any Holder
(other than an Initial Purchaser) notifying the Company that, on advice of counsel, such Holder is or

  

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was ineligible to participate in the Exchange Offer or did not receive freely tradeable Exchange Securities in the Exchange Offer, other than by reason of such Holder being an affiliate (as
defined in subsection (a)(1) of Rule 144 under the Securities Act) of the Company, the Guarantor or any of their respective affiliates (as defined in subsection (a)(1) of Rule 144 under the Securities Act), then the Company and the Guarantor shall
use their reasonable best efforts to cause to be filed as soon as practicable after such determination, date or Shelf Request, as the case may be, a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders
thereof and to have such Shelf Registration Statement become effective no later than 270 days after the Closing Date. 
 In the
event that the Company and the Guarantor are required to file a Shelf Registration Statement pursuant to clause (iii) of the preceding sentence, the Company and the Guarantor shall use their reasonable best efforts to file and have become
effective both an Exchange Offer Registration Statement pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration Statement (which may be a combined Registration Statement with the Exchange Offer Registration
Statement) with respect to offers and sales of Registrable Securities held by the Initial Purchasers after completion of the Exchange Offer. 
 Subject to the fifth paragraph of Section 2(d) hereof, the Company and the Guarantor agree to use their reasonable best efforts to keep the Shelf Registration Statement continuously effective until
the date on which the Securities covered by the Shelf Registration Statement cease to be Registrable Securities (the “Shelf Effectiveness Period”). The Company and the Guarantor further agree to supplement or amend the Shelf Registration
Statement, the related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any
other rules and regulations thereunder or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use their reasonable best efforts to cause any such amendment to become effective, if
required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable. The Company and the Guarantor agree to furnish to the Holders of Registrable Securities
copies of any such supplement or amendment promptly after its being used or filed with the SEC. 
 (c) The Company and the
Guarantor shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) or Section 2(b) hereof. Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes,
if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Exchange Offer Registration Statement or Shelf Registration Statement and any fees and disbursements of counsel or experts retained by such
Holder in connection with any registration pursuant hereto (other than any such fees and disbursements included within the definition of Registration Expenses and paid for by the Company and the Guarantor in accordance with the terms of this
Agreement). 
 (d) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof will not be deemed to have
become effective unless it has been declared effective by the SEC. A Shelf Registration Statement pursuant to Section 2(b) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically
effective upon filing with the SEC as provided by Rule 462 under the Securities Act. 
  

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 In the event that either the Exchange Offer is not completed or the Shelf Registration
Statement, if required pursuant to Section 2(b) hereof, does not become effective on or prior to 270 days after the Closing Date (the “Target Registration Date”), the annual interest rate on the Registrable Securities will be
increased by (i) 0.25% per annum for the first 90-day period immediately following the Target Registration Date and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period, in each case until the Exchange
Offer is completed or the Shelf Registration Statement, if required hereby, becomes effective or the Securities cease to be Registrable Securities, whichever occurs first, up to a maximum increase of 1.00% per annum; provided that the
obligation of the Company and the Guarantor to pay such additional interest in any such case shall be the sole and exclusive monetary remedy of the initial Purchasers and the Holders in the event that the Exchange Offer is not completed or the Shelf
Registration Statement, if required pursuant to Section 2(b) hereof, does not become effective on or prior to the Target Registration Date. 
 If the Shelf Registration Statement, if required hereby, has become effective and thereafter either ceases to be effective or the Prospectus contained therein ceases to be usable, in each case whether or
not permitted by this Agreement, at any time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists for more than 30 days (whether or not consecutive) in any 12-month period, then the annual interest rate on the
Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period immediately following the Target Registration Date and (ii) an additional 0.25% per annum with respect to each subsequent 90-day period,
up to a maximum increase of 1.00% per annum, commencing on the 31st day in such 12-month period and ending on such date that the Shelf Registration Statement has again become effective or the Prospectus again becomes usable, as the case may be.

 For the avoidance of doubt, in the case that more than one basis for an increase in any interest rate pursuant to this
Section 2(d) arises or exists, such interest rate increases will not be aggregated and instead the interest rate will be increased as if only one such basis exists. Following the cessation of such basis for increased interest, the accrual of
such additional interest will cease, but for the avoidance of doubt, only when no basis for any increase continues to exist. 
 Subject to the limitation set forth in the next succeeding paragraph and subject to the provisions of Section 3 of this Agreement, the Company shall be entitled to delay the initial filing of the Shelf Registration Statement, suspend
its obligation to file any amendment to the Shelf Registration Statement, furnish any supplement or amendment to a Prospectus included in the Shelf Registration Statement, make any other filing with the SEC that would be incorporated by reference
into the Shelf Registration Statement, cause the Shelf Registration Statement to remain effective or take any similar action (collectively, “Registration Actions”) if there is a possible acquisition or business combination or other
transaction, business development or event involving the Company, the Guarantor or any of their subsidiaries that, upon the advice of counsel, would require disclosure in the Shelf Registration Statement and the Company determines in the exercise of
its good faith judgment and not for the purpose of avoidance of its obligations under this Agreement that such disclosure is not in the best interest of the Company and its stockholders or obtaining any financial statements relating to any such
acquisition or business combination required to be included in the Shelf Registration Statement would be

  

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impracticable or upon any event described in Section 3(a)(vi)(5). Upon the occurrence of any of the conditions described in the foregoing sentence, the Company shall give prompt notice (a
“Suspension Notice”) thereof to the Holders. Upon the termination of such condition, the Company shall give prompt notice thereof to the Holders and shall promptly proceed with all Registration Actions that were suspended pursuant to this
paragraph. 
 The Company may suspend Registration Actions pursuant to the preceding paragraph for one or more periods (each, a
“Suspension Period”) not to exceed 90 days in the aggregate during any twelve month period, during which no additional interest shall be payable pursuant to this Section 2(d) as a result thereof. If one or more Suspension Periods
exceed 90 days in the aggregate during any twelve month period, then additional interest shall begin to accrue on 91st day until such Registration Default is cured. Each Suspension Period shall be deemed to begin on the date the relevant Suspension
Notice is given to the Holders and shall end on the date on which the Company gives the Holders a notice that the Suspension Period has terminated. The Company shall extend the Shelf Effectiveness Period by the total number of days during which a
Suspension Period was in effect, so long as there are Registrable Securities outstanding. Notwithstanding anything to the foregoing, the Company shall at all times use its reasonable best efforts to end any Suspension Period at the earliest possible
time. 
 (e) Without limiting the remedies available to the Initial Purchasers and the Holders, the Company and the Guarantor
acknowledge that any failure by the Company or the Guarantor to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is
no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce
the Company’s and the Guarantor’s obligations under Section 2(a) and Section 2(b) hereof. 
 3.
Registration Procedures. (a) In connection with their obligations pursuant to Section 2(a) and Section 2(b) hereof, the Company and the Guarantor shall as soon as reasonably practicable: 
 (i) prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form
(x) shall be selected by the Company and the Guarantor, (y) shall, in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the Holders thereof and (z) shall comply as to form in all material
respects with the requirements of the applicable form and include all financial statements required by the SEC to be filed therewith; and use their reasonable best efforts to cause such Registration Statement to become effective and remain effective
for the applicable period in accordance with Section 2 hereof; 
 (ii) subject to the fifth paragraph of
Section 2(d) hereof, prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with
Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described
in Section 4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 
  

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 (iii) to the extent any Free Writing Prospectus is used, file with the SEC
any Free Writing Prospectus that is required to be filed by the Company or the Guarantor with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed; 
 (iv) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities, to counsel for the Initial
Purchasers, to counsel for such Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or
supplement thereto, as such Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and the Company and the Guarantor consent to the use of such Prospectus,
preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Holders of Registrable Securities and any such Underwriters in connection with the offering and sale of
the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto in accordance with applicable law; 
 (v) use their reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities
or blue sky laws of such jurisdictions in the United States and Canada as any Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing prior to the time the applicable Registration Statement becomes
effective; cooperate with such Holders in connection with any filings required to be made with the Financial Industry Regulatory Authority; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Holder
to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Holder; provided that neither the Company nor any Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as
a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction
if it is not so subject; 
 (vi) notify counsel for the Initial Purchasers and, in the case of a Shelf
Registration, notify each Holder of Registrable Securities and counsel for such Holders promptly and, if requested by any such Holder or counsel, confirm such notice in writing (1) when a Registration Statement has become effective, when any
post-effective amendment thereto has been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed (in each case other than for the
purpose of naming such Holder as a selling security holder therein), (2) of any request (but not the nature or details regarding such request) by the SEC or any state securities authority for amendments and supplements to a Registration
Statement, Prospectus or any Free Writing Prospectus or for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any

  

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stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose (but not the nature or details regarding such stop order or proceeding),
including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable
effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the Company or any Guarantor receives any notification with respect to the suspension of the qualification of the Registrable
Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event (but not the nature or details regarding such event) during the period a Registration Statement is effective that
makes any statement made in such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus or any Free
Writing Prospectus in order to make the statements therein not misleading in any material respect and (6) of any determination by the Company or any Guarantor that a post-effective amendment (other than for the purpose of naming such Holder as
a selling security holder therein) to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate; 
 (vii) use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration
Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2), including by filing an amendment to such Shelf Registration Statement on the proper form, as soon as reasonably practicable and
provide immediate notice to each Holder of the withdrawal of any such order or such resolution; 
 (viii) in the
case of a Shelf Registration, furnish to each Holder of Registrable Securities, without charge, upon request, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated
therein by reference or exhibits thereto, unless requested); 
 (ix) in the case of a Shelf Registration,
cooperate with the Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates (unless such Registrable Securities are in book-entry form only) representing Registrable Securities to be sold and not bearing
any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of the Indenture) as such Holders may reasonably request at least one Business Day prior
to the closing of any sale of Registrable Securities; 
 (x) subject to the fifth paragraph of Section 2(d),
in the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to such Shelf
Registration Statement or the related Prospectus or any Free Writing Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made
available) to purchasers of the Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may be, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
therein, in

  

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the light of the circumstances under which they were made, not misleading; and the Company and the Guarantor shall notify the Holders of Registrable Securities to suspend use of the Prospectus or
any Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Holders hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may be, until the Company and the Guarantor have
amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission; 
 (xi) a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus
or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after initial filing of a Registration Statement, provide at least one copy of such
document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Holders of Registrable Securities and their counsel) and, to the extent practicable, make such of the representatives of the Company and
the Guarantor as shall be reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable Securities or their counsel) available for discussion of such document; and the
Company and the Guarantor shall not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing
Prospectus, or any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the
Holders of Registrable Securities and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Holders of Registrable
Securities or their counsel) shall object; provided, that the immediately foregoing sentence shall not prohibit the Company or the Guarantor from making any filing that is, in the reasonable opinion of counsel to the Company or the Guarantor,
necessary to comply with applicable laws. 
 (xii) obtain a CUSIP number for all Exchange Securities or
Registrable Securities, as the case may be, not later than the initial effective date of a Registration Statement; 
 (xiii) cause the Indenture to be qualified under the Trust Indenture Act in connection with the registration of the Exchange Securities or Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such
changes to the Indenture as may be required for the Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use their reasonable best efforts to cause the 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 the Indenture to be so qualified in a timely manner; 
  

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 (xiv) in the case of a Shelf Registration, make available for inspection by
a representative of the Holders of the Registrable Securities (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority of the
Holders of Registrable Securities to be included in such Shelf Registration and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and
properties of the Company and its subsidiaries, and cause the respective officers, directors and employees of the Company and the Guarantor to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in
connection with a Shelf Registration Statement; provided that if any such information is identified by the Company or any Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are
reasonably necessary to protect the confidentiality of such information and to ensure that such information is not used for any purpose other than due diligence in connection with such Shelf Registration; 
 (xv) in the case of a Shelf Registration, use their reasonable best efforts to cause all Registrable Securities to be listed
on any securities exchange or any automated quotation system on which similar securities issued or guaranteed by the Company or any Guarantor are then listed if requested by the Majority Holders, to the extent such Registrable Securities satisfy
applicable listing requirements; 
 (xvi) if reasonably requested by any Holder of Registrable Securities covered
by a Shelf Registration Statement, promptly include in a Prospectus supplement or post-effective amendment such information with respect to such Holder as such Holder reasonably requests to be included therein and make all required filings of such
Prospectus supplement or such post- effective amendment as soon as reasonably practicable after the Company has received notification of the matters to be so included in such filing; 
 (xvii) in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in
connection therewith (including those requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable
Securities including, but not limited to, an Underwritten Offering (but not more than two) and in such connection, (1) to the extent possible, make such representations and warranties to the Holders and any Underwriters of such Registrable
Securities with respect to the business of the Company and its subsidiaries and the Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in
form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (2) in connection with any Underwritten Offering, obtain opinions of counsel to the Company and
the Guarantor (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Holders and such Underwriters and their respective counsel) addressed to each selling Holder and Underwriter of Registrable Securities,
covering the matters customarily covered in opinions requested in underwritten offerings, (3) in connection with any Underwritten Offering, obtain “comfort” letters from the independent certified public accountants of the Company and
the Guarantor (and, if necessary, any other certified public accountant of any subsidiary of the Company or any

  

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Guarantor, or of any business acquired by the Company or any Guarantor for which financial statements and financial data are or are required to be included in the Registration Statement)
addressed to each selling Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in
“comfort” letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus or Free Writing Prospectus and (4) in connection with any Underwritten
Offering, deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten
offerings, to evidence the continued validity of the representations and warranties of the Company and the Guarantor made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting
agreement; and 
 (xviii) so long as any Registrable Securities remain outstanding, cause each Additional
Guarantor upon the creation or acquisition by the Company of such Additional Guarantor, to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart to the Initial Purchasers no later than five
Business Days following the execution thereof. 
 (b) In the case of a Shelf Registration Statement, as a condition to including
such Holder’s Registrable Securities in such Shelf Registration Statement, each Holder of Registrable Securities must furnish to the Company such information regarding such Holder and the proposed disposition by such Holder of such Registrable
Securities as the Company and the Guarantor may from time to time reasonably request in writing within a reasonable time period specified by the Company and of which such Holder has been notified in writing. Any Holder who fails to comply with such
provision shall not be entitled to include its Registrable Securities in such Shelf Registration Statement or to receive the increased interest specified under Section 2(d) with respect to such Registrable Securities with respect to the failure
to register such Registrable Securities in such Registration Statement. Each Holder also agrees to notify the Company as promptly as practicable of any inaccuracy or change in information previously furnished by such Holder to the Company or of the
occurrence of any event in either case as a result of which any Prospectus relating to the Shelf Registration Statement contains or would contain an untrue statement of a material fact regarding such Holder or such Holder’s intended method of
disposition of Registrable Securities or omits to state any material fact regarding such Holder or such Holder’s intended method of disposition of such Registrable Securities required to be stated therein or necessary to make the statement
therein not misleading in light of the circumstances then existing, and promptly to furnish to the Company any additional information required to correct and update any previously furnished information or required so that such Prospectus shall not
contain, with respect to such Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statement therein not misleading
in light of the circumstances then existing. 
  

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 (c) In the case of a Shelf Registration Statement, each Holder of Registrable Securities
covered in such Shelf Registration Statement agrees that, upon receipt of any notice from the Company and the Guarantor of the happening of any event of the kind described in Section 3(a)(vi)(3) or 3(a)(vi)(5) hereof, such Holder will forthwith
discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by
Section 3(a)(x) hereof and, if so directed by the Company and the Guarantor, such Holder will deliver to the Company and the Guarantor all copies in its possession, other than permanent file copies then in such Holder’s possession, of the
Prospectus and any Free Writing Prospectus covering such Registrable Securities that are current at the time of receipt of such notice. 
 (d) If the Company and the Guarantor shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company and the Guarantor shall extend the period
during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders of such
Registrable Securities shall have received copies of the supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions. The Company and the Guarantor may give any such notice one or more times during any
365-day period and any such suspensions shall not exceed 90 days in the aggregate during any 365-day period. Each Holder agrees that upon receipt of any notice from the Company pursuant to this Section 3(d), it will discontinue use of the
Prospectus contained in such Registration Statement and any Free Writing Prospectus until receipt of copies of the supplemented or amended Prospectus or Free Writing Prospectus relating thereto or until advised in writing by the Company that the use
of the Prospectus contained in the such Registration Statement or the Free Writing Prospectus may be resumed. 
 (e) The Holders
of Registrable Securities covered by a Shelf Registration Statement who desire to do so may sell such Registrable Securities in an Underwritten Offering (but not more than two). In any such Underwritten Offering, the investment bank or investment
banks and manager or managers (each an “Underwriter”) that will administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities included in such offering, subject to the consent of
the Company (which shall not be unreasonably withheld). No Holder may participate in any Underwritten Offering unless such Holder (i) agrees to sell such Holder’s Securities on the basis provided in any underwriting arrangements approved
by the persons entitled hereunder to approve such arrangements and (ii) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents, under customary terms,
as customarily required under the terms of such underwriting arrangements. 
 4. Participation of Broker-Dealers in Exchange
Offer. (a) The Staff has taken the position that any broker-dealer that receives Exchange Securities for its own account in the Exchange. Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making
or other trading activities (a “Participating Broker-Dealer”) may be deemed to be an “underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in
connection with any resale of such Exchange Securities. 
  

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 The Company and the Guarantor understand that it is the Staffs position that if the
Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the
Participating Broker- Dealers or specifying the amount of Exchange Securities owned by them (except to the extent required by Staff positions), such Prospectus may be delivered by Participating Broker-Dealers (or, to the extent permitted by law,
made available to purchasers) to satisfy their prospectus delivery obligation under the Securities Act in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the
Securities Act. 
 (b) In light of the above, and notwithstanding the other provisions of this Agreement, the Company and the
Guarantor agree to amend or supplement the Prospectus contained in the Exchange Offer Registration Statement, if requested by one or more Participating Broker- Dealers, (i) for a period of up to 180 days after the last Exchange Date (as such
period may be extended pursuant to Section 3(d) of this Agreement) and (ii) until the Participating Broker- Dealers shall have disposed of the Registrable Securities, whichever is earlier, in order to expedite or facilitate the disposition
of any Exchange Securities by Participating Broker-Dealers consistent with the positions of the Staff recited in Section 4(a) above. The Company and the Guarantor further agree that Participating Broker-Dealers shall be authorized to deliver
such Prospectus (or, to the extent permitted by law, make available) during such period (but not thereafter) in connection with the resales contemplated by this Section 4; provided that, in connection with the application of the Shelf
Registration procedures set forth in Section 3 to the Exchange Offer Registration, the Company and the Guarantor shall be obligated (x) to deal only with one entity representing the Participating Broker-Dealers, which may be JPMorgan,
(y) to pay the reasonable fees and expenses of only one counsel representing the Participating Broker-Dealers, which may be counsel to the initial Purchasers unless such counsel elects not to so act and (z) to cause to be delivered only
one, if any, “cold comfort” letter in customary form with respect to the Prospectus and with respect to each subsequent amendment to supplement, if any, effected during the period specified in Section 3 above. 
 (c) The Initial Purchasers shall have no liability to the Company, any Guarantor or any Holder with respect to any request that they may
make pursuant to Section 4(b) above. 
 5. Market Making. (a) For so long as any of the Securities or Exchange
Securities are outstanding and Jefferies & Company, Inc. or any of its affiliates (as defined in subsection (a)(1) of Rule 144 under the Securities Act) (in such capacity, the “Market Maker”) is an affiliate (as defined in
subsection (a)(1) of Rule 144 under the Securities Act) of the Company, the Guarantor or any of their respective affiliates (as defined in subsection (a)(1) of Rule 144 under the Securities Act) and proposes to make a market in the Securities or
Exchange Securities as part of its business in the ordinary course (and if the Market Maker subsequently elects to cease making a market in the Securities or Exchange Securities, it shall promptly give notice of such election to the Company), the
following provisions shall apply for the sole benefit of the Market Maker: 
 (i) The Company and the Guarantor
shall (A) on the date that the Exchange Offer Registration Statement or, if required hereby, the Shelf Registration Statement is filed with the SEC, file a registration statement (the “Market Making Registration Statement”) (which may
be the Exchange Offer Registration Statement or the Shelf Registration Statement if permitted by the rules and regulations of the SEC) and use their

  

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reasonable best efforts to cause such Market Making Registration Statement to become effective on or prior to the consummation of the Exchange Offer or the initial effective date of the Shelf
Registration Statement, as applicable; (B) periodically amend such Market Making Registration Statement so that the information contained therein complies with the requirements of Section 10(a) under the Securities Act; (C) amend the
Market Making Registration Statement or amend or supplement the related Prospectus when necessary to reflect any material changes in the information provided therein; and (D) amend the Market Making Registration Statement when required to do so
in order to comply with Section 10(a)(3) of the Securities Act; provided, however, that (1) prior to filing the Market Making Registration Statement, any amendment thereto, any Free Writing Prospectus or any amendment or supplement to the
related Prospectus or Free Writing Prospectus, the Company will furnish to the Market Maker at least one copy of each such document proposed to be filed, which documents will be subject to the review of the Market Maker and its counsel and
(2) the Company and the Guarantor will not file the Market Making Registration Statement, any amendment thereto, any Free Writing Prospectus or any amendment or supplement to the related Prospectus or Free Writing Prospectus to which the Market
Maker and its counsel shall reasonably object unless the Company is advised by counsel that such Market Making Registration Statement or Free Writing Prospectus, or any such amendment or supplement is required to be filed under applicable securities
laws and the Company will provide the Market Maker and its counsel with copies of the Market Making Registration Statement and any Free Writing Prospectus and each amendment and supplement filed. 
 (ii) The Company shall notify the Market Maker and, if requested by the Market Maker, confirm such notice in writing,
(A) when any Market Making Registration Statement, any post effective amendment to the Market Making Registration Statement, any Free Writing Prospectus or any amendment or supplement to the related Prospectus or Free Writing Prospectus has
been filed, and, with respect to any Market Making Registration Statement or any post effective amendment, when the same has become effective; (B) of any request by the SEC for any post effective amendment to the Market Making Registration
Statement, any supplement or amendment to the related Prospectus or any Free Writing Prospectus or for additional information; (C) the issuance by the SEC of any stop order suspending the effectiveness of the Market Making Registration
Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of the Market Making Registration Statement or any post-effective amendment thereto pursuant to
Rule 401(g)(2) under the Securities Act; (D) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Securities or Exchange Securities for sale in any jurisdiction or the initiation or
threatening of any proceedings for such purpose; and (E) of the happening of any event during the period the Market Making Registration Statement is effective that makes any statement made in the Market Making Registration Statement, the
related Prospectus or any Free Writing Prospectus or any amendment or supplement thereto untrue in any material respect or that requires the making of any changes in the Market Making Registration Statement, such Prospectus or such Free Writing
Prospectus or amendment or supplement thereto, in order to make the statements therein not misleading in any material respect. 
  

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 (iii) If any event contemplated by Section 5(a)(ii)(B) through
(E) occurs during the period for which the Company and the Guarantor are required to maintain an effective Market Making Registration Statement, the Company and the Guarantor shall, subject to Section 5(a)(i), promptly prepare and file
with the SEC a post-effective amendment to the Market Making Registration Statement or an amendment or supplement to the related Prospectus or Free Writing Prospectus or file any other required document so that the Prospectus or any Free Writing
Prospectus will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (iv) In the event of the issuance of any stop order suspending the effectiveness of the Market Making Registration Statement,
any notice of objection pursuant to Rule 401(g)(2) under the Securities Act or any order suspending the qualification of the Securities or Exchange Securities for sale in any jurisdiction, the Company and the Guarantor shall promptly use their
reasonable best efforts to obtain the withdrawal of such order or the resolution of such objection, including by filing an amendment to the Market Making Registration Statement on the proper form as necessary. 
 (v) The Company shall furnish to the Market Maker, without charge, (i) at least one conformed copy of the Market Making
Registration Statement and any post effective amendment thereto; and (ii) as many copies of the related Prospectus, any Free Writing Prospectus and any amendment or supplement thereto as the Market Maker may reasonably request. 
 (vi) The Company and the Guarantor shall consent to the use in accordance with applicable law of the Prospectus contained in
the Market Making Registration Statement, any Free Writing Prospectus or any amendment or supplement thereto by the Market Maker in connection its market-making activities, 
 (vii) Notwithstanding the foregoing provisions of this Section 5, the Company and the Guarantor may for valid business
reasons, including without limitation, a potential material acquisition, divestiture of assets or other material corporate transaction, notify the Market Maker in writing, at any time and from time to time, that the Market Making Registration
Statement is no longer effective or the Prospectus included therein or any Free Writing Prospectus is no longer usable for offers and sales of Securities or Exchange Securities; provided that the use of the Market Making Registration Statement or
the Prospectus contained therein or any Free Writing Prospectus shall not be suspended for more than 180 days (whether or not consecutive) in the aggregate in any 12-month period. The Market Maker agrees that upon receipt of any notice from the
Company pursuant to this Section 5(a)(vii), it will discontinue use of the Prospectus contained in the Market Making Registration Statement and any Free Writing Prospectus until receipt of copies of the supplemented or amended Prospectus or
Free Writing Prospectus relating thereto or until advised in writing by the Company that the use of the Prospectus contained in the Market Making Registration Statement or the Free Writing Prospectus may be resumed. 
  

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 (b) In connection with the Market Making Registration Statement, the Company shall
(i) make available for inspection by a representative of, and counsel acting for, the Market Maker, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and its
subsidiaries and (ii) cause the respective officers, directors and employees of the Company and the Guarantor to supply all information reasonably requested by such representative or counsel or the Market Maker; provided that if any such
information is identified by the Company or any Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information and to
ensure that such information is not used for any purpose other than due diligence in connection with such Market Making Registration Statement. 
 (c) Prior to the initial effective date of the Market Making Registration Statement, the Company and the Guarantor shall use their reasonable best efforts to register or qualify the Securities or Exchange
Securities for offer and sale under all applicable state securities or blue sky laws of such jurisdictions in the United States and Canada as the Market Maker reasonably requests in writing, prior to the time the Market Making Registration Statement
becomes effective, cooperate with the Market Maker in connection with any filings required to be made with the Financial Industry Regulatory Authority and do any and all other acts or things that may be reasonably necessary or advisable to enable
the offer and sale in such jurisdictions of the Securities or Exchange Securities covered by the Market Making Registration Statement; provided that the Company and the Guarantor shall not be required to (i) qualify as a foreign corporation or
other entity or as a dealer in securities in any jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to subject itself to service of process in any such jurisdictions or (iii) subject itself
to taxation in any such jurisdiction if it not so subject. 
 (d) The Company and the Guarantor represent and agree that the
Market Making Registration Statement, any post effective amendments thereto, any Free Writing Prospectus, any amendments or supplements to the related Prospectus or any Free Writing Prospectus and any documents filed by them under the Exchange Act
will, when they become effective or are filed with the SEC, as the case may be, conform in all respects to the requirements of the Securities Act and the Exchange Act and the rules and regulations of the SEC thereunder and will not, as of each
effective date of such Market Making Registration Statement or post- effective amendments and as of the filing date of any Free Writing Prospectus or amendments or supplements to such Prospectus or any Free Writing Prospectus or filings under the
Exchange Act, 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;
provided that no representation or warranty is made as to information contained in or omitted from the Market Making Registration Statement or the related Prospectus or any Free Writing Prospectus in reliance upon and in conformity with written
information furnished to the Company by the Market Maker specifically for inclusion therein, which information the parties hereto agree will be limited to the statements concerning the market-making activities of the Market Maker to be set forth on
the cover page and in the “Plan of Distribution” section of the Prospectus (the “Market Maker’s Information”). 
  

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 (e) At the time of initial effectiveness of the Market Making Registration Statement and
concurrently with each time any Free Writing Prospectus is first used or the Market Making Registration Statement shall be amended by post-effective amendment, including by the filing of an annual report incorporated by reference into the Market
Making Registration Statement, or the related Prospectus or any Free Writing Prospectus shall be amended or supplemented, the Company shall (if requested by the Market Maker) furnish the Market Maker and its counsel with a certificate of its
Chairman of the Board of Directors or President and its Chief Financial Officer to the effect that: 
 (i) the
Market Making Registration Statement has become effective; (ii) in the case of an amendment to the Market Making Registration Statement, such amendment has become effective under the Securities Act as of the date and time specified in such
certificate, if applicable; and in the case of an amendment or supplement to the Prospectus, such amendment or supplement to the Prospectus was filed with the SEC pursuant to the subparagraph of Rule 424(b) under the Securities Act specified in such
certificate on the date specified therein; and in the case of any Free Writing Prospectus or an amendment or supplement to any Free Writing Prospectus, such Free Writing Prospectus or amendment or supplement to the Free Writing Prospectus was filed
with the SEC pursuant to Rule 433 under the Securities Act on the date specified therein; (iii) to the knowledge of such officers, no stop order suspending the effectiveness of the Market Making Registration Statement has been issued, including
any notice of objection of the SEC to the use of the Market Making Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, and no proceeding for that purpose is pending or threatened by the
SEC; and (iv) uch officers have carefully examined the Market Making Registration Statement, the Prospectus and any Free Writing Prospectus (and, in the case of an amendment or supplement, such amendment or supplement) and as of the applicable
effective date of such Market Making Registration Statement, or the date of such Free Writing Prospectus or any such amendment or supplement, as applicable, the Market Making Registration Statement, the Prospectus and any Free Writing Prospectus, as
amended or supplemented, if applicable, did not include any untrue statement of a material fact and did not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 
 (f) At the time of initial effectiveness of the Market Making Registration Statement and concurrently with each time any Free Writing
Prospectus is first used or the Market Making Registration Statement shall be amended by post-effective amendment, including by the filing of an annual report incorporated by reference into the Market Making Registration Statement, or the related
Prospectus or any Free Writing Prospectus shall be amended or supplemented, the Company shall (if requested by the Market Maker) furnish the Market Maker and its counsel with the written opinion or, in the case of clause (iv) below, negative
assurance letter of counsel for the Company satisfactory to the Market Maker to the effect that: 
 (i) the
Market Making Registration Statement has become effective; (ii) in the case of an amendment to the Market Making Registration Statement, such amendment has become effective under the Securities Act as of the date and time specified in such
opinion, if applicable; and in the case of an amendment or supplement to the Prospectus, such amendment or supplement to the Prospectus was filed with the SEC pursuant to the subparagraph of Rule 424(b) under the Securities Act specified in such
opinion on the date specified therein; and in the case of any Free Writing Prospectus

  

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or an amendment or supplement to any Free Writing Prospectus, such Free Writing Prospectus or amendment or supplement to the Free Writing Prospectus was filed with the SEC pursuant to Rule 433
under the Securities Act on the date specified therein; (iii) to the knowledge of such counsel, no stop order suspending the effectiveness of the Market Making Registration Statement has been issued, including any notice of objection of the SEC
to the use of the Market Making Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, and no proceeding for that purpose is pending or threatened by the SEC; and (iv) such counsel
has participated in conferences with representatives of the Company and with representatives of its independent accountants and the Market Maker and its counsel at which conferences the contents of the Market Making Registration Statement, the
Prospectus and any Free Writing Prospectus (and, in the case of an amendment or supplement, such amendment or supplement) and related matters were discussed and, based on the foregoing, and without passing upon or assuming responsibility for the
accuracy, completeness or fairness of the Market Making Registration Statement, the Prospectus and any Free Writing Prospectus (and, in the case of an amendment or supplement, such amendment or supplement) and noting that such counsel has relied as
to factual matters to the extent determined to be appropriate upon statements of officers or other representatives of the Company and others, nothing has come to the attention of such counsel to cause such counsel to believe that, as of the
applicable effective date of such Market Making Registration Statement, or the date of such Free Writing Prospectus or any such amendment or supplement, as applicable, such Market Making Registration Statement, such Prospectus or any such Free
Writing Prospectus (or, in the case of an amendment or supplement, such amendment or supplement), contained any untrue statement of a material fact or omitted to state a material fact or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading (other than, in each case, the financial statements, schedules and other financial information contained therein and or any statistical data derived therefrom, as to which such counsel need
express no belief). 
 (g) At the time of initial effectiveness of the Market Making Registration Statement and concurrently
with each time any Free Writing Prospectus is first used or the Market Making Registration Statement or the related Prospectus or any Free Writing Prospectus shall be amended or the Prospectus shall be supplemented to include audited annual
financial information, the Company shall (if requested by the Market Maker) furnish the Market Maker and its counsel with a letter of Deloitte & Touche, LLP (or other independent public accountants for the Company or the Guarantor of
nationally recognized standing) in form satisfactory to the Market Maker, addressed to the Market Maker and dated the date of delivery of such letter, (i) confirming that they are an independent registered public accounting firm within the
rules and regulations adopted by the SEC and the Public Accounting Oversight Board (United States) and as required by the Securities Act and (ii) in all other respects, substantially in the form of the letter delivered to the Initial Purchasers
pursuant to Section 6(e) of the Purchase Agreement, with, in the case of an amendment or supplement that includes audited financial information, such changes as may be necessary to reflect the amended or supplemented financial information.

  

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 (h) The Company and the Guarantor, on the one hand, and the Market Maker, on the other hand,
hereby agree to indemnify each other, and, if applicable, contribute to the other, in accordance with Section 6 of this Agreement. 
 (i) The Company and the Guarantor will comply with the provisions of this Section 5 at their own expense and will reimburse the Market Maker for its expenses associated with this Section 5
(including reasonable fees of counsel for the Market Maker). 
 (j) The agreements contained in this Section 5 and the
representations, warranties and agreements contained in this Agreement shall survive all offers and sales of the Securities and Exchange Securities and shall remain in full force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any indemnified party. 
 (k) For purposes of this Section 5,
(i) any reference to the terms “amend”, “amendment” or “supplement” with respect to the Market Making Registration Statement or the Prospectus contained therein or any Free Writing Prospectus shall be deemed to
refer to and include the filing under the Exchange Act of any document deemed to be incorporated therein by reference and (ii) any reference to the terms “Securities” or “Exchange Securities” shall be deemed to refer to and
include any securities issued in exchange for or with respect to such Securities or Exchange Securities. 
 6.
Indemnification and Contribution. (a) The Company and each Guarantor, jointly and severally, agree to indemnify and hold harmless (i) each Initial Purchaser, the Market Maker and each Holder, their respective affiliates, directors
and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and
liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or
are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in
order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, any Free Writing Prospectus or any “issuer information” (“Issuer
Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in
reliance upon and in conformity with any information relating to any Initial Purchaser, or information relating to any Holder or the Market Maker Information furnished to the Company in writing through JPMorgan, or any selling Holder or the Market
Maker, respectively, expressly for use therein and (ii) the Market Maker from and against any and all losses, claims, damages and liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with
any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), that arise out of, or are based upon, any breach by the Company of its representations, warranties and agreements contained in Section 5. In
connection with any Underwritten Offering permitted by Section 3, the

  

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Company and the Guarantor, jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the
distribution, their respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested
in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information. 
 (b)
Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantor, the Initial Purchasers and the other selling Holders, the directors of the Company and the Guarantor, each officer of the Company and the
Guarantor who signed the Registration Statement and each Person and their directors, officers and managing members, if any, who controls the Company, the Guarantor, any Initial Purchaser and any other selling Holder within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities (including, without
limitation, reasonable legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred) that arise out of, or are based upon, any untrue statement or omission or
alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any Prospectus and any Free
Writing Prospectus. 
 (c) The Market Maker agrees to indemnify and hold harmless the Company and the Guarantor, the directors
of the Company and the Guarantor and each officer of the Company and the Guarantor who signed the Market Making Registration Statement and each Person and their directors, officers and managing members, if any, who controls the Company or the
Guarantor within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or
liabilities (including, without limitation, reasonable legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred) that arise out of, or are based upon, any
untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any Market Maker’s Information furnished to the Company in writing by the Market Maker expressly for use in any Market Making
Registration Statement, any Prospectus and any Free Writing Prospectus. 
 (d) If any suit, action, proceeding (including any
governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a), (b) or (c) above, such Person (the
“Indemnified Person”) shall promptly notify the Person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve
it from any liability that it may have under this Section 6 except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the
failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under this Section 6. If any such proceeding shall be brought or asserted against an Indemnified Person
and it shall have notified the Indemnifying Person thereof, the

  

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Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this
Section 6 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the indemnified Person shall have
mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there
may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person
and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection
with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be
reimbursed as they are incurred. Any such separate firm (x) for any Initial Purchaser or the Market Maker, its affiliates, directors and officers and any control Persons of such Initial Purchaser or the Market Maker shall be designated in
writing by JPMorgan, (y) for any Holder, its directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the Company. The
Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each
Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the
Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more
than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement to the extent required
hereunder. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and
indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from
all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person. 
 (e) If the indemnification provided for in paragraphs (a), (b) and (c) above is unavailable to an Indemnified Person or
insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable
by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the

  

 89 

 
Guarantor from the offering of the Securities and the Exchange Securities, on the one hand, and by the Holders from receiving Securities or Exchange Securities registered under the Securities Act
or the Market Maker, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but
also the relative fault of the Company and the Guarantor on the one hand and the Holders or by the Market Maker on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any
other relevant equitable considerations. The relative fault of the Company and the Guarantor on the one hand and the Holders or the Market Maker on the other 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 Company and the Guarantor or by the Holders or the Market Maker Information, as applicable, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
 (f) The
Company, the Guarantor, the Holders and the Market Maker agree that it would not be just and equitable if contribution pursuant to this Section 6 were determined by pro rata allocation (even if the Holders were treated as one
entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) and (e) above. The amount paid or payable by an Indemnified Person as a result of the
losses, claims, damages and liabilities referred to in paragraph (d) and (e) above shall be deemed to include, subject to the limitations set forth above, any reasonable legal or other expenses incurred by such Indemnified Person in
connection with any such action or claim. Notwithstanding the provisions of this Section 6, in no event shall a Holder or the Market Maker be required to contribute any amount in excess of the amount by which the total price at which the
Securities or Exchange Securities sold by such Holder or the Securities sold by the Market Maker exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The
Holders’ obligations to contribute pursuant to this Section 6 are several and not joint. 
 (g) The remedies provided
for in this Section 6 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity. 
 (h) The indemnity and contribution provisions contained in this Section 6 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of the Initial Purchasers, the Market Maker or any Holder or any Person controlling any Initial Purchaser, the Market Maker or any Holder, or by or on behalf of the Company or the Guarantor or the officers or
directors of or any Person controlling the Company or the Guarantor, (iii) acceptance of any of the Exchange Securities and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement or the Market Making
Registration Statement. 
  

 90 

 7. General. 
 (a) No Inconsistent Agreements. The Company and the Guarantor represent, warrant and agree that (i) the rights granted to the
Holders or the Market Maker hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement
and (ii) neither the Company nor any Guarantor has entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities or the Market Maker
in this Agreement or otherwise conflicts with the provisions hereof. 
 (b) Amendments and Waivers. The provisions of
this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantor have obtained the written
consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent and with respect to the provisions of Section 5, the
written consent of the Market Maker; provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 6 hereof shall be effective as against any Holder of Registrable Securities or
the Market Maker unless consented to in writing by such Holder or the Market Maker, as applicable. Any amendments, modifications, supplements, waivers or consents pursuant to this Section 7(b) shall be by a writing executed by each of the
parties hereto. 
 (c) Notices. All notices and other communications provided for or permitted hereunder shall be made in
writing by hand-delivery, registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in
accordance with the provisions of this Section 7(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company and the Guarantor, initially at the
Company’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 7 (c); and (iii) if to the Market Maker, initially at its address
set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section (7)(c); and (iv) to such other persons at their respective addresses as provided in the
Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 7(c). All such notices and communications 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 is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air
courier guaranteeing overnight delivery. 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 specified in the Indenture. 
 (d) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees
of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of

  

 91 

 
Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. If any transferee of. any Holder shall acquire Registrable Securities in any manner, whether by
operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to
perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or the
Guarantor with respect to any failure by a Holder to comply with, or any breach by any Holder (other than such Initial Purchaser) of, any of the obligations of such Holder under this Agreement. 
 (e) Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder (excluding those
agreements made in Section 5 hereto) between the Company and the Guarantor, on the one hand, and the Initial Purchasers and the Market Maker, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems
such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder. 
 (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, are
not a part of this Agreement 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. 
 (i) Entire Agreement;
Severability. This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto. If any term, provision, covenant or restriction
contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force
and effect and shall in no way be affected, impaired or invalidated. The Company, the Guarantor and the Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid, void or unenforceable provisions. 
 IN WITNESS
WHEREOF, the parties have executed this Agreement as of the date first written above. 
 [Signature page follows]

  

 92 

			
	EDGEN MURRAY CORPORATION
		
	By	 	 /s/ David L. Laxton, III

	Name:	 	David L. Laxton, III
	Title:	 	 Executive Vice President, Chief
 Financial Officer and Secretary

	
	EDGEN MURRAY II, L.P.
		
	By	 	 /s/ David L. Laxton, III

	Name:	 	David L. Laxton, III
	Title:	 	 Executive Vice President, Chief
 Financial Officer and Secretary

 Confirmed and accepted as of the date first above written: 
 J.P. MORGAN SECURITIES INC. 
 For itself and on
behalf of the several Initial Purchasers 
  

			
	By	 	 /s/ Lackland H. Bloom III

		 	Authorized Signatory

 JEFFERIES & COMPANY, INC.

  

			
	By	 	 /s/ Craig Zaph

		 	Authorized Signatory

 JEFFERIES & COMPANY, INC.

 As Market Maker, pursuant to Section 5 of the Agreement 
  

			
	By	 	 /s/ Craig Zaph

		 	Authorized Signatory

  

 93 

 Annex A 
 Counterpart to Registration Rights Agreement 
 The undersigned hereby
absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement, dated as of December [23], 2009 by and among the Company, a Nevada corporation, Edgen Murray II, L.P., a Delaware limited
partnership, the other Guarantors, if any, and J.P. Morgan Securities Inc., on behalf of itself and the other Initial Purchasers) to be bound by the terms and provisions of such Registration Rights Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this counterpart as of
                    . 
  

									
		 		 		 	[NAME]
					
	NAME	 		 		 	By:	 	  

		 		 		 	Title:	 	

  

 94Intercreditor Agreement, dated as of December 23, 2009

 Exhibit 10.2 
 INTERCREDITOR AGREEMENT 
 This INTERCREDITOR AGREEMENT, is
dated as of December 23, 2009 (as amended, restated, renewed, extended, supplemented or otherwise modified from time to time this “Agreement”), is entered into by and among (1) EDGEN MURRAY CORPORATION, a Nevada
corporation (the “US Borrower”), (2) EDGEN MURRAY II, L.P., a Delaware limited partnership (“Holdings”), (3) JPMORGAN CHASE BANK, N.A., in its capacity as collateral agent for the Revolving Credit
Obligations (“U.S. Revolving Credit Collateral Agent”), (4) JPMORGAN CHASE BANK, N.A., in its capacity as U.S. administrative agent for the Revolving Credit Obligations (“U.S. Revolving Credit Administrative
Agent”), and (5) THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION in its capacity as collateral agent for the Notes Obligations (as defined below) (including its successors and assigns from time to time, the
“Notes Collateral Agent”). Capitalized terms used in this Agreement have the meanings assigned to them in Section 1 below. 
 RECITALS 
 A. The Borrowers, the Guarantors, the Revolving Credit Lenders,
the Revolving Credit Collateral Agents and the Revolving Credit Administrative Agents have entered into a Credit Agreement, dated as of May 11, 2007, providing for revolving credit facilities (as amended, restated, supplemented, modified,
replaced or refinanced from time to time, the “Revolving Credit Agreement”); 
 B. The US Borrower, Holdings
and The Bank of New York Mellon Trust Company, National Association, as trustee (in such capacity, including its successors and assigns from time to time, the “Notes Trustee”) have entered into an Indenture, dated as of the date
hereof (the “Indenture”), governing the US Borrower’s 12.25% Senior Secured Notes due 2016 (the “Notes”) issued thereunder; 
 C. All or portions of the obligations of (i) the Borrowers, Holdings and certain Foreign Subsidiaries of Holdings (the
“Non-US Guarantors”) under the Revolving Credit Agreement, any Banking Services Agreements and any Hedge Agreements to the Revolving Credit Claimholders are secured by Liens (as defined below) on the Revolving Credit Primary
Collateral (as defined below) of the US Borrower and Holdings and on certain assets of the Non-US Borrowers and the Non-US Guarantors, and (ii) the US Borrower, Holdings and any US Subsidiary Guarantor under the Indenture are secured by Liens
(as defined below) on substantially all of the assets of the US Borrower, Holdings and any US Subsidiary Guarantor; 
 D.
Pursuant to (i) the Revolving Credit Agreement, Holdings and the Non-US Guarantors have guaranteed all or portions of the Revolving Credit Obligations (the “Revolving Credit Guaranty”); (ii) the Revolving Credit Agreement,
the Borrowers and the Guarantors have agreed to cause certain future US Subsidiary Guarantors and their future Foreign Subsidiaries to guaranty all or portions of the Revolving Credit Obligations pursuant to the Revolving Credit Guaranty;
(iii) the Indenture, Holdings has guaranteed the Notes Obligations (the “Notes Guarantees”); and (iv) the Indenture, Holdings has agreed to cause its future Domestic Guarantor Subsidiaries (the “US Subsidiary
Guarantors” and together with Holdings, the “US Guarantors”) to guaranty the Notes Obligations pursuant to the Notes Guarantees; 
  

 1 

 E. In order to induce (i) the Revolving Credit Claimholders to agree to certain
amendments to the Revolving Credit Agreement and to provide certain consents thereunder (including in connection with the issuance of the Notes), to continue to make Loans and other extensions of credit thereunder, to continue to provide Banking
Services and to continue to enter into Hedge Agreements and (ii) the Notes Collateral Agent and the Notes Claimholders to enter into the Notes Documents, as applicable, and the initial Holders to acquire the Notes, the US Revolving Credit
Collateral Agent and the US Revolving Credit Administrative Agent, each on behalf of the Revolving Credit Claimholders, and the Notes Collateral Agent, on behalf of the Notes Claimholders, have agreed to the relative priority of their respective
Liens on the Collateral and certain other rights, priorities and interests as set forth in this Agreement; and 
 F. This
Agreement is intended to allocate certain rights, benefits and priorities in the Revolving Credit Primary Collateral of the US Borrower and any US Guarantor or any other Collateral of the US Borrower and any US Guarantor between the US Revolving
Credit Collateral Agent and the Revolving Credit Claimholders on the one hand and the Notes Collateral Agent and the Notes Claimholders on the other hand. 
 AGREEMENT 
 In consideration of the foregoing, the mutual covenants and
obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 SECTION I. Definitions. 
 1.1. Defined Terms. As used in the Agreement, the following terms shall have the following meanings: 
 “Access Period” means with respect to each parcel of Real Estate Assets, the period, after the commencement of an Enforcement Period, which begins, with respect to such parcel of Real
Estate Assets, on the day that the US Revolving Credit Collateral Agent provides the Notes Collateral Agent with the notice of its election to request access with respect to such parcel of Real Estate Assets pursuant to Section 3.2(b) below and
ends on the earliest of (i) the 180th day after the US Revolving Credit Collateral Agent obtains the ability to use, take physical possession of, remove or otherwise control the use or access to the Revolving Credit Primary Collateral located
on such Real Estate Asset following Enforcement plus such number of days, if any, after the US Revolving Credit Collateral Agent obtains access to such Revolving Credit Primary Collateral that it is stayed or otherwise prohibited by law or court
order from exercising remedies with respect to Revolving Credit Primary Collateral located on such Real Estate Asset or (ii) the date on which all or substantially all of the Revolving Credit Primary Collateral located on such Real Estate Asset
is sold or liquidated, or (iii) the date on which the Discharge of Revolving Credit Obligations occurs. 
  

 2 

 “Accounts” means all now present and future “accounts” and
“payment intangibles” (in each case, as defined in Article 9 of the UCC). 
 “Account Agreements”
means any lockbox account agreement, pledged account agreement, blocked account agreement, securities account control agreement, armored car agreement, credit card processing agreement or any similar deposit or securities account agreements among
the Notes Collateral Agent and/or the US Revolving Credit Collateral Agent and a Grantor and the relevant service provider, financial institution depository or securities intermediary. 
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, controls or is controlled by or under common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling,” “controlled by” and “under common control
with” have correlative meanings. 
 “Agents” means the US Revolving Credit Collateral Agent and the Notes
Collateral Agent. 
 “Agreement” has the meaning assigned to such term in the Preamble to this Agreement.

 “Banking Services” means each and any of the following bank services provided to any Grantor by any
Revolving Credit Lender or any of its Affiliates: 
 (a) commercial credit cards; 
 (b) stored value cards; and 
 (c) treasury management services (including, without limitation, controlled disbursement, automated clearinghouse transactions, return items, overdrafts, and interstate or foreign depository network
services). 
 “Banking Services Agreement” means any agreement that evidences any Banking Services Obligations.

 “Banking Services Obligations” means any and all obligations of the Grantors, or any of them, whether
absolute or contingent and howsoever and whensoever created, rising, evidenced, or acquired (including all renewals, extensions, modifications thereof, and substitutions therefore) in connection with Banking Services. 
 “Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect,
or any successor statute. 
  

 3 

 “Bankruptcy Law” means the Bankruptcy Code and any similar federal, state
or foreign law for the relief of debtors in any applicable jurisdiction. 
 “Board of Directors” shall mean,
with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii) in the case of any limited liability company, the board of managers of such Person, (iii) in the case of any partnership, the
board of directors of the general partner of such Person and (iv) in any other case, the functional equivalent of the foregoing. 
 “Borrowers” means the US Borrower and the Non-US Borrowers. 
 “Business Day” means a
day other than a Saturday, Sunday or other day on which banks in New York City are authorized or required by law to close. 
 “Canadian Borrower” means Edgen Murray Canada Inc., an Alberta company. 
 “Canadian Revolving
Credit Administrative Agent” means JPMorgan Chase Bank, N.A., Toronto Branch, and any of its successors or assigns from time to time. 
 “Canadian Revolving Credit Collateral Agent” means JPMorgan Chase Bank, N.A., Toronto Branch, and any of its successors or assigns from time to time. 
 “Capital Stock” means: 
 (a) in the case of a corporation, corporate stock; 
 (b) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (c) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; 
 (d) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person; and 
 (e) any warrants, options or other rights to acquire any of the foregoing; but 

 excluding from all of the foregoing interests any debt securities which are convertible into or exchangeable for any of
the foregoing equity interests, whether or not such debt securities include any right of participation with Capital Stock. 
 “Capital Stock Collateral” means: 
 (a) all of the Capital Stock in the US Borrower; 
 (b) all of the Capital Stock in any Restricted Subsidiary which is directly owned by Holdings, the US Borrower or any US Subsidiary
Guarantor; provided that in the case of any first-tier Foreign Subsidiary, the Capital Stock Collateral shall be limited to 65% of the Voting Stock of such Foreign Subsidiary; 
  

 4 

 (c) Records, “supporting obligations” (as defined in Article 9 of the UCC) and
related Letters of Credit, commercial tort claims or other claims and causes of action, in each case, to the extent directly related to the foregoing; provided however, in the event that any such Records, “supporting obligations” and
related Letters of Credit, commercial tort claims or other claims and causes of action directly relate to both the Revolving Credit Primary Collateral and the Notes Collateral, then only those which primarily relate to the Notes Collateral, shall be
included in this definition; and 
 (d) substitutions, replacements, accessions, products and proceeds (including, without
limitation, insurance proceeds, licenses, royalties, income, payments, claims, damages and proceeds of suit) of any or all of the foregoing. 
 “Chattel Paper” means all now present and future “chattel paper” (as defined in Article 9 of the UCC). 
 “Claimholders” means the Revolving Credit Claimholders and the Notes Claimholders. 
 “Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed that is subject to a
security interest in favor of the U.S. Revolving Credit Collateral Agent or the Notes Collateral Agent and constitutes either Revolving Credit Collateral or Notes Collateral. For the avoidance of doubt, Collateral does not include any assets or
property of any Non-US Borrower, any Foreign Subsidiary of Holdings or the US Borrower or any Domestic Subsidiary, directly or indirectly, owned by any Foreign Subsidiary. 
 “Copyright Licenses” means any and all present and future agreements (whether or not in writing) providing for the granting
of any right in, to or under Copyrights (whether the applicable Grantor is licensee or licensor thereunder). 
 “Copyrights” means, collectively, with respect to each Grantor, all copyrights (whether statutory or common law, whether established or registered in the United States or any other country or any political subdivision
thereof, whether registered or unregistered, whether published or unpublished and, in each case, whether owned by or licensed to such Grantor) and all copyright registrations and applications made by such Grantor, in each case, whether now owned or
hereafter created or acquired by or assigned to such Grantor, and all goodwill associated therewith, now existing or hereafter adopted or acquired, together with any and all (i) rights and privileges arising under applicable law with respect to
such Grantor’s use of such copyrights, (ii) reissues, renewals, continuations and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable with respect
thereto, including damages and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof. 
 “Deposit Accounts” means all now present and future “deposit accounts” (as defined in Article 9 of the UCC).

  

 5 

 “DIP Financing” has the meaning assigned to that term in Section 6.1.

 “DIP Financing Cap Amount” means an aggregate amount of $25,000,000. 
 “Discharge of Notes Obligations” means, except to the extent otherwise expressly provided in Section 5.5, either:

 (a) the US Borrower exercises its legal defeasance option or covenant defeasance option in accordance with the terms of the
Indenture; or 
 (b) the satisfaction and discharge of all Notes Obligations in accordance with the terms of the Indenture.

 If a Discharge of Notes Obligations occurs prior to the termination of this Agreement in accordance with Section 8.2, to
the extent that additional Notes are issued or incurred or the Notes Obligations are reinstated in accordance with Section 6.4, the Discharge of Notes Obligations shall (effective upon the incurrence or issuance of such additional Notes or the
reinstatement of such Notes Obligations, as applicable) be deemed to no longer be effective. 
 “Discharge of Revolving
Credit Obligations” means, except to the extent otherwise expressly provided in Section 5.5: 
 (a) termination or
expiration of all commitments, if any, to extend credit that would constitute Revolving Credit Obligations; 
 (b) payment in
full in cash of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest would be allowed in such Insolvency or Liquidation Proceeding), on all
Indebtedness outstanding under the Revolving Credit Documents and constituting Revolving Credit Obligations; 
 (c) payment in
full in cash of all Hedging Obligations and all Banking Services Obligations constituting Revolving Credit Obligations and the expiration or termination of all Hedge Agreements and all Banking Services Agreements included in the Revolving Credit
Obligations or the cash collateralization of all such Hedging Obligations and Banking Services Obligations on terms satisfactory to each applicable counterparty; 
 (d) termination or cash collateralization (in an amount and manner reasonably satisfactory to any Revolving Credit Collateral Agent, but in no event greater than 105% of the aggregate undrawn face amount
plus a reasonable reserve amount to protect any Revolving Credit Collateral Agent for potential expenses in respect of any letters of credit that are not terminated) of all letters of credit issued under the Revolving Credit Documents and
constituting Revolving Credit Obligations; and 
 (e) payment in full in cash of all other Revolving Credit Obligations that are
outstanding and unpaid at the time the Indebtedness constituting the Revolving Credit Obligations is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of
which no claim or demand for payment has been made at such time). 
  

 6 

 If a Discharge of Revolving Credit Obligations occurs prior to the termination of this
Agreement in accordance with Section 8.2, to the extent that additional Revolving Credit Obligations are incurred or Revolving Credit Obligations are reinstated in accordance with Section 6.4, the Discharge of Revolving Credit Obligations
shall (effective upon the incurrence of such additional Revolving Credit Obligations or reinstatement of the Revolving Credit Obligations, as applicable) be deemed to no longer be effective. 
 “Disposition” has the meaning assigned to that term in Section 5.1(b). 
 “Domestic” means, as to any Person, a Person which is created or organized under the laws of the United States of America,
any of its states or the District of Columbia. 
 “Domestic Guarantor Subsidiary” means any Domestic Subsidiary
of Holdings; provided that Holdings holds, directly or indirectly, at least 80% of the Capital Stock of such Domestic Subsidiary and such Domestic Subsidiary is not, directly or indirectly, owned by any Restricted Subsidiary of Holdings that is a
Foreign Subsidiary. 
 “Enforcement” means, for one or both of the US Revolving Credit Collateral Agent and the
Notes Collateral Agent, when a Revolving Credit Default or a Notes Default, as the case may be, has occurred and is continuing, any action taken by such Person to repossess, or exercise any remedies with respect to, any material amount of Collateral
or commence the judicial enforcement of any of the rights and remedies with respect to any Collateral under the Revolving Credit Documents, the Notes Documents or under any applicable law, but in all cases excluding (i) the demand of the
repayment of all the principal amount of any of the Obligations, (ii) the imposition of a default rate or late fee (including any additional interest in respect of Notes Obligations) and (iii) the collection and application of, or the
delivery of any activation notice with respect to, Accounts or other monies deposited from time to time in Deposit Accounts or Securities Accounts, in each case other than the Net Cash Proceeds Account, against the Revolving Credit Obligations
pursuant to the Revolving Credit Documents. 
 “Enforcement Notice” means a written notice delivered, at a time
when a Revolving Credit Default or Notes Default, as the case may be, has occurred and is continuing, by the US Revolving Credit Collateral Agent or the Notes Collateral Agent to the other Agent announcing that an Enforcement Period has commenced
and specifying the relevant event of default. 
 “Enforcement Period” means the period of time following the
receipt by either the US Revolving Credit Collateral Agent or the Notes Collateral Agent, as applicable, of an Enforcement Notice from the other Agent until the first to occur of (i) in the case of an Enforcement Period commenced by the US
Revolving Credit Collateral Agent, the Discharge of Revolving Credit Obligations, or, in the case of an Enforcement Period commenced by the Notes Collateral Agent, the Discharge of Notes Obligations, (ii) the US Revolving Credit Collateral
Agent or the Notes Collateral Agent (as applicable) agrees in writing to terminate the Enforcement Period or (iii) the date on which the Revolving Credit Default or the Notes Default

  

 7 

 
that was the subject of the Enforcement Notice relating to such Enforcement Period has been cured to the satisfaction of the US Revolving Credit Collateral Agent or the Notes Collateral Agent, as
applicable, or waived in writing in accordance with the terms of the Revolving Credit Agreement or the Indenture, as applicable. 
 “Equipment” means: (i) all “equipment” (as defined in Article 9 of the UCC), (ii) all trade-fixtures, sales displays, lighting, shelving, signage and “fixtures” (as defined in Article 9 of the
UCC) and (iii) all accessions or additions thereto, all parts thereof, whether or not at any time of determination incorporated or installed therein or attached thereto, and all replacements therefore, wherever located and whether now or
hereafter existing. 
 “Foreign Subsidiary” means each Subsidiary that is not a Domestic Subsidiary.

 “General Intangibles” means all present and future “general intangibles” (as defined in Article 9
of the UCC), but excluding “payment intangibles” (as defined in Article 9 of the UCC), Hedge Agreements and Intellectual Property and any rights thereunder. 
 “Grantors” means the US Borrower, each US Guarantor and each other Domestic Subsidiary of Holdings or the US Borrower (other than any Domestic Subsidiary, directly or indirectly, owned by
any Foreign Subsidiary) that has or may from time to time hereafter execute and deliver a Security Document granting a Lien or other interest in its property to secure any of the Obligations. 
 “Guarantors” means Holdings, the Non-US Guarantors and the US Subsidiary Guarantors. 
 “Hedge Agreement” means any swap, cap, collar, forward purchase or similar agreements or arrangements dealing with interest
rates, currency exchange rates or commodity prices, either generally or under specific contingencies entered into for the purposes of hedging the Borrowers’ exposure to interest or exchange rates, loan credit exchanges, security or currency
valuations or commodity prices not for speculative purposes, in each case entered into with a Revolving Credit Lender Counterparty. 
 “Hedging Obligation” of any Person means any Obligation of such Person pursuant to any Hedge Agreement. 
 “Holders” has the meaning assigned to such term in the Indenture. 
 “Holdings” has
the meaning assigned to such term in the Preamble to this Agreement. 
 “Indebtedness” means and includes all
Obligations that constitute “Loans” within the meaning of the Revolving Credit Agreement and all Notes Obligations. 
 “Indenture” has the meaning assigned to such term in the Recitals to this Agreement. 
  

 8 

 “Insolvency or Liquidation Proceeding” means: 
 (a) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Grantor; 
 (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation,
reorganization or other similar case or proceeding with respect to any Grantor or with respect to a material portion of its assets; 
 (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or 
 (d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 
 “Instruments” means all now present and future “instruments” (as defined in Article 9 of the UCC). 
 “Intellectual Property” means, collectively, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the
Trademarks and the Trademark Licenses. 
 “Inventory” means all present and future “inventory” (as
defined in Article 9 of the UCC) and, in any event, includes, without limitation, all goods held for sale or lease or to be furnished under contracts of service or so leased or furnished, all raw materials, work in process, finished goods, and
materials used or consumed in the manufacture, packing, shipping, advertising, selling, leasing, furnishing or production of such inventory or otherwise used or consumed in any Grantor’s business; the purchaser’s interest in any goods
being manufactured pursuant to any contract or other arrangement with a supplier, all goods in transit from suppliers (whether or not evidenced by a document of title) and all goods in which any Grantor has an interest in mass or a joint or other
interest or right of any kind; and all goods which are returned to or repossessed by any Grantor, all computer programs embedded in any goods and all accessions thereto and products thereof (in each case, regardless of whether characterized as
inventory under the UCC). 
 “Investment Property” means all “investment property” (as such term is
defined in Section 9-102(a)(49) of the New York UCC). 
 “Letter of Credit” means any present and future
“letter of credit” (as defined in Article 5 of the UCC). 
 “Letter of Credit Rights” means any
“letter-of-credit right” (as defined in Article 9 of the UCC). 
 “Lien” means, with respect to any
property, (a) any mortgage, deed of trust, lien, pledge, claim, charge, assignment, hypothecation, security interest or encumbrance of any kind or any arrangement to provide priority or preference or any filing of any financing statement or any
financing change statement under the UCC or any other similar notice of lien under any similar notice or recording statute of any governmental authority, including any easement, right-of-way or other encumbrance on title to real property, in each of
the foregoing cases whether voluntary or imposed by law, and any agreement to give any of the foregoing; (b) the interest of

  

 9 

 
a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the
foregoing) relating to such property; and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
 “Mortgaged Premises” means any real property which shall now or hereafter be subject to a Notes Mortgage. 
 “Net Cash Proceeds Account” means any Deposit Account or Securities Account that is (i) established by any Grantor, (ii) subject to the control (within the meaning of
Section 9104 of the New York UCC) of the Notes Collateral Agent and (iii) free and clear of all other Liens and which account contains only (a) proceeds of the sale of any Notes Collateral, (b) proceeds of Notes Collateral
arising from any Recovery Event (as such term is defined in the Indenture), (c) proceeds of foreclosures or other sales of Notes Collateral, (d) proceeds of the issuance of any Notes after the date hereof and (e) any other awards or
proceeds pursuant to the Notes Collateral Documents including earnings, revenues, rents, issues, profits and income from the Notes Collateral received pursuant to the Notes Collateral Documents, in each case for which a Net Cash Proceeds Letter of
Credit has not been issued. 
 “Net Cash Proceeds Letter of Credit” means any letter of credit issued to the
Notes Collateral Agent in lieu of depositing (a) proceeds of the sale of any Notes Collateral, (b) proceeds of Notes Collateral arising from any Recovery Event (as such term is defined in the Indenture), (c) proceeds of foreclosures
or other sales of Notes Collateral, (d) proceeds of the issuance of any Notes after the date hereof or (e) any other awards or proceeds pursuant to the Notes Collateral Documents including earnings, revenues, rents, issues, profits and
income from the Notes Collateral received pursuant to the Notes Collateral Documents, in each case, into the Net Cash Proceeds Account. 
 “New Agent” has the meaning assigned to that term in Section 5.5. 
 “New Debt Notice” has the meaning assigned to that term in Section 5.5. 
 “Non-US
Borrowers” means the Canadian Borrower, the UK Borrower, the Singapore Borrower and any other Borrower (as such term is defined in the Revolving Credit Agreement) that is not a Domestic Person. 
 “Non-US Guarantors” has the meaning assigned to that term in the Recitals to this Agreement. 
 “Notes” has the meaning assigned to such term in the Preamble to this Agreement and includes any additional Notes issued
after the date hereof. 
 “Notes Claimholders” means, at any relevant time, the holders of Notes Obligations at
that time, including the Holders, the Notes Trustee and the Notes Collateral Agent, under the Notes Documents. 
  

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 “Notes Collateral” means all now owned or hereafter acquired Collateral
other than the Revolving Credit Primary Collateral, including, without limitation: 
 (a) all Accounts, Chattel Paper and
Instruments, in each case, solely to the extent relating to the sale of Notes Collateral described in clauses (b) through (f) of this definition; 
 (b) all Equipment; 
 (c) all Capital Stock Collateral; 
 (d) all Real Estate Assets; 
 (e) all Intellectual Property; 
 (f) all Notes General Intangibles; 
 (g) the Net Cash Proceeds Account; 
 (h) all Records, “supporting obligations” (as defined in Article 9 of the UCC) and related Letters of Credit, commercial tort claims or other claims and causes of action, in each case, to the
extent directly related to the foregoing; provided however, in the event that any such Records, “supporting obligations” and related Letters of Credit, commercial tort claims or other claims and causes of action directly relate to both the
Revolving Credit Primary Collateral and the Notes Collateral, then only those which primarily relate to the Notes Collateral shall be included in this definition; and 
 (i) substitutions, replacements, accessions, products and proceeds (including, without limitation, insurance proceeds, licenses, royalties, income, payments, claims, damages and proceeds of suit) of any
or all of the foregoing; 
 provided, however, that the term “Notes Collateral” shall include (as
provided in Section 3.4 below) identifiable proceeds (including lease payments under leases of Equipment) of Notes Collateral that are deposited or held in any Deposit Accounts or Securities Accounts, in each case other than the Net Cash
Proceeds Account, after an Enforcement Notice, except to the extent that the Notes Collateral Agent has been provided with a Net Cash Proceeds Letter of Credit, in connection with the receipt by any Grantor of, and in the amount of, such
identifiable proceeds in which case the term “Notes Collateral” shall not include such identifiable proceeds. 
 “Notes Collateral Agent” has the meaning assigned to such term in the Preamble to this Agreement. 
 “Notes Collateral Documents” means the Indenture and the “Collateral Documents” as such term is defined in the Indenture, and any other agreement, document or instrument pursuant to which a Lien is granted
securing any Notes Obligations or under which rights or remedies with respect to such Liens are governed. 
 “Notes
Default” means an “Event of Default” as such term is defined in the Indenture. 
  

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 “Notes Documents” means the Indenture, the Notes, any Registered Equivalent
Notes, the Notes Collateral Documents, the Registration Rights Agreement and each of the other agreements, documents and instruments providing for or evidencing any other Notes Obligation, and any other document or instrument executed or delivered
at any time in connection with any Notes Obligations, including any intercreditor, supplemental indenture or joinder agreement among holders of Notes Obligations, to the extent such are effective at the relevant time, as each may be amended,
supplemented, refunded, deferred, restructured, replaced or refinanced from time to time in whole or in part (whether with the Notes Collateral Agent or other agents and lenders or otherwise), in each case in accordance with the provisions of this
Agreement. 
 “Notes General Intangibles” means all General Intangibles pertaining to the other items of
property included within clauses (a), (b), (c), (d) and (e) of the definition of Notes Collateral, including, without limitation, all contingent rights with respect to warranties on Equipment. 
 “Notes Guarantees” has the meaning assigned to such term in the Recitals to this Agreement. 
 “Notes Mortgages” means a collective reference to each mortgage, deed of trust and other document or instrument under which
any Lien on real property owned or leased by any Grantor is granted to secure any Notes Obligations or under which rights or remedies with respect to any such Liens are governed. 
 “Notes Obligations” means the following: 
 (a) All Obligations of the US Borrower and the US Guarantors under the Indenture, the Notes issued thereunder and the other Notes Documents. The “Notes Obligations” shall include all
Post-Petition Interest. 
 (b) To the extent any payment with respect to any Notes Obligation (whether by or on behalf of any
Grantor, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Revolving Credit
Claimholders, receiver or similar Person, then the Obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the Notes Claimholders and the Revolving Credit
Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred. To the extent that any interest, fees, expenses or other charges (including, without limitation, Post-Petition Interest) to be paid pursuant to the Notes
Documents are disallowed by order of any court, including, without limitation, by order of a court in any Insolvency or Liquidation Proceeding, such interest, fees, expenses and charges (including, without limitation, Post-Petition Interest) shall,
as between the Notes Claimholders and the Revolving Credit Claimholders, be deemed to continue to accrue and be added to the amount to be calculated as the “Notes Obligations”. 
 “Notes Trustee” has the meaning assigned to such term in the Recitals to this Agreement. 
  

 12 

 “Obligations” means all obligations of every nature of each Grantor from
time to time owed to any agent or trustee, the Notes Claimholders, the Revolving Credit Claimholders or any of them or their respective Affiliates, in each case under the Notes Documents or the Revolving Credit Documents, whether for principal,
interest or payments for early termination of Hedge Agreements, fees, expenses, indemnification or otherwise and all guarantees of any of the foregoing. 
 “Patent Licenses” means all present and future agreements providing for the granting of any right in or to Patents (whether the applicable Grantor is licensee or licensor thereunder).

 “Patents” means, collectively, with respect to each Grantor, all letters patent issued or assigned to, and
all patent applications and registrations made by, such Grantor (whether established or registered or recorded in the United States or any other country or any political subdivision thereof and, in each case, whether owned by or licensed to such
Grantor), and all goodwill associated therewith, now existing or hereafter adopted or acquired, together with any and all (i) rights and privileges arising under applicable law with respect to such Grantor’s use of any patents,
(ii) inventions and improvements described and claimed therein, (iii) reissues, divisions, continuations, renewals, extensions and continuations-in-part thereof and amendments thereto, and rights to obtain any of the foregoing,
(iv) income, fees, royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements thereof, (v) rights corresponding
thereto throughout the world and (vi) rights to sue for past, present or future infringements thereof. 
 “Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity. 
 “Pledged Collateral” has the meaning set forth in Section 5.4. 
 “Post-Petition Interest” means all interest, fees, expenses and other charges that, pursuant to any of the Indenture, the
Notes or the Revolving Credit Agreement, as applicable, continue to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees, expenses and other charges are allowed or allowable under Bankruptcy
Law or in any such Insolvency or Liquidation Proceeding. 
 “Real Estate Asset” means, at any time of
determination, any interest (fee, leasehold or otherwise) then owned by any Grantor in any real property, including, without limitation, Mortgaged Premises, distribution centers and warehouses and corporate headquarters and administrative offices.

 “Records” means all now present and future “records” (as defined in Article 9 of the UCC).

 “Recovery” has the meaning set forth in Section 6.4. 
  

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 “Refinance” means, in respect of any Indebtedness, to refinance, extend,
renew, defease, amend, modify, supplement, restructure, replace, refund, or to issue other indebtedness, in exchange or replacement for, such Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative
meanings. 
 “Registered Equivalent Notes” means, with respect to any Notes originally issued in a private
transaction not subject to the registration requirements of the Securities Act of 1933 (as amended), substantially identical notes (having the same Notes Guarantees and Notes Collateral) issued in a dollar-for-dollar exchange therefor pursuant to an
exchange offer registered with the SEC. 
 “Registration Rights Agreement” has the meaning assigned to such
term in the Indenture. 
 “Restricted Subsidiary” has the meaning assigned to such term in the Indenture.

 “Revolving Commitments” means the “Revolving Commitments” as such term is defined in the Revolving
Credit Agreement. 
 “Revolving Credit Administrative Agents” means the US Revolving Credit Administrative
Agent, the Canadian Revolving Credit Administrative Agent, the UK Revolving Credit Administrative Agent and the Singapore Revolving Credit Administrative Agent. 
 “Revolving Credit Agreement” has the meaning assigned to such term in the Recitals to this Agreement. 
 “Revolving Credit Cap Amount” means the greater of (a) $190,000,000 less the amount of all mandatory prepayments of any loans to the extent accompanied by a corresponding reduction
in the applicable Revolving Commitments (excluding reductions in sub-facility commitments not accompanied by a corresponding reduction in the applicable Revolving Commitments) and (b) the Borrowing Base (as such term is defined in the
Indenture). 
 “Revolving Credit Claimholders” means, at any relevant time, the holders of Revolving Credit
Obligations at that time, including the Revolving Credit Lenders, the Revolving Credit Administrative Agents and the Revolving Credit Collateral Agents, under the Revolving Credit Documents. 
 “Revolving Credit Collateral” means all of the assets and property of any Grantor, whether real, personal or mixed, with
respect to which a Lien is granted as security for any Revolving Credit Obligations. 
 “Revolving Credit Collateral
Agents” means the US Revolving Credit Collateral Agent, the UK Revolving Credit Collateral Agent, the Canadian Revolving Credit Collateral Agent, the Singapore Revolving Credit Collateral Agent. 
 “Revolving Credit Collateral Documents” means “Security Agreements” as such term is defined in the Revolving
Credit Agreement, and any other agreement, document or instrument pursuant to which a Lien is granted securing any Revolving Credit Obligations or under which rights or remedies with respect to such Liens are governed. 
  

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 “Revolving Credit Default” means an “Event of Default” as such
term is defined in the Revolving Credit Agreement. 
 “Revolving Credit Documents” means (a) the Revolving
Credit Agreement and the “Loan Documents” as such term is defined in the Revolving Credit Agreement and (b) each of the other agreements, documents and instruments providing for or evidencing any other Revolving Credit Obligation, and
any other document or instrument executed or delivered at any time in connection with any Revolving Credit Obligations, including any intercreditor or joinder agreement among holders of Revolving Credit Obligations to the extent such are effective
at the relevant time, as each may be amended, supplemented, refunded, deferred, restructured, replaced or refinanced from time to time in whole or in part (whether with any Revolving Credit Collateral Agent and the Revolving Credit Lenders or other
agents and lenders or otherwise), in each case in accordance with the provisions of this Agreement. 
 “Revolving Credit
Guaranty” has the meaning assigned to such term in the Recitals to this Agreement. 
 “Revolving Credit Lender
Counterparty” means any Person who at the time such Hedge Agreement was entered into was a Revolving Credit Administrative Agent, a Revolving Credit Lender or an Affiliate of any of the foregoing Persons. 
 “Revolving Credit Lenders” means the “Lenders” under and as defined in the Revolving Credit Documents.

 “Revolving Credit Obligations” means the following: 
 (a) All Obligations, Hedging Obligations and Banking Services Obligations outstanding under the Revolving Credit Agreement and the other
Revolving Credit Documents, including Hedge Agreements and Banking Services Agreements. “Revolving Credit Obligations” shall include all Post-Petition Interest. 
 (b) To the extent any payment with respect to any Revolving Credit Obligation (whether by or on behalf of any Grantor, as proceeds of security, enforcement of any right of setoff or otherwise) is declared
to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any Notes Claimholders, receiver or similar Person, then the Obligation or part thereof originally intended to be satisfied
shall, for the purposes of this Agreement and the rights and obligations of the Revolving Credit Claimholders and the Notes Claimholders, be deemed to be reinstated and outstanding as if such payment had not occurred. To the extent that any
interest, fees, expenses or other charges (including, without limitation, Post-Petition Interest) to be paid pursuant to the Revolving Credit Documents are disallowed by order of any court, including, without limitation, by order of a court in any
Insolvency or Liquidation Proceeding, such interest, fees, expenses and charges (including, without limitation, Post-Petition Interest) shall, as between the Revolving Credit Claimholders and the Notes Claimholders, be deemed to continue to accrue
and be added to the amount to be calculated as the “Revolving Credit Obligations.” 
  

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 (c) Notwithstanding the foregoing, if the sum of: (1) Loans (as defined in the
Revolving Credit Agreement) constituting principal outstanding under the Revolving Credit Agreement and the other Revolving Credit Documents; plus (2) the aggregate face amount of any outstanding letters of credit issued under the Revolving
Credit Agreement, is in excess of the Revolving Credit Cap Amount, then only that portion of such Loans (as defined in the Revolving Credit Agreement) and such aggregate face amount of letters of credit equal to the Revolving Credit Cap Amount shall
be included in Revolving Credit Obligations and interest, fees and expenses with respect to such Loans (as defined in the Revolving Credit Agreement) and letters of credit shall only constitute Revolving Credit Obligations to the extent related to
Loans (as defined in the Revolving Credit Agreement) and face amounts of letters of credit so included in the Revolving Credit Obligations. 
 “Revolving Credit Primary Collateral” means, with respect to any Grantor, all of the following now owned or hereafter acquired Collateral: 
 (a) Accounts (except to the extent relating to the sale of Notes Collateral); 
 (b) Chattel Paper (except to the extent relating to the sale of Notes Collateral); 
 (c) Instruments (except to the extent relating to the sale of Notes Collateral); 
 (d) Letters of Credit and Letter of Credit Rights (except to the extent relating to any Net Cash Proceeds Letter of Credit); 
 (e) Deposit Accounts and Securities Accounts, in each case other than the Net Cash Proceeds Account, and all other Investment Property
(other than Capital Stock Collateral), including all cash, checks and other evidences of payments, marketable securities, securities entitlements, financial assets and other funds held in or on deposit in any of the foregoing; 
 (f) Inventory or documents of title, customs receipts, insurance certificates, shipping documents and other written materials related to the
purchase or import of any Inventory; 
 (g) General Intangibles (other than Intellectual Property and Notes General Intangibles)
and all rights under Hedge Agreements and Banking Services Agreements; 
 (h) Records, “supporting obligations” (as
defined in Article 9 of the UCC) and related Letters of Credit, commercial tort claims or other claims and causes of action, in each case, to the extent directly related to the foregoing; provided however, in the event that any such Records,
“supporting obligations” and related Letters of Credit, commercial tort claims or other claims and causes of action directly relate to both the Revolving Credit Primary Collateral and the Notes Collateral, then only those which primarily
relate to the Revolving Credit Primary Collateral shall be included in this definition; and 
 (i) substitutions, replacements,
accessions, products and proceeds (including, without limitation, insurance proceeds, licenses, royalties, income, payments, claims, damages and proceeds of suit) of any or all of the foregoing; 
  

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 provided, however, that to the extent that identifiable proceeds (including lease payments
under leases of Equipment) of Notes Collateral are deposited or held in any such Deposit Accounts or Securities Accounts, in each case other than the Net Cash Proceeds Account, after an Enforcement Notice, then (as provided in Section 3.4
below) such identifiable proceeds shall be treated as Notes Collateral, except to the extent that the Notes Collateral Agent has been provided with a Net Cash Proceeds Letter of Credit in connection with the receipt by any Grantor of, and in the
amount of, such identifiable proceeds in which case the term “Notes Collateral” shall not include such identifiable proceeds. 
 “Securities Accounts” means all present and future “securities accounts” (as defined in Article 8 of the UCC), including all monies, “uncertificated securities,” and
“securities entitlements” (as defined in Article 8 of the UCC) contained therein. 
 “Security
Documents” means this Agreement, and all security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security executed and
delivered by the US Borrower or any other Grantor creating (or purporting to create) a Lien upon Collateral in favor of the US Revolving Credit Collateral Agent or the Notes Collateral Agent, as the case may be, as each may be amended, supplemented,
refunded, deferred, restructured, replaced or refinanced from time to time in whole or in part (whether with the Notes Collateral Agent or the Notes Claimholders or the US Revolving Credit Administrative Agent, the US Revolving Credit Collateral
Agent or the Revolving Credit Claimholders, as applicable), in each case in accordance with the provisions of this Agreement. 
 “Singapore Borrower” means Edgen Murray PTE. Ltd., a company incorporated in Singapore. 
 “Singapore Revolving Credit Administrative Agent” means The Hongkong and Shanghai Banking Corporation Limited, and any of its successors or assigns from time to time. 
 “Singapore Revolving Credit Collateral Agent” means The Hongkong and Shanghai Banking Corporation Limited, and any of its
successors or assigns from time to time. 
 “Subsidiary” means, with respect to any Person (the
“parent”) at any date, (a) any Person the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of
such date, (b) any other corporation, limited liability company, association or other business entity of which securities or other ownership interests representing more than 50% of the voting power of all equity interests entitled (without
regard to the occurrence of any contingency) to vote in the election of the Board of Directors thereof are, as of such date, owned, controlled or held by the parent and/or one or more subsidiaries of the parent, (c) any partnership (i) the
sole general partner or the managing general partner of which is the parent and/or one or more subsidiaries of the parent or (ii) the only general partners of which are the parent and/or one or more subsidiaries of the parent and (d) any
other Person that is otherwise controlled by the parent and/or one or more subsidiaries of the parent. 
  

 17 

 “Trademark Licenses” means any and all present and future agreements
providing for the granting of any right in or to Trademarks (whether such Grantor is licensee or licensor thereunder). 
 “Trademarks” means, collectively, with respect to each Grantor, all trademarks, service marks, slogans, logos, certification marks, trade dress, uniform resource locations (URLs), domain names, corporate names, trade names
and other source or business identifiers, whether registered or unregistered, owned by or assigned to such Grantor and all registrations and applications for the foregoing (whether statutory or common law, whether established or registered in the
United States, any State thereof, or any other country or any political subdivision thereof and, in each case, whether owned by or licensed to such Grantor), and all goodwill associated therewith, now existing or hereafter adopted or acquired,
together with any and all (i) rights and privileges arising under applicable law with respect to such Grantor’s use of any trademarks, (ii) reissues, continuations, extensions and renewals thereof and amendments thereto,
(iii) income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements thereof, (iv) rights
corresponding thereto throughout the world and (v) rights to sue for past, present and future infringements thereof. 
 “UCC” means the Uniform Commercial Code as in effect from time to time (except as otherwise specified) in any applicable state or jurisdiction. 
 “UK Borrower” means Edgen Murray Europe Limited, a company organized under the laws of England and Wales. 
 “UK Revolving Credit Administrative Agent” means J.P. Morgan Europe Limited, and any of its successors or assigns from time to time. 
 “UK Revolving Credit Collateral Agent” means J.P. Morgan Europe Limited, and any of its successors or assigns from time to
time. 
 “US Borrower” has the meaning assigned to such term in the Preamble to this Agreement. 
 “US Guarantors” has the meaning assigned to that term in the Recitals to this Agreement. 
 “US Revolving Credit Administrative Agent” has the meaning assigned to such term in the Preamble to this Agreement.

 “US Revolving Credit Collateral Agent” has the meaning assigned to such term in the Preamble to this
Agreement. 
  

 18 

 “US Subsidiary Guarantors” has the meaning assigned to that term in the
Recitals to this Agreement. 
 “Voting Stock” means, with respect to any Person, any class or classes of
Capital Stock pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the Board of Directors of such Person. 
 1.2. Terms Generally. The definitions of terms in this Agreement shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise: 
 (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement,
instrument or other document as from time to time amended, restated, supplemented, modified, renewed or extended; 
 (b) any
reference herein to any Person shall be construed to include such Person’s permitted successors and assigns; 
 (c) the
words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof; 
 (d) all references herein to Sections shall be construed to refer to Sections of this Agreement; 
 (e) all references to terms defined in the New York UCC shall have the meaning ascribed to them therein (unless otherwise specifically
defined herein); and 
 (f) the words “asset” and “property” shall be construed to have the same meaning
and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION II. Lien Priorities. 
 2.1. Relative Priorities for
the Revolving Credit Primary Collateral. Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Revolving Credit Obligations granted on the Revolving Credit Primary Collateral or of
any Liens securing the Notes Obligations granted on the Revolving Credit Primary Collateral and notwithstanding any provision of any UCC, or any other applicable law or the Revolving Credit Documents or the Notes Documents or any defect or
deficiencies in, or failure to perfect, such Liens securing the Revolving Credit Obligations or the Notes Obligations or any other circumstance whatsoever, the US Revolving Credit Collateral Agent, on behalf of itself and the Revolving Credit
Claimholders and the Notes Collateral Agent, on behalf of itself and the Notes Claimholders, each hereby agree that any Lien of the US Revolving Credit

  

 19 

 
Collateral Agent on any Revolving Credit Primary Collateral, whether now or hereafter held by or on behalf of the US Revolving Credit Collateral Agent or any Revolving Credit Claimholder or any
agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to all Liens on the Revolving Credit Primary Collateral securing any
Notes Obligations. 
 2.2. Notes Collateral. The US Revolving Credit Collateral Agent, on behalf of itself and the
Revolving Credit Claimholders, acknowledges that it does not have and, prior to the Discharge of the Notes Obligations, shall not have a Lien on the Notes Collateral. If for any reason the US Revolving Credit Collateral Agent, on behalf of itself
and the Revolving Credit Claimholders, obtains a Lien on the Notes Collateral, any Lien of the Notes Collateral Agent on the Notes Collateral, whether now or hereafter held by or on behalf of the Notes Collateral Agent or any Notes Claimholder or
any agent or trustee therefor, regardless of how acquired, whether by grant, possession, statute, operation of law, subrogation or otherwise, shall be senior in all respects and prior to all Liens on the Notes Collateral securing any Revolving
Credit Obligations. 
 2.3. Prohibition on Contesting Liens. The Revolving Credit Collateral Agent on behalf of
itself and the Revolving Credit Claimholders and the Notes Collateral Agent on behalf of itself and the Notes Claimholders agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in any proceeding
(including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the Revolving Credit Claimholders or any of the Notes Claimholders in all or any part of the
Collateral, or the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any Revolving Credit Collateral Agent, any Revolving Credit Claimholder, the Notes Collateral Agent or any
Notes Claimholder to enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the Obligations as provided in Sections 2.1, 2.2 and 3.1. 
 SECTION III. Enforcement. 
 3.1. Exercise of Remedies – Restrictions on the Notes Collateral Agent and the Notes Claimholders. 
 (a) Until the Discharge of Revolving Credit Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the Notes Collateral Agent and
the Notes Claimholders: 
 (1) will not exercise or seek to exercise any rights or remedies with respect to any Revolving
Credit Primary Collateral (including the exercise of any right of setoff or any right under any Account Agreement, landlord waiver, landlord access agreement, collateral access agreement or bailee’s letter or similar agreement or arrangement to
which the Notes Collateral Agent or any Notes Claimholder is a party) or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure); 
  

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 (2) will not contest, protest or object to any foreclosure or other proceeding or action
brought by the US Revolving Credit Collateral Agent or any Revolving Credit Claimholder or any other exercise by the US Revolving Credit Collateral Agent or any Revolving Credit Claimholder of any rights and remedies relating to the Revolving Credit
Primary Collateral, whether under the Revolving Credit Documents or otherwise; and 
 (3) except as may be permitted in
Section 3.1(c), will not object to or challenge the forbearance by the US Revolving Credit Collateral Agent or any Revolving Credit Claimholder from bringing or pursuing any Enforcement; 
 provided, however, that, in the case of (1), (2) and (3) above, the Liens (if any) granted to secure the Notes Obligations shall
attach to any proceeds resulting from actions taken by the US Revolving Credit Collateral Agent or any Revolving Credit Claimholder in accordance with this Agreement and remaining after application of such proceeds to the extent necessary to meet
the requirements of a Discharge of Revolving Credit Obligations. 
 (b) Until the Discharge of Revolving Credit Obligations has
occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, the US Revolving Credit Collateral Agent and the Revolving Credit Claimholders shall have the right to enforce rights, exercise remedies
(including set-off and the right to credit bid their debt) and, in connection therewith make determinations regarding the release, disposition, or restrictions with respect to the Revolving Credit Primary Collateral without any consultation with,
interference by (provided that any action permitted under this Agreement shall not constitute an interference) or the consent of the Notes Collateral Agent or any Notes Claimholder (including voluntary Dispositions of Revolving Credit Primary
Collateral by the respective Grantors after a Revolving Credit Default); provided, however, that the Lien (if any) securing the Notes Obligations shall remain on the proceeds (other than those applied to the Revolving Credit Obligations) of such
Revolving Credit Primary Collateral released or disposed of subject to the relative priorities described in Section 2. In exercising rights and remedies with respect to the Revolving Credit Primary Collateral, the US Revolving Credit Collateral
Agent and the Revolving Credit Claimholders may enforce the provisions of the Revolving Credit Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion and
without interference by the Notes Collateral Agent or the Notes Claimholders (provided that any action permitted under this Agreement shall not constitute an interference). Such exercise and enforcement shall include the rights of an agent appointed
by them to sell or otherwise dispose of the Revolving Credit Primary Collateral, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured creditor under the UCC and of a secured creditor
under the Bankruptcy Laws or other laws of any applicable jurisdiction. 
 (c) Notwithstanding the foregoing, the Notes
Collateral Agent and any Notes Claimholder may: 
 (1) file one or more claims or statements of interest with respect to the
Notes Obligations of any Grantor; provided that an Insolvency or Liquidation Proceeding has been commenced by or against such Grantor; 
  

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 (2) take any action (not adverse to the priority status of the Liens on the Revolving
Credit Primary Collateral, or the rights of the US Revolving Credit Collateral Agent or any of the Revolving Credit Claimholders to exercise remedies in respect thereof) in order to create, perfect, preserve or protect its Lien on any of the
Collateral; 
 (3) file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary
proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of the claims of the Notes Claimholders, including any claims secured by the Revolving Credit Primary Collateral, if any, in each case in accordance
with the terms of this Agreement; 
 (4) in any Insolvency or Liquidation Proceeding, file any pleadings, objections, motions
or agreements which assert rights or interests available to unsecured creditors of the Grantors arising under either Bankruptcy Law or applicable non-bankruptcy law, in each case not prohibited by the terms of this Agreement; 
 (5) in any Insolvency or Liquidation Proceeding, vote on any plan of reorganization with respect to the Notes Collateral; 
 (6) exercise any of its rights or remedies with respect to any of the Revolving Credit Primary Collateral after the Discharge of Revolving
Credit Obligations has occurred; and 
 (7) make a cash bid on all or any portion of the Revolving Credit Primary Collateral in
any foreclosure proceeding or action. 
 The Notes Collateral Agent, on behalf of itself and the Notes Claimholders, agrees that it will not
take or receive any Revolving Credit Primary Collateral or any proceeds of such Revolving Credit Primary Collateral in connection with the exercise of any right or remedy (including set-off) with respect to any such Revolving Credit Primary
Collateral in its capacity as a creditor in violation of this Agreement. Without limiting the generality of the foregoing, unless and until the Discharge of Revolving Credit Obligations has occurred, except as expressly provided in
Section 6.3(c)(1) and this Section 3.1(c), the sole right of the Notes Collateral Agent and the Notes Claimholders with respect to the Revolving Credit Primary Collateral is to hold a Lien (if any) on such Revolving Credit Primary
Collateral pursuant to the applicable Notes Collateral Documents for the period and to the extent granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of Revolving Credit Obligations has occurred. 

(d) Subject to Section 3.1(c) and Section 6.3(c)(1): 
 (1) the Notes Collateral Agent, for itself and on behalf of the Notes Claimholders, agrees that the Notes Collateral Agent and the Notes
Claimholders will not take any action with respect to the Revolving Credit Primary Collateral that would hinder any exercise of remedies by the US Revolving Credit Collateral Agent under the Revolving Credit Documents or that is otherwise prohibited
hereunder, including any sale, lease, exchange, transfer or other disposition of the Revolving Credit Primary Collateral, whether by foreclosure or otherwise; 
  

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 (2) the Notes Collateral Agent, for itself and on behalf of the Notes Claimholders, hereby
waives any and all rights the Notes Collateral Agent or the Notes Claimholders, as applicable, may have as a junior lien creditor with respect to the Revolving Credit Primary Collateral or otherwise to object to the manner in which the US Revolving
Credit Collateral Agent or the Revolving Credit Claimholders seek to enforce or collect the Revolving Credit Obligations or the Liens securing the Revolving Credit Obligations granted in any of the Revolving Credit Documents or undertaken in
accordance with this Agreement, regardless of whether any action or failure to act by or on behalf of the US Revolving Credit Collateral Agent or the Revolving Credit Claimholders is adverse to the interest of the Notes Claimholders; and 

(3) the Notes Collateral Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in the Notes
Collateral Documents or any other Notes Document (other than this Agreement) shall be deemed to restrict in any way the rights and remedies of the US Revolving Credit Collateral Agent or the Revolving Credit Claimholders with respect to the
enforcement of the Liens on the Revolving Credit Primary Collateral as set forth in this Agreement and the Revolving Credit Documents. 
 (e) Except as otherwise specifically set forth in Sections 3.1(a) and (c), the Notes Collateral Agent and the Notes Claimholders may exercise rights and remedies as unsecured creditors against any Grantor
that has guaranteed or granted Liens to secure the Notes Obligations, and the Notes Collateral Agent may exercise rights and remedies with respect to the Notes Collateral, in each case, in accordance with the terms of the Notes Documents and
applicable law; provided, however, that in the event that the Notes Collateral Agent or any Notes Claimholder becomes a judgment Lien creditor in respect of Revolving Credit Primary Collateral as a result of its enforcement of its rights as an
unsecured creditor with respect to the Notes Obligations, such judgment Lien shall be subject to the terms of this Agreement for all purposes (including in relation to the Revolving Credit Obligations) as the other Liens securing the Notes
Obligations are subject to this Agreement. 
 (f) Nothing in this Agreement shall prohibit the receipt by the Notes Collateral
Agent or any Notes Claimholder of the required payments of interest, principal and other amounts owed in respect of the Notes Obligations, so long as such receipt is not the direct or indirect result of the exercise by the Notes Collateral Agent or
any Notes Claimholder of rights or remedies as a secured creditor in respect of the Revolving Credit Primary Collateral (including set-off) or enforcement in contravention of this Agreement of any Lien held by any of them. Nothing in this Agreement
impairs or otherwise adversely affects any rights or remedies any Revolving Credit Collateral Agent or the Revolving Credit Claimholders may have against the Grantors under the Revolving Credit Documents. 
 3.2. Exercise of Remedies – Collateral Access Rights. 
 (a) The US Revolving Credit Collateral Agent and the Notes Collateral Agent agree not to commence Enforcement until the earlier of the date
on which (i) an Enforcement Notice has been given to the other Agent, and (ii) any Insolvency or Liquidation Proceeding is commenced by or against any Grantor that has not been dismissed. 
  

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 (b) If the Notes Collateral Agent, or any agent or representative of the Notes Collateral
Agent, or any third party pursuant to any Enforcement undertaken by the Notes Collateral Agent, or any receiver, shall obtain possession or physical control of any of the Real Estate Assets, the Notes Collateral Agent or, if applicable, any such
third party (at such address to be provided by the Notes Collateral Agent in connection with the applicable Enforcement) shall promptly notify the US Revolving Credit Collateral Agent of that fact and the US Revolving Credit Collateral Agent shall,
within ten (10) Business Days thereafter, notify the Notes Collateral Agent as to whether it desires to exercise access rights under this Agreement, at which time the parties shall confer in good faith to coordinate with respect to the US
Revolving Credit Collateral Agent’s exercise of such access rights. Access rights may apply to differing parcels of Real Estate Assets at differing times, in which case, a differing Access Period may apply to each such property. 
 (c) Upon delivery of notice to the Notes Collateral Agent as provided in Section 3.2(b), the Access Period shall commence for the
subject parcel of Real Estate Assets. During the Access Period or for any period prior to an Access Period when the US Revolving Credit Collateral Agent may have had access and/or use of any Notes Collateral (e.g. pursuant to access granted by a
landlord of any Real Estate Asset), the US Revolving Credit Collateral Agent and its agents, representatives and designees shall have a non-exclusive right to have access to, and a rent free right to use, the Notes Collateral for the purpose of
arranging for and effecting the sale or disposition of Revolving Credit Primary Collateral, including the production, completion, packaging, shipping and other preparation of such Revolving Credit Primary Collateral for sale or disposition. During
any such Access Period (or period prior to an Access Period), the US Revolving Credit Collateral Agent and its representatives (and persons employed on their behalf), may continue to operate, service, maintain, process and sell the Revolving Credit
Primary Collateral, as well as to engage in bulk sales or other liquidations of Revolving Credit Primary Collateral. The US Revolving Credit Collateral Agent shall take proper care of any Notes Collateral that is used by the US Revolving Credit
Collateral Agent during the Access Period and repair and replace any damage (ordinary wear-and-tear excepted) caused by the US Revolving Credit Collateral Agent or its agents, representatives or designees and the US Revolving Credit Collateral Agent
shall comply with all applicable laws in connection with its use or occupancy of the Notes Collateral. The US Revolving Credit Collateral Agent and the Revolving Credit Claimholders shall indemnify and hold harmless the Notes Collateral Agent and
the Notes Claimholders for any injury or damage to Persons or property caused by the acts or omissions of Persons under its control. The US Revolving Credit Collateral Agent and the Notes Collateral Agent shall cooperate and use reasonable efforts
to ensure that their activities during the Access Period as described above do not interfere materially with the activities of the other as described above, including the right of the Notes Collateral Agent to commence foreclosure of the Notes
Mortgages or to show the Notes Collateral to prospective purchasers and to ready the Notes Collateral for sale. 
 (d) If the
Notes Collateral Agent shall foreclose or otherwise sell any of the Notes Collateral, the Notes Collateral Agent will notify the buyer thereof of the existence of this Agreement and that the buyer is acquiring such Notes Collateral subject to the
terms of this Agreement. 
  

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 (e) The Grantors hereby agree with the Notes Collateral Agent and the US Revolving Credit
Collateral Agent that the US Revolving Credit Collateral Agent shall have access, during the Access Period, as described herein and each such Grantor that owns any of the Mortgaged Premises grants a non-exclusive easement in gross over its property
to permit the uses by the US Revolving Credit Collateral Agent contemplated by this Section 3.2. The Notes Collateral Agent consents to such easement and to the recordation of a collateral access easement agreement, in form and substance
reasonably acceptable to the Notes Collateral Agent, in the relevant real estate records with respect to each parcel of real property that is now or hereafter subject to a Notes Mortgage. The US Revolving Credit Collateral Agent agrees that upon
either a Discharge of Revolving Credit Obligations or the expiration of the final Access Period with respect to any parcel of real property covered by a Notes Mortgage, it shall, upon request, execute and deliver to the Notes Collateral Agent such
documentation, in recordable form, as may reasonably be requested to terminate any and all rights with respect to such parcel of real property covered by a Notes Mortgage. 
 3.3. Exercise of Remedies – Intellectual Property Rights/Access to Information/Use of Equipment. 
 (a) The Notes Collateral Agent hereby grants (to the full extent of its rights and interests) the US Revolving Credit Collateral Agent and
each of its respective agents, representatives and designees a royalty free, rent free license and lease to use all of the Notes Collateral exclusive of Intellectual Property (covered in clause (b) below) but including any computer or other
data processing Equipment to conduct sales or distribution activities on the Real Estate Assets during any Enforcement Period, to collect all Accounts or amounts owing under Instruments or Chattel Paper, to copy, use or preserve any and all
information relating to any of the Collateral, and to complete the manufacture, packaging and sale of Inventory; provided, however, the royalty free, rent free license and lease granted in this clause (a) with respect to Equipment shall
immediately expire upon the sale, lease, transfer or other disposition of such Equipment. 
 (b) The Notes Collateral Agent
hereby grants (to the full extent of its rights and interests) the US Revolving Credit Collateral Agent and each of its respective agents, representatives and designees solely during the Enforcement Period, (A) a nonexclusive, royalty free,
worldwide license or sublicense (subject to the terms of the underlying license) to use all of the Notes Collateral constituting Intellectual Property to the extent necessary or reasonably helpful to collect all Accounts or amounts owing with
respect to any Revolving Credit Primary Collateral and to complete the manufacture, packaging and sale of Inventory and (B) a nonexclusive, royalty free, worldwide license or sublicense (subject to the terms of the underlying license) (which
will be binding on any successor or assignee of the Intellectual Property) to use any and all Intellectual Property in connection with its Enforcement; provided, however, the US Revolving Credit Collateral Agent, during the term of the
above licenses, shall use any Trademarks of such licensed Intellectual Property solely in connection with (x) goods or services which the US Revolving Credit Collateral Agent in good faith reasonably believes to be in all material respects of
at least the same level of quality offered by, and in a manner in which the US Revolving Credit Collateral Agent in good faith reasonably believes to be in all material respects consistent with the practices of, one or more Grantors as of the date
of the Enforcement Notice or (y) the disposition of damaged, obsolete or second-quality goods which dispositions

  

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the US Revolving Credit Collateral Agent in good faith reasonably believes will not materially diminish the distinctiveness and quality characteristics associated with such Intellectual Property
or the validity thereof (it being understood and agreed that the US Revolving Credit Collateral Agent and each of its respective agents, representatives and designees shall comply in all material respects with all laws pertaining to its use of
Intellectual Property described hereunder, including notice requirements). 
 3.4. Exercise of Remedies – Notice;
Set Off and Tracing of and Priorities in Proceeds. 
 (a) With respect to the Notes Collateral consisting of Equipment and
Real Estate Assets only, the Notes Collateral Agent shall provide not less than ten (10) days notice to the US Revolving Credit Collateral Agent prior to any Enforcement of such Notes Collateral. 
 (b) The US Revolving Credit Collateral Agent, on behalf of itself and the Revolving Credit Claimholders, and the Notes Collateral Agent, on
behalf of itself and the Notes Claimholders, each agree that, prior to an issuance of an Enforcement Notice, any proceeds of Collateral, whether or not deposited under Account Agreements, which are used by any Grantor to acquire other property which
is Collateral shall not (as among the US Revolving Credit Collateral Agent, the Revolving Credit Claimholders, the Notes Collateral Agent and the Notes Claimholders) be treated as proceeds of Collateral for purposes of determining the relative
priorities in the Collateral which was so acquired. The Revolving Credit Collateral Agent, on behalf of itself and the Revolving Credit Claimholders, and the Notes Collateral Agent, on behalf of itself and the Notes Claimholders, each agree that
after an issuance of an Enforcement Notice, each such Person shall cooperate in good faith to identify the proceeds of the Revolving Credit Primary Collateral and the Notes Collateral, as the case may be (it being agreed that after an issuance of an
Enforcement Notice, unless the US Revolving Credit Collateral Agent has actual knowledge to the contrary, all funds deposited under Account Agreements and then applied to the Revolving Credit Obligations shall be presumed to be Revolving Credit
Primary Collateral (a presumption that can be rebutted by the Notes Collateral Agent only by evidence presented to the US Revolving Credit Collateral Agent within thirty (30) Business Days after such application)); provided, however, that
neither any Revolving Credit Claimholder nor any Notes Claimholder shall be liable or in any way responsible for any claims or damages from conversion of the Revolving Credit Primary Collateral or the Notes Collateral, as the case may be (it being
understood and agreed that (A) the only obligation of any Revolving Credit Claimholder is to pay over to the Notes Collateral Agent, in the same form as received, with any necessary endorsements, all proceeds that such Revolving Credit
Claimholder received that have been identified as proceeds of the Notes Collateral (except to the extent that such proceeds are represented by a Net Cash Proceeds Letter of Credit) and (B) the only obligation of any Notes Claimholder is to pay
over to the Revolving Credit Collateral Agent, in the same form as received, with any necessary endorsements, all proceeds that such Notes Claimholder received that have been identified as proceeds of the Revolving Credit Primary Collateral). The US
Revolving Credit Collateral Agent and the Notes Collateral Agent may request from the other an accounting of the identification of the proceeds of Collateral (and the US Revolving Credit Collateral Agent and the Notes Collateral Agent, as the case
may, upon which such request is made shall deliver such accounting reasonably promptly after such request is made). 
  

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 SECTION IV. Payments. 
 4.1. Application of Proceeds. Subject to the provisions of Section 6.5 hereof, so long as the Discharge of Revolving
Credit Obligations has not occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, all Revolving Credit Primary Collateral or proceeds thereof received in connection with the sale or other
disposition of, or collection on, such Revolving Credit Primary Collateral upon the exercise of remedies by the US Revolving Credit Collateral Agent or the Revolving Credit Claimholders, shall be applied by the US Revolving Credit Collateral Agent
to the Revolving Credit Obligations in such order as specified in the relevant Revolving Credit Documents. Upon the Discharge of Revolving Credit Obligations, the US Revolving Credit Collateral Agent shall deliver to the Notes Collateral Agent any
Collateral and proceeds of Collateral held by it in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Notes Collateral Agent to the Notes Obligations in such
order as specified in the Notes Documents. 
 4.2. Payments Over in Violation of Agreement. Unless and until the
Discharge of Revolving Credit Obligations has occurred, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against any Grantor, any Collateral or proceeds thereof received by the Notes Collateral Agent or any Notes
Claimholder in connection with the exercise of any right or remedy (including set-off) relating to the Revolving Credit Primary Collateral in contravention of this Agreement shall be segregated and held in trust and forthwith paid over to the US
Revolving Credit Collateral Agent for the benefit of the Revolving Credit Claimholders in the same form as received, with any necessary endorsements, or as a court of competent jurisdiction may otherwise direct. 
 SECTION V. Other Agreements. 
 5.1. Releases. 
 (a) If in connection with the exercise of any of
the US Revolving Credit Collateral Agent’s remedies in respect of any Revolving Credit Primary Collateral as provided for in Section 3.1, the US Revolving Credit Collateral Agent, for itself and/or on behalf of any of the Revolving Credit
Claimholders, releases any of its Liens on any part of the Revolving Credit Primary Collateral, then the Liens, if any, of the Notes Collateral Agent, for itself and/or for the benefit of the Notes Claimholders, on the Revolving Credit Primary
Collateral sold or disposed of in connection with such exercise, shall be automatically, unconditionally and simultaneously released. The Notes Collateral Agent, for itself and/or on behalf of any such Notes Claimholders, promptly shall execute and
deliver to the US Revolving Credit Collateral Agent or such Grantor such termination statements, releases and other documents as the US Revolving Credit Collateral Agent or such Grantor may request to effectively confirm such release. 
 (b) If in connection with any sale, lease, exchange, transfer or other disposition of any Revolving Credit Primary Collateral
(collectively, a “Disposition”) permitted under the terms of the Revolving Credit Documents (including voluntary Dispositions of Revolving Credit Primary Collateral by the respective Grantors after a Revolving Credit Default)

  

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(other than in connection with the exercise of any of the US Revolving Credit Collateral Agent’s rights and remedies in respect of the Revolving Credit Primary Collateral as provided for in
Sections 3.1), the US Revolving Credit Collateral Agent, for itself and/or on behalf of any of the Revolving Credit Claimholders, releases any of its Liens on any part of the Revolving Credit Primary Collateral, in each case, other than (A) in
connection with the Discharge of Revolving Credit Obligations or (B) after the occurrence and during the continuance of a Notes Default if, all of the net proceeds received in connection with such Disposition are not applied to the Revolving
Credit Obligations, then, in each case, the Liens, if any, of the Notes Collateral Agent, for itself and/or for the benefit of the Notes Claimholders, on such Revolving Credit Primary Collateral shall be automatically, unconditionally and
simultaneously released. The Notes Collateral Agent for itself and/or on behalf of any such Notes Claimholders promptly shall execute and deliver to the US Revolving Credit Collateral Agent or such Grantor such termination statements, releases and
other documents as the US Revolving Credit Collateral Agent or such Grantor may request to effectively confirm such release. The Notes Collateral Agent, for itself and/or on behalf of any such Notes Claimholders, hereby agrees to consent to any
request by the US Revolving Credit Collateral Agent that the Notes Collateral Agent, for itself and/or on behalf of any such Notes Claimholders, releases its security interest in connection with a Disposition under this Section 5.1(b).

 (c) Until the Discharge of Revolving Credit Obligations shall occur, the Notes Collateral Agent, for itself and/or on behalf
of the Notes Claimholders, hereby irrevocably constitutes and appoints the US Revolving Credit Collateral Agent and any of its officers or agents, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power
and authority in the place and stead of the Notes Collateral Agent or such Notes Claimholder, whether in the US Revolving Credit Collateral Agent’s name or, at the option of the US Revolving Credit Collateral Agent, in the Notes Collateral
Agent’s or any Notes Claimholder’s own name, from time to time in the US Revolving Credit Collateral Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to
execute any and all documents and instruments which may be necessary to accomplish the purposes of this Section 5.1, including any endorsements or other instruments of transfer or release. 
 5.2. Insurance. 
 (a) Unless and until the Discharge of Revolving Credit Obligations has occurred, subject to the terms of, and the rights of the Grantors under, the Revolving Credit Documents, (i) the US Revolving
Credit Collateral Agent and the Revolving Credit Claimholders shall have the sole and exclusive right to adjust settlement for any insurance policy covering the Revolving Credit Primary Collateral or the Liens with respect thereto in the event of
any loss thereunder or with respect thereto and to approve any award granted in any condemnation or similar proceeding (or any deed in lieu of condemnation) affecting such Revolving Credit Primary Collateral; (ii) all proceeds of any such
policy and any such award (or any payments with respect to a deed in lieu of condemnation) if in respect to such Revolving Credit Primary Collateral and to the extent required by the Revolving Credit Documents shall be paid to the US Revolving
Credit Collateral Agent for the benefit of the Revolving Credit Claimholders pursuant to the terms of the Revolving Credit Documents (including, without limitation, for purposes of cash collateralization of letters of credit) and thereafter, to the
extent

  

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no Revolving Credit Obligations which were secured by such Revolving Credit Primary Collateral are outstanding, and subject to the terms of, and the rights of the Grantors under, the Notes
Documents, to the Notes Collateral Agent for the benefit of the Notes Claimholders to the extent required under the Notes Collateral Documents and then, to the extent no Notes Obligations which were secured by such Revolving Credit Primary
Collateral are outstanding, to the owner of the subject property, such other Person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct, and (iii) if the Notes Collateral Agent or any Notes Claimholder shall,
at any time, receive any proceeds of any such insurance policy or any such award or payment in contravention of this Agreement, it shall segregate and hold in trust and forthwith pay such proceeds over to the US Revolving Credit Collateral Agent in
accordance with the terms of Section 4.2. The Notes Collateral Agent shall have the sole and exclusive right to settle and adjust any insurance policy to the extent relating to the Notes Collateral. 
 (b) To effectuate the foregoing, the US Revolving Credit Collateral Agent and the Notes Collateral Agent shall each receive separate
lender’s loss payable endorsements naming themselves as loss payee and additional insured, as their interests may appear, with respect to policies which insure Collateral hereunder. To the extent any proceeds are received for business
interruption or for any liability or indemnification and those proceeds are not compensation for a casualty loss with respect to the Notes Collateral, such proceeds shall first be applied to repay the Revolving Credit Obligations and then be
applied, to the extent required by the Notes Documents, to the Notes Obligations. 
 5.3. Amendments to Revolving
Credit Documents and Notes Documents; Refinancing; Legending Provisions. 
 (a) The Revolving Credit Documents and the Notes
Documents may be amended, supplemented or otherwise modified, in each case, in accordance with the terms of both the Revolving Credit Documents and the Notes Documents, and the Revolving Credit Obligations and Notes Obligations may be Refinanced, in
each case, without notice to, or the consent (except to the extent a consent is required to permit the Refinancing transaction under any Revolving Credit Document or any Notes Document) of the Revolving Credit Claimholders or the Notes Claimholders,
as the case may be, all without affecting the Lien subordination or other provisions of this Agreement; provided, however, that the holders of such Refinancing debt bind themselves in a writing reasonably acceptable to the US Revolving Credit
Collateral Agent and the Notes Collateral Agent and addressed to the US Revolving Credit Collateral Agent or the Notes Collateral Agent, as the case may be, to the terms of this Agreement and any such amendment, supplement, modification or
Refinancing shall be in accordance with the provisions of both the Revolving Credit Documents and the Notes Documents. 
 (b)
Each Grantor agrees that each security agreement, pledge agreement and mortgage that is a Notes Collateral Document shall include the following language (or language to similar effect approved by the US Revolving Credit Collateral Agent):

 “Notwithstanding anything herein to the contrary, the lien and security interest in certain Collateral granted to the
Notes Collateral Agent or other Person, as applicable pursuant to this Agreement and the exercise of any right or remedy by the Notes

  

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Collateral Agent or other Person, as applicable in respect of such Collateral hereunder are subject to the provisions of the Intercreditor Agreement, dated as of December
    , 2009 (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among (1) EDGEN MURRAY CORPORATION, a Nevada corporation, (2) EDGEN MURRAY
II, L.P., a Delaware limited partnership (“Holdings”), (3) JPMORGAN CHASE BANK, N.A., in its capacity as U.S. collateral agent for the Revolving Credit Obligations, (4) JPMORGAN CHASE BANK, N.A., in its capacity as U.S.
administrative agent for the Revolving Credit Obligations, and (5) THE BANK OF NEW YORK MELLON, in its capacity as collateral agent for the Notes Obligations and certain other persons which may be or become parties thereto or become bound
thereto from time to time. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. The foregoing is only applicable to any Revolving Credit
Primary Collateral as defined in the Intercreditor Agreement.” 
 (c) Without limiting any obligation to obtain any
consent required under Section 5.3(a), the US Revolving Credit Collateral Agent and the Notes Collateral Agent shall each use commercially reasonable efforts to notify the other party of any written amendment or modification to any Revolving
Credit Document or any Notes Document, as applicable, but the failure to do so shall not create a cause of action against the party failing to give such notice or create any claim or right on behalf of any third party. In connection with amendments
or modifications permitted by Section 5.3, the US Revolving Credit Collateral Agent and the Notes Collateral Agent, as applicable, shall, upon request of the other party, provide copies of all such modifications or amendments and copies of all
other relevant documentation to the other Person. 
 5.4. Bailees for Perfection. 
 (a) The US Revolving Credit Collateral Agent agrees to hold that part of the Collateral that is in its possession or control (or in the
possession or control of its agents or bailees) to the extent that possession or control thereof is taken to perfect a Lien thereon under the UCC (such Collateral being the “Pledged Collateral”) as collateral agent for the Revolving
Credit Claimholders, and as bailee for the Notes Collateral Agent (such bailment being intended, among other things, to satisfy the requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC) and any assignee solely for the purpose of
perfecting the security interest granted under the Revolving Credit Documents and the Notes Documents, as applicable, subject to the terms and conditions of this Section 5.4. 
 (b) The US Revolving Credit Collateral Agent shall have no obligation whatsoever to the Notes Collateral Agent or to any Notes Claimholder
to ensure that the Pledged Collateral is genuine or owned by any of the Grantors or to preserve rights or benefits of any Person except as expressly set forth in this Section 5.4. The duties or responsibilities of the US

  

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Revolving Credit Collateral Agent under this Section 5.4 shall be limited solely to holding the Pledged Collateral as bailee in accordance with this Section 5.4 and delivering the
Pledged Collateral upon a Discharge of Revolving Credit Obligations, as provided in paragraph (d) below, so that, subject to the terms of this Agreement, until a Discharge of Revolving Credit Obligations, the US Revolving Credit Collateral
Agent shall be entitled to deal with the Pledged Collateral or Collateral within its “control” in accordance with the terms of this Agreement and other Revolving Credit Documents (but only to the extent that such Collateral constitutes
Revolving Credit Primary Collateral) as if the Liens (if any) of the Notes Collateral Agent did not exist. 
 (c) The Revolving
Credit Collateral Agent acting pursuant to this Section 5.4 shall not have by reason of the Revolving Credit Documents, this Agreement or any other document a fiduciary relationship with the Notes Collateral Agent or any Notes Claimholder with
respect to such acts. 
 (d) Upon the Discharge of Revolving Credit Obligations, the US Revolving Credit Collateral Agent shall
deliver the remaining Pledged Collateral (if any) together with any necessary endorsements, to the Notes Collateral Agent to the extent the Notes Obligations which are secured by such Pledged Collateral remain outstanding (so as to allow the Notes
Collateral Agent to obtain possession or control of such Pledged Collateral). The US Revolving Credit Collateral Agent further agrees to take all other action reasonably requested by the Notes Collateral Agent in connection with the Notes Collateral
Agent obtaining a first-priority interest in the Collateral or as a court of competent jurisdiction may otherwise direct. 
 5.5. When Discharge of Revolving Credit Obligations and Discharge of Notes Obligations Deemed to Not Have Occurred. If concurrently with the Discharge of Revolving Credit Obligations or the Discharge of Notes Obligations, any
Grantor thereafter enters into any Refinancing of any Revolving Credit Obligation or any Notes Obligation, as the case may be, which Refinancing is permitted by both the Notes Documents and the Revolving Credit Documents and this Agreement, then
such Discharge of Revolving Credit Obligations or the Discharge of Notes Obligations, shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken as a result of the occurrence
of such first Discharge of Revolving Credit Obligations or the Discharge of Notes Obligations) and, from and after the date on which the New Debt Notice (as defined below) is delivered to the Notes Collateral Agent or the US Revolving Credit
Collateral Agent, as appropriate, in accordance with the next sentence, the obligations under such Refinancing shall automatically be treated as Revolving Credit Obligations or Notes Obligations, as the case may be, for all purposes of this
Agreement, including for purposes of the Lien priorities and rights in respect of Collateral set forth herein, and the US Revolving Credit Collateral Agent or Notes Collateral Agent, as the case may be, under such new Revolving Credit Documents or
new Notes Documents shall be the US Revolving Credit Collateral Agent or the Notes Collateral Agent for all purposes of this Agreement. Upon receipt of a notice (the “New Debt Notice”) stating that any Grantor has entered into new
Revolving Credit Documents or new Notes Documents (which notice shall include a complete copy of the relevant new documents and provide the identity of the new agent or trustee for such facility or issuance, such agent or trustee, the “New
Agent”), the US Revolving Credit Collateral Agent or the Notes Collateral Agent, as the case may be, shall promptly (a) enter into such documents and agreements (including amendments or

  

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supplements to this Agreement) as such Grantor or such New Agent shall reasonably request in order to provide to the New Agent the rights contemplated hereby, in each case consistent in all
material respects with the terms of this Agreement and (b) deliver, to the extent contemplated by this Agreement, to the New Agent any Pledged Collateral that is Revolving Credit Primary Collateral, in the case of a New Agent that is the agent
under any new Revolving Credit Documents) held by it together with any necessary endorsements (or otherwise allow the New Agent to obtain control of such Pledged Collateral). The New Agent shall agree in a writing addressed to the US Revolving
Credit Collateral Agent and the Revolving Credit Claimholders or the Notes Collateral Agent and the Notes Claimholders, as the case may be, to be bound by the terms of this Agreement. If the Revolving Credit Obligations under the new Revolving
Credit Documents are secured by assets of the Grantors constituting Revolving Credit Primary Collateral that do not also secure the Notes Obligations, then the Notes Obligations shall be secured at such time by a second priority Lien on such assets
to the same extent provided in the Revolving Credit Collateral Documents, the Notes Collateral Documents and this Agreement. 
 SECTION VI. Insolvency or Liquidation Proceedings. 
 6.1. Finance and Sale Issues.

 (a) Until the Discharge of Revolving Credit Obligations has occurred, if any Grantor shall be subject to any Insolvency or
Liquidation Proceeding and the US Revolving Credit Collateral Agent shall agree to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code) other than the identifiable cash proceeds of any
Notes Collateral, on which a Lien has been granted to the US Revolving Credit Collateral Agent pursuant to the Revolving Credit Documents or to permit any Grantor to obtain financing, whether from the Revolving Credit Claimholders or any other
Person under Section 364 of the Bankruptcy Code or any similar Bankruptcy Law (“DIP Financing”), then the Notes Collateral Agent, on behalf of itself and the Notes Claimholders, agrees that it will raise no objection to or
contest such Cash Collateral use or DIP Financing so long as such Cash Collateral use or DIP Financing meet the following requirements: (i) the aggregate principal amount of the DIP Financing plus the aggregate outstanding principal amount of
Revolving Credit Obligations plus the aggregate face amount of any letters of credit issued and not reimbursed under the Revolving Credit Agreement does not exceed the sum of the Revolving Credit Cap Amount and the DIP Financing Cap Amount,
(ii) the Notes Collateral Agent and the Notes Claimholders retain the right to object to any ancillary agreements or arrangements regarding the Cash Collateral use or the DIP Financing that are materially prejudicial to their interests in the
Notes Collateral (other than any Real Estate Assets upon which a Lien has not been perfected), (iii) the terms of the DIP Financing (A) do not compel the applicable Grantor to seek confirmation of a specific plan of reorganization for
which all or substantially all of the material terms are set forth in the DIP Financing documentation or a related document and (B) do not expressly require the liquidation of the Collateral prior to a default under the DIP Financing
documentation or Cash Collateral order, and (iv) any Lien on the Notes Collateral to secure such DIP Financing is subordinate to the Lien of the Notes Collateral Agent with respect thereto. To the extent the Liens securing the Revolving Credit
Obligations are subordinated to or pari passu with such DIP Financing which meets the requirements of clauses (i) through (iv) above, the Notes Collateral Agent will subordinate its Liens in the Revolving Credit Primary Collateral to the
Liens securing such DIP Financing (and all Obligations relating thereto) and to any “Carve Out” from the Liens

  

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securing such DIP Financing for the benefit of professionals entitled to compensation from any Grantor’s estate provided for in connection with such DIP Financing, and will not request
adequate protection or any other relief in connection therewith (except, as expressly agreed by the US Revolving Credit Collateral Agent or to the extent permitted by Section 6.3). 
 (b) Until the Discharge of Notes Obligations has occurred, if any Grantor shall be subject to any Insolvency or Liquidation Proceeding and
the Notes Collateral Agent shall agree to permit the use of “Cash Collateral” (as such term is defined in Section 363(a) of the Bankruptcy Code) other than Revolving Credit Primary Collateral, on which a Lien has been granted to the
Notes Collateral Agent pursuant to the Notes Documents or to permit any Grantor to obtain DIP Financing, then the US Revolving Credit Collateral Agent, on behalf of itself and the Revolving Credit Claimholders, agrees that it will raise no objection
to or contest such Cash Collateral use or DIP Financing so long as such Cash Collateral use or DIP Financing meet the following requirements: (i) the US Revolving Credit Collateral Agent and the Revolving Credit Claimholders retain the right to
object to any ancillary agreements or arrangements regarding the Cash Collateral use or the DIP Financing that are materially prejudicial to their interests in the Revolving Credit Primary Collateral, (ii) the terms of the DIP Financing
(A) do not compel the applicable Grantor to seek confirmation of a specific plan of reorganization for which all or substantially all of the material terms are set forth in the DIP Financing documentation or a related document and (B) do
not expressly require the liquidation of the Collateral prior to a default under the DIP Financing documentation or Cash Collateral order, and (iii) any Lien on the Revolving Credit Primary Collateral to secure such DIP Financing is subordinate
to the Lien of the US Revolving Credit Collateral Agent with respect thereto. To the extent the Liens securing the Notes Obligations are subordinated to or pari passu with such DIP Financing which meets the requirements of clauses (i) through
(iii) above, the US Revolving Credit Collateral Agent will subordinate its Liens in the Notes Collateral to the Liens securing such DIP Financing (and all Obligations relating thereto) and will not request adequate protection or any other
relief in connection therewith (except, as expressly agreed by the Notes Collateral Agent or to the extent permitted by Section 6.3). 
 (c) Until the Discharge of Revolving Credit Obligations has occurred, if any Grantor shall be subject to any Insolvency or Liquidation Proceeding and the US Revolving Credit Collateral Agent shall, acting
in accordance with the Revolving Credit Agreement, agree to permit a sale of the Revolving Credit Primary Collateral free and clear of Liens or other claims, under Section 363 of the Bankruptcy Code or otherwise, then each Notes Claimholder
agrees that it will not raise any objection to or contest such sale or request adequate protection or any other relief in connection therewith (it being understood that the Notes Claimholders still, but subject to this Agreement, have rights with
respect to the proceeds of such Collateral). 
 (d) Until the Discharge of Notes Obligations has occurred, if any Grantor shall
be subject to any Insolvency or Liquidation Proceeding and the Notes Collateral Agent shall, acting in accordance with the Notes Documents, agree to permit a sale of the Notes Collateral free and clear of Liens or other claims, under
Section 363 of the Bankruptcy Code or otherwise, then each Revolving Credit Claimholder agrees that it will not raise any objection to or contest such sale or request adequate protection or any other relief in connection therewith (it being
understood that the Revolving Credit Claimholders still, but subject to this Agreement, have rights with respect to the proceeds of such Collateral). 
  

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 6.2. Relief from the Automatic Stay. 
 (a) Until the Discharge of Revolving Credit Obligations has occurred, the Notes Collateral Agent, on behalf of itself and the Notes
Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the Revolving Credit Primary Collateral, without the
prior written consent of the US Revolving Credit Collateral Agent. 
 (b) Until the Discharge of Notes Obligations has
occurred, the US Revolving Credit Collateral Agent, on behalf of itself and the Revolving Credit Claimholders, agrees that none of them shall seek (or support any other Person seeking) relief from the automatic stay or any other stay in any
Insolvency or Liquidation Proceeding in respect of the Notes Collateral (other than to the extent such relief is required to exercise its rights under Section 3.2 or Section 3.3), without the prior written consent of the Notes Collateral
Agent. 
 6.3. Adequate Protection. 
 (a) The Notes Collateral Agent, on behalf of itself and the Notes Claimholders, agrees that none of them shall contest (or support any other Person contesting): 
 (1) any request by the US Revolving Credit Collateral Agent or the Revolving Credit Claimholders for adequate protection with respect to
the Revolving Credit Primary Collateral; provided that (A) such adequate protection claim shall not seek the creation of any Lien over additional assets or property of any Grantor other than with respect to assets or property that constitute
Revolving Credit Primary Collateral and (B) if such additional assets or property shall also constitute Notes Collateral, (i) a Lien shall have been created in favor of the Notes Claimholders in respect of such Collateral and (ii) the
Lien in favor of the Revolving Credit Claimholders shall be subordinated to the extent set forth in this Agreement; or 
 (2)
any objection by the US Revolving Credit Collateral Agent or the Revolving Credit Claimholders to any motion, relief, action or proceeding based on the US Revolving Credit Collateral Agent or the Revolving Credit Claimholders claiming a lack of
adequate protection with respect to the Revolving Credit Primary Collateral. 
 (b) The US Revolving Credit Collateral Agent,
on behalf of itself and the Revolving Credit Claimholders, agrees that none of them shall contest (or support any other Person contesting): 
 (1) any request by the Notes Collateral Agent or any Notes Claimholders for adequate protection with respect to the Notes Collateral; provided that (A) such adequate protection claim shall not seek
the creation of any Lien over additional assets or property of any Grantor other than with respect to assets or property that constitute Notes Collateral and (B) if such additional assets or property shall also constitute Revolving Credit
Primary Collateral, (i) a Lien shall have been created in favor of the Revolving Credit Claimholders in respect of such Collateral and (ii) the Lien in favor of the Notes Claimholders shall be subordinated to the extent set forth in this
Agreement; or 
  

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 (2) any objection by the Notes Collateral Agent or any Notes Claimholders to any motion,
relief, action or proceeding based on the Notes Collateral Agent or the Notes Claimholders claiming a lack of adequate protection with respect to the Notes Collateral. 
 (c) Notwithstanding the foregoing provisions in this Section 6.3, in any Insolvency or Liquidation Proceeding: 
 (1) if the Revolving Credit Claimholders (or any subset thereof) are granted, or in the event the US Revolving Credit Collateral Agent, on behalf of itself or any of the Revolving Credit Claimholders,
seeks or requests adequate protection with respect to the Revolving Credit Primary Collateral in the form of additional collateral (even if such collateral is not of a type which would otherwise have constituted Revolving Credit Primary Collateral)
in connection with any Cash Collateral use or DIP Financing, then, in either case, the Notes Collateral Agent, on behalf of itself or any of the Notes Claimholders, may seek or request adequate protection with respect to its interests in such
additional collateral in the form of a Lien on the same additional collateral, which Lien will be subordinated (except to the extent that the Notes Collateral Agent already had a Lien on such Collateral (in which case the priorities established by
Section 2.1 shall apply)) to the Liens securing the Revolving Credit Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens of the Notes Collateral Agent on
Revolving Credit Primary Collateral; and 
 (2) if the Notes Claimholders (or any subset thereof) are granted, or in the event
the Notes Collateral Agent, on behalf of itself or any of the Notes Claimholders, seeks or requests adequate protection with respect to the Notes Collateral in the form of additional collateral (even if such collateral is not of a type which would
otherwise have constituted Notes Collateral) in connection with any Cash Collateral use or DIP Financing, then, in either case, the US Revolving Credit Collateral Agent, on behalf of itself or any of the Revolving Credit Claimholders, may seek or
request adequate protection with respect to its interests in such additional collateral in the form of a Lien on the same additional collateral, which Lien will be subordinated (except to the extent that the US Revolving Credit Collateral Agent
already had a Lien on such Collateral (in which case the priorities established by Section 2.1 shall apply)) to the Liens securing the Notes Obligations and such Cash Collateral use or DIP Financing (and all Obligations relating thereto) on the
same basis as the other Liens of the US Revolving Credit Collateral Agent on Notes Collateral. 
 (d) Except as otherwise
expressly set forth in this Section or in Section 6.1 or in connection with the exercise of remedies with respect to the Collateral, nothing herein shall limit the rights of (i) the Notes Collateral Agent or the Notes Claimholders from
seeking adequate protection with respect to their rights in the Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form of a cash payment, periodic cash payments or otherwise) and (ii) the US Revolving
Credit Collateral Agent or the Revolving Credit Claimholders from seeking adequate protection with respect to their rights in the Collateral in any Insolvency or Liquidation Proceeding (including adequate protection in the form of a cash payment,
periodic cash payments or otherwise). 
  

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 6.4. Avoidance Issues. If any Revolving Credit Claimholder or Notes
Claimholder is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of any Grantor any amount paid in respect of Revolving Credit Obligations or the Notes Obligations, as the case may be (a
“Recovery”), then such Revolving Credit Claimholders or Notes Claimholders shall be entitled to a reinstatement of Revolving Credit Obligations or Notes Obligations, as the case may be, with respect to all such recovered amounts. If
this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the
parties hereto from such date of reinstatement. 
 6.5. Reorganization Securities. Notwithstanding anything to the
contrary in this Agreement, if, in any Insolvency or Liquidation Proceeding, (i) the Revolving Credit Claimholders or the Notes Claimholders (the “Applicable Junior Lien Claimholders”) receive pursuant to a plan of
reorganization or similar dispositive restructuring plan a distribution of debt obligations (“Junior Lien Reorganization Securities”) in whole or in part on account of any junior Liens on the Notes Collateral or the Revolving Credit
Primary Collateral, as the case may be (such Collateral as to which the applicable Claimholders have a junior Lien, the “Applicable Junior Collateral”) that are secured by Liens on such Applicable Junior Collateral, and
(ii) the other Claimholders (the “Applicable Senior Lien Claimholders”) receive pursuant to such plan of reorganization or similar dispositive restructuring plan a distribution of debt obligations (“Senior Lien
Reorganization Securities”) in whole or in part on account of their Revolving Credit Obligations or Notes Obligations, as the case may be, that are secured by Liens on such Applicable Junior Collateral, then (i) the Applicable Junior
Lien Claimholders shall be entitled to retain their Junior Lien Reorganization Securities and shall not be obligated to turnover same to any or all of the Applicable Senior Lien Claimholders, and (ii) to the extent the Junior Lien
Reorganization Securities and the Senior Lien Reorganization Securities are secured by Liens upon the same Applicable Junior Collateral, the provisions of this Agreement will survive the distribution of such Junior Lien Reorganization Securities and
Senior Lien Reorganization Securities and will apply with like effect to the Junior Lien Reorganization Securities and Senior Lien Reorganization Securities, to such Liens securing such Junior Lien Reorganization Securities and Senior Lien
Reorganization Securities and to the distribution of proceeds of such Applicable Junior Collateral. 
 6.6.
Post-Petition Interest. 
 (a) Neither the Notes Collateral Agent nor any Notes Claimholder shall oppose or seek to
challenge any claim by the US Revolving Credit Collateral Agent or any Revolving Credit Claimholder for allowance in any Insolvency or Liquidation Proceeding of Revolving Credit Obligations consisting of Post-Petition Interest to the extent of the
value of the Lien securing any Revolving Credit Claimholder’s claim, without regard to the existence of the Lien of the Notes Collateral Agent on behalf of the Notes Claimholders on the Revolving Credit Primary Collateral. 
  

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 (b) Neither the US Revolving Credit Collateral Agent nor any Revolving Credit Claimholder
shall oppose or seek to challenge any claim by the Notes Collateral Agent or any Notes Claimholder for allowance in any Insolvency or Liquidation Proceeding of Notes Obligations consisting of Post-Petition Interest to the extent of the value of the
Lien securing any Notes Claimholder’s claim, without regard to the existence of the Lien of the US Revolving Credit Collateral Agent on behalf of the Revolving Credit Claimholders on the Notes Collateral. 
 6.7. Separate Grants of Security and Separate Classification. Each of the US Revolving Credit Collateral Agent, Revolving
Credit Claimholders, Notes Collateral Agent and Notes Claimholders acknowledges and agrees that (a) the grants of Liens pursuant to the Revolving Credit Collateral Documents and the Notes Collateral Documents constitute two separate and
distinct grants of Liens and (b) because of, among other things, their differing rights in the Collateral, the Revolving Credit Obligations and the Notes Obligations are fundamentally different from one another and must be separately classified
in any plan of reorganization proposed or adopted in any Insolvency or Liquidation Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the Revolving Credit
Claimholders and the Notes Claimholders in respect of the Revolving Credit Primary Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the Revolving Credit Claimholders shall be
entitled to receive, in addition to amounts distributed to them from, or in respect of, the Revolving Credit Primary Collateral with respect to principal, pre-petition interest and other claims, all amounts owing with respect to post-petition
interest, fees, costs, and other charges, irrespective of whether a claim for such amounts is allowed or allowable in any such Insolvency or Liquidation Proceeding, before any distribution from, or in respect of, any such Revolving Credit Primary
Collateral is made in respect of the claims held by the Notes Claimholders, with the Notes Claimholders hereby acknowledging and agreeing to turn over to the Revolving Credit Claimholders amounts otherwise received or receivable by them to the
extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Notes Claimholders. 
 6.8. Waiver. Each Agent, for itself and on behalf of the Claimholders, waives any claim it may hereafter have against any other Claimholder arising out of the election of such Claimholder of
the application of Section 1111(b)(2) of the Bankruptcy Code, and/or out of any cash collateral or financing arrangement or out of any grant of a security interest in connection with the Collateral in any Insolvency or Liquidation Proceeding.

 SECTION VII. Reliance; Waivers; Etc. 
 7.1. Reliance. Other than any reliance on the terms of this Agreement, the US Revolving Credit Collateral Agent, on behalf of
itself and the Revolving Credit Claimholders under its Revolving Credit Documents, acknowledges that it and such Revolving Credit Claimholders have, independently and without reliance on the Notes Collateral Agent or any Notes Claimholders, and
based on documents and information deemed by them appropriate, made their own credit analysis and decision to enter into the amendments to the Revolving Credit Documents, to provide certain consents in connection therewith and be bound by the terms
of this Agreement and they will continue to make their own credit decision in taking or not

  

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taking any action under the Revolving Credit Documents or this Agreement. The Notes Collateral Agent, on behalf of itself and the Notes Claimholders under the Notes Documents, acknowledges that
it and the Notes Claimholders have, independently and without reliance on the US Revolving Credit Collateral Agent or any Revolving Credit Claimholder, and based on documents and information deemed by them appropriate, made their own credit analysis
and decision to enter into such Notes Documents and be bound by the terms of this Agreement and they will continue to make their own credit decision in taking or not taking any action under the Notes Documents or this Agreement. 
 7.2. No Warranties or Liability. The US Revolving Credit Collateral Agent, on behalf of itself and the Revolving Credit
Claimholders under the Revolving Credit Documents, acknowledges and agrees that each of the Notes Collateral Agent and the Notes Claimholders have made no express or implied representation or warranty, including with respect to the execution,
validity, legality, completeness, collectibility or enforceability of any of the Notes Documents, the ownership of any Collateral or the perfection or priority of any Liens thereon. Except as otherwise provided in this Agreement, the Notes
Collateral Agent and the Notes Claimholders will be entitled to manage and supervise their respective Notes and extensions of credit under the Notes Documents in accordance with law and as they may otherwise, in their sole discretion, deem
appropriate. The Notes Collateral Agent, on behalf of itself and the Notes Claimholders, acknowledges and agrees that each of the US Revolving Credit Collateral Agent and the Revolving Credit Claimholders have made no express or implied
representation or warranty, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Revolving Credit Documents, the ownership of any Collateral or the perfection or priority of any
Liens thereon. Except as otherwise provided in this Agreement, the US Revolving Credit Collateral Agent and the Revolving Credit Claimholders will be entitled to manage and supervise their respective loans and extensions of credit under the
Revolving Credit Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate. The Notes Collateral Agent and the Notes Claimholders shall have no duty to the US Revolving Credit Collateral Agent or any of
the Revolving Credit Claimholders, and the US Revolving Credit Collateral Agent and the Revolving Credit Claimholders shall have no duty to the Notes Collateral Agent or any of the Notes Claimholders, to act or refrain from acting in a manner which
allows, or results in, the occurrence or continuance of an event of default or default under any agreements with any Grantor (including the Revolving Credit Documents and the Notes Documents), regardless of any knowledge thereof which they may have
or be charged with. 
 7.3. No Waiver of Lien Priorities. 
 (a) No right of the US Revolving Credit Collateral Agent, the Revolving Credit Claimholders, the Notes Collateral Agent or the Notes
Claimholders to enforce any provision of this Agreement, any Revolving Credit Document or any Notes Document shall at any time in any way be prejudiced or impaired by any act or failure to act on the part of any Grantor or by any act or failure to
act by any Agent, any Revolving Credit Claimholder or any Notes Claimholders, or by any noncompliance by any Person with the terms, provisions and covenants of this Agreement, any of the Revolving Credit Documents or any of the Notes Documents,
regardless of any knowledge thereof which the US Revolving Credit Collateral Agent, the Notes Collateral Agent, the Revolving Credit Claimholders or the Notes Claimholders, or any of them, may have or be otherwise charged with. 
  

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 (b) Without in any way limiting the generality of the foregoing paragraph (but subject to
the rights of the Grantors under the Revolving Credit Documents and the Notes Documents and subject to the provisions of Section 5.3(a)), the US Revolving Credit Collateral Agent, the Revolving Credit Claimholders, the Notes Collateral Agent
and the Notes Claimholders may, at any time and from time to time in accordance with the Revolving Credit Documents and the Notes Documents and/or applicable law, without the consent of, or notice to, the other Agent or the Revolving Credit
Claimholders or the Notes Claimholders (as the case may be), without incurring any liabilities to such Persons and without impairing or releasing the Lien priorities and other benefits provided in this Agreement (even if any right of subrogation or
other right or remedy is affected, impaired or extinguished thereby) do any one or more of the following: 
 (1) change the
manner, place or terms of payment or change or extend the time of payment of, or amend, renew, exchange, increase or alter, the terms of any of the Obligations or any Lien or guaranty thereof or any liability of any Grantor, or any liability
incurred directly or indirectly in respect thereof (including any increase in or extension of the Obligations, without any restriction as to the tenor or terms of any such increase or extension) or otherwise amend, renew, exchange, extend, modify or
supplement in any manner any Liens held by the US Revolving Credit Collateral Agent or the Notes Collateral Agent or any rights or remedies under any of the Revolving Credit Documents or the Notes Documents; provided that any such increase in the
Revolving Credit Obligations shall not (subject to the provisions of Section 6.1) increase the sum of the Loans (as defined in the Revolving Credit Agreement) constituting principal under the Revolving Credit Agreement and the face amount of
any letters of credit issued under the Revolving Credit Agreement and not reimbursed to an amount in excess of the Revolving Credit Cap Amount; 
 (2) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any manner and in any order any part of the Collateral (except to the extent provided in this Agreement) or any
liability of any Grantor or any liability incurred directly or indirectly in respect thereof; 
 (3) settle or compromise any
Obligation or any other liability of any Grantor or any security therefor or any liability incurred directly or indirectly in respect thereof and apply any sums by whomsoever paid and however realized to any liability in any manner or order that is
not inconsistent with the terms of this Agreement; and 
 (4) exercise or delay in or refrain from exercising any right or
remedy against any Grantor or any security or any other Grantor or any other Person, elect any remedy and otherwise deal freely with any Grantor. 
 (c) Except as otherwise provided herein, the Notes Collateral Agent, on behalf of itself and the Notes Claimholders, agrees that the Revolving Credit Claimholders and the US Revolving Credit Collateral
Agent shall have no liability to the Notes Collateral Agent or any Notes Claimholder, and the Notes Collateral Agent, on behalf of itself and the

  

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Notes Lenders, hereby waives any claim against any Revolving Credit Claimholder or the US Revolving Credit Collateral Agent, arising out of any and all actions which the Revolving Credit
Claimholders or the US Revolving Credit Collateral Agent may take or permit or omit to take with respect to: 
 (1) the
Revolving Credit Documents; 
 (2) the collection of the Revolving Credit Obligations; or 
 (3) the foreclosure upon, or sale, liquidation or other disposition of, any Revolving Credit Primary Collateral. The Notes Collateral
Agent, on behalf of itself and the Notes Claimholders, agrees that the Revolving Credit Claimholders and the US Revolving Credit Collateral Agent have no duty to them in respect of the maintenance or preservation of the Revolving Credit Primary
Collateral, the Revolving Credit Obligations or otherwise. 
 (d) Until the Discharge of Revolving Credit Obligations, the
Notes Collateral Agent, on behalf of itself and the Notes Claimholders, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of, any
marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Revolving Credit Primary Collateral or any other similar rights a junior secured creditor may have under applicable law
with respect to the Revolving Credit Primary Collateral. 
 7.4. Obligations Unconditional. All rights, interests,
agreements and obligations of the US Revolving Credit Collateral Agent and the Revolving Credit Claimholders and the Notes Collateral Agent and the Notes Claimholders, respectively, hereunder shall remain in full force and effect irrespective of:

 (a) any lack of validity or enforceability of any Revolving Credit Documents or any Notes Documents; 
 (b) except as otherwise expressly set forth in this Agreement, any change in the time, manner or place of payment of, or in any other terms
of, all or any of the Revolving Credit Obligations or Notes Obligations, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of any Revolving Credit
Document or any Notes Document; 
 (c) except as otherwise expressly set forth in this Agreement, any exchange of any security
interest in any Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Revolving Credit Obligations or Notes Obligations or any guaranty
thereof; 
 (d) the commencement of any Insolvency or Liquidation Proceeding in respect of any Grantor; or 
 (e) any other circumstances which otherwise might constitute a defense available to, or a discharge of, any Grantor in respect of the
Revolving Credit Collateral Agent, the Revolving Credit Obligations, any Revolving Credit Claimholder, the Notes Collateral Agent, the Notes Obligations or any Notes Claimholder in respect of this Agreement. 
  

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 SECTION VIII. Miscellaneous. 
 8.1. Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of any Revolving
Credit Document or any Notes Document, the provisions of this Agreement shall govern and control. 
 8.2.
Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. This is a continuing agreement of lien subordination and the US Revolving Credit
Collateral Agent, the Revolving Credit Claimholders and the Notes Collateral Agent and the Notes Claimholders may continue, at any time and without notice to any Agent or any other Person, to extend credit and other financial accommodations and lend
monies to or for the benefit of any Grantor in reliance hereon. The US Revolving Credit Collateral Agent, on behalf of itself and the Revolving Credit Claimholders, and the Notes Collateral Agent, on behalf of itself and the Notes Claimholders,
hereby waives any right it may have under applicable law to revoke this Agreement or any of the provisions of this Agreement. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation
Proceeding. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. All references to any Grantor shall include such Grantor as debtor and debtor-in-possession and any receiver or trustee for any Grantor (as the case may be) in any Insolvency or Liquidation
Proceeding. This Agreement shall terminate and be of no further force and effect: 
 (a) with respect to the US Revolving
Credit Collateral Agent, the Revolving Credit Claimholders and the Revolving Credit Obligations, on the date of the Discharge of Revolving Credit Obligations, subject to the rights of the US Revolving Credit Collateral Agent and the Revolving Credit
Claimholders under Section 6.4; and 
 (b) with respect to the Notes Collateral Agent, the Notes Claimholders and the
Notes Obligations, on the date of the Discharge of Notes Obligations, subject to the rights of the Notes Collateral Agent and the Notes Claimholders under Section 6.4. 
 8.3. Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement shall be deemed to
be made unless the same shall be in writing signed on behalf of the US Revolving Credit Collateral Agent and the Notes Collateral Agent or their respective authorized agent and each waiver, if any, shall be a waiver only with respect to the specific
instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, no Grantor shall have any right
to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent its rights are directly affected (which includes, but is not limited to any amendment to the Grantors’ ability to cause
additional obligations to constitute Revolving Credit Obligations or Notes Obligations as the Grantors may designate or in connection with Section 5.3).

  

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Notwithstanding the foregoing, it is understood and agreed that if required by the Notes Documents the US Borrower shall cause additional Domestic Guarantor Subsidiaries to execute counterparts
of this Agreement acknowledging and agreeing to the terms hereof and thereafter each such Domestic Guarantor Subsidiary will be treated as a US Subsidiary Guarantor hereunder. 
 8.4. Information Concerning Financial Condition of the Grantors and their Subsidiaries. The US Revolving Credit Collateral
Agent and the Revolving Credit Claimholders, on the one hand, and the Notes Collateral Agent and the Notes Claimholders, on the other hand, shall each be responsible for keeping themselves informed of (a) the financial condition of the Grantors
and their Subsidiaries and all endorsers and/or guarantors of the Revolving Credit Obligations or the Notes Obligations and (b) all other circumstances bearing upon the risk of nonpayment of the Revolving Credit Obligations or the Notes
Obligations. Neither the US Revolving Credit Collateral Agent and the Revolving Credit Claimholders, on the one hand, nor the Notes Collateral Agent and the Notes Claimholders, on the other hand, shall have any duty to advise the other of
information known to it or them regarding such condition or any such circumstances or otherwise. In the event that the US Revolving Credit Collateral Agent or any of the Revolving Credit Claimholders, on the one hand, or the Notes Collateral Agent
and the Notes Claimholders, on the other hand, undertakes at any time or from time to time to provide any such information to any of the others, it or they shall be under no obligation: 
 (a) to make, and shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness,
truthfulness or validity of any such information so provided; 
 (b) to provide any additional information or to provide any
such information on any subsequent occasion; 
 (c) to undertake any investigation; or 
 (d) to disclose any information, which pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain
confidential or is otherwise required to maintain confidential. 
 8.5. Subrogation. Each Agent, for itself and on
behalf of the Claimholders for whom it acts as Agent, hereby agrees not to assert or to enforce any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Revolving Credit Obligations or the Discharge of
Notes Obligations, as applicable, has occurred with respect to the other Claimholders. 
 8.6. SUBMISSION TO
JURISDICTION; WAIVERS. 
 (a) EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS
PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION
OR PROCEEDING

  

 42 

 
ARISING OUT OF OR RELATING HERETO, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF
ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR
PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR ANY OTHER REVOLVING CREDIT DOCUMENT OR NOTES DOCUMENT SHALL AFFECT ANY RIGHT THAT
THE US REVOLVING CREDIT COLLATERAL AGENT OR THE NOTES COLLATERAL AGENT OR ANY REVOLVING CREDIT CLAIMHOLDER OR NOTES CLAIMHOLDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER REVOLVING CREDIT DOCUMENT OR
NOTES DOCUMENT AGAINST ANY GRANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (b) EACH PARTY HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER REVOLVING CREDIT DOCUMENT OR NOTES DOCUMENT IN ANY COURT REFERRED TO IN SECTION 8.6(a). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (c) EACH PARTY HERETO
IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER REVOLVING CREDIT DOCUMENT OR NOTES DOCUMENT, IN THE MANNER PROVIDED FOR NOTICES (OTHER THAN TELECOPIER) IN SECTION 8.7.
NOTHING IN THIS AGREEMENT OR ANY OTHER REVOLVING CREDIT DOCUMENT OR NOTES DOCUMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE REQUIREMENTS OF LAW. 
 (d) EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER REVOLVING CREDIT DOCUMENT OR NOTES DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY

  

 43 

 
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 8.7. Notices. All notices to the Revolving Credit Claimholders and the Notes Claimholders permitted or required under this Agreement shall also be sent to the US Revolving Credit Collateral
Agent and the Notes Collateral Agent, respectively. Unless otherwise specifically provided herein, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnights courier service, mailed by
certified or registered mail or sent by telecopier. Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have
been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). For the purposes hereof, the addresses of the
parties hereto shall be as set forth below each party’s name on Annex I attached hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties in accordance with this
Section 8.7. 
 8.8. Further Assurances. The US Revolving Credit Collateral Agent on behalf of itself and the
Revolving Credit Claimholders, the Notes Collateral Agent on behalf of the Notes Claimholders, and the Grantors, each agree that each of them shall take such further action and shall execute and deliver such additional documents and instruments (in
recordable form, if requested) as the US Revolving Credit Collateral Agent or the Notes Collateral Agent may reasonably request to effectuate the terms of and the Lien priorities contemplated by this Agreement. Without limiting the generality of the
foregoing, all such Persons agree upon request by the US Revolving Credit Collateral Agent or the Notes Collateral Agent, to cooperate in good faith (and to direct their counsel to cooperate in good faith) from time to time in order to determine the
specific items included in the Revolving Credit Collateral or Notes Collateral, as applicable, and the steps taken to perfect their respective Liens thereon and the identity of the respective parties obligated under the Revolving Credit Documents
and the Notes Documents. 
 8.9. APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 8.10. Binding Effect on Successors and Assigns
and on Claimholders. This Agreement shall be binding upon the US Revolving Credit Collateral Agent, the Revolving Credit Claimholders, the Notes Collateral Agent, the Notes Claimholders and their respective successors and assigns. The Notes
Collateral Agent represents that it has not agreed to any modification of the provisions in the Notes Documents authorizing it to execute this Agreement and bind the Notes Claimholders, and the US Revolving Credit Collateral Agent represents that it
has not agreed to any modification of the provisions in the Revolving Credit Documents authorizing it to execute this Agreement and bind the Revolving Credit Claimholders. Notwithstanding any implication to the contrary in any provision in any other
section of the

  

 44 

 
Agreement, neither the Notes Collateral Agent nor the Revolving Credit Collateral Agent makes any representation regarding the validity or binding effect of the Notes Documents or the Revolving
Credit Documents, respectively. 
 8.11. Specific Performance. The US Revolving Credit Collateral Agent and the
Notes Collateral Agent may demand specific performance of this Agreement. The US Revolving Credit Collateral Agent, on behalf of itself and the Revolving Credit Claimholders, and the Notes Collateral Agent, on behalf of itself and the Notes
Claimholders, each hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the Revolving Credit
Collateral Agent or the Revolving Credit Claimholders or the Notes Collateral Agent or the Notes Claimholders, as the case may be. 
 8.12. Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 

8.13. Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in
connection herewith by telecopier shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable. 
 8.14. Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to
execute this Agreement. 
 8.15. No Third Party Beneficiaries. This Agreement and the rights and benefits hereof
shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the Revolving Credit Collateral Agents, the Notes Collateral Agent, the Revolving Credit Claimholders and
the Notes Claimholders. Nothing in this Agreement shall impair, as between the Grantors and the Revolving Credit Collateral Agents and the Revolving Credit Claimholders, or as between the Grantors and the Notes Collateral Agent and the Notes
Claimholders, the obligations of the Grantors to pay principal, interest, fees and other amounts as provided in the Revolving Credit Documents and the Notes Documents, respectively. 
 8.16. Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the
purpose of defining the relative rights of the US Revolving Credit Collateral Agent and the Revolving Credit Claimholders on the one hand and the Notes Collateral Agent and the Notes Claimholders on the other hand. None of the Grantors or any other
creditor thereof shall have any rights hereunder, and no Grantor may rely on the terms hereof. Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the Revolving Credit
Obligations and the Notes Obligations as and when the same shall become due and payable in accordance with their terms. 
  

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 8.17. The Notes Collateral Agent. The Bank of New York Mellon Trust Company,
National Association, in its capacity as Notes Trustee, has been appointed Notes Collateral Agent for the Holders pursuant to the Indenture. It is expressly understood and agreed by the parties to this Intercreditor Agreement that any authority
conferred upon the Notes Collateral Agent hereunder is subject to the terms of the delegation of authority made by the Holders to the Notes Collateral Agent pursuant to the Indenture, and that the Notes Collateral Agent has agreed to act (and any
successor Notes Collateral Agent shall act) as such hereunder only on the express conditions contained therein. The Notes Collateral Agent shall have all rights, benefits, privileges, indemnities and protections contained in the Indenture when
acting in its capacity as Notes Collateral Agent hereunder. Any successor Notes Collateral Agent appointed pursuant to the Indenture shall be entitled to all the rights, interests and benefits of the Notes Collateral Agent hereunder. 
 [Remainder of page intentionally left blank.] 
  

 46 

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

			
	 JPMORGAN CHASE BANK, N.A.,
 as U.S. Revolving Credit Collateral Agent and
 U.S. Revolving Credit Administrative
Agent

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 THE BANK OF NEW YORK MELLON,
 as Notes Collateral Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

 Acknowledged and Agreed to by: 
  

			
	EDGEN MURRAY CORPORATION,
	as U.S. Borrower
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	EDGEN MURRAY II, L.P.,
	as Holdings
		
	By:	 	  

	Name:	 	
	Title:	 	

 ANNEX I 
 Notice Information 
 U.S. Revolving Credit Collateral Agent 
 JPMorgan Chase Bank, N.A. 
 2200 Ross Avenue, 9th
Floor 
 Mail Code # TX1-2921 
 Dallas,
Texas 75201 
 Attention: Timothy J. Whitefoot 
 Telecopy: (214) 965-4731 
 Notes Collateral Agent  
 The Bank of New York 
 Mellon Trust Company, National Association 
 10161 Centurion Pkwy. N., 2nd Floor 
 Jacksonville,
Florida 32256 
 Attention: Geraldine Creswell, Vice President 
 Telecopy: (904) 645-1921 
 Telephone: (904) 998-4724

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